You Have Inherited Farmland. Now What?
Inheriting farmland can be more complicated than simply receiving the title to the real estate. Inherited farmland can take many forms including from a lifetime gift, or estate, or a trust. Considerations may differ depending on whether you have inherited farmland outright or in and entity such as a Trust, Corporation, or LLC. Although Minnesota has no inheritance tax, the farmland in a Trust or Estate may be subject to an Estate Tax or Gift Tax depending on how it was received. Additionally, whether the land can be designated as Homestead will determine your real estate tax obligations. You... Read More
Don’t Forget Your Will and Fall Cleaning To-Do List
Fall is traditionally a time for taking stock, reorganizing, and preparing. Don’t forget to add creating or updating your Will to your fall to-do list. Your Will is an essential document directing the transfer of your property when you die. A Will is necessary if you wish to make specific gifts to friends, loved ones, or charities. A Will allows you the opportunity to dispose of your assets after you die to people or organizations that normally would not inherit any portion of your estate. You can also identify specific assets that are unique to your estate such as family... Read More