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May 2016 Archives

Estate planning is important for saving time and money

Minnesota and the rest of the world is still grappling with the question of how a serious pop star like Prince could have gone without preparing a will. The failure to do so was out of keeping with his meticulous attention to the legal details that defined his professional pursuits. At the least, this serious oversight by the performer has taught others some significant points about the importance of estate planning.

Key elements of retirement planning

Workers of all ages can benefit from sound retirement planning. The sooner you get started, the more you can allow time - and interest - to work on your behalf. While everyone's retirement goals are unique, the following general tips can get you started on the path to a retirement free from nagging concerns over money and the future.

New business formation includes detailed legal and tax analysis

Choosing a business entity in Minnesota for a new business venture is usually a crucial decision that can have long-lasting effects. Because the structure chosen for a new business is in fact important, it should be done with the advice of one's business attorney and a tax advisor. Business formation is the setting of the legal and financial foundation for the venture in such a way that the business and its owners will have the fullest advantage of legal benefits that may be available, both in the short and long terms.  

Estate planning needs attention to choice of representatives

One of the biggest challenges in Minnesota and elsewhere that people sometimes encounter is finding the right person to appoint as the personal representative of one's estate and for designation as one's power of attorney. Finding the right family member or friend may be difficult because the appointment should generally be of someone younger who will more likely be available to do it when the time comes. Good estate planning should also include providing sufficient information and guidance to the representatives who will handle these matters.

Prince???s estate in chaos due to no estate planning

Pop star Prince, a native and resident of Minnesota, died without a will, leaving a question mark around several issues that may cloud the distribution of his assets. The estate may be as high as $500 million, but that number increases by virtue of continuing music sales. The court appointed a special administrator to operate the estate, which is one of the first ways in which his failure to conduct estate planning has backfired into an expensive drain on the assets.

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Rochester, MN 55904

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