Discussions of the substantial estate taxes likely owed by James Gandolfini's estate provide a glimpse into how even successful celebrities may not take full advantage of the estate tax planning strategies available to them. Mr. Gandolfini's Will apparently divided his estate amongst several family members, including his wife, children and other loved ones. By dividing his...
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Category: Estate Planning
Minnesota Probate – A Series of Questions
When a loved one passes, some of the first questions asked are:
"Did he/she have a Will?"
"Where is the Will?"
“Who is in charge of settling the estate?”
“What will I receive or inherit from the estate?”
“Do we need to probate the Will?”
“Do we need a probate lawyer to help us?”
These questions are a good...
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Online Estate Planning
Considering Online Estate Planning? Think Twice
The recent proliferation of online estate planning document services has attracted many do-it-yourselfers who are lured in by what appears to be a low-cost solution. However, this focus on price over value could mean your wishes will not be carried out and, unfortunately, nobody will know there is a...
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Minnesota Gift Tax – Update
MINNESOTA IMPOSES GIFT TAX
On May 20, 2013, the Minnesota Legislature passed the Omnibus Tax Bill, which includes significant changes to Minnesota tax law. One major change under the Bill is the imposition of a Minnesota-specific Gift Tax effective July 1, 2013. This new Gift Tax may have wide-ranging impact on Minnesota taxpayers. If you have been considering making a...
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You’ve Established an Estate Plan. Do You Know Where the Documents Are? Does Your Family?
For most people, finally establishing an estate plan is a big step that they have undertaken after years of delay. A second step is making decisions regarding the personal representative (also referred to as the executor), trustees, beneficiaries, funeral costs and debt, and a third step is actually completing the will. There is, however,...
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Common Estate Planning Myths
Estate planning is a powerful tool that among other things, enables you to direct exactly how your assets will be handled upon your death or disability. A well-crafted estate plan will ensure you and your family avoid the hassles of guardianship, conservatorship, probate or unpleasant estate tax surprises. Unfortunately, many individuals have fallen victim...
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