St. Paul Breakfast Meeting: Minnesota Gift Tax Law Changes and Their Impact on Estate Tax Planning

Date: Tuesday, November 19, 2013
Time: 07:30 AM - 09:00 AM
Location: Midland Hills Country Club
Speaker: Jennifer Lammers and Terry Slye


Summary of the 2013 Omnibus Tax Act with particular focus onthe new Minnesota Gift Tax and how it relates and affects the Minnesota Estate Tax including an overview of Qualified Farm and Small Business Property under MSA 291:03 subd9 & 10 including Form M706Q.

About Jennifer Lammers…
Jennifer is a shareholder in the law firm of Briggs and Morgan, Professional Association. Jennifer’s primary practice areas include Estate Planning, Business Succession Planning, Probate and Trust Administration, and Elder Law.

Jennifer assists individuals and families with drafting wills and trusts, wealth transfer techniques, estate and gift tax issues, charitable planning, probate, trusts administration, disability planning, guardianships and conservatorships, and elder law matters including medical assistance.

Jennifer also counsels families on business succession goals for family businesses concentrated in real estate holdings, as well as closely held businesses concentrated in equity holdings. In this capacity, she assists with the formation and implementation of family limited partnerships (FLPs), LLCs and recapitalization techniques for certain types of closely held stock.

Jennifer has lectured and written extensively in the field of estate planning and elder law not only to the general public but also for the benefit of attorneys, accountants, insurance agents, financial planners and trust organizations.

In 2011, Jennifer was named a “40 Under Forty” by the Minneapolis/St. Paul Business Journal, an honor which highlights some of the Twin Cities most successful and talented young business leaders. She also has been named a Super Lawyer “Rising Star” by Minnesota Super Lawyers for consecutive years.

Jennifer is a member of the Hennepin County, American and Minnesota State Bar associations; MSBA’s Elder Law Section; and HCBA’s Probate and Trust Law Section for which she served as program chair from 2007 to 2008. She is also a member of the MSBA Probate and Trust Law Section’s legislative committee where she serves as chair of both the Agriculture Subcommittee and the Homestead Subcommittee. She is a board member of the Minnesota Real Estate Foundation.

Jennifer received her B.A. cum laude in economics from Hamline University and her J.D. from William Mitchell College of Law. Prior to attending law school she worked as a trust officer managing and administrating trust and estates for high-net worth clients.

About Terry Slye...
Terry is a shareholder in the firm of Briggs and Morgan, Professional Association. He is based in our St. Paul office and serves as chair of the firm’s Estate Planning and Administration Section and co-chair of the Nonprofit Practice Group. Terry practices principally in the areas of:

  • Estate planning
  • Trust law
  • Nonprofit organizations law

Terry’s practice is divided between trusts and estates and nonprofit organizations. The former includes estate planning, drafting wills and trusts, estate administration, trust administration, and preparation of related federal income and estate tax returns. He advises clients of relevant income, estate, gift and generation-skipping transfer tax considerations, plus other excise taxes which may apply to a client’s plans for transferring assets to family or other beneficiaries.

He also does substantial work with tax-exempt charitable entities, most of which are organized for educational, religious and health care purposes.

Terry was elected a Fellow of the American College of Trust and Estate Counsel by its Board of Regents. Election involves a rigorous nomination and review process, and requires demonstrated excellence in trust and estate law, and significant contributions to the profession. He is admitted to practice in all Minnesota state and federal courts, the Eighth Circuit Court of Appeals, the U.S. Tax Court and the U.S. Supreme Court.

Terry is past chair and section council member for the MSBA Probate and Trust Section and is a frequent speaker on estate planning. Recent topics include “The Minnesota Estate Tax Dilemma and Drafting Solutions,” “The Hubert Regulations and the Estate Tax Marital Deduction”, “Drafting Charitable Remainder Trusts” and “Drafting Family Shares.” Terry is a member of the “Wax and Seal,” which publishes Drafting Wills and Trusts for the State of Minnesota. He has authored two chapters, “Taxation Issues” and “Closing the Estate and Final Accounting” for Minnesota Estate Administration, published by the Minnesota State Bar Association. He is co-author of “Succession and Estate Planning Issues for Franchisees, An Overview” ABA Forum on Franchising, (1993). Terry also has been an Associates Articles Editor for Probate and Property published by the Real Property, Probate and Trust Law Section of the American Bar Association.

Terry is the past chair of the Probate and Trust Section of the Ramsey County Bar Association and is a member of the Minnesota State and American Bar Associations. He is a trustee and vice chair of Houghton College in New York, a director of the Briggs and Morgan Foundation, secretary of the Elmer L. and Eleanor J. Andersen Foundation and the Donald D. and Angela W. Wozniak Foundation. He is a past board member and treasurer of the St. Anthony/New Brighton Education Foundation. Terry has been listed as a “Super Lawyer” in Minnesota Super Lawyers, Mpls/St.Paul Magazine and Twin Cities Business Monthly, which represents the top 6 percent of Minnesota lawyers. He also has been listed as one of the Top 40 Trust & Estate Planning Attorneys by Minnesota Super Lawyers, and is listed in The Best Lawyers in America in trusts and estates law.

Terry received his B.A. summa cum laude from Houghton College. He received his law degree from Harvard University Law School where he was Editor-in-Chief of the Harvard Journal of Law and Public Policy. Following law school he clerked for Justice C. Donald Peterson of the Minnesota Supreme Court. Terry joined Briggs in 1983.

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