LEGAL UPDATES

Family matters: Estate planning considerations if you have adopted children or unadopted stepchildren

If you have adopted children or unadopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Adopted children Adopted children are placed on an equal footing with…

A win-win proposition: A CRT can benefit you and your favorite charity

Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your…

Avoid pitfalls when splitting gifts with your spouse

The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000…

Business succession and estate planning: It can be complicated

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully,…

Minnesota Supreme Court issues major decision regarding sexual harassment

On June 3, 2020, the Minnesota Supreme Court issued a much-awaited opinion concerning sexual harassment law. The court reaffirmed cases holding that sexually harassing behavior must be “severe or pervasive” in order to state…

Should you “park” your vehicle in a living trust?

Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage one’s assets during life and to avoid probate at death. For the trust…

COVID-19 Insurance and Liability Questions

1. Are there any new insurance policies or endorsements available that would protect business owners against claims made by patrons, guests, or employees alleging exposure to and/or infection of the virus at their properties?…

Looking for a trust that can also act as a financial backup plan? Consider a SLAT

Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the trust’s assets. In other…

Traps and Provisions of PPP Loan Forgiveness Program

On May 19, Tim Ring joined Rick Ormsby and Derek Ball of Unbridled Capital as a guest on a webinar discussing the traps and provisions of the PPP loan forgiveness program. See the presentation accompanying…

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