Impact of Court Challenge of Minnesota Trust Taxation

Challenges to Minnesota’s trust taxation have weaved their way through the court system. Those who incurred tax liability on trusts fought the taxation and won. After appeals affirmed lower court decisions, the issue was finally submitted to the U.S. Supreme Court. The U.S. Supreme Court declined to rule on the issue, which made the Minnesota…

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Minnesota Trust Taxation

On June 28th, the Supreme Court denied review of a Minnesota case regarding the state’s taxation of trust income. The 2014 case was about Minnesota’s taxation of the income generated by four trusts. While the trustee, William Fielding, paid the tax bill, he filed suit after he was denied a $1 million refund, which represented…

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7 Secrets to Drafting a Successful Will.

Writing a Will is something everybody should do.  With a Will, you can name a guardian for your minor children, decide who gets your assets, and appoint someone to sort out your estate.  A properly drafted Will should help maintain family harmony, negate confusion and minimize any time your family has to spend in court. …

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Prepare Your Trustee to Manage Your Trust.

Minnesota Estate Planning Attorney Advises You to Talk to Your Trustee About Your Trust. One of the jobs of a Minnesota trust lawyer is to help clients choose the person who will be responsible for a trust that has been set up.  This trustee has several very important jobs, and things will go smoother if he or…

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Changing Uses for Bypass Trusts

Minneapolis Estate Planning Lawyer Explains the Reasons Why You May Want a Bypass Trust Every year, each individual who dies in the U.S. can leave a certain amount of money to his or her heirs before facing any federal estate taxes. For example, in 2013, a person who died could leave $5.25 million to his…

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