Peace of Mind Planning with Yanowitz Law Firm

A lot of married couples assume Minnesota’s estate tax exemption works the same way as the federal rules—meaning you automatically get two exemptions as a couple. Unfortunately, Minnesota doesn’t work that way. If the first spouse dies and everything passes directly to the surviving spouse, the first spouse’s Minnesota estate tax exemption may be lost entirely.

In this video, we explain why that happens, and what couples can do to preserve more than one Minnesota exemption. We walk through how a properly drafted will or trust can create a “family trust” or “credit shelter trust” at the first spouse’s death, allowing assets to benefit the surviving spouse while keeping those assets out of the taxable estate later. This can be a major tool for reducing or avoiding Minnesota estate tax when the second spouse passes away.

If you’re married and want to make sure your plan is set up correctly before it’s too late, contact Yanowitz Law Firm to get help building the right strategy for your family.

Minnesota has a “3-year pullback” rule that can catch families off guard. If someone makes a large gift within three years of their death, Minnesota may treat that gift as if the person still owned it at death—meaning it can be pulled back into the taxable estate for Minnesota estate tax purposes.

In this video, we break down what the 3-year pullback is, why it exists, and what types of gifts it typically applies to (including gifts over the annual exclusion amount). We also cover common exceptions—like paying tuition or medical expenses directly—and why “gifting early” can be an important part of estate tax planning, especially if health is a concern.

If you have questions about Minnesota estate tax or want help building a plan that protects your family, contact Yanowitz Law Firm to get guidance tailored to your situation.

A SLAT, short for Spousal Lifetime Access Trust, is a popular strategy that allows married couples to make a large lifetime gift while still keeping indirect access to those assets through the beneficiary spouse. In this episode, you’ll learn how a SLAT works, why affluent families use them, and what tradeoffs to consider before setting one up.

A SLAT is created when one spouse transfers assets into an irrevocable trust for the benefit of the other spouse. The gifting spouse cannot serve as trustee, but the beneficiary spouse often can, and may be able to use trust assets during their lifetime. After the beneficiary spouse dies, the remaining assets typically pass to children, often in further trust.

This technique is commonly used for estate tax planning because future growth on the gifted assets can be removed from the couple’s taxable estate. It can also provide Minnesota estate tax planning benefits when structured properly, especially when the gifting spouse survives the required time period after making the transfer.

The episode also highlights key considerations, including the importance of selecting the right type of assets to gift. Highly appreciated assets may create a tax tradeoff because transferring them to a SLAT can mean giving up the income tax “step-up” that would otherwise occur at death. SLATs are often most effective when funded with assets that haven’t appreciated much yet but are expected to grow significantly over time.

Other factors include the health of the beneficiary spouse, since the strategy works best when the beneficiary spouse is expected to live long enough for the trust to function as intended, and the strength of the marriage, since SLATs can become complicated in the event of divorce.

If you’re considering a SLAT or want to explore advanced gifting strategies, contact Yanowitz Law Firm for help with planning and implementation.

Many couples worry about what could happen after the first spouse dies, especially if the surviving spouse later remarries. This episode explains how remarriage can unintentionally change where your money ends up and what you can do to protect your assets so they ultimately stay with your children and your family bloodline.

It walks through a common concern: even if spouses agree on a plan today, the surviving spouse could later be influenced, pressured, or financially impacted by a new relationship. A remarriage could also create divorce risks, forced inheritance claims, or unexpected changes to beneficiary choices.

One of the most effective planning strategies discussed is having the surviving spouse inherit through a trust rather than outright. A properly designed trust can ensure anything left at the surviving spouse’s death passes to your children, not to a new spouse or stepfamily. It can also provide protection in the event of a later divorce and make it more difficult for others to access or redirect the inheritance.

The episode also explains that spousal trusts can be drafted with different levels of flexibility, ranging from very open and permissive to highly protective and restrictive, depending on your goals and family situation. It highlights the importance of choosing the right trustee structure as well, whether that’s the surviving spouse, a co-trustee arrangement, or an independent professional trustee.

If you want help protecting your assets and ensuring your estate plan stays on track even if your spouse remarries, contact Yanowitz Law Firm to schedule a consultation.

Many families build an estate plan assuming their children will outlive them, but life does not always work out that way. This episode covers an important topic people often overlook: what happens if your child passes away before you do, and whether their spouse should inherit their share.

It explains key questions to consider, including whether the gift to a son-in-law or daughter-in-law should be contingent on them still being married to your child at the time of your child’s death, and whether you should name the in-law specifically or use a broader definition like “your child’s spouse at the time of death.”

