The most important of the estate planning documents in Minnesota are very much like the most important documents in other states. The important concepts and practices of estate planning thus represent a fairly uniform body of law nationwide. It is highly beneficial in several respects for an individual to go through the process and have the most useful instruments drawn up to cover his or her particular needs and wishes.
Biggest estate plan error is not having one
The word "estate" can be a tricky one for people to get their head around -- perhaps especially in Minnesota. The vast majority of hard working individuals probably don't think of their single family home or apartment, or other personal treasure, as an estate. But by strict definition an estate is more broadly framed. It means the net worth of a person at any given point in time. And it doesn't matter if you are alive or dead.
Treasury's new tax rules could have far-reaching implications
There's still a certain amount of reeling going on in the wake of the decision by Pfizer and Allergan to scrub their merger and acquisition plans. Anyone who is tuned into the business news of the day knows that the $160 billion sale of Pfizer to Allergan got shelved because new rules issued by the U.S. Treasury Department left the latter essentially too small to invert.
Putting our trusts in names of pets comes late to Minnesota
Some readers may remember the headlines when hotelier Leona Helmsley died and famously made her dog, Trouble, heir to a $12 million trust fund. That's something that loving pet owners in Minnesota can't do as part of their appropriate estate planning right now, but that could soon change.
What goes into an LLC operating agreement?
Growth spurts aren't always fun. Just ask any teenager going through one. It can mean some achy joints and some embarrassing gawkiness. But we think most everyone would agree that the metamorphosis is usually one that is for the better.
Integrating business succession and estate plans
In our last post we attempted to emphasize the importance of undertaking succession planning early in the life cycle of a newly launched business. For the sake of the company's ongoing success, it is wise to know when the reins will be handed over and to whom.
