When a person dies, his or assets (known as the person’s “estate”) may be subject to tax if they exceed certain value limits. This type of tax is known as an “estate tax.” There is a federal estate tax that applies estates with a value over $5.49 million (the current value limit as of 2017). That means estates with a value of less than $5.49 million would pay no federal estate tax.
In addition to the federal estate tax, Minnesota is one of a handful of U.S. states impose their own estate taxes on its residents […]
First of all, what is a Personal Representative? A Personal Representative (PR) is the individual designated to administer an estate when a person dies. In other words, they are responsible for inventorying and taking control of the decedent’s (deceased person) assets, using estate assets to pay estate debts and taxes, notifying beneficiaries and creditors, and distributing property from the estate to the beneficiaries. In some states, the Personal Representative is known as an Executor.
Main duties of the Personal Representative:
• Find out if the decedent has a Will. This person should make a […]
Last Will, Living Trust, Living Will: What They Are & What They Do
These three legal documents are often confused because their names sound similar. However, each of these documents serves a distinct purpose.
A Last Will can provide crucial instructions for the administration of your affairs after your death. This includes who will inherit your property (beneficiaries); when and how they will inherit it; and who will be put in charge of administering your estate (called a Personal Representative or Executor). If you have minor children, you can also use your Last Will to […]
Using Tangible Personal Property Lists
Creating a Will is a crucial tool in planning for you and your family’s future. Wills are important to control where your assets will go upon death, to name the person who will care for your property or children, and to state your general wishes regarding funeral arrangements. Once created, amending or changing a Will normally requires a formal amendment document called a Codicil. In Minnesota, however, there is also a more simple way to make or update specific personal property gifts: the tangible personal property list.
What is a Tangible […]