The Blog of Attorney Boyd K. Johnson
From the category archives:
Joel A. Schoenmeyer, a Chicago-area attorney, is publishing a series of excellent blog posts regarding implications of the estate tax law changes on his Death and Taxes Blog. These posts are helpful primers for understanding what is going on this year.
The series is entitled, “5 Things You Need to Know About the Estate Tax in 2010” and the posts he has published so far are linked below:
Updated on 1/27/2010
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There has been some confusion in the Minnesota probate sphere concerning the effective date for the new asset limit for the Affidavit of Collection process.
For a recap of the issues, see here and here.
Multiple sources have confirmed that the effective date is 12:01 a.m. on August 1st and that the new asset limit is not currently in effect. Since the bill that was passed listed no effective date, the default date for non-appropriation bills is August 1st.
Practice Tip: If you have an estate that has more than $20,000 but less than $50,000 of probate assets, consider waiting until August 1st to take advantage of the new statute. Also recall that the successor need not present the affidavit in duplicate (a requirement under the old/current statute).
Special thanks to Tom Holker of Holker Law Offices for his work on verifying the effective date with the House Clerk.
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Are Amendments to Minnesota’s Probate Code Coming?
November 13, 2008This summer the Commissioners on Uniform State Laws convened to finalize 2008 amendments to the Uniform Probate Code for recommendation to the states. You can view the 2008 approved amendments (red-line version) by clicking here.
It will be interesting to see whether Minnesota’s legislature adopts any of the new amendments. I’ve heard rumblings that [...]