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Electronic reproduction of 2011−12 Wis. Stats. database, updated to May 1, 2013. 1 Updated 11−12 Wis. Stats. Database TRUSTS 701.06 CHAPTER 701 TRUSTS 701.01 Definitions. 701.02 Purposes for which trusts may be created. 701.03 Passive trusts abolished. 701.04 Purchase money resulting trusts abolished. 701.05 Title of trustee; interest of beneficiaries. 701.06 Spendthrift provisions and rights of creditors of beneficiaries. 701.065 Debts of decedents. 701.07 Living trusts. 701.08 Transfers to living trusts. 701.09 Transfers to testamentary trusts. 701.10 Charitable trusts. 701.105 Private foundations. 701.11 Honorary trusts; cemetery trusts. 701.115 Future interests in revocable trusts. 701.12 Revocation, modification and termination of trusts with consent of settlor. 701.13 Modification and termination of trusts by court action. 701.14 Circuit court procedure in trust proceedings. 701.15 Representation of others. 701.16 Testamentary trustees. 701.17 Successor and added trustees. 701.18 Resignation and removal of trustees. 701.19 Powers of trustees. 701.20 Principal and income. 701.21 Income payments and accumulations. 701.22 Distributions in kind by trustees; marital bequests. 701.23 Removal of trusts. 701.24 Applicability. 701.25 Applicability of general transfers at death provisions. 701.26 Disclaimers of nonprobate transfers. 701.01 Definitions. As used in this chapter, unless the context indicates otherwise: (1) BENEFICIARY. “Beneficiary” means a person who has a beneficial interest in a trust. (2) CHARITABLE AND PRIVATE TRUST. To the extent that trust income or principal presently or in the future must be used by the trustee exclusively for a charitable purpose as defined in s. 701.10 (1), the trust is a “charitable trust”; any other trust is a “private trust”, provided it is for the benefit of a person sufficiently identifiable to enforce the trust. (3) COURT. “Court” means the court having jurisdiction. (4) PROPERTY. “Property” means an interest in real or personal property. (5) SETTLOR. “Settlor” means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust. (6) TESTAMENTARY AND LIVING TRUST. “Testamentary trust” means a trust subject to the continuing jurisdiction of the court assigned to exercise probate jurisdiction; “living trust” means any other trust, including a testamentary trust removed to this state from another state. (7) TRUST. “Trust” means an express living or testamentary, private or charitable trust in property which arises as a result of a manifestation of intention to create it. (8) TRUSTEE. “Trustee” means a person holding in trust title to or holding in trust a power over property. “Trustee” includes an original, added or successor trustee. History: 1971 c. 66; 1977 c. 187 s. 135; 1977 c. 449; 1983 a. 189. 701.02 Purposes for which trusts may be created. A trust may be created for any lawful purpose. History: 1993 a. 16, 437. Cross−reference: See s. 701.10 (1) which lists the purposes for which a charitable trust may be created. Advantages of the revocable trust estate plan. Keydel, 1975 WBB No. 3. 701.03 Passive trusts abolished. Except as provided in s. 706.08 (4), every trust, to the extent it is private and passive, vests no title or power in the trustee, but the beneficiary takes a title corresponding in extent to the beneficial interest given the beneficiary. A trust is passive if the title or power given the trustee is merely nominal and the creating instrument neither expressly nor by implication from its terms imposes active management duties on the trustee. History: 1989 a. 231. When a trustee has the duty of paying taxes and insurance, the trust is an active one. Kinzer v. Bidwill, 55 Wis. 2d 749, 201 N.W.2d 9 (1972). This statute does not apply to living trusts. Section 701.07, which provides that a living trust cannot be deemed passive, controls. McMahon v. Standard Bank & Trust Co. 202 Wis. 2d 564, 550 N.W.2d 727 (Ct. App. 1996), 95−1303. 701.04 Purchase money resulting trusts abolished. (1) If title to property is transferred to one person and all or part of the purchase price is furnished by another, the latter may not enforce a purchase money resulting trust. (2) Creditors of the person furnishing all or part of the purchase price may enforce a resulting trust, in proportion to the amount of purchase price furnished, to the extent necessary to satisfy their demands, unless an intent to defraud creditors is disproved. (3) Nothing in this section shall affect the right to enforce a valid express trust or to establish a constructive trust based on fraud, undue influence, breach of confidential relationship or other appropriate grounds. 701.05 Title of trustee; interest of beneficiaries. (1) Unless the creating instrument expressly limits the trustee to a lesser title or to a power, the trustee takes all title of the settlor or other transferor and holds such title subject to the trustee’s fiduciary duties as trustee. (2) If a trustee of a private trust has title to the trust property, a beneficiary has both a right to have the trustee perform the trustee’s fiduciary duties and an equitable interest, present or future, in the trust property. If a trustee of a private trust holds only a power over property, a beneficiary has a right to have such trustee perform the trustee’s fiduciary duties. (3) In a private or charitable trust where the trustee takes all title of the settlor or other transferor and holds such title subject to the trustee’s fiduciary duties as trustee, any interest expressly retained by the settlor or not effectively disposed of to others remains in the settlor, or the settlor’s successors in interest, as an equitable reversionary interest and to this extent the settlor, or the settlor’s successors, are beneficiaries of the trust. In a private trust where the trustee takes all title of the settlor or other transferor and holds such title subject to the trustee’s fiduciary duties as trustee, any interest, present or future, created by the settlor in any other person is an equitable interest and such person is a beneficiary of the trust. History: 1971 c. 66; 1991 a. 316. 