Blog Archives
Outright vs. Testamentary Gifts
You can choose to benefit a child or other beneficiary through one of two means: (1) through an “outright” gift, or (2) to an ongoing “testamentary trust” for the benefit of the child or other beneficiary. We assist our clients understand the pros and cons of each approach, as it is critically important to understand […]
The Benefits of a Revocable Trust
To accomplish your estate planning objectives, you could implement a plan through one of two different legal documents. You could utilize either a traditional Will, or you could utilize a plan focused on the use of a Revocable Trust, also sometimes referred to as a “Living Trust.” In comparison to using a Will, implementing a […]
Utilizing a Tax Savings Trust for Married Clients
In order to minimize the incidence of Minnesota estate taxes following the death of the surviving spouse, a married couple residing in Minnesota who own assets in excess of $3.0M should include specific provisions in their estate plan during their joint lifetimes. Through the creation of a “Tax Savings Trust” following the first death between […]
The Step Up In the Income Tax Cost Basis
Under federal income tax law, a capital gains income tax is imposed on the difference between the price for which an investment is sold and the price for which the investment was originally purchased. For example, if Joe purchases a stock for $10, then sells it at $110, Joe will owe a capital gains tax […]