– Legal Insights –
If you are expecting an inheritance, an estate planning tool known as a trust may prove useful, depending on your circumstances. Among the numerous types of trusts aimed at fulfilling different estate planning purposes, an inheritor’s trust is specially designed to help protect an inheritance. Purpose of an Inheritor’s Trust...
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One of the advantages of working in a large firm is having resources at my fingertips that are well known and reliable referrals for my clients. I also have the advantage of having more than 25 years of experience practicing family law, which means if I do not have an...
The value of farmland has increased significantly over the last couple of years across Minnesota and the rest of the upper Midwest. This increase in the value has a significant impact on farm succession plans and should be taken into consideration when these plans are evaluated. With the increase in...
If you are reading this, you are probably a Supplemental Nutrition Assistance Program (SNAP) retailer who has recently received a Charge Letter from the United States Department of Agriculture (USDA). In Part 1 of this series, I briefly talked about what a Charge Letter is. I address what to do...
Many farm families choose to use business entities for their farmland and farm operations. They may do this for liability protection and succession planning. When using entities, it is important to follow the Minnesota corporate farm laws found in Minnesota Statute Section 500.24. Generally, the statute prohibits operating a farm...
A “trademark” can be any word, name, symbol, or device, or any combination thereof *used by a person (or entity), to identify and distinguish goods or services from those manufactured or sold by others, and to indicate the source of goods or services. (For purposes of this discussion, “trademark” will...
Your FENE will most likely be conducted by one individual, either an attorney with divorce experience or a financial professional such as an accountant. This person will have knowledge of the law and how assets and income are viewed by the courts and judges in determining a division of marital...
Financial powers of attorney are an important estate plan document and recommended for almost all estate plans, but there are some limitations with these documents. From my conversations with clients and their families, the following are some of the limitations that I find are good to know about ahead of...
The decision to amend a community association’s governing documents begins with an understanding of the community association and its governing documents; progresses through the formulation of goals for any new documents, identified based on weaknesses in or issues with the existing governing documents; and ends with an understanding of the...
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off their debt. Most Americans have some type of...
An “F-reorganization” is a type of entity reorganization done primarily for tax purposes. It is a type of tax-free change under the IRS Code typically including a change in identity (i.e. name), or form of entity (LLC into a corporation). In order to realize the tax-free advantages, six requirements (set...