Wealth Planning + Management

Beyond Federal Tax Reform: A Guide for Minnesota Estate Tax Planning

While the Tax Cuts and Jobs Act of 2017 increased the federal exemption from estate tax to $11M per taxpayer, the requirements regarding Minnesota Estate Tax were changed in 2017 for the years 2017-2020. In this article, we take a closer look at the Minnesota changes, non-resident estate tax that has far-reaching implications, and gift tax details that can help you with effective wealth planning decisions.

Estate Plans: What Changed with the Tax Cuts and Jobs Act?

Effective January 1, 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) reduces individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the TCJA doesn’t do is repeal the federal gift and estate tax, as originally contemplated by the House of Representative’s version … Continued

Avoid Penalties When Taking Planned Rollovers from your Retirement Plan

Participating in a retirement plan has many advantages. However, there are specific rules that may cause plan participants to inadvertently trigger current taxation when funds are intended to be rolled over. This article offers some of the more common pitfalls you should be aware of when moving, withdrawing or transferring funds in your IRA or Qualified Plan.

Transferring Family Wealth? Consider a Family Limited Partnership

Check out our team article featured in Minnesota Business Magazine. Summary: A family limited partnership offers many perks, including the ability to transfer wealth at substantial discounts from the fair market value of underlying assets. But without a valuation, this perk easily could become a liability.

4 Fast Facts About Minnesota Estate Tax

Minnesota is one of 18 states that have an estate or inheritance tax. With a relatively low exemption value, this tax could affect you more significantly than you think—even if you don't reside in the state.

Timely Tax Planning for Your Investments and Capital Gains

When determining whether to buy or sell a security, several factors may affect your decision: your goals, time frame, and risk tolerance, to name a few. One factor that should never be dismissed, however, is the tax consequence(s) of your purchase or sale. With proper tax planning, it’s possible to recognize a certain amount of capital gains tax-free. Here are a few tips to get started...

Never Too Early for Gift and Estate Planning

Last year, taxpayers scrambled to make last-minute asset transfers in case the historically generous gift and estate tax exemptions expired or rates skyrocketed. This year, taxpayers face a calmer estate planning landscape because Congress passed a relatively generous federal gift and estate tax regime.

Understanding Cost Basis

When you sell securities in a taxable investment account, you have to know your “basis” in the securities to determine whether you have a gain or a loss on the sale – and the amount. Generally, your basis is the price you paid for your shares of stock or a mutual fund, adjusted for any reinvested dividends or capital gain distributions, as well as for any costs of the purchase.

‘Tis (Almost) the Season for Gift and Estate Planning

With Thanksgiving just around the corner, many people are thinking about estate planning and making year-end gifts to family members. Last year, taxpayers scrambled to make last-minute asset transfers in case the historically generous gift and estate tax exemptions expired or rates skyrocketed.

Minnesota Awarded 2nd Place in Gift Tax!

In many competitive situations the desire is to often finish in first, second or even third place. To be recognized by all persons present that an achievement has been made. Through hard work, knowledge, use of skills or maybe luck, a standing above all others is worthy.

Minnesota Estate and Gift Tax

The Bill signed by Governor Dayton also included changes to estate and gift taxes for the State of Minnesota. It modified the filing requirements for the estate tax to provide that taxable gifts (in excess of the annual exclusion amount) made within three years of death had to be added to the value of the estate to determine if the estate exceeded the $1 Million filing requirement.

The Digital Estate

“…and I leave my jewelry, china and iPhone to…” Wait, what? Why would you need to list your iPhone in your will? Wills have been in existence since the recording of the written word and can be traced to ancient Roman and Greek law. The “Last Will and Testament” is a legal declaration by which a person names one or more person to manage his/her estate...

IRA Rollovers: Not as Simple as They May Seem

Rolling over a company retirement plan distribution into an IRA is usually a good idea. It allows you to defer taxes on the rolled-over balance, and the future income earned on that balance, for as long as the money stays in the IRA.