701.06 Spendthrift provisions and rights of creditors of beneficiaries. (1) INCOME BENEFICIARIES. A settlor may expressly provide in the creating instrument that the interest in income of a beneficiary other than the settlor is not subject to voluntary or involuntary alienation. The income interest of such a beneficiary cannot be assigned and is exempt from claims against the beneficiary until paid over to the beneficiary pursuant to the terms of the trust. (2) PRINCIPAL BENEFICIARIES. A settlor may expressly provide in the creating instrument that the interest in principal of a benefi- 2011−12 Wis. Stats. database updated though 2013 Wis. Act 10 and all Supreme Court Orders enacted before May 1, 2013. Statutory changes effective on or prior to May 1, 2013 are published as currently in effect. Changes effective after May 1, 2013 are designated by NOTES. See Are the Statutes on this Website Official? (5−1−13)
Electronic reproduction of 2011−12 Wis. Stats. database, updated to May 1, 2013. 701.06 TRUSTS ciary other than the settlor is not subject to voluntary or involuntary alienation. The interest in principal of such a beneficiary cannot be assigned and is exempt from claims against the beneficiary, but a judgment creditor, after any payments of principal have become due or payable to the beneficiary pursuant to the terms of the trust, may apply to the court for an order directing the trustee to satisfy the judgment out of any such payments and the court in its discretion may issue an order for payment of part or all of the judgment. (3) DISCLAIMER OR RENUNCIATION NOT AN ASSIGNMENT. A disclaimer or renunciation by a beneficiary of part or all of his or her interest under a trust shall not be considered an assignment under sub. (1) or (2). (4) CLAIMS FOR CHILD SUPPORT. Notwithstanding any provision in the creating instrument or subs. (1) and (2), upon application of a person having a valid order directing a beneficiary to make payment for support of the beneficiary’s child, the court may: (a) If the beneficiary is entitled to receive income or principal under the trust, order the trustee to satisfy part or all of the claim out of part or all of payments of income or principal as they are due, presently or in the future; (b) In the case of a beneficiary under a discretionary trust, order the trustee to satisfy part or all of the claim out of part or all of future payments of income or principal which are to be made pursuant to the exercise of the trustee’s discretion in favor of such beneficiary. (5) CLAIMS FOR PUBLIC SUPPORT. Notwithstanding any provision in the creating instrument or subs. (1) and (2), if the settlor is legally obligated to pay for the public support of a beneficiary under s. 46.10, 49.345, or 301.12 or the beneficiary is legally obligated to pay for the beneficiary’s public support or that furnished the beneficiary’s spouse or minor child under s. 46.10, 49.345, or 301.12, upon application by the appropriate state department or county official, the court may: (a) If such beneficiary is entitled to receive income or principal under the trust, order the trustee to satisfy part or all of the liability out of part or all of payments of income or principal as they are due, presently or in the future; (b) Except as otherwise provided in par. (c), in the case of a beneficiary under a discretionary trust, order the trustee to satisfy part or all of the liability out of part or all of future payments of income or principal which are to be made pursuant to the exercise of the trustee’s discretion in favor of such beneficiary; (c) In the case of a beneficiary under a discretionary trust who is a settlor or a spouse or minor child of the settlor, order the trustee to satisfy part or all of the liability without regard to whether the trustee has then exercised or may thereafter exercise the trustee’s discretion in favor of the beneficiary. (5m) TRUST FOR DISABLED INDIVIDUAL. Subsection (5) does not apply to any trust that is established for the benefit of an individual who has a disability which has continued or can be expected to continue indefinitely, substantially impairs the individual from adequately providing for his or her own care or custody, and constitutes a substantial handicap to the afflicted individual if the trust does not result in ineligibility for public assistance under ch. 49. A trustee of a trust which is exempt from claims for public support under this subsection shall notify the county department under s. 46.215 or 46.22 in the county where the disabled beneficiary resides of the existence of the trust. (6) SETTLOR AS BENEFICIARY. (a) Notwithstanding any provision in the creating instrument and in addition to the remedies available under subs. (4) and (5) where the settlor is a beneficiary, upon application of a judgment creditor of the settlor, the court may, if the terms of the instrument require or authorize the trustee to make payments of income or principal to or for the benefit of the settlor, order the trustee to satisfy part or all of the judgment out of part or all of the payments of income or principal as they are due, presently or in the future, or which are payable in the trustee’s Updated 11−12 Wis. Stats. Database 2 discretion, to the extent in either case of the settlor’s proportionate contribution to the trust. (b) A beneficiary of a trust may not be considered a settlor solely because of a lapse, waiver, or release of any of the following: 1. A power described under par. (c). 