Effective July 1, 2019, Minnesota employers are subject to several new record-keeping and notice requirements. This law amends existing state labor laws and provides for new wage and hour requirements, protections and sanctions.
It could be time to update your estate plan
Considering the constantly changing nature of Minnesota and federal tax laws, it could be time to revisit your estate plan. In fact, even in the absence of major overhauls, such as the new tax bill that is going into effect, it may be a good idea to adopt a regular schedule for the review and revision of your plans for the future.
Use caution when naming an estate administrator
When it comes time to organize your estate and get your affairs in order, there are several items that you may want to consider. One critical element of the estate planning process involves appointing an estate administrator. This person will oversee the affairs of your estate after you pass. Not only is it important that you choose a person that is honest and trustworthy, but you want to select someone who has the time to handle your estate in a thorough manner. By understanding the estate administrator’s role, you can be sure to choose the right person for the job.
Financial uncertainty and your estate plan
When it comes to estate planning, there is a myriad of factors to take into consideration. On the one hand, creating an estate plan (or making certain changes to an estate plan when necessary) can provide a great deal of security and allow people to rest easier at night knowing that the future of their estate is protected. On the other hand, people may experience financial uncertainty for any number of reasons, whether their job is lost, they face major expenses due to an unforeseen health crisis or they break up with their spouse. This uncertainty can carry over into one’s estate plan and it is important to address these challenges appropriately.
Considering the potential of buying out another company
For business owners in Minnesota, the prospect of buying out an existing company and recreating organizational processes to match their initiative is both an exciting and risky decision. While the sheer weight of such a critical decision can be enough to turn some away, those who follow through with their idea may realize incredible opportunity if they implement the right strategies from the onset of their quest to buy out another company.
