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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...
Being an executor of an estate in Minnesota carries numerous responsibilities which, if not properly performed, can lead to court battles among heirs, family members and creditors. Estate valuation of household property is one of these important responsibilities.Every...
When a Minnesotan dies, their estate is an important legacy that they leave behind. For tax purposes, the value of the estate needs to be calculated. There are two ways for an estate valuation to take place.One valuation that is made of an estate is the date of death...
Last week's post on this Saint Paul, Minnesota, estate litigation blog discussed the "step-up basis" and its importance in putting the correct value on a probate estate. Arguments over what basis to apply to a piece of property, however, are just one of the many...
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...
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...
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...
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...
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...
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...
