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

More documents

Recommendations

Info

6. I Want What’s Mine – Now! Practical Solutions for Avoiding the Pitfalls and Problems of Working with Trust Beneficiaries – Kathleen L. Kuehl & Elizabeth Schlueter 7. “Bleak House” Revisited or How Much Justice Can Your Client Afford? – William G. Peterson 8. Estate Planning for Executives – Personal Wealth Preservation Strategies – Robert K. Barbetti 9. Spousal Elections Under Minnesota Statutes Chapter 524.2-201 through 524.2-215 – Spousal Elections: “The Good, the Bad and the Ugly” – Jacqueline M. Schuh & Ivory S. Umanah 10. Large Estates Panel – Dealing with Dastardly Drafting Dilemmas: Solving Problems in Advance – John R. Bedosky, E. Burke Hinds, Darryl L. Meyers, Charles T. “Chip” Parks, Alan J. Yanowitz & Kristine J. Merta, moderator 11. Federal and Minnesota Income Tax Developments – Mirror, Mirror on the Wall, What Is the Fairest Tax Rate for Us All? – Paul J. Dinzeo 12. Transnational Planning – A Baker’s Dozen of Dangerous Assumptions When Planning for Transnational Clients – Jennifer A. Gumbel 13. Drafting Documents With the Corporate Fiduciary in Mind – ”It Would Have Been Neat If...” – Donna C. Mohr Kinney 14. The Current Status of Wisconsin Trust Law: The Long, Long, Long Road to Reforming the Wisconsin Trust Code – Victor J. Schultz 15. Fiduciaries and Fighting Families: How to Pick Up the Pieces During and After Family Trust Litigation – Adam D. Cox & Julian Zebot 16. Medical Assistance 2013 – Julian J. Zweber
17. Marital Deduction Planning and Administration – First Comes Love, Then Comes Marriage, Then Comes a Maritalized Estate Plan – Marya P. Robben 18. Estate Planning Issues for Farmers – Hans K. Carlson 19. Representing the Fiduciary with IRS and Minnesota Revenue Tax Controversies – Claudia M. Revermann 20. Portability Under the New Tax Law and Regulations – Porta-Planning – Robert A. McLeod 21. New Lawyer Panel: “What Law School Didn’t Teach Us” – Anne L. Bjerken, Wendy M. Brekken, Jamie F. Held, Amy E. Papenhausen & Cory R. Wessman, moderator 22. Small Estates Panel – Practical Planning Ideas for the Modest Estate – Peter M. Hendricks, Bryan Jamison, Mary Frances M. Price & James T. McNary, moderator 23. Transfer on Death Deeds; Frequently Asked Questions and Unresolved Issues – Jennifer L. Carey & Julian J. Zweber 24. Sales of Real Estate: From Listing Agreement to Closing – Bradley Hintze & Catherine L. Sjoberg 25. A Gift for All Donors: Advising Philanthropic Clients About Charitable Gift Strategies – Angela Fogt & Sheryl G. Morrison 26. Incentive Disincentive Provisions – P. Daniel Donohue 27. New Law Update - Changes to Minnesota's Statutory Short Form Power of Attorney – Jill A. Adkins & Laura J. Garbe
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: Table of Contents Plenary Day 1 Non
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 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
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?