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Probate and Estate Litigation Blog

October 2013 Archives

Inheritance battle over 3,200-year-old gold tablet

Many Minnesota families have heirlooms of some kind. Perhaps it's a keepsake with great sentimental value, or perhaps it's a treasured piece of furniture that could fetch a lot of money at auction. These heirlooms can be great sources of pride, but they can also be sources of conflict when heirs and beneficiaries don't agree on what to do with the object, or who gets to keep it.

Minnesota estate tax may apply to more than many realize

There has been a lot of debate in recent years about the federal estate tax, but in fact that tax applies to relatively few estates. Earlier this year, Congress set the level at which estate taxes kick in at $5,250,000. Next year, that number is set to rise to $5,340,000. What sometimes gets lost in all the media attention to the federal estate tax is the fact that Minnesota has its own estate tax, and it kicks in at a much lower level.

Certain Minnesota estates may be hard to value

Over a lifetime Minnesota residents collect and earn a variety of assets. These assets can include original artworks, collections, stock options, cash, real estate, a business and other various personal property. Upon a person's death, these assets become part of the person's estate. Part of the estate will be used to settle people's affairs and part of the estate will be used to pay taxes. However, the rest of the estate will be used as an inheritance and be distributed according to the estate planning documents.

Famous photographer's estate in inheritance dispute

The death of a loved one often causes a mix of emotions and stress. In addition, family members will have to deal with their belongings and assets. Residents in Minnesota understand that his can often stir up disagreements between beneficiaries, especially when in comes in inheriting a large amount of property or assets.

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