The episode also explores how the inheritance should be structured if it does go to an in-law. An outright inheritance gives them full control and the funds could eventually leave your family, while a trust can provide ongoing support and allow the inheritance to benefit both the surviving spouse and your grandchildren. Different trust options are discussed, including lifetime trusts and shared family “spray” trusts.

This is a deeply personal decision, and the best choice depends on your family dynamics and long-term goals. If you want help building an estate plan that protects your family and plans for the unexpected, contact Yanowitz Law Firm to schedule a consultation.

There are a few practical steps you can take during your lifetime that can make estate administration much easier for your family. This episode walks through three effective ways to simplify your estate and reduce stress, expense, and confusion after you are gone.

First, it explains why consolidating bank and investment accounts can make a big difference. Fewer accounts mean less paperwork, fewer institutions to deal with, and a smoother process for your loved ones.

Second, it discusses the value of getting rid of hard to sell or low value assets, such as unused timeshares or small business interests that never took off. Holding onto these assets can create unnecessary work and costs for your family later.

Third, it highlights the importance of clearly documenting who should receive household items and sentimental possessions. These items often cause more conflict than money, and thoughtful planning can help prevent disagreements.

If you want help simplifying your estate or making sure your plan is organized and up to date, contact Yanowitz Law Firm. We are happy to help you create a plan that protects your family and makes things easier when it matters most.

Many people assume that once they move out of Minnesota, they are no longer subject to Minnesota estate tax. In reality, that is not always true. This episode explains how non-residents can still owe Minnesota estate tax if they continue to own certain types of property in the state.

You will learn how Minnesota looks at tangible property located in the state, such as real estate and certain personal property, when determining estate tax liability. The episode also explains Minnesota’s “look-through” rule, which can apply even when property is owned through an LLC or partnership. In addition, it walks through how the Minnesota estate tax exemption works, how the tax is calculated for non-residents, and why the total value of your estate nationwide still matters.

This area of law can be complicated, especially for individuals who split time between states or own Minnesota property after changing residency. If you are concerned about Minnesota estate tax exposure or want help planning around it, contact Yanowitz Law Firm for guidance. We can help you understand your risk and create a plan that aligns with your goals.

Life changes, and your estate plan needs to be able to change with it. This episode explains when and how you can update your will or trust, and the proper legal steps to do it correctly.

You will learn the difference between updating a will through a codicil and updating a revocable trust through a trust amendment. The episode also explains when a full trust restatement makes sense, such as when multiple amendments or major changes make the original trust hard to follow. A restatement updates the substance of the trust while keeping the same trust name, so assets do not need to be retitled.

Just as importantly, this episode covers what not to do, including making handwritten changes to your documents, which can cause serious legal problems during administration. Even simple updates need to be done the right way to avoid confusion, disputes, or unintended outcomes.

If you are considering changes to your will or trust, or are unsure whether an amendment or restatement is appropriate, contact Yanowitz Law Firm for help. We can review your current plan, explain your options, and make sure any updates are done properly and safely.

A probate final account is a detailed financial summary of everything that happened during an estate administration. It starts with the date-of-death values of all assets, matches those figures to the probate inventory, and then tracks every increase and decrease that occurs while the estate is being administered.

This includes expenses such as utilities, maintenance, professional fees, and costs related to selling property, as well as income like rent, dividends, or other payments received after death. The final account shows how estate assets changed over time and how the remaining property is ultimately distributed to beneficiaries.

In some types of probate, the final account must be filed with the court, while in others it is shared directly with beneficiaries. Preparing it typically requires detailed bank and investment statements from the date of death until final distribution, along with clarification of any unclear transactions.

If you are serving as a personal representative or are involved in a probate and need help preparing or reviewing a probate final account, contact Yanowitz Law Firm. We can guide you through the process, help ensure everything is properly documented, and make probate as smooth and efficient as possible.

An estate plan is not just one document. It is a coordinated set of legal tools that work together to carry out your wishes during your lifetime and after your death. This episode breaks down the core documents that typically make up a comprehensive estate plan and explains how each one fits into the bigger picture.

You will learn the role of wills and trusts in directing where assets go, how powers of attorney and healthcare directives allow trusted people to act on your behalf during incapacity, and why beneficiary designations, deeds, and business assignments are just as important as the core planning documents. The episode also explains supporting tools like certificates of trust, personal property memorandums, and written confirmations from financial institutions that help ensure everything works as intended.

If you want confidence that your estate plan is complete, coordinated, and tailored to your situation, contact Yanowitz Law Firm for help. Our team can guide you through the process and make sure all the pieces of your estate plan work together the way they should.