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June 2016 Archives

Estate planning has a special role re: family-owned businesses

The family-owned business is an entity that is estimated to account for 60 percent of all employment in the United States, including in Minnesota. Despite their successful track record, most of these enterprises don't make it past the third generation, at which time they usually sell the business to an outsider. These entities require estate planning to protect all pertinent family members and assure a successful transition from generation to generation.

Business formation requires a fact-specific inquiry

Minnesota recognizes business entities that are similar to those that are established in all of the other states. These are known as corporations, partnerships, limited liability companies (LLCs) and limited partnerships. There is also the simplest of all business structures, which is called the sole proprietorship, a business owned and operated by one person. Business formation is something that is done in the initial stages of determining how the legal and financial characteristics of the company will best be served.

Estate planning adds confidence and eliminates the worries

If one could interview a team of estate planning lawyers and financial advisers in Minnesota, what follows are some of the broad, initial themes that they might express about the importance of making an estate plan. First, consider that there are different types of persons who make an estate plan. Some of them are hard wired to flee the process due to an aversion to all things pertaining to death and dying. Others may aggressively attack the estate planning process with the youthful enthusiasm of taking on an exciting new project. Most people may be found between the two extremes.

Estate planning can be for life planning as well as for death

In Minnesota and elsewhere, making plans for the end of one's life is something that people tend to put off, sometimes indefinitely. That represents a poor way to plan for the distribution of assets at death, and it sets an even poorer example of how one should organize his or her financial affairs during life. Good estate planning may be associated with a successful pattern of investing and a healthy financial level of achievement in life.

Department of Labor Issues Final Overtime Rule

The Department of Labor ("DOL") published its final rule updating the overtime regulations of the Fair Labor Standards Act ("FLSA"). The significantly increases the minimum salary an employee must be paid in order to be exempt from receiving overtime, and is estimated to affect over 4 million workers. The effective date of the final rule is December 1, 2016.

Estate planning team evaluates an effective strategy for assets

Estate planning goes hand in hand with being a small or medium sized business owner. Whatever the business legal structure at hand, the need to effectively handle one's business assets remains always an important task. Estate planning in Minnesota and elsewhere attempts to maximize the use of a person's assets and to distribute them as he or she wishes. With a business owner, the same goals exist, but the needs of the business will often add factors to be evaluated.

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Dunlap & Seeger, P.A.
30 3rd Street SE
Rochester, MN 55904

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