PLAN WITH PURPOSE.
PLAN WITH US.

Navigating Tax Implications in Estate Planning: Minimizing Liability Through Strategic Decisions

Estate Planning

Navigating Tax Implications in Estate Planning: Minimizing Liability Through Strategic Decisions

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 […]

Navigating Tax Implications in Estate Planning: Minimizing Liability Through Strategic Decisions Read More »

How Does Owning Property in Multiple States Affect Your Estate Planning Strategy?

How Many People Own Property in Different States? Property ownership in multiple states is not unusual. For example, in states with warmer weather, a significant percentage of the population may be snowbirds – people who spend their winter months in warmer climates. Another common occurrence is when an individual or family buys a home in

How Does Owning Property in Multiple States Affect Your Estate Planning Strategy? Read More »

What Are the Most Common Challenges Faced During the Probate Process and How Can They Be Overcome?

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,

What Are the Most Common Challenges Faced During the Probate Process and How Can They Be Overcome? Read More »

Why It is Never Too Soon To Begin Estate Planning

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

Why It is Never Too Soon To Begin Estate Planning Read More »

How to Transfer Business to the Next Generation

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

How to Transfer Business to the Next Generation Read More »

Can You Plan for Probate?

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 »

What are Alternatives to Guardianship?

Guardianships and conservatorships are drastic and very invasive. They strip individuals of their legal autonomy and establish the guardian as the sole decision maker. To become a guardian requires strong evidence of legal incapacity, and approval by a judge, explains an article titled “Guardianships Should Be a Last Resort–Consider These Less Draconian Options First” from Kiplinger. They should not

What are Alternatives to Guardianship? Read More »

What Happens to Digital Assets After Death?

What is a digital asset? This is the question asked in a recent article “Estate Planning for Digital Assets” from Westchester & Fairfield County Business Journals. Any type of electronic data you have the right to access is considered a digital asset, although they come in a variety of forms. A digital asset now includes email accounts, social media, online

What Happens to Digital Assets After Death? Read More »

How to Plan in a Time of Uncertainty

There’s a saying in estate planning circles that the only people who pay estate taxes are those who don’t plan not to pay estate taxes. While this doesn’t cover every situation, there is a lot of truth to it. A recent article from Financial Advisorentitled “Estate Planning In This Particular Time of Uncertainty” offers strategies and estate planning techniques to

How to Plan in a Time of Uncertainty Read More »