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Probate and Estate Litigation Blog

Estate Valuation Archives

Exploring the basics of estate valuation

When a loved one dies in Minnesota, a personal representative may engage in estate valuation for tax purposes and for its proper distribution. A person may also calculate the value of their estate when they are alive to help them determine the value of estate, make decisions about their will and calculate taxes for their heirs and estates.

What is a step-up basis and how does it work?

Although probate disputes oftentimes involve quarrels between family members, many times litigation can result because a family gets challenged by the state or federal taxing authority. In these sorts of cases, estate valuation is often a very important issue since the value of the estate ultimately determines whether taxes are owed, and if so how much tax is owed.

How is diminished capacity established in a will contestment?

There is a range of circumstances that can lead up to the contestment of a will. Significant alterations, disinheritance of children or relatives and other unusual circumstances will at least raise eyebrows, and in some cases, lead to contestment. One of the most common arguments offered in support is that the decedent's diminished capacity was exploited. These are the criteria that constitute diminished capacity.

The value of an estate matters in business succession

This blog has discussed in previous posts the complexity and importance of putting a value on the stock in a privately held family business. The issue of how much a business is worth can become especially important when there is a legal dispute over business succession.

A quick refresher on evaluating private stock

Although a previous post here discussed how to put a value on a private business for probate purposes, some Saint Paul, Minnesota, residents might not know about how business valuation relates to placing a price on shares of stock in a private company. In any event, a quick refresher might be helpful, especially since many probate litigation issues are the result of disputes over estate valuation, particularly when the item in question is hard to put a price tag on.

How the Minnesota estate tax gets figured

Last week's post on this blog discussed how the Minnesota estate tax differs slightly from the federal estate tax. The post also discussed how the estate tax Minnesota can present issues that lead to probate litigation. With that in mind, it may be helpful for our Saint Paul, Minnesota, readers to understand more about how the estate tax is figured.

What is an estate tax and how does it work?

Just like the federal government, Minnesota has an estate tax that it imposes on certain Minnesota estates. Unlike an inheritance tax, which is imposed directly on an heir or beneficiary, the estate tax is imposed directly on the property of a deceased person an ordinarily will be paid before the property is distributed to the heirs.

Handling estate evaluation and other inventory legal issues

In a recent post, this blog discussed the inventory, an important document that is filed at the outset of the administration of an estate. The inventory of an estate gives the family and other heirs their first clear indication of what assets are in an estate and what the relative value of those assets, such as real estate, stocks, and bank accounts are.

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