Qualified Small Business Deduction


November 26, 2014
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The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).

Minnesota Homestead Classification


November 20, 2014
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In Minnesota, many homeowners can qualify their primary residences for homestead status. By classifying a piece of property as a homestead, the property may qualify for a reduced classification rate, a reduced taxable market value, a property tax refund, and/or other special program eligibility. To qualify for homestead status, the following criteria must be met: […]

Intestate succession for a blended family


November 18, 2014
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A married couple, of which each spouse has children from previous relationships, faces certain issues with regard to distribution of their estates. The most basic of these issues involves what happens if a spouse dies without a will. When any individual dies without a will, the statutory rules for the intestate succession dictate the distribution of […]

Is Your Estate Plan Too Specific?


November 12, 2014
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Estate planners do encourage clients to be specific with their various bequests within their estate plan. When describing gifts of both real and tangible personal property or defining beneficiaries, we want the assets and individuals to be identifiable. However, it can actually cause problems when clients get too specific and potentially lead to unintended complications […]

Small Business Succession Planning – Things to Consider


November 6, 2014
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What is Succession Planning? Simply put, succession planning is the process of transitioning key people within a business so that the business can continue to operate after the owner or key executives leave. Think of it as planning for the future of the business so that it can outlive the owners. This process involves a […]

Conservatorship Basics: Part II


November 4, 2014
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Last week, in Conservatorship Basics Part I, I discussed what a conservatorship is, who can be a conservator and the process for getting a conservatorship in place. In today’s post, I will cover a conservator’s duties and powers and when and how a conservatorship is terminated. Conservator’s Duties Once a conservator is in place, a […]