Many people in Minnesota work hard to draw up their estate plans. They think long about the way they want to divide their assets and work with lawyers to draft, complete and execute the necessary documents. Still, even after signing off on wills, trusts and powers of attorney, there are some important follow-up steps that estate owners can take to make sure their plans are protected.
For some Minnesota couples who are ending their marriages, changes mandated by the Tax Cuts and Jobs Act, which passed in late 2017, will mean less money for them after the divorce. The TCJA changed how parents can take exemptions for children on their taxes and how alimony is affected by the new law.