Probate & Trust Law Section Conference Manual ... - Minnesota CLE

More documents

Recommendations

Info

THE WANDRY WAY: A BETTER APPROACH TO THE DISCLAIMER OF HARD-TO-VALUE ASSETS? James T. McNary McNary Law Office, P.A. TABLE OF CONTENTS I. Introduction………..…………………………………………………………………………… 2 II. Disclaimers Under State Law…………..………………………………………………. 2 III. “Qualified” Disclaimers Under the Internal Revenue Code……………. 3 A. The Writing Test…………………………………………………………………………. 3 B. The Nine Month Test.….…………………………………………………………….. 4 C. The No Acceptance Test……...…………………………………………………….. 4 D. The No Direction Test………..………………………………………………………. 5 E. Disclaimers of Separate & Severable Interests……..……………………. 5 IV. The Disclaimer‐based Plan & Hard‐to‐Value Assets.….…………………… 6 A. The Wandry Case……………………………………………………………………….. 7 B. The Christiansen Case..…………………………………………………………….. 10 V. Conclusion…………………………………………………………………………………… 11
I. Introduction Disclaimers have long been an important tool in the estate planner’s toolbox, but they have been especially useful during the past decade as we’ve coped with both the ever-changing federal estate tax exemption amounts and the disconnect between the state and federal estate tax exemption amounts.Because of the flexibility they afford, disclaimers will continue to be an important post-mortem planning device. In this paper I will briefly review the requirements of a disclaimer under State law and a “qualified disclaimer”under the Internal Revenue Code. I will then focus on the use of formula disclaimers as means of allocating hard-to-value assets to the credit shelter trust. Finally, I will discuss the Federal Tax Court case Wandry v. Commissioner, T.C. Memo 2012-88 (March 26,2012) and the Eighth Circuit decision in Estate of Christiansen, 586 F.3d 1061 (8 th Cir. 2009), two cases that read together offer an excellent guideline for an effective pecuniary formula disclaimer. II. Disclaimers Under State Law Minnesota adopted the Uniform Disclaimer of Property Interests Act, (“the Act”) effective January 1, 2010. The Act is codified at Minnesota Statutes §§ 524.2-1101 – 524.2-1116. Under the Act a person may disclaim, in whole or in part, any interest in or power over property, including a power of appointment, even if the creator of the interest imposed a spendthrift provision or a restriction or limitation on the right to disclaim.To be effective under the Act, a disclaimer must (1) be in writing, (2) declare the writing as a disclaimer, (3) describe the interest or power disclaimed, (4) be signed by the person or fiduciary making the disclaimer and be acknowledged in the manner provided for deeds of real estate to be recorded, and (5) be delivered or filed in the manner provided in section 524.2-1114. Minn. Stat. §524.2-1107.A disclaimer under the Act is not a transfer, assignment or release of the interest disclaimed.Id. In the case of a disclaimer of an interest created by will, other than an interest in a testamentary trust,the disclaimer must be delivered to the personal representative of the decedent's estate; if no personal representative is serving when the disclaimer is sought to be delivered, the disclaimer must be filed with the clerk of the court in any county where venue of administration would be proper.Minn. Stat. §524.2-1114. In the case of a disclaimer of an interest in a testamentary trustthe disclaimer must be delivered to the trustee serving when the disclaimer is delivered or, if no trustee is then serving, to the personal representative of the decedent's estate.If no personal representative is serving when the disclaimer of an interest in a testamentary trust is sought to be delivered, the disclaimer must be filed with the clerk of the court in any county where venue of administration of the decedent's estate would be proper.Id.If the disclaimer is of an interest in an inter vivos trustthe disclaimer must be delivered to the trustee serving when the disclaimer is delivered, or if no trustee is then serving, it must be filed with the clerk of the court in any county where the filing of a notice of trust would be proper. Id. Delivery of a disclaimer may be effected by personal delivery, first-class mail, or any other method that results in its receipt.Id. Delivery of a disclaimer of an interest in or relating to real 2
Page 1 and 2:
Sponsored by 2013 Probate & Trust L
Page 3 and 4:
Minnesota CLE’s Copyright Policy
Page 5 and 6:
Faculty & Planners* Jill A. Adkins
Page 7 and 8:
Table of Contents Plenary Day 1 Non
Page 9 and 10:
17. Marital Deduction Planning and
Page 11 and 12:
PLENARY DAY 1 Non-Tax Case Law Upda
Page 13 and 14:
1. *In re Estate of Neuman and In r
Page 15 and 16:
