Family cabins, whether lakeside, hunting, or recreational, abound throughout Minnesota. The most common way ownership of the family cabin is transferred to the next generation is by the provisions of a decedent’s will or by a simple deed transfer. In either event, the next generation holds ownership together, typically in a tenants-in-common relationship, but no . . .
If you own an interest in a closely held business, whether a collision repair shop, brewery, restaurant, manufacturer, distributor or contractor, no matter the industry, it’s critical to have a well-designed, properly funded buy-sell agreement. It provides a business’s owners and their families with valuable protection and assures continuity in the business. THE RISKS The . . .
If selling or gifting an interest in family-owned businesses or entities is part of your long-term estate/tax plan, the window may be closing on the use of valuation discounts as part of that strategy. Today, when gifting minority interests in family businesses or entities, using valuation discounts for lack of control and lack of marketability . . .