Minnesota’s Revised Uniform Limited Liability Company Act (“new LLC Act”) act will take effect this Saturday, August 1, 2015. Any limited liability companies (LLCs) that are newly organized in Minnesota after that date will be subject to the new LLC Act under Chapter 322C of the Minnesota Statutes. Any LLCs that were formed prior to […]
Cabin LLCs: The Basics
September 25, 2014
For many, cabins provide an opportunity to get away from it all, to spend time with family and friends (maybe beside a body of water) and decompress from daily life. Unfortunately, cabins can also cause frustration and confusion as to how families (immediate and extended) will share it and how the cabin can be passed […]
Basics of Business Formation
June 11, 2014
Many Minnesota entrepreneurs are well aware that they need to take steps to limit their potential for liability but are unclear about which type of entity is right for them. This post will outline some of the advantages and disadvantages of entity types and some initial first steps in setting one up. This is intended […]
New View of Pass-Through Entities in Relation to MN Estate & Gift Taxes
July 1, 2013
We have posted a few updates on the 2013 MN Omnibus Tax Bill (the “Bill”) and the changes the Bill brings to MN’s estate and gift taxes (see Erik Doerr’s post, 2013 MN Omnibus Tax Bill, and Maggie Green’s post, Minnesota Gift Tax 2013). Another change that comes with the passing of this Bill is […]
An Overview of Asset Protection
July 15, 2011
People often associate estate planning only with directing the distribution of a decedent’s assets; however, estate planning is much broader and it can provide substantial utility to a person while he/she is still alive through a field of practice called asset protection. Asset protection is the process of structuring the ownership of assets to minimize […]
Limited Liability Company In Estate Planning
April 30, 2011
A limited liability company can be used as an effective wealth management tool for certain estates. A limited liability company (“LLC”) is a corporate entity and under Minnesota law, it can be formed for “any lawful purpose or purposes…”[1] An LLC can be useful to reduce an estate’s exposure to taxes at death, help ensure […]
Deeds & Probate
April 19, 2011
In past articles we have covered the pros and cons of avoiding probate. As a brief refresher, probate is not always a terrible process but in some cases, it can be long, complicated, and expensive. If you want to avoid probate, you need to title your property in a way that it will be transferred […]