2. The beneficiary’s right to withdraw part of the trust property, to the extent that the value of the property affected by the lapse, waiver, or release in any year does not exceed the greater of the amount in: a. Section 2041 (b) (2) or 2514 (e), Internal Revenue Code of 1986. b. Section 2503 (b), Internal Revenue Code of 1986. (c) A beneficiary of a trust is not a settlor, has not made a voluntary or involuntary transfer of the beneficiary’s interest in the trust, or does not have the power to make a voluntary or involuntary transfer of the beneficiary’s interest in the trust solely because the beneficiary holds or exercises, in any capacity, any of the following: 1. A presently exercisable power to consume, invade, appropriate, or distribute property to or for the benefit of the beneficiary if the power is any of the following: a. Exercisable only on consent of another person holding an interest adverse to the beneficiary’s interest. b. Limited by an ascertainable standard, such as health, education, support, or maintenance of the beneficiary. 2. A presently exercisable power to appoint any property of the trust to or for the benefit of a person other than the beneficiary, a creditor of the beneficiary, the beneficiary’s estate, or a creditor of the beneficiary’s estate. 3. A testamentary power of appointment. 4. A presently exercisable right described in par. (b) 2. (d) A beneficiary of a trust is not a settlor solely because the beneficiary is entitled to nondiscretionary distributions from the trust. (7) SUBSEQUENT MODIFICATION OF COURT’S ORDER. Any order entered by a court under sub. (4), (5) or (6) (a) is subject to modification upon application of an interested person. (8) EXEMPT ASSETS. Assets of a trust, to the extent they are exempt from claims of creditors under other statutes, shall not be subject to sub. (4), (5), or (6) (a). History: 1971 c. 66; 1977 c. 309, 418; 1985 a. 176; 1991 a. 316; 1997 a. 237; 2005 a. 216; 2007 a. 20. Cross−reference: See s. 701.07 (3) which deals with creditors’ rights where a settlor retains powers over a living trust. Trust income that is income to the beneficiary under federal tax law is subject to a child support order regardless of whether a distribution is made to the beneficiary. Grohmann v. Grohmann, 189 Wis. 2d 532, 525 N.W.2d 261 (1995). In not revealing that he was a trust beneficiary, a father failed to make proper financial disclosure at the time of a divorce as was required by s. 767.127. The rationale of Grohmann is applicable to both grantor and nongrantor trusts if there is an obligation to report that trust’s income as one’s own because it is the obligation to report the income that makes the income reachable for calculations of a child support obligation. Stevenson v. Stevenson, 2009 WI App 29, 316 Wis. 2d 442, 765 N.W.2d 811, 07−2143. 701.065 Debts of decedents. (1) LIMITATIONS ON CLAIMS. (a) 1. A trustee who has a duty or power to pay the debts of a decedent may publish in the county in which the decedent resided, as a class 3 notice, under ch. 985, a deadline for filing claims with the trustee. The deadline shall be the date that is 4 months after the date of the first insertion of the notice. 2. Except as provided in pars. (b) and (c), if the trustee satisfies the requirements for the publication of the notice under subd. 1., all claims, including claims of the state and any subdivision thereof, whether due or to become due, absolute or contingent, liquidated or unliquidated, are barred against the trustee, the trust property and any recipient of trust property unless filed with the trustee on or before the date specified in the notice under subd. 1. (b) Notwithstanding par. (a) 2., a claim that is not filed on or before the date specified in the notice under par. (a) 1. is not barred if any of the following apply: 2011−12 Wis. Stats. database updated though 2013 Wis. Act 10 and all Supreme Court Orders enacted before May 1, 2013. Statutory changes effective on or prior to May 1, 2013 are published as currently in effect. Changes effective after May 1, 2013 are designated by NOTES. See Are the Statutes on this Website Official? (5−1−13)
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Sponsored by 2013 Probate & Trust L
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Minnesota CLE’s Copyright Policy
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Faculty & Planners* Jill A. Adkins
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Table of Contents Plenary Day 1 Non
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17. Marital Deduction Planning and
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PLENARY DAY 1 Non-Tax Case Law Upda
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1. *In re Estate of Neuman and In r
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3. Edwards v. Gillis ..............
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I. UNIFORM PROBATE CODE A. Effect o
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conceived until after decedent’s
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granddaughter. Ultimately, the cour
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the benefit of the person for whose
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814 MCA, which provides that a divo
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524.3-203, persons who are nominate
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also been the sole personal represe
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within the prescribed time set out
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mother’s estate, had breached fid
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plan. The court found that Brown wa
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power of attorney was, in fact, a l
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questions before the court were the
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E. Adverse Possession 1. *Jokela v.
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presumption. Finally, the court fou