3. Edwards v. Gillis ..............
Page 17 and 18:
I. UNIFORM PROBATE CODE A. Effect o
Page 19 and 20:
conceived until after decedent’s
Page 21 and 22:
granddaughter. Ultimately, the cour
Page 23 and 24:
the benefit of the person for whose
Page 25 and 26:
814 MCA, which provides that a divo
Page 27 and 28:
524.3-203, persons who are nominate
Page 29 and 30:
also been the sole personal represe
Page 31 and 32:
within the prescribed time set out
Page 33 and 34:
mother’s estate, had breached fid
Page 35 and 36:
plan. The court found that Brown wa
Page 37 and 38:
power of attorney was, in fact, a l
Page 39 and 40:
questions before the court were the
Page 41 and 42:
E. Adverse Possession 1. *Jokela v.
Page 43 and 44:
presumption. Finally, the court fou
Page 45 and 46:
death, her daughter, in her capacit
Page 47 and 48:
3. Estate of Nuo Djeljaj, 954 N.Y.S
Page 49 and 50:
C. Trust Construction but that the
Page 51 and 52:
4. *In the Matter of the Frank J. R
Page 53 and 54:
adding the “general charitable in
Page 55 and 56:
may provide that at least a substan
Page 57 and 58:
including those created for the ben
Page 59 and 60:
D. Spendthrift Clauses Finally, the
Page 61 and 62:
decedent’s execution of a financi
Page 63 and 64:
not negligent. On appeal, the court
Page 65 and 66:
purchasing the insurance but determ
Page 67 and 68:
H. Trust Accounting Disputes 1. Chu
Page 69 and 70:
settlor’s death in 2005, the trus
Page 71 and 72:
entitled to a jury trial because th
Page 73 and 74:
other manner whatsoever disposing o
Page 75 and 76:
the trial judge rejected - as highl
Page 77 and 78:
F. Inter Vivos Gifts community over
Page 79 and 80:
V. POWER OF ATTORNEY A. Improper Us
Page 81 and 82:
FEDERAL TAX UPDATE Important Develo
Page 83 and 84:
• The preferential rates for net
Page 85 and 86:
3. Planning for the Wannabes: Deali
Page 87 and 88:
Suppose, for example, that a marrie
Page 89 and 90:
ESTATE AND GIFT TAX PLANNING AFTER
Page 91 and 92:
after the first spouse’s death),
Page 93 and 94:
First, they will want one or more g
Page 95 and 96:
In Estate of Christiansen v. Commis
Page 97 and 98:
Grandchild A 11,000 Grandchild B 11
Page 99 and 100:
In the end, Wandry is correctly dec
Page 101 and 102:
RECENT VALUATION CASE OF INTEREST (
Page 103 and 104:
uncertainties, ahypothetical buyer
Page 105 and 106:
So portability is achieved by givin
Page 107 and 108:
(5) Special rules. (A) Election req
Page 109 and 110:
million, and H2’s executor makes
Page 111 and 112:
standard, but saves the rest for th
Page 113 and 114:
THE IMAPCT OF WINDSOR ON ESTATE PLA
Page 115 and 116:
Decanting: Refining an Old Vintage
Page 117 and 118:
DECANTING: REFINING AN OLD VINTAGE
Page 119 and 120:
