– 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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Valuation Discounts For business owners who intend to make lifetime transfers of part of their closely-held entity interests to their descendants, there is a vanishing opportunity for discount planning over the next few months. The IRS, in Prop. Treas. Reg. §25.2704 issued August 2, 2016, is implementing further restrictions that...
“[L]et us resolve to continue embodying the American spirit that no act of terror can ever extinguish.” President Barack Obama, Sept. 10, 2015 It has, remarkably, been 15 years since the horrific terrorist attacks of Sept. 11, 2001. Claiming nearly 3,000 lives, the terrorism changed the country and the world...
It is common practice for landlords to screen prospective tenants, and many associations require owners to conduct background checks before leasing units in common interest communities. Credit reporting agencies offer inexpensive tenant screening services that compile credit information, residential history, employment history, and public information regarding judgments, bankruptcies, evictions and...
The Who, When, and What of Ensuring Your Company is Compliant In April 2014, Minnesota joined several other states in adopting a version of the Uniform Revised Limited Liability Company Act (the “Revised Act”). The Revised Act, although not fundamentally altering the nature of Minnesota LLCs, represents a substantial overhaul...
After 32 years, Chief Bankruptcy Judge Gregory F. Kishel is retiring on May 31, 2016. He started as a parttime Bankruptcy Judge in May 1984 serving in Duluth, Minnesota. He was appointed to a full-time bankruptcy judgeship in St. Paul in 1986. It was a period of transition and turmoil....
Share Certificates and Estate Planning, Monthly Fees and Carrying Charges, and Occupancy Agreements Share Certificates and Estate Planning Q: Most cooperative bylaws prohibit anyone who is not a member from serving on the board of directors. But a growing number of cooperative members are altering the ownership of their share...
“Birds sit brooding in the snow.” W. Shakespeare, Love’s Labour’s Lost Vii (1595) This is the time of year when snowbirds flock back to Minnesota. While there is no precise figure of Minnesotans who migrate to more balmy climates during the late fall and winter before returning to their Minnesota...
One of the reasons many people choose to live in a community association is the aesthetic appeal—home styles are complementary, with similar features, perhaps similar colors and/or layouts. In order to maintain that aesthetic uniformity, the Association must be involved in any planned changes to a home’s exterior or to...
As we approach spring and look forward to the annual spring walk-through and start planning maintenance, repair and replacement projects for the coming year, boards and managers will be faced with a number of decisions, as well as bids and proposals from various vendors and contractors. How do you...
Several years ago, as bank financing dried up and job lay-offs increased, more and more individuals turned to using their traditional or rollover IRAs for capital investment in a business or real estate. However, the rules for making those self-directed investments have been difficult to follow and it has been...