James M. Clay, Principal
Jim Clay earned his Juris Doctorate cum laude, as well as his LL.M. in Taxation from William Mitchell College of Law. For his undergraduate degree, he attended St. Olaf College, where he graduated in 1981.
Jim focuses his practice on estate planning, probate and trust administration, tax planning and controversy, family business succession planning and charitable giving. Jim has practiced before the Internal Revenue Service since 1985. His extensive tax background enables him to assist families, individuals and small business owners to develop and accomplish their estate planning goals and to pass on family values in a manner that will minimize their exposure to federal and state taxes.
Jim designs and prepares estate planning documents such as wills, revocable trusts (living trusts), financial powers of attorney, health care directives (living wills), and beneficiary designations for life insurance and retirement plans. He also works with people to plan and implement trusts for children or grandchildren, irrevocable life insurance trusts (ILITs), grantor retained annuity trusts (GRATs), qualified personal residence trusts (QPRTs), intentionally defective grantor trusts, installment sales, charitable remainder trusts (CRTs), charitable lead trusts (CLTs), family limited partnerships, limited liability companies, and buy-sell agreements.
Jim also works with families and individuals to help them through the probate and estate settlement process, to administer trusts, and to resolve trust and estate disputes. In addition, he has extensive experience working with individuals and fiduciaries to resolve estate, gift and income tax disputes. He is active in the community and a frequent lecturer on advanced estate planning, tax, and business succession planning topics.