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
UMRA's special event for this winter will again be a celebration of brighter days and the approaching end of winter. We'll have food, fellowship, and music provided by Urban Sound, one of the U of M’s premier student a cappella ensembles.
Our February 3 hike will be around Lake of the Isles in Minneapolis, with an option to add Bde Maka Ska, weather permitting. No matter how far we hike, let’s go to Isles Bun & Coffee for treats after the hike. Their buns are delicious!
Cabinets of Curiosity will seek out the University of Minnesota Herbarium on the St Paul Campus. Collections Manager Tim Whitfeld will share his knowledge of that amazing collection and explain its critical importance in the 21st century. Botanists study these pressed plants, individually and collectively, to establish a history of plant life, often over centuries, because they contain compelling evidence of the ever modulating geographical distribution of plants and evidence of how climate, pests, and other factors have changed species over time.
"Things that drive me crazy" will be the theme when the UMRA Photo Club meets on February 11. Newcomers are welcome.
Many life challenges that get in the way of quality of life and good health at home have little to do with medical issues. Cathy Lauring, our presenter for UMRA’s February 18 workshop, will explore a variety of resources to assist in keeping us healthy at home—including physical, emotional, cognitive, and financial services.
John Bantle will lead the discussion of A Walk in the Woods: Rediscovering America on the Appalachian Trail by Bill Bryson when the UMRA book club meets via Zoom on February 21.
Join UMRA members to watch two of the best hockey teams in the nation. UMRA has negotiated a discounted ticket price of $33.
Barbara Klick, RN, MBA, the presenter for UMRA’s February 25 Forum, has decades of experience working in human and veterinary medicine, and will bring her wisdom and perspective to our discussion about what we can learn from our pets about facing end-of-life challenges and decisions.
The Fourth Friday Book Club will meet via Zoom on February 28 from 2 to 3:30 p.m. CST to discuss The Adventures of Huckleberry Finn by Mark Twain.
Will Craig discusses using local sources for family history.
The UMRA Hiking Club will explore wildlife along the Mississippi River in Fort Snelling State Park. The 3.9-mile Pike Island Loop is generally considered an easy route and takes just over an hour. Hikers can leave at that point, or stay to add another short loop. The trail is located below the bluff on which the historic fort sits. The last time we were there we saw a lot of deer, and the river always provides fascinating views.
The University of Minnesota Archives, with its major holdings largely tucked away in two huge underground caverns along the Mississippi River under the West Bank campus, holds the essential records of our University of Minnesota’s past. University Archivist Erik Moore will explain the holdings and role of our extensive university archive and bring out a sampling of what it holds. At the end of our visit, he will conduct a tour of the literally cool caverns (Minnesota Library Access Center), revealing where these precious materials are housed, including the original tapes of KUOM, now Radio K.