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death, her daughter, in her capacit
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3. Estate of Nuo Djeljaj, 954 N.Y.S
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C. Trust Construction but that the
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4. *In the Matter of the Frank J. R
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adding the “general charitable in
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may provide that at least a substan
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including those created for the ben
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D. Spendthrift Clauses Finally, the
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decedent’s execution of a financi
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not negligent. On appeal, the court
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purchasing the insurance but determ
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H. Trust Accounting Disputes 1. Chu
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settlor’s death in 2005, the trus
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entitled to a jury trial because th
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other manner whatsoever disposing o
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the trial judge rejected - as highl
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F. Inter Vivos Gifts community over
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V. POWER OF ATTORNEY A. Improper Us
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FEDERAL TAX UPDATE Important Develo
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• The preferential rates for net
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3. Planning for the Wannabes: Deali
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Suppose, for example, that a marrie
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ESTATE AND GIFT TAX PLANNING AFTER
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after the first spouse’s death),
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First, they will want one or more g
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In Estate of Christiansen v. Commis
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Grandchild A 11,000 Grandchild B 11
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In the end, Wandry is correctly dec
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RECENT VALUATION CASE OF INTEREST (
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uncertainties, ahypothetical buyer
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So portability is achieved by givin
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(5) Special rules. (A) Election req
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million, and H2’s executor makes
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standard, but saves the rest for th
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THE IMAPCT OF WINDSOR ON ESTATE PLA
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Decanting: Refining an Old Vintage
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DECANTING: REFINING AN OLD VINTAGE
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XI. Trustee Liability .............
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D. Change Governing Law E. Trustee
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absolute discretion for some modifi
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K. Court Approval. Court approval i
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eliminate beneficiaries or change t
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precisely, to make certain exceptio
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appointment created under the new t
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If contributions to the original tr
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Qualified personal residence trusts
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enefit the beneficiaries by convert
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B. Notice Required. Other states re
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of the particular state, apparently
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tax consequences. See Tax Effects a
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(ii) at the time the exempt trust b
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BIBLIOGRAPHY Articles 1. Farhad Agh
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APPENDIX I STATE DECANTING STATUTES
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ALTERNATIVE PLENARY Tax Issues (For
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I. MINNESOTA ESTATE TAX - LIFETIME
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NOTE: In the examples below, I will
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At his death, he leaves the followi
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total federal gross estate (line 1)
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Note: in several of the examples ab
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C. Source of Charitable Gift - Ordi
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Many tax preparers relied on that r
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RESULT: •Because the amount paid
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III. DEDUCTION OF MORTGAGE INTEREST
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•Estates with net taxable assets
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05/20/13 HOUSE RESEARCH ANALYST JM
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SECTION 1 Funding Education: The Gi
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E. Five-Year Proration Required ...
