Do I need a living will or healthcare directive? Should I have a power of attorney in place? Does my will or trust need to be updated? These are some of the questions people are asking in the wake of growing concerns over the COVID-19 outbreak. Changes in the size and nature of your estate, your familial structure and family relations, as well as changes in the law are just few examples of events that can drastically and materially affect an outdated comprehensive estate plan. Under normal circumstances, these concerns are not top of the mind. But a global health... Read More
A will is an official legal document. Simply disliking the results of a will is not enough to justify a valid challenge to a will. Wills can be contested for a variety valid reasons including mental incapacity, undue influence, fraud, duress, and improper witnessing. Grounds for contesting a will. 1. Lacking Capacity The person who created the will did not have the testamentary capacity. If the testator is suffering from a serious mental impairment at the time the will was created, there may be a valid argument for contesting it. The test is to determine whether the person fully understood... Read More
Stop by and visit Farrish Johnson attorney Paul Moosbrugger at the 50+ Lifestyle Expo in the Mankato Civic Center from 9am to 2pm TODAY!
As the Spring Season enters full swing, it is a good time to do spring cleaning, to plant the garden and trim the bushes, to address home improvement projects that have been neglected, and for many, to dust off their Estate Planning Documents for a regular review. The average person’s financial, familial and legal circumstances are constantly in flux. Over time, these changes can call for the need to revisit and potentially revise one’s estate plan. Changes in the size and nature of your estate, your familial structure and family relations, as well as changes in the law are just... Read More
Join us on Thursday, March 14 at 10 am at the Madelia Library for a FREE seminar on estate planning! We will discuss the following topics: Wills Trusts Probate vs. Non-Probate Healthcare Directives Transfer on Death Deeds Estate Tax Planning Solutions Charitable Gift Planning Medical Assistance Minnesota Farm Estate Tax Exception And More! Refreshments will be provided. This event is open to the public. Invite your friends! CALL 507-625-2525 TO RSVP TODAY! See you at the Library on March 14!
With the doubling of the Federal estate tax exemption, the number of tax payers required to file a Federal estate tax return will drop substantially. However, estate planning and review of existing plans is important. The most important object of estate planning has always been to provide a thoughtful plan for property distribution, avoiding the arbitrary rules of each state’s intestacy statutes. Minnesota, along with many other states, imposes an estate tax with a far smaller exemption than provided for by the Federal exemption. Many estate plans for married couples routinely used formulas to distribute property between a Marital Trust... Read More
The Minnesota legislature recently enacted legislation that impacts estate planning. Two of the more interesting new laws include: A prohibition of using the location of a taxpayer’s attorney in determining the residency of a tax payer and The tax bill raises Minnesota’s estate tax exemption to $2.1 million for 2017 (retroactive to January 1) and an additional $300,000 each year until it hits $3 million in 2010. Unfortunately, one proposal we closely watched failed to make the cut: Allowing married farm couples to retain agricultural homestead status despite splinting their property into two trusts. If you have questions about this... Read More
In March, Farrish Johnson Law Office let you know about pending Minnesota legislation regarding revocable trust reporting to the Minnesota Department of Agriculture (find the article here). Now, Governor Dayton recently signed legislation providing that the trustee of a revocable trust with respect to which either the settlor, the settlor’s spouse, or both, are the primary beneficiaries during the settlor’s lifetime shall not be required to file with the commissioner of the Department of Agriculture a corporate farm application seeking approval to allow the trust to hold agricultural real estate during any period that the trust is revocable. This legislation... Read More
Attorneys and staff from Farrish Johnson Law Office will be at the Mankato 50+ Lifestyle Expo tomorrow, Tuesday, May 9 from 9am to 2pm at the Verizon Event Center. Paul Moosbrugger and Steve Fink will be available to answer your questions about estate planning, trusts, wills, probate, tax law, heath care directives, power of attorney and more. Farrish Johnson Law Office offers a comprehensive range of legal services and we look forward to see you at this exciting event!
Many of us are not clear what the various abbreviations mean that our found on our real estate tax statement. How and why property receives homestead classification or non-homestead classification can be a mystery, particularly for those owning agricultural land. Losing homestead classification usually results in higher real estate taxes payable each year but the hidden loss may be the unavailability of the estate tax credit available to farmers. Under current law, qualified farmers have a Minnesota estate tax credit of $5 million. To qualify for these additional credit, the farm must be, among other things, taxed as homestead property.... Read More