Practice Tips

Use Tax Refunds to Get New Business

by Boyd Johnson on May 4, 2011

Many clients delay estate planning because they lack liquid funds to pay for it. Yet, right now, millions of Americans are receiving their tax refunds. There is a marketing opportunity  here for the savvy estate planning attorney.

Consider this:

  • 78% of Americans expect a tax refund.
  • The average tax refund is over $3,000 (much more than the average cost of a new estate plan).

Call a marketing meeting this afternoon and figure out a way to reach new clients to create new estate plans and old clients to update their estate plans. They have cash. Convince them to spend it on your services.

Categorized in Practice Tips

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Minnesota attorneys should be aware of new probate and trust law legislation recently signed into law. I have listed the highlights of the new laws on a guest post over at the Practice Law Blawg.

Additionally, in the post, I’ve listed 5 ways you can prepare for the most important (and potentially controversial) provisions of the new laws– those redefining the scope of parent-child relationships.

As an aside: the MSBA’s Practice Blawg frequently has posts of interest even to out-of-state attorneys. Make sure you check out this blog and consider adding it to your blog reader.

Categorized in Commentary,Practice Tips and tagged as , ,

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New “Probate In Common Newsletter” published

May 14, 2010

Alonna Warns, one of Hennepin County’s Registrars, released today the latest issue of her newsletter, “Probate In Common.” In this issue (Vol. 7:1), she covers the following topics: Probates for Non-resident decedents Issues related to the Notice to Commissioner Dismissed Orders Common mistakes on Informal Applications If you practice probate in Hennepin County, this newsletter [...]

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Hennepin County Registrars release updated guide to informal probate

January 27, 2010

The Hennepin County Probate Registrars recently released an updated guide to informal probates. The guide contains helpful information when preparing an informal probate, including customs unique to Hennepin County. I frequently used the old guide when preparing probates. Overall, there isn’t much new compared to the old version. But if you practice in Hennepin County, [...]

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No federal estate taxes in 2010 (for now)

January 1, 2010

Almost no one thought it would ever happen when 2009 began, but, as scheduled, the federal estate tax has been repealed beginning today (1/1/2010). Essentially the exclusion amount is now unlimited and the tax rate is 0%. As a result, those dying in 2010 may transfer at death an unlimited amount of property tax free. [...]

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Minnesota’s new disclaimer law goes into effect today

January 1, 2010

Minnesota’s new disclaimer laws go into effect today (1/1/2010). Under the new laws, compliance with the disclaimer requirements was made significantly easier. Three highlights of the new laws include: The disclaimer under most circumstances does not need to be filed with a court. The nonprobate and probate disclaimer statutes have been merged into one statutory [...]

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Now available: the 2009 version of Form 706 (estate tax)

October 27, 2009

The 2009 version of Form 706 has now been released on the IRS website. If you practice in this area, it is always a good idea to read through the updated form and its instructions each year. Of course the main change this year is that the exemption level rose to $3.5 million at the [...]

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The DVS Code: Deciphering joint ownership language for vehicles in Minnesota

October 14, 2009

When it comes to joint ownership language on vehicle titles, Minnesota’s Driver and Vehicles Services Division operates within its own sphere of logic. The logic of the rules has perplexed more than one probate attorney. Since this issue arises frequently and the DVS cipher is difficult to find even on its own website, I’m reproducing [...]

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Fees received by personal representatives are taxable

October 2, 2009

Serving as a personal representative takes a lot of time. As a result, some personal representatives consider charging the estate for their time as permitted under Minn. Stat. 524.3-719. As appealing as that can be, the attorney should help the personal representative consider all the consequences of that decision. One consequence that is often overlooked [...]

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New requirement for guardianships and conservatorships: the informational statement

September 30, 2009

Under recent changes to the guardianship and conservatorship statutes, guardians and conservators must now file an informational statement with the court prior to their initial appointment. See 524.5-304(g) (guardianships) and 524.5-406(g) (conservatorships of persons under disability). The informational statement must be a sworn affidavit stating: the person’s educational background and relevant work and other experience; [...]

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