The balancing act of estate planning. When people come in to discuss their estate planning, they often start by focusing on taxes. But as we go through our process with clients to help them identify and really understand their most important issues, we almost always end up wrestling with issues of control and legacy. As…
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Do you still need a bypass trust? Under the 2012 Tax Act families with estates of roughly $10 million or less do not face the specter of estate tax when mom and dad pass away. That’s great (and overly broad), but it creates an issue for those families. Most existing wills and living trusts contain…
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What the New Tax Law Means to You Congress avoided the so-called fiscal cliff by passing – at the 11th hour – the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), signed into law by the President on January 2, 2013. The 2012 Tax Act makes several important revisions to the tax code…
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Tis’ the season for the holiday Christmas parties…… Do you work for a company that throws annual Christmas parties? I do. The Scott, Tokerud & McCarty firm always enjoys their Christmas parties. We do not go to a nice restaurant or book a banquet room with catered food. We are a family office that takes…
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Fresh out of college! Fresh out of college, with a business degree and a hunger to succeed, I set out to find a job. As I told my current employer in one of my many interviews; “I wanted to find a place to work that challenged me, that required me to continue to learn, and…
DetailsWho Cares? A friend of mine from high school recently sent me an email that reminded me of what is really important in life. The email contained the philosophy of Charles Schulz, creator of the classic comic strip Peanuts. I was so struck by the power of this simple message that I wanted to share it…
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Taking up the challenge! We decided that all our team members should be able to blog if they want to. So I am taking up the challenge! I don’t know who “they” are, but “they” say if you like what you are doing, you never work a day in your life. I love working at…
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We lost our senior partner. Bill Scott, our senior partner, died earlier this month at his Swan Lake cabin with his family at his bedside. He was 91, and he lived a full life. He handled his dying as he did his living: with dignity and grace. To me, Bill was bigger than life -…
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FREQUENTLY ASKED QUESTIONS PROBATE ADMINISTRATION FREQUENTLY ASKED QUESTIONS 1. What is probate? Probate is the process of proving the Will, appointing the Personal Representative, paying the decedent’s debts, filing applicable tax returns, collecting any monies owed the decedent, and identifying, valuing, and transferring the decedent’s assets. 2. When is probate necessary? Probate is required if the decedent…
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Gifting to a Minor with Special Needs We previously have posted blog entries about special needs planning and about gifting. Gifting money to a child with special needs can be a powerful tool for a parent or grandparent to provide support for the special needs child. However, caution must be used when making such gifts…
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