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I. Saving and Paying for Higher Edu
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1. TAM 199941013. In Technical Advi
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. Estate Tax. Assuming that the don
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exclusion. If contributions to the
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distribute principal for GC’s ben
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sample trust language was used wher
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university, or (iii) making reasona
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treatment granted by section 529 wi
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and the beneficiary’s family duri
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eginning with the year of the contr
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Rule 5. If, by the due date for fil
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2. Attach Explanation. An explanati
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It is impossible for an account own
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were not making other gifts to thei
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a. Proposed Regulations Tax the Ben
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Prop. Treas. Reg. § 1.529-1(c). D.
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SECTION 2 Avoiding the Uncommon Dif
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2. Discouraging Bad Behavior ......
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problems in a document but so can a
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B. Who suffers from a drafting prob
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succeed to the preceding trustee’
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“ (a) Property a testator, while
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home. When devising recreational re
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to allow the beneficiary to pay off
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The remaining principal and any acc
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outright and free of trust. If eith
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D. Incentive Trusts 1. Encouraging
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that exemptions or deductions allow
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F. Family Business Succession. The
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3. Problems with Allocation of Fami
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SECTION 3 Unlimited Duration Trusts
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3. CONCLUSION .....................
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*In 1995, Delaware enacted legislat
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2. Exercise the power of appointmen
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ii. States: 1. Alaska 43 - 1,000 ye
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4. CONCLUSION vii. New Jersey viii.
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the “prudent man rule” required
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Additionally, many advisors are dra
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investment committee and/or distrib
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1. Significant change in asset allo
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Please see example below of a typic
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IV. DECANTING 1. INTRODUCTION Decan
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. States May Limit Trustee’s Auth
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V. VIRTUAL REPRESENTATION 1. INTROD
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ecome entitled to an interest, if i
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VI. PRIVACY OF COURT RECORDS 1. INT
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iii. Statutes c. South Dakota Proce
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VII. DOMESTIC ASSET PROTECTION AND
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property interests. 206 This can be
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11. EXTINGUISHMENT OF CREDITORS’
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13. SPENDTHRIFT TRUSTS As previousl
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SECTION 4 Drafting and Administerin
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1. Supplemental&SpecialNeedsTrust B
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iii. Discretionary Trust Trusts cre
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v. Vehicle One vehicle used to tran
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ii. Legal Guardian It is generally
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ii. SSA Determination Anyone receiv
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eimburse the State following the be
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else uses the computer from time to
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h. Revocable vs. Irrevocable i. Spe
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Qualified Disability Trust (QDT) ex
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(1) An inventory of Trust assets an
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Assistance benefits paid on behalf
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SECTION 5 Notable North Dakota Nuan
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I. North Dakota Real Property A. No
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a Statement of Claim is recorded by
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1. Any grantee or grantee’s autho
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By North Dakota Information Technol
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insolvent estates. Has priority ove
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(2) Would be a permissible distribu
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o North Dakota has two (2) pooled t
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G. The value of currently owned min
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* * * * * * * * * * * * * * lease r
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eceived, are not considered to be t
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disqualifying transfer provisions i
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ONLINE NORTH DAKOTA RESOURCES Title
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Table of Contents The Beauty and Bu
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--volatility in the financial marke
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For the trustee: If an individual t
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VII. Duty to keep records and provi
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specific information like their fin
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An alternative structure might be t
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--Intellectual property which may i
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SECTION 7 “Bleak House” Reviste
