The Setting Every Community Up for Retirement Act ( also known as the Secure Act) became law on December 20, 2019, and went into effect in 2020. More recently, Congress enacted the SECURE 2.0 Act, with some of the provisions having already taken effect as of January 1, 2023. The SECURE Act and SECURE 2.0...

Estate planning is a crucial aspect of financial management that often gets overlooked until it’s too late (nobody likes to think about their own mortality). It involves creating a plan for the management and distribution of your wealth during your lifetime and after your death. Proper estate planning also ensures that your loved ones are...

  Introduction So, you’ve been nominated as a Personal Representative of someone’s estate. Chances are that the estate you’ve been asked to administer belongs to one of your parents. You, as the most responsible (or physically closest) child, want to honor the decedent’s wishes and fairly administer the estate. Do you accept or decline the...

Farming isn’t just a business, it’s a commitment to family values and a different way of life. You work hard to feed your family and others, raise your children, and earn a reasonable living at the same time. And if you’re reading this article, chances are that you’re a farmer and you know this better...

With the federal estate tax exemption currently at $11.58 million for individuals ($23.16 Million for married couples) and the Minnesota estate tax exemption at $3 million, non-tax considerations generally prevail when selecting a particular trust arrangement for the transfer of wealth from one generation to the next. However, income taxation is still an important and...

The amount of personal and financial information stored and communicated electronically on a daily basis in United States is staggering. This trend will only increase as new technologies develop and integrate into mainstream society. As a result, legislatures are making data privacy and cybersecurity laws a higher priority. Although there is no unified federal law...

Most people have never heard of Minnesota’s laws of intestate succession. Those who have heard of intestate succession probably don’t know exactly how it works. In essence, the laws of intestate function as a default, statutory will, determining how your property will be distributed if you die without having first created a valid will. The...