In past articles for this column, we have talked about how to ‘keep the lake cabin in the family’. For this article I will compare the use of a cabin trust vs. a cabin LLC. It’s important to note that this article addresses only a single component of an estate plan. A cabin trust or cabin LLC is something that…
I handle a lot of landlord-tenant issues, predominantly from the perspective of the landlord. What’s becoming more of an issue I am encountering is questions regarding what to do with abandoned personal property that remains on the premises following the tenant vacating, either voluntarily or through an eviction. This article will help shed some light on this topic. For those…
Sometimes our procrastination gets the best of us. So many clients have said “we’ve been meaning to get our estate documents set up for YEARS.” For those of you that have made it to my office, cheers to you for checking that “to do” off your list. For those of you that still have it on your list, let’s talk…
Eryn Slagle, a senior at the University of Minnesota Duluth, assisted in the writing of this article. When starting and operating a small business, it’s important to adopt best practices that will help make your business successful, profitable, and to avoid conflict and disputes. In today’s article, we will cover Best Practices #7-12. Best Practice #7- Compliance is key to…
Eryn Slagle, a senior at the University of Minnesota, assisted in the writing of this article. When starting and operating a small business, it’s important to adopt best practices that will help make your business successful, profitable, and to avoid conflict and disputes. In today’s article, we will cover Best Practices #1-6, and in a later article, we will cover…
For most families, one of the goals of estate planning is to minimize future turmoil that may occur after they pass away by addressing how their assets and estate will be settled upon their death. It is often very helpful to have mom and dad make those hard decisions now and not leave a mess for kids to cleanup. Even…
Minnesota Governor Tim Walz recently proposed a budget for 2022-2023 with the goal of raising revenue and providing relief to those most impacted by the COVID-19 pandemic, calling it ‘Minnesota’s COVID-19 Recovery Budget. The budget calls for an increase in several taxes, and, specifically, a decrease in the Minnesota estate tax exemption from $3.0 million to $2.7 million. Estate taxes,…
Short term rentals are becoming more commonplace. If you plan on renting your own home, there are several things to consider. Make sure you review any recorded covenants before you rent. Do they regulate rentals and how can rules be amended are issues that one should know before making any decision about renting your home. More neighborhoods are adopting restrictions…
We work with lots of clients to set up limited liability companies (LLCs) and corporations (s-corps and c-corps). The legal and filing requirements to establish a new entity are fairly straightforward, and one of the first steps is to file Articles with the Minnesota Secretary of State to register an entity. When a client creates a new business entity, they…
As you prepare for tax season and end of year planning, it’s also time to complete your annual renewal for your business entity with the Minnesota Secretary of State. Annual renewals are required for corporations, limited liability companies, non-profit corporations, cooperatives, and limited/limited liability partnerships. An annual renewal is also required for assumed names and foreign registrations for out-of-state entities.…