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…

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…

We love our pets as much as we love our family. Trusts can be set up to take care of our families after we die, but what about our pets? Until 2016, Minnesota had no laws allowing for this sort of posthumous care. In 2016, Minnesota became the last state to allow trusts to be…

There many types of estate planning tools and each one offers benefits and drawbacks. Some tools work better to accomplish certain goals than others. In addition, some individuals or families may not need to utilize certain options, while others will need a variety of more complex choices. Revocable living trusts and wills are similar because…

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. …

Q: How do I provide for my pet’s future care if I die or become disabled first? Your pet trusts you with its life. She curls up at your feet in the den. He waits at the window– tail wagging– eager for your return home. Have you ever thought about what would happen to your…

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…

A Minneapolis Estate Planning Lawyer Helps You Talk To Your Parents About Their Estate Plan As I discussed in Part I of this series, your parents may feel reluctant to discuss details of their estate plan.  For many personal matters such as finances and health care wishes are to remain private. But, it’s important to…

A Minneapolis Estate Planning Lawyer Explains How to Discuss Your Estate Plan With Adult Kids It is a common occurrence to have clients come to me after a parent died and say “I didn’t know XXX (fill in the blank) about my Mom or Dad.” Many parents feel reluctant to discuss financial and estate matters…

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…