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PROBATE INSTITUTE 2013 HARD TIMES:
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TIP THREE: FOR REALLY BAD FIDUCIARI
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with disfavor on attempts to depriv
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E. Undue influence 1. Must prove te
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3. The Partition statute allows adm
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APPENDIX 524.3-720 EXPENSES IN ESTA
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owner of the real property or the o
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524.3-911PARTITION FOR PURPOSE OF D
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STATE OF MINNESOTA COUNTY OF MCLEOD
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5. For such other and further relie
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personal representatives determined
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notations in the memo portion indic
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Page 12 costs charged by private de
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The Well-Prepared Executive: Person
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Stock Options: Sales, Gifts, & Tran
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the stock has been held for more th
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the initial appraisal is arranged f
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not property for purposes of Sectio
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emains the owner for income tax pur
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will also be treated as owning inte
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ealm of the estate tax. This is con
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eneficiary, as the case may be, wil
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CONFIDENTIAL Appendix
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Summary of Option Strategies 5. to
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Summary of Option Strategies 10. Co
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Transferring an asset via a GRAT re
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A CRT can result in greater total v
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IRA Rollback Strategy Pension Rescu
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Use Interest Rate Swaps to Lock in
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How does a 10b5-1 plan work? 1 2 3
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SECTION 9 Spousal Elections Under M
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1. INTRODUCTION Minnesota, as in ma
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. 1969 Version In the 1969 statutor
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each other. 11 The statutory notes
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(b) Personal property not exceeding
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category includes properly gifted t
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.) Next, assets owned by the spouse
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4. Unspoken fourth: The spouse and
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Table of Contents Crummey Power Pro
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however, that my Spouse’s power t
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Estate or the proceeds of such asse
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such Power Holder is entitled to wi
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1.2 Discretionary Payments From Ini
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didn’t occur) a long time ago? 1
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Upon my spouse's incapacity or deat
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Trustees of the Separate Trusts *Op
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Unfilled Trustee Vacancy If the off
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the independent special trustee. An
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Removal and Replacement of Trust Ad
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Definitions 6 Compensation Any Trus
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Trust Asset Diversification and Con
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As a Grantor Retained Annuity Trust
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ultimate burning out of the sun and
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Granting and Exercising Powers of A
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POWER TO CHANGE LIMITED POWER INTO
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Single Fund QTIP Marital Trust Inco
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5.8 Reverse QTIP Election. The Trus
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SECTION 11 Federal and Minnesota In
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Federal and Minnesota Individual Ta
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qualifying charities. Distributions
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iii. In the Reesink case, taxpayer
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The 10% threshold applies to all ta
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A Baker’s Dozen of Dangerous Assu
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In short, domicile is the combinati
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choice of law process in the render
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Germany is one such example of a co
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The US State Department lists the v
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In every other case, a foreign trus
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Page 565 and 566: step daughter two months before her
Page 567 and 568: 2. Borrowing in an irrevocable trus
Page 569 and 570: estrictive access to principal. Con
Page 571 and 572: SECTION 14 The Current Status of Wi
Page 573 and 574: I. History of the Wisconsin Trust C
Page 575 and 576: d. A final accounting is required b
Page 577 and 578: a. ULC promulgated the uniform prin
Page 579 and 580: 3. Irrevocable trusts may be modifi
Page 581 and 582: 7. A trustee may delegate its dutie
Page 583 and 584: fiduciary or confidential relations
Page 585 and 586: 6. The new code will eliminate the
Page 587 and 588: . The standard of care that applies
Page 589: 23. The subchapter dealing with lia
Page 593 and 594: Electronic reproduction of 2011−1
Page 609 and 610: Fiduciaries and Fighting Families:
Page 611 and 612: 3. Who should attend 4. Agenda or f
Page 613 and 614: TABLE OF CONTENTS I. INTRODUCTION .
Page 615 and 616: I. INTRODUCTION MEDICAL ASSISTANCE
Page 617 and 618: has decided to increase reimburseme
Page 619 and 620: the problems they cause for some co
Page 621 and 622: change only when Social Security pa
Page 623 and 624: PRACTICE TIP: When the Asset Assess
Page 625 and 626: 2014. i. If the community spouse do
Page 627 and 628: g. making income or asset methodolo
Page 629 and 630: less than the asset’s value on th
Page 631 and 632: amount of the transfer was $25,000.
