From the category archives:

In the News

Article on Minnesota’s Transfer on Death Deed

November 5, 2008

Minnesota State Bar Association members: watch for my article on Minnesota’s transfer on death deeds, published in November’s issue of the Bench & Bar Magazine. The article focuses on the basics of the new law and how you might use it in your estate planning practice.
Update (11/18/08): The article is now online.

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IRS Tax Statistics for 2007

November 3, 2008

The IRS has now released its tax statistics for estate, gift, and fiduciary income tax returns for 2007. These statistics are interesting from the standpoint of viewing and predicting tax filing trends over time.

Estate tax statistics
Gift tax statistics
Fiduciary income tax returns

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Updated Probate Statutes

October 28, 2008

The online version of the Minnesota statutes has now been updated for 2008 legislation. I like to bookmark chapter 524 of the Probate Code so that I can perform keyword searches throughout the entire chapter or read successive sections.
In my view, the most important change this year was to §524.2-402 (descent of homestead). [...]

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Gift Tax Allowance Increased to $13,000

October 17, 2008

The gift tax allowance will be increased to $13,000 (up from $12,000) effective January 1, 2009.

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The Candidates on Estate Taxes

October 15, 2008

The Wall Street Journal has a good article today summarizing the presidential candidates’ positions on the estate tax. Both candidates favor portability of the estate tax exemption but differ on the rates and exemption amounts.
While changing the federal tax code to allow portability would be a good idea, its value to Minnesota residents would [...]

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The Steelers and Estate Planning

October 3, 2008

Two of my favorite subjects, football and estate planning, collide in the story of the Steelers NFL franchise.
The NFL is requiring the Steelers to restructure its ownership in order to comply with its rules. Additionally, several current owners of the franchise want to restructure in order to shield their heirs from estate tax liability.
Here’s [...]

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Presumption of Death

September 7, 2008

Controversy continues to swirl regarding whether adventurer and billionaire Steve Fossett really died when the plane he was piloting went missing one year ago yesterday. Conspiracy buffs and some rescue searchers speculate that he may have faked his own death. Regardless, an Illinois court declared him presumed dead in February this year, even [...]

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Abandoned Ashes

September 4, 2008

A recent AP story details a growing national problem: unclaimed cremation ashes.
The article indicates that there is no consensus among the states on how to deal with this issue. How has Minnesota dealt with this problem?
Generally, the crematory or funeral establishment is required to give written notice by certified mail to appropriate persons if [...]

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