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 Many of these homes are outdated and unappealing to Millennials and Gen Xers, who comprise 61% of all buyers and more than 80% of first-time […]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. […]
Unfortunately, too many recent newsletters have focused on the death of musical legends. This month left us with another untimely death. Prince, whose legal name was Prince Rogers Nelson, died on April 21st at his Paisley Park recording studio and home in Chanhassen, Minnesota. As unbelievable as it may seem, according to his sister, Tyka […]
Owners of family businesses often find themselves in a dilemma over how to treat their adult children fairly when one or more is interested and capable of taking over the business and the other adult children are not. Certainly, the owners are not about to turn over their life’s work to anyone (their closest kin […]
Many insured’s are confused and angered when the premiums of their “vanishing premium” life insurance policy, either don’t vanish or reappear at a later date. If the policy was promoted and sold on a “vanishing premium” basis they ask, then “why am I still writing checks?” The answer is very simple though not always properly […]
A popular saying goes “bad planning on your part does not constitute an emergency on my part.” Estate planners cannot rely on such platitudes. It is our job to fix bad planning especially in emergency situations which often involve quickly revoking one or all prior estate planning documents. This article provides guidance on revoking the […]
The phrase “control from the grave” is often used to describe withdrawal limitations on an individual’s inheritance. These provisions direct or require a beneficiary to reach certain benchmarks before a trustee can permit a withdrawal. While some grantors (the creator of the trust) may be motivated by control, simpler withdrawal limitations can provide significant asset […]