Tag Archive for income tax

Have a Trust? You Still Need a Power of Attorney

Given that both trustees and your hand-picked agent under your Power of Attorney document can deal with your financial matters, do you need both?

Yes! First, your trustee only has authority over your financial assets that are held in your Revocable Trust, and chances are not all of your financial assets are in your Revocable Trust. » Read more..

Claiming Residence in Another State to Flee Minnesota’s Taxes?

If you’re trying to avoid Minnesota’s estate, gift and income taxes by claiming another state as your state of residence, Minnesota’s tax collector – the Minnesota Department of Revenue – will be watching. » Read more..

Misconceptions Regarding Revocable Living Trusts

Revocable Living Trusts are an excellent estate planning tool, but there are common misconceptions about them. A Revocable Living Trust is set up by you, during your lifetime. » Read more..