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The Uncertain Future of the Estate Tax
Now that the 2016 election is behind us, some of the policies and proposals of the next administration are starting to take shape. One question that keeps coming up: what is going to happen with the estate tax? The short answer is, … Continue reading
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Tax bill injects uncertainty into planning for farmers.
As part of the omnibus tax bill, HF 848, passed by the Minnesota legislature over the weekend, the legislature has directed the commissioner of revenue to review the estate tax’s definition of qualified farm property and its linkage to the … Continue reading
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Guest Blog: Prince’s Estate and the Lessons for the Rest of Us
This post was featured first on http://www.wardoehler.com. See blogs from Ward & Oehler at http://www.wardoehler.com/#!blog/c1tyy. Everybody has an estate plan, or so the saying goes. What does that mean? It means that if you have not taken the time to prepare … Continue reading
A Brief Summary of the Various Ways Assets Pass After Death
Everyone has an estate plan. The laws of intestacy lay out how assets pass after someone has died. This means that without a Will, everything will be divided up the way the law says it should. However, these laws of … Continue reading
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Transitioning the Family Farm: An Overview of Strategies
In Southeastern Minnesota, family farms are not just the land, business, or way of life, but a direct link to the heritage and history of several generations. In Southeastern Minnesota, family farms are not just the land, business, or way … Continue reading
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Property Taxes: Farmers Must Plan Carefully to Keep Agricultural Homestead
With the first half of real estate taxes recently being paid, most of us probably took a good look at our property tax statements. For farmers, the Agricultural Homestead classification represents significant tax savings. There are a number of ways … Continue reading
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Charitable Remainder Trusts Can Help Retiring Farmers
One of the most common situations facing retiring farmers is a looming income tax burden. From year to year, farmers are buying seed, fertilizer, and other inputs for next year’s operations while also deducting machinery and equipment. In the last year … Continue reading
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Farm Equipment Repair Tax
Effective July 1, 2013, Minnesota farmers have started seeing bigger equipment repair bills. As part of the new tax legislation that was adopted this May, labor for repairs and maintenance of farm equipment is taxable. However, the replacement parts themselves … Continue reading
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Legislative Changes to Minnesota Short Form Power of Attorney
The Minnesota legislature recently made some changes to Minnesota’s statutory Short Form Power of Attorney. The changes to the form apply to Power of Attorney forms executed on or after January 1, 2014. House File No. 232 amended Chapter 523 … Continue reading
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In re Estate of Butler: Convenient Ruling for Joint Accounts
For farm and business families with large revolving accounts, the estate could be losing out on a significant portion of the decedent’s total assets by creating a joint account with right of survivorship. Joint accounts are a common tool used … Continue reading
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