Most people know that there is a deduction allowed for the amounts you pay to have your taxes prepared by a professional. Does that same rule apply to fees paid to an attorney to plan your estate? The answer is not as straight forward as you might think it should be. The tax law provides […]
As an increasing amount of our information and assets is stored online or in cloud-based services, access to such content is at the forefront of succession and estate planning. While service providers encourage us to store our family pictures, music collections and stock certificates electronically, access to those items for our loved ones becomes more […]
There are two basic types of life insurance: term and permanent. The fundamental difference is right there in the name: Term life insurance is only in force during a set period or “term,” while permanent life insurance is yours for your entire life. So why doesn’t everyone just get permanent? Because it’s much more expensive […]
According to a report by the Association of Certified Fraud Examiners, which is the largest global anti-fraud agency, small businesses constitute 31.8 percent of all fraud-related cases reported per year. This is a significantly higher percentage than for larger businesses. The losses for a small business are also amplified due to their relative size and […]
This article discusses some of the legal documents that can assist in planning for the physical care of a minor child in the event of a parent’s death or incapacity. Minnesota law provides that a parent may appoint a guardian over a minor child by will, designation of standby guardian, or certain other signed writings […]
Are you a Fiduciary? This is the one question you should be asking whoever is offering you financial advice on any sort of investment product. So, what exactly is a Fiduciary and why is it so important? It’s simple, a Fiduciary is legally obligated to serve their client’s best interest. Most people are shocked to […]
The Problem There is a great divide in the current real estate market caused by the large percentage of homes being sold by baby-boomers and older generations or their heirs. Many of these homes are outdated and unappealing to Millennials and Gen Xers, who comprise 61% of all buyers and more than 80% of first-time […]
Recently we have been meeting with many of our clients to discuss operational results for the first half of the year. Generally speaking, business is up from last year for my clients. As a result, people are starting to think about the higher tax bill they are likely to encounter. With higher tax bills looming […]
“Close” counts with horseshoes and hand grenades. Unfortunately, it doesn’t count for entitlement to deduct a charitable contribution, once the amount claimed exceeds a trigger point. When that happens, the taxpayer’s own records – no matter how convincing – won’t suffice. There has to be an acknowledgement from the charity itself that follows the law […]
Starting August 1, 2016, the amounts available under the Minnesota Probate Code (Minn. Stat. Ch. 524) for a number of issues will be adjusted for the first time in more than 25 years. These issues include the family allowance, collection of personal property by affidavit, and spousal intestate share with children from a previous relationship. […]
Until recently, Minnesota was one of the few remaining states that did not allow for a trust to be created for the benefit of animal. However, this past legislative session H.F. No. 1372 was signed into law by Governor Dayton, which includes the statute to allow for the creation of a “pet trust.” Under Minn. […]