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Education costs continue to rise across the U.S., making it difficult for many students to afford the institution of their choice. If you’d like to lessen the burden for a loved one while also saving on taxes, gifting into a 529 plan might be right for you. A 529 plan is a qualified tuition plan …

Life insurance provides reassurance to individuals concerned about securing their family legacy. However, if your estate is large enough that estate taxes will be a concern, it’s important to not directly own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax. To avoid …

Gifting can often provide support for loved ones while reducing your taxable estate because transferring assets to others will remove the value of those assets from your estate when you die. The current annual exemption is $17,000 per person per year, meaning you can gift up to that amount to as many people as you’d …

As of August 1, 2023, the Electronic Wills Act went into effect under Minnesota law. Many requirements remain the same, but the Act expanded the definitions of certain terms to allow for inclusion of various electronic processes to assist in executing a will. This includes the definitions for “writing,” “signed,” “witnessing,” and “presence.” The Act …

When a loved one passes away, tax compliance may be the last thing anyone wants to think about. However, ensuring that various deadlines are met is an important step for an estate’s executor, also known as a personal representative, to complete. Estate Tax Return (Form 706) The estate tax return is often different than any …

When contemplating the components of your estate plan, it’s important to remember the impact beneficiary designations can have on the transfer of your assets at death. It requires proper planning and consultation with your professional advisors to ensure your beneficiary designations are in line with your wishes to avoid any unintended consequences, some of which …