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September 2017 Archives

Estate tax serves an important role, but may not affect many

Many people in Minnesota may have heard of the estate tax but may not have a very good understanding of it. In essence, the estate tax is the tax the federal government levies on your assets when they are transferred to your heirs upon your death. However, for the most part, it only affects the wealthy, as it only applies to the part of a person's estate that amounts to more than $5.49 million. Nevertheless, the federal estate tax is a significant component of our nation's revenue. Therefore, it is important to understand how it works.

Don't forget to fund your trust when estate planning

There are so many different kinds of trusts available to people in St. Paul, that it may seem like there is a trust out there to meet every person's needs. These trusts can name beneficiaries, whether it is a person's loved one or a favorite charity, and are meant to distribute a person's assets to their beneficiaries. However, are those trusts always effective? For a trust to do what a person wants it to do, there must be funds in it. An unfunded trust is like an empty box -- you may have the vessel, but there's nothing in it to give away once you die.

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St. Paul, MN 55101

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