– Legal Insights –
This article is the second in a series about changes in the MCIOA. In this series of articles, we are analyzing the different provisions of SF 1750, which made numerous changes to the Minnesota Common Interest Ownership Act (“MCIOA”). With the exception of a few changes in definitions, which were...
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1. Who decides if I am entitled to disability benefits? The benefit plan document provides all the eligibility requirements and is the governing document. The plan document should also state who makes decisions regarding your benefits. That person or entity is known as a fiduciary, and is typically an employer...
The announcement last month by Cargill that it is changing its policy prohibiting employees from reapplying for work with the agriculturally franchised and industrial giant for 30 days, instead of 180 days, if they are discharged for attendance reasons, highlights the issue of companies refusing to hire former workers. The...
Please Note: This material has been prepared as a guide for financial planners for discussion regarding the NEW MINNESOTA TRUST CODE with their clients. This guide is not intended as legal advice. Each client is advised to consult directly with financial, tax and legal counsel on their individual financial and...
Minnesota and the nation pause this Monday (Jan. 18) to honor the memory of Dr. Martin Luther King, on the 30th anniversary of the day set aside to commemorate his life and work. The civil rights leader, born on January 15, 1929, would have turned 87 years old last week....
On January 1, 2016 Minnesota’s version of the Uniform Trust Code became effective, bringing with it significant changes to the drafting and administration of trusts in Minnesota. Before we begin our discussion, let’s define what we mean by a “trust.” A trust is a three-party agreement between the maker (referred...
Claims Process 102 In my first article I described rules that insured property owners must abide by for a successful claim. In this article I will address rules that insurance companies must follow. Many of these rules are imposed by state law. State law writes part of an insurance policy.[1]...
Directed Trust Introduction. While Section 807 clarifies the trustee’s ability to delegate duties and powers to an agent, Section 808 introduces a new concept to Minnesota law: the “directed trust.” In a directed trust, the trustee is required to follow the direction of an “investment trust advisor,” a “distribution trust...
The recent Tax Court opinion in Parks v. Commissioner[1] has put the non-profit community on alert of the possible pitfalls involved with lobbying efforts by non-profit organizations. The case highlights the extensive rules and regulations that govern lobbying and political activities by non-profits. In addition, there are different rules depending...
Decanting Introduction. Decanting is a concept derived from its traditional meaning of pouring a liquid from one container to another. For trusts, the statute introduces a new concept that will allow trust assets to be transferred from one trust to another. Technically it is referred to as the exercise of...
Claims Process 101 Property owners that make their first insurance claim often feel overwhelmed by the process. This article is the first in a series which is intended to give an overview of the process. In my first installment, I will summarize important obligations property owners hold during the claims...