XI. Trustee Liability .............
Page 121 and 122:
D. Change Governing Law E. Trustee
Page 123 and 124:
absolute discretion for some modifi
Page 125 and 126:
K. Court Approval. Court approval i
Page 127 and 128:
eliminate beneficiaries or change t
Page 129 and 130:
precisely, to make certain exceptio
Page 131 and 132:
appointment created under the new t
Page 133 and 134:
If contributions to the original tr
Page 135 and 136:
Qualified personal residence trusts
Page 137 and 138:
enefit the beneficiaries by convert
Page 139 and 140:
B. Notice Required. Other states re
Page 141 and 142:
of the particular state, apparently
Page 143 and 144:
tax consequences. See Tax Effects a
Page 145 and 146:
(ii) at the time the exempt trust b
Page 147 and 148:
BIBLIOGRAPHY Articles 1. Farhad Agh
Page 149 and 150:
APPENDIX I STATE DECANTING STATUTES
Page 151 and 152:
ALTERNATIVE PLENARY Tax Issues (For
Page 153 and 154:
I. MINNESOTA ESTATE TAX - LIFETIME
Page 155 and 156:
NOTE: In the examples below, I will
Page 157 and 158:
At his death, he leaves the followi
Page 159 and 160:
total federal gross estate (line 1)
Page 161 and 162:
Note: in several of the examples ab
Page 163 and 164:
C. Source of Charitable Gift - Ordi
Page 165 and 166:
Many tax preparers relied on that r
Page 167 and 168:
RESULT: •Because the amount paid
Page 169 and 170:
III. DEDUCTION OF MORTGAGE INTEREST
Page 171:
•Estates with net taxable assets
Page 189 and 190:
05/20/13 HOUSE RESEARCH ANALYST JM
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
SECTION 1 Funding Education: The Gi
Page 203 and 204:
E. Five-Year Proration Required ...
Page 205 and 206:
I. Saving and Paying for Higher Edu
Page 207 and 208:
1. TAM 199941013. In Technical Advi
Page 209 and 210:
. Estate Tax. Assuming that the don
Page 211 and 212:
exclusion. If contributions to the
Page 213 and 214:
distribute principal for GC’s ben
Page 215 and 216:
sample trust language was used wher
Page 217 and 218:
university, or (iii) making reasona
Page 219 and 220:
treatment granted by section 529 wi
Page 221 and 222:
and the beneficiary’s family duri
Page 223 and 224:
eginning with the year of the contr
Page 225 and 226:
Rule 5. If, by the due date for fil
Page 227 and 228:
2. Attach Explanation. An explanati
Page 229 and 230:
It is impossible for an account own
Page 231 and 232:
were not making other gifts to thei
Page 233 and 234:
a. Proposed Regulations Tax the Ben
Page 235 and 236:
Prop. Treas. Reg. § 1.529-1(c). D.
Page 237 and 238:
SECTION 2 Avoiding the Uncommon Dif
Page 239 and 240:
2. Discouraging Bad Behavior ......
Page 241 and 242:
problems in a document but so can a
Page 243 and 244:
B. Who suffers from a drafting prob
Page 245 and 246:
succeed to the preceding trustee’
Page 247 and 248:
“ (a) Property a testator, while
Page 249 and 250:
home. When devising recreational re
Page 251 and 252:
to allow the beneficiary to pay off
Page 253 and 254:
The remaining principal and any acc
Page 255 and 256:
outright and free of trust. If eith
Page 257 and 258:
D. Incentive Trusts 1. Encouraging
Page 259 and 260:
that exemptions or deductions allow
Page 261 and 262:
F. Family Business Succession. The
Page 263 and 264:
3. Problems with Allocation of Fami
Page 265 and 266:
SECTION 3 Unlimited Duration Trusts
Page 267 and 268:
3. CONCLUSION .....................
Page 269 and 270:
*In 1995, Delaware enacted legislat
Page 271 and 272:
2. Exercise the power of appointmen
Page 273 and 274:
ii. States: 1. Alaska 43 - 1,000 ye
Page 275 and 276:
