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Hugo, MN 55038

 

Estate Updates

 

The tax overhaul has been much lauded, but outside of tax lawyers and accountants, not much detail has been widely published.  For estate planning purposes, there are only a couple of points that Minnesotans may be personally interested in.

 These dollar amounts are notable:

 

  1. The annual gift allowed without having to file a tax return:  $15,000.00. It is best to document the gift, specifying who is the giver and who is the recipient.
  2. Total lifetime amount that can be gifted by one person to one person:  $11.2 million
  3. Federal estate tax threshold:  $11.2 million
  4. Minnesota estate tax threshold:  $2.4 million

 

Keep in mind, the numbers above are purely for tax purposes.  There are other reasons why you would act now to "hide" assets for economic efficiencies are to effectuate your estate goals.  If you have a question on those options, costs, or reasons to act now with your estate planning, I am here to answer your questions and help you do what you want to do with your assets.

 

The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney. All information contained in links are the property of the linked site.


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Dan has handled formation of international corporations through single member LLC’s looking to invoke all the corporate protections enjoyed by the most complex companies in the world.

 

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Estate planning can be the most rewarding and emotionally challenging legal endeavor for any client. Dan carefully assists clients persevere through their estate planning process.

 

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No two litigations are alike. The rules may not change, but the facts, client goal, and resolution options are never the same.

 

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Dan has extensive experience representing and helping real estate buyers, sellers, agents, and business clients weave through the maze of residential real estate and commercial transactions.

 

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