Operating as a sole proprietorship or general partnership is the least complicated way to run a business, and many small businesses never move beyond that. But Minnesota businesses that go with the easy option may be missing out on some advantages: To separate the personal from the business. In the eyes of the law, a sole [...]
Did a close relative die and not leave a will? You will face some complexities, but you can get through them if you know the rules. How will the estate be distributed in the absence of a will? To start with, many assets aren't passed by will, such as: Life insurance proceeds. Real estate, bank [...]
As a trustee, you'll have to get to work within a month of when the grantor dies. There will be phone calls to make, information to gather and letters to write. Later, you'll be responsible for making good investment decisions, filing tax returns, transferring the ownership of real estate and more, requiring you to work [...]
A good estate plan helps to alleviate conflict in any family. Blended families--that is, spouses who have children from a previous relationship--may have additional concerns that should be discussed with an estate planning expert. Here are some basic tips: Figure Out Your Goals With family planning that includes stepchildren, some estate planning decisions may not [...]
If you're named the Personal Presentative (PR) in a will, you will be the one administering the deceased person's estate. This will require you to manage many things. You'll find that being a PR is a labor of love. It's about honoring the deceased and serving the heirs. The following list can give you an [...]
Are you considering getting a divorce? Do you have questions about the legal, financial, family and personal issues that are involved? If so, then Second Saturday may be for you. Second Saturday is a divorce workshop taught by a family law attorney, a financial professional and a counselor. These professionals will provide you with knowledge [...]
Given the dramatic rise in property values over the last several years in Southeastern Minnesota, your home has probably appreciated in value. However, there's a good chance that the profit from your home sale will not be taxable. Unmarried individuals can exclude up to $250,000 in profits from capital gains tax when they sell their [...]
A living trust, set up during your lifetime, is designed to allow for easy transfer of your assets. A trustee holds legal possession of the assets and property in your trust and has fiduciary duty to manage the trust prudently for the trust's beneficiaries. Most significantly, it lets you skip probate. Unlike a will, a [...]
Are you in an age-gap relationship? Five percent of first marriages and 20% of second marriages need a special focus on making both of your needs work. Financial matters for large age-gap retirement planning include retirement funding, Social Security planning and health care costs. Retirement planning. Imagine a scenario in which the older spouse is ready [...]
Estate planning is about defining and living out your legacy both during your lifetime and after you are gone. A well-drafted estate plan can give you peace of mind that the people and organizations you support are well cared for. Yet there are a lot of myths that still need debunking: Myth #1: Estate planning [...]
