Understanding Estate Tax Planning
Currently, the Federal Estate Tax rate stands at 40%, with an applicable exclusion amount of $15 million per person. Notably, Florida does not impose an estate tax, but Minnesota has a decoupled estate tax structure with a current exemption of $3 million per person. It is crucial to understand that without appropriate estate planning techniques, married couples may lose the exemption for the first spouse to pass away.
At Law Offices of Donald W. Anderson PLLC, we employ the latest estate planning strategies to legally minimize the impact of your estate taxes in Minnesota, Florida, and Wisconsin, ensuring that your estate is handled with the utmost care.
Probate and Trust Administration
Losing a loved one is an incredibly challenging experience. Following their passing, an estate is created. In Minnesota, if the estate comprises assets valued over $75,000 or includes real property, it must go through the probate process to facilitate the transfer of assets. This process requires a comprehensive inventory of the estate's assets and a final accounting.
The administration of a trust closely mirrors probate estate administration, but without court supervision and the associated costs of opening a probate estate.
At Law Offices of Donald W. Anderson PLLC, we possess significant experience in managing probate estates—whether formal or informal, supervised or unsupervised. Our firm provides the essential legal services to navigate the complexities of estate distribution and to efficiently close the estate. Furthermore, we offer guidance to Trustees in managing trust assets, simplifying the distribution process to ensure a smooth experience for all parties involved.