4. CONCLUSION vii. New Jersey viii.
Page 277 and 278:
the “prudent man rule” required
Page 279 and 280:
Additionally, many advisors are dra
Page 281 and 282:
investment committee and/or distrib
Page 283 and 284:
1. Significant change in asset allo
Page 285 and 286:
Please see example below of a typic
Page 287 and 288:
IV. DECANTING 1. INTRODUCTION Decan
Page 289 and 290:
. States May Limit Trustee’s Auth
Page 291 and 292:
V. VIRTUAL REPRESENTATION 1. INTROD
Page 293 and 294:
ecome entitled to an interest, if i
Page 295 and 296:
VI. PRIVACY OF COURT RECORDS 1. INT
Page 297 and 298:
iii. Statutes c. South Dakota Proce
Page 299 and 300:
VII. DOMESTIC ASSET PROTECTION AND
Page 301 and 302:
property interests. 206 This can be
Page 303 and 304:
11. EXTINGUISHMENT OF CREDITORS’
Page 305 and 306:
13. SPENDTHRIFT TRUSTS As previousl
Page 307 and 308:
SECTION 4 Drafting and Administerin
Page 309 and 310:
1. Supplemental&SpecialNeedsTrust B
Page 311 and 312:
iii. Discretionary Trust Trusts cre
Page 313 and 314:
v. Vehicle One vehicle used to tran
Page 315 and 316:
ii. Legal Guardian It is generally
Page 317 and 318:
ii. SSA Determination Anyone receiv
Page 319 and 320:
eimburse the State following the be
Page 321 and 322:
else uses the computer from time to
Page 323 and 324:
h. Revocable vs. Irrevocable i. Spe
Page 325 and 326:
Qualified Disability Trust (QDT) ex
Page 327 and 328:
(1) An inventory of Trust assets an
Page 329 and 330:
Assistance benefits paid on behalf
Page 331 and 332:
SECTION 5 Notable North Dakota Nuan
Page 333 and 334:
I. North Dakota Real Property A. No
Page 335 and 336:
a Statement of Claim is recorded by
Page 337 and 338:
1. Any grantee or grantee’s autho
Page 339 and 340:
By North Dakota Information Technol
Page 341 and 342:
insolvent estates. Has priority ove
Page 343 and 344:
(2) Would be a permissible distribu
Page 345 and 346:
o North Dakota has two (2) pooled t
Page 347 and 348:
G. The value of currently owned min
Page 349 and 350:
* * * * * * * * * * * * * * lease r
Page 351 and 352:
eceived, are not considered to be t
Page 353 and 354:
disqualifying transfer provisions i
Page 361 and 362:
ONLINE NORTH DAKOTA RESOURCES Title
Page 363 and 364:
Table of Contents The Beauty and Bu
Page 365 and 366:
--volatility in the financial marke
Page 367 and 368:
For the trustee: If an individual t
Page 369 and 370:
VII. Duty to keep records and provi
Page 371 and 372:
specific information like their fin
Page 373 and 374:
An alternative structure might be t
Page 375 and 376:
--Intellectual property which may i
Page 377 and 378:
SECTION 7 “Bleak House” Reviste
Page 379 and 380:
PROBATE INSTITUTE 2013 HARD TIMES:
Page 381 and 382:
TIP THREE: FOR REALLY BAD FIDUCIARI
Page 383 and 384:
with disfavor on attempts to depriv
Page 385 and 386:
E. Undue influence 1. Must prove te
Page 387 and 388:
3. The Partition statute allows adm
Page 389 and 390:
APPENDIX 524.3-720 EXPENSES IN ESTA
Page 391 and 392:
owner of the real property or the o
Page 393 and 394:
524.3-911PARTITION FOR PURPOSE OF D
Page 395 and 396:
STATE OF MINNESOTA COUNTY OF MCLEOD
Page 397 and 398:
Page 399 and 400:
5. For such other and further relie
Page 401 and 402:
Page 403 and 404:
Page 405 and 406:
personal representatives determined
Page 407 and 408:
notations in the memo portion indic
Page 409 and 410:
Page 12 costs charged by private de
Page 411 and 412:
The Well-Prepared Executive: Person
Page 413 and 414:
Page 415 and 416:
Page 417 and 418:
Page 419 and 420:
Page 421 and 422:
Page 423 and 424:
Page 425 and 426:
Page 427 and 428:
Page 429 and 430:
