Estate Trust and Gift Tax

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Irrevocable Life Insurance Trust

November 28, 2023

Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.

Foundation or Donor-Advised Funds

November 8, 2023

Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.

Two Estate Planning Strategies to Help Protect Wealth

November 7, 2023

VIDEO: A goal of estate planning is to maximize the wealth that is passed on to one's heirs. In this video, we'll discuss how a Spousal Lifetime Access Trust and an Irrevocable Life Insurance Trust may help you minimize estate taxes and protect wealth.

Private Foundations Conflict of Interest

September 26, 2023

Private foundations must adhere to strict conflict-of-interest rules. Transactions with “disqualified persons,” including substantial contributors, managers, officers, directors and trustees and their families generally are off-limits. . Selling or leasing property to or from your foundation and making loans or providing goods to it are prohibited. If the IRS determines

Navigating Trust Taxation

June 22, 2023

Trusts are an essential tool for estate planning, but trust taxation implications can be confusing. You need to understand the differences between the types of trusts to determine which is best for your unique financial situation and goals.

Six Misconceptions of a Revocable Living Trust

May 8, 2023

VIDEO: A revocable living trust, or RLT, offers many benefits, including probate avoidance, privacy, and flexibility in managing assets during one’s life, incapacity, and death. However, there are misconceptions surrounding revocable trusts. Watch this video to learn about the top six misconceptions.

Adding Kids to Accounts & Deeds

March 2, 2023

Adding kids to your bank account or home deed can create a host of legal, financial, and tax issues that can leave you and your loved ones vulnerable to significant risks and losses. Learn about the issues and alternative solutions to help you achieve your estate planning goals.

Properly Funding Your Living Trust

March 1, 2023

VIDEO: Failing to properly fund a living trust is one of the most common errors people make and can lead to unintended consequences and added costs for both the individual and their beneficiaries. In this video, we'll provide an overview of how to properly fund a living trust.

Essential Estate Planning Documents

July 11, 2022

Estate planning is an essential part of financial planning for all individuals, regardless of age or asset level. It can help ensure you have enough money for retirement, minimize your estate taxes and maximize the wealth you pass to your beneficiaries. This article will outline which documents are essential for

Protecting Wealth With a Life Insurance Trust

December 16, 2021

VIDEO: A life insurance trust is an estate planning tool for maximizing the value of an estate passed to one's heirs. Learn how a life insurance trust works and how it may help you protect wealth.

Four Hot Topics to Know in Tax

November 29, 2021

The Federal government has proposed legislation and the state of Minnesota has enacted legislation that may affect your tax situation. In this article are highlights of four hot-topic tax items to keep an eye on.

Leveraging a Spousal Lifetime Access Trust

October 26, 2021

VIDEO: The lifetime gift tax exemption is at an all-time high of $11.7 million per individual and $23.4 million per couple but may be reduced in the near future by potential legislation. This video provides an overview of the Spousal Lifetime Access Trust and how it can help couples maximize

Olsen Thielen Celebrates 100 Years

March 9, 2021

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains. commitment to their clients and their community.

Now May Be the Time to Use Your Gift and Estate Tax Exemption

November 18, 2020

The federal gift and estate tax exemption was enacted in 1916, and right now, it is at the highest it has ever been. This means that you can pass more to your heirs today, without paying any federal gift or estate tax, than ever in the past century.

Pairing a Pour-Over Will With Your Trust

October 30, 2020

VIDEO: Does your estate plan include a trust? If so, you should know about an estate planning tool called a Pour-Over Will which helps ensure that all assets are moved into a Trust after an individual's death.