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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Prepayment of $35 per person; or $38 after Jan 5
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