Stock Options: Sales, Gifts, & Tran
Page 431 and 432:
the stock has been held for more th
Page 433 and 434:
the initial appraisal is arranged f
Page 435 and 436:
not property for purposes of Sectio
Page 437 and 438:
emains the owner for income tax pur
Page 439 and 440:
will also be treated as owning inte
Page 441 and 442:
ealm of the estate tax. This is con
Page 443 and 444:
eneficiary, as the case may be, wil
Page 445 and 446:
CONFIDENTIAL Appendix
Page 447 and 448:
Summary of Option Strategies 5. to
Page 449 and 450:
Summary of Option Strategies 10. Co
Page 451 and 452:
Transferring an asset via a GRAT re
Page 453 and 454:
A CRT can result in greater total v
Page 455 and 456:
IRA Rollback Strategy Pension Rescu
Page 457 and 458:
Use Interest Rate Swaps to Lock in
Page 459 and 460:
How does a 10b5-1 plan work? 1 2 3
Page 461 and 462:
SECTION 9 Spousal Elections Under M
Page 463 and 464:
1. INTRODUCTION Minnesota, as in ma
Page 465 and 466:
. 1969 Version In the 1969 statutor
Page 467 and 468:
each other. 11 The statutory notes
Page 469 and 470:
(b) Personal property not exceeding
Page 471 and 472:
category includes properly gifted t
Page 473 and 474:
.) Next, assets owned by the spouse
Page 475 and 476:
4. Unspoken fourth: The spouse and
Page 477 and 478:
Table of Contents Crummey Power Pro
Page 479 and 480:
however, that my Spouse’s power t
Page 481 and 482:
Estate or the proceeds of such asse
Page 483 and 484:
such Power Holder is entitled to wi
Page 485 and 486:
1.2 Discretionary Payments From Ini
Page 487 and 488:
didn’t occur) a long time ago? 1
Page 489 and 490:
Upon my spouse's incapacity or deat
Page 491 and 492:
Trustees of the Separate Trusts *Op
Page 493 and 494:
Unfilled Trustee Vacancy If the off
Page 495 and 496:
the independent special trustee. An
Page 497 and 498:
Removal and Replacement of Trust Ad
Page 499 and 500:
Definitions 6 Compensation Any Trus
Page 501 and 502:
Trust Asset Diversification and Con
Page 503 and 504:
As a Grantor Retained Annuity Trust
Page 505 and 506:
ultimate burning out of the sun and
Page 507 and 508:
Granting and Exercising Powers of A
Page 509 and 510:
POWER TO CHANGE LIMITED POWER INTO
Page 511 and 512:
Single Fund QTIP Marital Trust Inco
Page 513 and 514:
5.8 Reverse QTIP Election. The Trus
Page 515 and 516:
SECTION 11 Federal and Minnesota In
Page 517 and 518:
Federal and Minnesota Individual Ta
Page 519 and 520:
qualifying charities. Distributions
Page 521 and 522:
iii. In the Reesink case, taxpayer
Page 523 and 524:
The 10% threshold applies to all ta
Page 525 and 526:
A Baker’s Dozen of Dangerous Assu
Page 527 and 528:
In short, domicile is the combinati
Page 529 and 530:
choice of law process in the render
Page 531 and 532:
Germany is one such example of a co
Page 533 and 534:
The US State Department lists the v
Page 535 and 536:
In every other case, a foreign trus
Page 559 and 560:
SECTION 13 Drafting Documents With
Page 561 and 562:
Drafting With the Corporate Trustee
Page 563 and 564:
date, then include a copy with the
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 and 590:
23. The subchapter dealing with lia
Page 591 and 592:
Electronic reproduction of 2011−1
Page 593 and 594:
Page 595 and 596:
Page 597 and 598:
Page 599 and 600:
Page 601 and 602:
Page 603 and 604:
Page 605 and 606:
Page 607 and 608:
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: SECTION 22 Small Estates Panel - Pr
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
show all

Probate & Trust Law Section Conference Manual ... - Minnesota CLE

Create successful ePaper yourself

Delete template?

Save as template?