I know, I know… you have read it over and over again here on Epilawg that it is important to have documents in place for times of incapacity. Yet, as Jayne Sykora and I just attended a conference together, I was reminded of the importance to do so particularly if you own a business. As […]
More and more business owners are incorporating a charitable intent or purpose into their companies. However, many still wish to remain a for-profit business and therefore do not apply for non-profit or tax-exempt status. Recently, the Minnesota legislature and Governor Dayton passed into law the Minnesota Public Benefit Corporation Act, which allows a business to […]
When we assist clients with drafting their estate plans, we try to draft a plan that will grow and evolve with them overtime. However, this does not mean that clients should stick their plans into a drawer and forget about them – never to review the plan again before they pass away. Instead, clients should […]
I spent the Memorial Day weekend out of town for a wedding and was joking with some of the other guests that the bride (who is my stepsister) will most likely hire someone to assist her in changing her name upon her return from her honeymoon. I am one who opted to not change my […]
On CBS Sunday Morning this past Sunday, the whole program was dedicated to life and death. One particular story that stood out was on La Crosse, WI. In La Crosse, WI, “…96 percent of the people who passed away here had created advance directives. That’s the highest percentage of end-of-life planning in a nation where […]
Recently, Joe Larson wrote about what to do when you’ve been terminated by your employer and what your rights are with respect to your personnel file. It raises a reminder that whether you have been laid off, terminated or voluntarily opted to leave your job you shouldn’t forget about your 401(k) when you move on. […]
We talk often about the use of gifting as an estate planning tool but always caution that individuals should consult with an attorney and/or an accountant before doing so to ensure it is done properly. It is particularly important to consult with an attorney or an accountant when a married couple wishes to make a […]
Here are some recent reports of estate planning battles, mistakes and funerals… Martin Luther King Jr.’s children are fighting over Mr. King’s Bible and Noble Peace Price. The children have been battling each other often since their mother, Coretta Scott King, died in 2006. One of the contributing factors to the family disputes is the […]
We try to encourage people to not only plan for the transfer of their personal assets but also to plan for the transfer of their businesses – either in life or at death. Buy-Sell Agreements are beneficial documents when drafting a succession plan for a business. It is however important to ensure that the buy-sell […]
In the past few weeks, there have been two stories that have caught our attention regarding the issue of incapacity and the need for advanced health care directives. The first news story unfortunately involved a minor child, who had been declared brain-dead by her doctors following complications from tonsil surgery. Her parents however wished to […]
I recently mentioned some issues to consider before transferring certain assets, primarily with regards to the MN estate and gift taxes. While we want you to be cautious before making any transfers, we do want to ensure individuals are aware that there are certain transfers that are excluded from being taxable gifts under Minnesota law. […]