Estate Planning
Session focused on making it easier for caretakers and survivors, reducing income taxes now, and estate taxes later; properly designating beneficiaries on Roth IRAs, retirement accounts, life insurance and trusts, payable on death bank or investment accounts, and after a divorce or family changes. Wills, Trusts, Health Care Directives, Financial Power of Attorney, HIPPA releases and UMN Anatomy Bequest Program.
Estate plans during life, incapacity & when you expire
Mon, Nov 6 2023, 9:40am
This is intended to be used as a source for general information and is not provided as legal advice.
Presenters:
Andy Whitman, PhD. JD, UMN Professor of Insurance
Matt Guttman, Estate Planning Attorney
Make it easier for caretakers and survivors, reduce income taxes now, and estate taxes later. Properly designate beneficiaries on Roth IRAs, retirement accounts, life insurance and trusts, payable on death bank or investment accounts, and after a divorce or family changes. Wills, Trusts, Health Care Directives, Financial Power of Attorney, HIPPA releases and UMN Anatomy Bequest Program.
Read https://www.ag.state.mn.us/consumer/handbooks/probate/default.asp
- Beneficiaries: Roths to people, not charities. When is a trust the beneficiary? Make your file now.
- Will: Does not affect most property transfers. Does specify executor & guardian for children.
- Trust, Living (revocable) or irrevocable? Pros and Cons of a Revocable Living Trust.
- Annual Gifts: No immediate tax, even above $17,000 or $34,000/per donee. Above just need estate gift form filed.
- Health Care Directive: only effective when you cannot make decisions.
- Financial Power of Attorney: Agent's; powers are immediate. Can be broad or limited.
- HIPPA release: Annually file with health care providers. https://www.hhs.gov/hipaa/for-professionals/special-topics/emergency-preparedness/authorization/index.html
- Ownership: Individual or joint ownership?
- UMN Anatomy Bequest Program.
At Death Estate & Gift Taxes
Federal estate tax: now $13M. None with a proper plan.
MN estate tax: $3M; None with a proper plan. No gift tax, but gifts within 3 years are "clawed back".
Qualifying Nursing Home Medicaid: Transfers in past 5 years are "clawed back".
Resources
- Referral Guide
- Glossary Of Terms
- Sample Forms
- Last year's Estate Planning session; Passcode: d7L9Q%2z
The Carlson School address is 321 19th Ave S, Minneapolis, MN 55455. The nearest parking garage is the 19th Avenue Parking Ramp, which has a skyway into the Carlson Building. The address is 300 S 19th Ave, Minneapolis, MN 55455. UMN west bank, showing the Carlson School.
~ Andy Whitman, FLG facilitator, [email protected]
Upcoming Events
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UMRA’s workshop on Tuesday, October 15, via Zoom will be a presentation by staff from the University’s Office of Human Resources (OHR) on the University’s retiree health plans for the coming year, and an update on OHR’s request for proposal for the Medicare-enrolled plans in 2026.
We are thrilled that Rebecca Cunningham, MD, the new president of the University of Minnesota, has agreed to share her vision and priorities with us at our luncheon forum on Wednesday October 16, at Midland Hills. We’re honored that she chose UMRA as one of her early audiences, and we hope to have a big turnout to show her that retirees matter.
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Estate Planning Attorney Matt Guttman discusses trusts and other estate planning issues.
The Kerlan is one of the world’s leading collections of rare books, manuscripts, and original art of children’s literature. It contains the work of more the 1,700 authors and illustrators from the 19th and 20th centuries to today, and it is the founding and largest collection within the University’s Children’s Literature and Research Collections.