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.
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.
- 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".
- 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]
Please join us for an invigorating hike from The Monument located at the intersection of Mississippi RIver Blvd and Summit Avenue in St. Paul to Minnehaha Falls in Minneapolis and back. This hike is on paved trails, approximately 5.5 miles in length, and will be at a pace suitable to the weather.
Knowing your family’s medical history is important, especially as we become more aware of the role played by genetics in many medical conditions. This presentation by UMRA member Michelle Casey will include suggestions for finding family death records—despite data challenges—based on Casey’s search for her own grandfather’s record.
Andy Whitman's Employee Benefits class will be holding an Oxford style debate on four different topics. During the debate a Board of Distinguished Professionals questions each Team, and finally comments on Team performance after the end of the debates.
Topics include tax changes; tax reducing moves required now and tax management in 2024.
It may seem like science fiction, but University of Minnesota researchers are exploring therapeutic interventions to treat aging and prevent age-related diseases. Laura Niedernhofer, MD, PhD, leads the Medical School’s Institute on the Biology of Aging and Metabolism, and will share her work on aging—and how to slow it down—for UMRA’s Living Well Workshop on Tuesday, January 16, via Zoom.
Pat Miles, former TV news anchor and journalist, lost her husband suddenly and found the financial and legal challenges to be overwhelming during her time of grief. She wrote a book about her experience, Before All Is Said and Done, incorporating wisdom from other unexpected widows, and will share her learnings for the first UMRA Forum of the New Year.
UMRA’s first Armchair Traveler program of 2024 will take us on travels close to home and to the edges of the earth with two fabulous presenters, Carol Urness and Kate Maple.
Join UMRA members at Midland Hills Country Club in Roseville for an afternoon of comradery, food, and entertainment. After an hour of mingling and nosh, the highlight of this mid-winter event will be an hour of song and music by Twin Cities musicians Dane Stauffer and Dan Chouinard.
Prepayment of $35 per person; or $38 after Jan 5
If you are curious about insects in their astonishing variety, plan to join the UMRA Cabinets of Curiosity to tour the Insect Collection and Natural History Library in Hodson Hall.