On September 27, the U.S. House of Representatives introduced a reconciliation bill that includes significant changes to estate, gift and generation-skipping tax laws. While this is just the start of the process, there are three specific changes to current law in the proposed bill that will have a direct impact on estate planning if they do become law: Estate, Gift and GST Tax Exemptions, Grantor Trust Rules and Discount Planning for Nonbusiness Assets.
Trusts & Estates
We assist the individual, family and family office in creatively and effectively planning for the distribution of property between generations and to charitable organizations. We believe clients deserve a commitment to excellence, respect for confidentiality and timely service.
What We Do
The Trusts & Estates Group has been a major focus at Fredrikson & Byron since its inception in 1948. Today the group includes more than 25 attorneys and professionals, and seven legal assistants focusing on this area.
The Trusts & Estates Group is well respected both locally and nationally. We are the only law firm in Minnesota with four current or past chairs of the Minnesota State Bar Association Probate and Trust Law Section. We also currently have nine attorneys who are members of the prestigious American College of Trust and Estate Counsel.
All of our Trusts & Estates attorneys share a common denominator of education, experience and dedication to the field of estate planning. In addition, each practitioner brings to the group an array of individual talents so that our clients can benefit from the group’s depth and diversity. These attorneys have skills in significant wealth transfer issues, business succession, philanthropy, and family systems.
The rules governing personal and business taxation have grown increasingly complex. We work continuously to expand our base of knowledge, and we are dedicated to the maintenance and growth of our professional reputation through service and scholarship. The group’s attorneys frequently lecture in Minnesota, North Dakota, and throughout the country, which keeps us informed of new developments.
Our Trusts & Estates clients benefit from our access to the full range of areas in which Fredrikson & Byron lawyers practice. We maintain strong liaisons with accounting and insurance professionals, trust departments, investment and family office advisors.
In addition to the traditional services related to estates and trusts, the group has organizational development and mediation capabilities to assist with family business transition. We regularly utilize the services of the firm’s Financial Services Manager, an attorney and Certified Financial Planner, to provide clients with sophisticated financial analysis and graphic presentations.
- Family Offices
- Personal Representatives and Trustees
- Charitable Institutions
News & Articles
July 22, 2021
Fredrikson & Byron’s Trusts & Estates Group was ranked Band 1 in Private Wealth Law in Minnesota and North Dakota in the Chambers High Net Worth Guide 2021 edition.
April 15, 2020
On April 9, 2020, the IRS issued IRS Notice 2020-23, amplifying the relief for taxpayers affected by COVID-19 previously set forth in IRS Notice 2020-2018 and IRS Notice 2020-20.
March 30, 2020
The CARES Act contains assistance for workers, families and businesses, support for the health care system to fight COVID-19, and programs to stabilize the economy and several provisions related to retirement plans and other employee benefit programs.
March 21, 2020
COVID-19 has had innumerable impacts on our daily lives. In response, the IRS and certain local states have provided guidance for taxpayers whose federal income tax returns are due on April 15.
December 31, 2019
On December 20, President Trump signed the SECURE Act, the biggest legislative change to the U.S. retirement system in over a decade, which will have a significant impact on qualified retirement plans and IRAs.
December 1, 2017
Fredrikson & Byron shareholder F. John Williams III has recently been offered membership as a Fellow of the American College of Trust and Estate Counsel by its Board of Regents. Fellows are chosen for their outstanding reputation, exceptional skill and substantial contributions to the field.
Residency Legislative Alert: Location of Attorney, CPA, Financial Adviser or Bank Account May No Longer Be Considered in Domicile Determinations
May 31, 2017
By Masha M. Yevzelman & Thomas R. Muck
When evaluating whether an individual is a Minnesota resident, the Minnesota Department of Revenue has been considering, among many factors, the location of a person’s attorney, accountant, financial adviser and bank accounts.
IRS Proposes New Regulations That Could Dramatically Increase Estate Tax Exposure for Family Business Owners
August 17, 2016
On August 4, 2016, the IRS issued proposed regulations that would eliminate many estate and gift tax valuation discounts currently applicable to family-owned business entities. For many family business owners, this will artificially increase the estate tax value of their business interests far above the actual fair market value of the interests. Clients may wish to consider some actions.