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
We are fortunate to have UMRA member and former Minnesota Landscape Arboretum director Peter Moe to lead this approximately 3.7-mile hike at the Arboretum on Monday, May 6. Plan to have lunch together after the hike at the Eatery café inside the Oswald Visitor Center.
This session will continue the discussion begun in the May 8, 2023 session. See that article for details.
If you currently live in your own home or apartment, have you looked ahead to when you might want to consider a senior living option? Do you have any idea what those options might be? How much they cost? What they provide? UMRA’s May 14 workshop will provide an overview of the world of senior living and the basic information you need.
You’re invited to join the final Family History Interest Group meeting for 2023–24. This will be an opportunity to ask questions related to family history, share insights, talk about recent projects, and suggest topics for next year.
Stephanie Daily will lead the discussion of Fuzz: When Nature Breaks the Law by best-selling author Mary Roach when the UMRA Book Club meets via Zoom at 2 p.m. on Friday, May 17.
The May 20 hike will start at the Historic Lift Bridge in Stillwater and go along the river to the new bridge, cross over and then back on the Wisconsin side, a total of approximately 5 miles. Most of the route is paved. We will eat lunch after at Brian's Bar and Grill in Stillwater. Car pooling will be available.
Climatologist and meteorologist Mark Seeley joined the U of M faculty in 1978 and has been a weekly commentator on Minnesota Public Radio since 1992. We are honored to welcome him as our guest speaker for UMRA’s May Luncheon Forum and 2024 Annual Meeting. He is always entertaining and informative.
UMRA’s Fourth Friday Book Club welcomes back, for the second time, author Julie Schumacher, U of M Regents professor of creative writing and English, for a conversation about her novel The Shakespeare Requirement.
We are in for a treat on June 3! Lynn Anderson, will lead us on trails at two parks near her Monticello home. Bring a bag lunch and we will gather in Lynn's yard along the Mississippi River for eating and socializing after the hike.
Get out to the ballpark with fellow UMRA members for the annual U of M Day at Target Field as the Minnesota Twins take on the Oakland Athletics on June 14 at 7:10 p.m.
Please join us at 9:30 on June 17, 2024 for a walk around Lake Como in St. Paul before attending the UMRA Summer Social and Picnic starting at 11 at the Como Pavilion. A perfect opportunity to get in a walk before we gather to celebrate summer.
Picnic under the covered, open-air Como pavilion, gaze at the water, spy some birds, catch up with friends and former colleagues, and meet new members. We’ll have lunch with plenty of time for visiting and then compete in teams as we are challenged by our Quiz master(s)!
Healthy aging, mindfulness, fighting ageism, and more will be the focus of the third annual Age-Friendly University Day to be held on the U of M Twin Cities campus.