Page 633 and 634: Example: the transfer penalty and t
Page 635 and 636: allow a recipient's current income
Page 637 and 638: facility admission or readmission t
Page 639 and 640: The NF LOC Initiative has been hard
Page 641 and 642:
was not [sic] made exclusively for
Page 643 and 644:
1. Prior to February 8, 2006, the p
Page 645 and 646:
follows: [Undue hardship] exists wh
Page 647 and 648:
claim in both Estate of Barg and In
Page 649 and 650:
federal law. See 42 U.S.C. § 1396p
Page 651 and 652:
called "MA for Adults Without Child
Page 653 and 654:
The starting point for redesign of
Page 655 and 656:
programs, available in the State. S
Page 657 and 658:
If the enrollee is required to sati
Page 659 and 660:
Art. 2, Sec. 4, amends Minn. Stat.
Page 661 and 662:
Art. 2, Sec. 30, amends Minn. Stat.
Page 663 and 664:
MARITAL DEDUCTION PLANNING: First C
Page 665 and 666:
(1974); PLR 7902020 (ruling gift to
Page 667 and 668:
(A) Then do your other language—d
Page 669 and 670:
to any jurisdiction.” Michael Mul
Page 671 and 672:
2) Fractional share: As the value o
Page 673 and 674:
d) The amount subject to the electi
Page 675 and 676:
Form 706 is due nine months from th
Page 677 and 678:
C. Gift Tax 1. EGTRRA partially sev
Page 679 and 680:
three years, when Fred would have t
Page 681 and 682:
equired beginning date, and they wi
Page 683:
SECTION 18 Estate Planning Issues f
Page 721 and 722:
Table of Contents 1. Initial consid
Page 723 and 724:
termination notices should be filed
Page 725 and 726:
If the Fiduciary is released from p
Page 727 and 728:
c. Relief is requested by using For
Page 729 and 730:
when ordinarily due. Use, for examp
Page 737 and 738:
SECTION 20 Portability Under the Ne
Page 739 and 740:
I. HOW TO MAKE THE ELECTION PORTABI
Page 741 and 742:
espect to such an estate, for beque
Page 743 and 744:
decedent, which together is the amo
Page 745 and 746:
of the surviving spouse’s death.
Page 747 and 748:
GSTT election or a portability elec
Page 749 and 750:
VI. THE TEMPORARY REGULATIONS PART
Page 751 and 752:
(c) Credit limitation. The applicab
Page 753 and 754:
(7) Requirements of return— (i) G
Page 755 and 756:
property of the marital trust relat
Page 757 and 758:
(ii) Application. H’s DSUE amount
Page 759 and 760:
(i) If the executor of the decedent
Page 761 and 762:
Table of contents This section list
Page 763 and 764:
death. Thus, the decedent’s DSUE
Page 765 and 766:
SECTION 21 New Lawyer Panel: “Wha
Page 767 and 768:
I. Introduction Building & Managing
Page 769 and 770:
Being the beneficiary of a trust Fu
Page 771 and 772:
clients what you are doing for them
Page 773 and 774:
Be aware, however, that sometimes y
Page 775 and 776:
Estate and Trust Administration 101
Page 777 and 778:
Obtain Asset Information You should
Page 779 and 780:
2. Other “Non-Probate” Assets S
Page 781 and 782:
(ii) the pages of the trust agreeme
Page 783 and 784:
The total value of the probate asse
Page 785 and 786:
Surviving Your First Probate Procee
Page 787 and 788:
4. Closing the estate - Statement t
Page 789 and 790:
Table of Contents Estate Planning t
Page 791 and 792:
. In order to qualify for the $14,0
Page 793 and 794:
1. Minnesota does not have a gift t
Page 795 and 796:
a. Within 9 months of a completed l
Page 797 and 798:
in excess of the applicable estate
Page 799 and 800:
Preparing Your First Estate and Gif
Page 801 and 802:
E. Other Notable Items There are a
Page 833 and 834:
SECTION 22 Small Estates Panel - Pr
Page 835 and 836:
I. Introduction Disclaimers have lo
Page 837 and 838:
epresentative.The writing should in
Page 839 and 840:
IV. The Disclaimer-Based Estate Pla
Page 841 and 842:
Grandchild B $11,000 Grandchild C $
Page 843 and 844:
formula similar to the one used inW
