A credit shelter trust is an irrevocable trust established after the death of a married spouse for benefit of the surviving spouse. The primary purpose is to shelter the deceased spouse’s available credit against the estate tax. Do We Need A Credit Shelter Trust? There is an unlimited estate tax deduction for property left to a surviving spouse. This eliminates any estate tax when the first spouse dies, but may not protect the property from estate tax when the surviving spouse dies. How ... [Continue Reading]
Articles and Publications
A library of topical publications and articles written by CCM team members specifically for our clients.
On March 21, 2014, Governor Dayton signed a tax bill into law which included tax changes that were made retroactive for tax year 2013. Many of the provisions were to bring Minnesota tax law into conformity with federal tax law. We have included a recap below of provisions that are most likely to impact clients of Carlson Capital Management: Income Tax Provisions Enacted to Conform Minnesota Law with Federal Law: Mortgage Insurance Premium Deduction Student Loan Interest ... [Continue Reading]
It’s truly time to celebrate. With the first 60 degree day on the books, the ice melted from the now roaring Cannon River outside of our Northfield office, and the first tulips of the year struggling to force their way through the soil in my front garden, it may finally be safe to say that spring is reaching Minnesota. Although we all knew it would eventually happen as the days grew longer and the sun shone brighter, it felt that things may be different this time. It felt as if we may ... [Continue Reading]
As you begin gathering your tax information in anticipation of filing your 2013 tax returns, we wanted to provide the following list of useful notes and reminders: Important tax information forms will generally arrive to you at different times: W-2s, 1099-Rs, 1099-Misc, 1099-Div, 1099-Int, 1098, 1098-T must be mailed by January 31, 2014; 1099s from brokerage firms such as Charles Schwab, Fidelity, TD Ameritrade, E-Trade, etc. must be mailed by February 18, 2014; K-1s may arrive as late as ... [Continue Reading]
Each year in late December and early January my email inbox is flooded with articles and top 10 lists summarizing the year that was. And although capturing everything that has happened in a year can never be truly accomplished in an email or with a handful of striking photographs, simply taking the time to be reminded of what occurred over the past twelve months can be an important exercise for us all. This type of reflection can provide valuable context to decisions that we have made and help ... [Continue Reading]