LEGAL UPDATES

Provide for your spouse, then your kids, with a QTIP trust

If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern…

Four estate planning techniques for blended families

Today, it’s not unusual for a family to include children from prior marriages. These “blended” families can create estate planning complications that may lead to challenges in the courts after your death. Fortunately, you…

What estate planning strategies are available for non-U.S. citizens?

Non-U.S. citizens in the United States face some estate planning challenges when it comes to taxes. If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen,…

Settlement Reached in Class Action Lawsuit Regarding Tip Pooling

In March 2018, the Hennepin County District Court approved a settlement in a class action lawsuit against Surly Brewing Company in Minneapolis. The settlement is noteworthy not only because of its size – $2.5…

A total return unitrust can help maintain family harmony

A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder beneficiaries can leave lifetime beneficiaries with little or no annual…

Apply for a waiver if you’ve missed the 60-day IRA rollover deadline

IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, your children or other…

Don’t overlook securities laws when planning your estate

For a variety of estate planning and asset management purposes, many affluent families hold their assets in trusts, family investment vehicles or charitable foundations. If assets held in this manner include interests in hedge…

The Law of Unintended Consequences: Bar and Retail Store Owners Continue to Grapple with the Effects of Equality Legislation

(The following article was published in the Spring 2018 issue of Proof, a magazine published by the Minnesota Licensed Beverage Association) Lawmakers and business owners do not always see eye to eye when it…

Power of attorney abuse: What you can do about it

A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable estate planning tool. The main disadvantage is that it’s…

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