Page 845 and 846:
Small Estates Panel Peter M. Hendri
Page 847 and 848:
assets must have been subject to an
Page 849 and 850:
A. The Doctrine of Advancements, Ho
Page 851 and 852:
promissory notes and/or mortgages,
Page 853 and 854:
advancements. The Court opined that
Page 855 and 856:
a) Filing a gift tax return for gif
Page 857 and 858:
TABLE OF CONTENTS I. INTRODUCTION 1
Page 859 and 860:
emains private both during the owne
Page 861 and 862:
for many of the same reasons as a w
Page 863 and 864:
I. REVOCATION BY SPOUSE NOT IN TITL
Page 865 and 866:
TODD, the county Medical Assistance
Page 867 and 868:
PRACTICE TIP: To avoid the complica
Page 869 and 870:
Subd. 3.Rights of creditors and rig
Page 871 and 872:
A transfer on death deed that other
Page 873 and 874:
conveyance or transfer is condition
Page 875 and 876:
COMMENT: See above Question and Ans
Page 877 and 878:
SECTION 24 Sales of Real Estate: Fr
Page 879 and 880:
B. Listing Agreement 1. Key terms a
Page 881 and 882:
c. Deed/Title d. Deferred Taxes/Ass
Page 883 and 884:
A. “Property” Documents 1. Deed
Page 885 and 886:
SECTION 25 A Gift for All Donors: A
Page 887 and 888:
I. INTRODUCTION. Often philanthropi
Page 889 and 890:
4. The trustee of a CRT may be an i
Page 891 and 892:
4. If a trust is measured by the li
Page 893 and 894:
III. RETIREMENT ACCOUNT GIFTS. A.
Page 895 and 896:
C. Income Tax On Withdrawals from R
Page 897 and 898:
. P might consider making such a gi
Page 899 and 900:
vii. viii. Income taxes. Amounts di
Page 901 and 902:
v. Income tax. The IRA with S as be
Page 903 and 904:
3. The trustee of the CLT makes def
Page 905 and 906:
V. PRIVATE FOUNDATIONS. A. Definiti
Page 907 and 908:
4. Net Investment Income. An excise
Page 909 and 910:
c. Ordinary Income Property. Only t
Page 911 and 912:
SECTION 26 Incentive/Disincentive P
Page 913 and 914:
PLANNING AND DRAFTING FOR THE USE O
Page 915 and 916:
descendants, the client clearly wil
Page 917 and 918:
E. Special Family Needs. In some fa
Page 919 and 920:
age and the child or grandchild cou
Page 921 and 922:
D. Division of Trust. Since incenti
Page 923 and 924:
SCHEDULE 1 SAMPLE PROVISIONS 1. Def
Page 925 and 926:
6. Distributions to Match the Benef
Page 927 and 928:
cooperate with the trustees in esta
Page 929 and 930:
16. Other Resources. In making disc
Page 931 and 932:
expenses; (B) to provide a Benefici
Page 933 and 934:
Grantors further recognize, should
Page 935 and 936:
dental insurance premiums, or other
Page 937 and 938:
the Trustee on a regular basis for
Page 939 and 940:
(B) (C) (D) Trustee’s Authority t
Page 941 and 942:
(3) The costs of initial whole body
Page 943 and 944:
SECTION 27 New Law Update - Changes
Page 945 and 946:
A committee was formed within the V
Page 947 and 948:
than one attorney-in-fact is design
Page 949 and 950:
I, (the above named Principal),here
Page 951 and 952:
Acknowledgment of notice to attorne
Page 953 and 954:
IMPORTANT NOTICE TO THE ATTORNEY(S)
Page 955 and 956:
Estate Planning and Administration
Page 957 and 958:
iii. Former attorney and Ebay selle
Page 959 and 960:
client to make such a list. In assi
Page 961 and 962:
1. A reminder to update the digital
Page 963 and 964:
the Will and not the Trustee in the
Page 965 and 966:
iii. Minn. Stat. § 609.891: Unauth
Page 967 and 968:
c. If device is password protected,
Page 969 and 970:
1. When planning ahead, review of s
Page 971 and 972:
n. For a blog, consider whether the
Page 973 and 974:
EXHIBIT A Digital Asset Inventory I
Page 975 and 976:
8. Is there any sensitive informati
Page 977 and 978:
Table of Contents I. Client with Di
Page 979 and 980:
1.6(b)(3) to reveal information abo
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