New law changes affecting Minnesota LLCs

Starting January 1, 2018, all Minnesota limited liability companies (whether active now or to be formed in the future) will be subject to a new law, Chapter 322C of Minnesota Statutes, known as the Minnesota Revised Uniform Limited Liability Company Act. This law change impacts all owners of Minnesota LLCs but is particularly important to […]

Beware the GST tax when transferring assets to grandchildren

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. GST basics The GST tax is a flat, 40% tax on transfers to “skip persons,” including grandchildren, other family members more than a […]