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
Our July 15 "hike" is going to be a kayaking adventure on Bde Maka Ska (formerly Lake Calhoun) and Lake of the Isles! If you don't have a kayak (or paddleboard), Wheel Fun Rentals, located next to the new concession stand rents single kayaks at $15 an hour and double kayaks at $25. The second hour is free if we rent before noon. Life jackets are provided with the rental.
Laura Ericksen will lead the discussion of How Stella Learned to Talk by Christina Hunger, a true story by a speech-language pathologist who taught her dog, Stella, to communicate using buttons associated with different words.
Our August 5 hike will be a reprise of our hike last summer at William O'Brien State Park. This is a beautiful park with a winding trail and a great view of the countryside. The hike is about 5.5 to 6 miles and we'll go at a moderate pace with frequent water breaks. After the hike, we will eat lunch at Rustic Roots Winery, a half mile north of the park.
Kathy Cramer will lead the discussion of The Bookbinder by Pip Williams, a book set in 1914 Oxford chronicling the life of Peggy who works in the University bindery, but craves a life beyond binding books but to being a scholar herself.
Enjoy a two-hour cruise on the Jonathan Padelford, leaving from the Harriet Island dock in St. Paul, boarding time at 5:30 p.m. We will have a brief program on board by Patrick Nunnally from the River Life Program of the Institute on the Environment.
August 31 is the due date for annual reports and updates. Annual Reports, Toolkits, web page updates, operating document updates and archives collections are all due each year on this date.
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We will continue to discuss the pros and cons of Medicare Advantage. You will also hear about notable non-health plan and non-broker resources.