Trust and Estate Planning
2014 Minnesota Estate and Gift Tax Changes
Governor Dayton signed into law changes for Minnesota’s Gift and Estate Tax laws on Friday March 21st, 2014. Below is a link to the bill enacted (HF1777)( Pages 40 to 47 contain the estate and gift tax sections), summary of changes and a table showing it’s tax impact on various sized estates: http://http://wdoc.house.leg.state.mn.us/leg/LS88/HF1777.4.pdf 1) Annual…
Read More2013 Minnesota Estate and Gift Tax Changes
Govenor Dayton signed bill MN HF0677.4 (click the higligted link to view the bill itself) into law May 23rd, 2013. There are numerous tax changes to state treatment of property tax, income tax and estate and gift Taxation. My notes and highlights are below: State Income Tax Update 1) Changes- the bill increase the income tax rate from 7.85%…
Read MoreExemption and Marital Deduction Planning
In order to properly understand and comprehend a client’s estate plans, professional advisors need to review or create a balance sheet demonstrating the titling, composition by asset type and value of the client’s gross estate along with copies of their current estate planning documents. These documents should inform the advisor as to how the client’s…
Read MoreState Estate, Inheritance and Gift Taxation Part 1
State-Estate-Inheritance-and-Gift-Taxation-By-Jeremy-Green Part 1 State Estate, Inheritance and Gift taxation – Provides an overview of the various state exemptions, tax rates, how state estate taxes are calculated and taxation of gifts in contemplation of death. Hope this helps… Jeremy P. Green CFP, CTFA, CLU, CEBS, MSFS, AEP, EA Wealth Strategist & Expert Witness Consultant Wealth Strategist…
Read MoreReimbursement of Income Taxes to Grantors of Intentionally Defective Grantor Trust:
The benefit of the intentionally defective grantor trust is that it enables several estate freezing transactions like an installment sale to occur without causing income taxation on assets like closely held interests, which might otherwise negate planning like this because the resulting income tax would be detrimental Another potential advantage is that it treats the grantor as the…
Read More