What Types of Taxes Are Imposed on Minnesota Estates, Beneficiaries, and Gift Donors? Minnesota Estate Tax There is no inheritance tax in Minnesota, as stated by the Department of Revenue. Beneficiaries of an estate are not required to pay taxes on what they inherit. However, Minnesota does impose an estate tax, which is a tax […]
What Is the Purpose of the Probate Process? Probate is the legal process by which the estate of a deceased person is distributed under the supervision of the court. It involves obtaining authorization from the court to transfer an individual’s property after death. The probate process is designed to ensure the deceased’s debts are paid,
Probate can be a complex and overwhelming process, especially when it comes to determining which assets are subject to probate in Minnesota. Understanding this crucial aspect can help you plan your estate effectively and ensure a smooth transition of your assets to your beneficiaries. 1. Real Estate: One of the most common assets subject to probate
What Assets Are Subject to Probate in Minnesota? Read More »
As you grow your family, it’s easy to get caught up in daily routines and put off thinking about the future. However, planning for the unexpected is critical, especially regarding estate planning. Estate planning involves making arrangements for the future of your assets, children, and health. This blog post will discuss the importance of estate planning, what
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Estate planning is not something to be taken lightly. It involves preparing for the inevitable and ensuring that your assets and loved ones are cared for, no matter what happens. However, the process can be complex, confusing, and overwhelming, especially for those unfamiliar with legal jargon and procedures. That is where a trust lawyer comes
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When it comes to estate planning, one of the most crucial decisions you’ll make is selecting the right executor for your will. This individual will be responsible for managing your estate, ensuring your wishes are carried out, and handling any legal or financial matters that may arise. With such an important role, it’s essential to choose
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Dealing with the loss of a loved one is difficult, and navigating the probate process can be overwhelming. At Sandahl & Damhof, we understand the challenges you face and are here to help you through the process. In this blog post, we will discuss five essential steps to successfully navigate probate in Minnesota, providing tangible and useful
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The reality and finality of death is uncomfortable to think about. However, people need to plan for death, unless they want to leave their families a mess instead of a blessing. In a family-owned business, this is especially vital, according to a recent article, “All in the Family—Transition Strategies for Family Businesses” from Bloomberg Law. The family business
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What can you do to help heirs have a smooth transition when settling your estate? A recent article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and the
Can You Plan for Probate? Read More »
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