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From the category archives: Boulay

Estate and Trust

Tell Your Beneficiaries About Your Accounts and Policies and How They Will Receive Assets and Benefits

Will your heirs receive a fair share of your wealth? Will your invested assets go where you want them to when you die? If you have a proper estate plan in place, you will likely answer "yes" to both of those questions. The beneficiary forms you filled out years ago for your IRA, your workplace retirement plan, and your life insurance policy may give you even more confidence about the eventual transfer of your wealth. One concern remains. You must tell your heirs these documents exist.

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Estate Planning Issues for the Young Adult Preparing for Marriage and the Young Married Couple Without Children

The "Estate Planning Issues for the Young Adult Preparing for Marriage and the Young Married Couple Without Children" guide is part of a series on Estate Planning Issues for different individual and family situations. Each guide relates to one another and addresses some of the issues that a specific audience should think about as they plan their estate. However, many of the issues discussed in each of the guides apply to other audiences as well, depending upon their unique situation.

 

In addition to the issues presented in the previous Estate Planning Guide(s), the following issues should be considered by a young adult preparing for marriage, especially a wealthy young adult (or a young adult with wealthy parents) and a young married couple without children. Click here to read the guide.

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Estate Planning Issues for the Young Adult

The "Estate Planning Issues for the Young Adult" guide is part of a series on Estate Planning Issues for different individual and family situations. Each guide relates to one another and addresses some of the issues that a specific audience should think about as they plan their estate. However, many of the issues discussed in each of the guides apply to other audiences as well, depending upon their unique situation. This particular guide discusses intestate succession, nonprobate transfers, selecting fiduciaries, and planning for incapacity. Click here to read the guide.

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MN Estate Tax Exemption Increases

The legislation signed by Governor Mark Dayton on May 30 increased the estate exemption amount for a Minnesota estate from its current $1.8 million level to $2.1 million, retroactive to January 1, 2017. The estate exemption amount is set to increase to $3 million by 2020.

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Don’t Overlook Your Gift Tax Return as the Deadline Approaches

Did you give gifts as part of your estate planning strategy? If you gifted significantly to your children, grandchildren, or other loved ones, you need to know whether you are required to file a gift tax return. There are some circumstances that will require a return even if you don’t actually owe any taxes, and it can occasionally be beneficial to file a return even if it is not required.

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The Value of Life Insurance Trusts: An estate planning option more families ought to know about

You may think of life insurance in very simple terms. You buy a policy so that your loved ones will have some financial assistance when you die; but, its functionality doesn’t end there. If it looks like your accumulated wealth will be subject to estate taxes someday, life insurance may be a very useful tool for you, especially when it is used in conjunction with trusts.

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IRS Proposed Regulations Would Increase Gift and Estate Tax Value of Closely-Held Businesses

If you are the owner of a closely-held business and desire to gift a portion or all of your business, or if your business will be valued in an estate in the future, you may be affected by recently issued proposed rules from the US Treasury and Internal Revenue Service. The proposed rules relate to the use of valuation discounts, such as lack of marketability discounts or minority share discounts, which have been commonly recognized in the past. For gifting purposes, there is currently a window of opportunity if you desire to utilize these discounts before the proposed regulations become final.

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Minnesota: Home of the Substantial Estate Tax

If you’re a Minnesotan making plans to distribute your assets when you die, you should be aware of stipulations unique to your home state.

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Providing for Loved Ones: Wills vs. Trusts

Confused about the difference between wills and trusts? You’re not alone. They’re often confused, but they serve distinct purposes in helping to divide your assets.

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Estate Planning: Dividing Assets without Dividing Family

You’re ready to establish an estate plan and you wish to minimize disagreements or hurt feelings among family members—or at least avoid a Hatfields vs. McCoys scenario. The process is often emotional, and creating a plan to please everyone involved may be impossible. But grantors can take steps to express good will toward their loved ones while minimizing conflict and maximizing fairness.

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