If you are like me, you recently received a second tax refund from the State of Minnesota. Right before that, you also received a letter explaining that you were about to receive the refund and what it was for. If you are not up to speed with the latest Minnesota tax law, you may not […]
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 […]
During the four years or so that Epilawg has been in existence, there have been countless posts about the guiding principle behind the purpose of this blog: figuring out how to best write your own epilogue; planning the resolution to your own story. Over the years, various angles on Epilawg’s main topics have been presented; […]
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 […]
Name: Bob Cohen Employer: Tamar Fink, Inc Position: Principal Location: Mpls, MN Education: B.S.B. Accounting – University of Minnesota How long have you been in your career field? I have been in the life insurance and charitable planning arena for over 27 years. What led you to work in this area? A personal experience with […]
As the worldwide economy has collapsed in the past few years, the political environment has deteriorated and the violence has substantially increased in some countries around the world, many wealthy people are trying to find countries that offer a safer environment for them and their families as well as a safer investing territory for their […]
While there are plenty of other myths I could include in this post, one overarching theme seems to be prevalent throughout: uniqueness. While it may seem like a given estate planning situation is vanilla, working to achieve your specific goals and planning for the various anomalies present in your life is the only way to […]
I have recommended Deborah Jacob’s in the past, but Advice for New Mothers – and Procrastinators is spot on. Covering all of the important estate planning issues for young parents, her advice mimics many of the suggestions I give to clients who have minor children. She provides an option for parents who cannot decide on a guardian, links to the Mummy Manual (an example of […]
Sure, billionaires may have trusts for charitable gifting, inter-generational wealth transfer, and asset protection purposes, but for many families, trusts assist in more mundane circumstances, too. They can be useful tools for managing judicial awards or settlements from law suits. Leaving all assets outright to 18 year olds – even if these assets are not […]
Why on earth is she talking about prenups in an estate planning blog?! Well, estate planning and ante-nuptial agreements go hand in hand, especially in second marriages and legacy planning. The prenup sets the minimum expectations and ground rules upon which the newlyweds can do more for each other and each other’s families. Existing prenuptial […]
Many clients are familiar with the gift tax exclusion and understand that their small gifts (even to organizations that are not tax-exempt) will not be subject to gift tax. Where there tends to be confusion is around the concepts of what is a taxable gift and what is not, and valuation of the gift. These […]