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Beneficiary Responsibility for Estate Tax Liability
By: Scott Emery
| November 16, 2021
Taxes
The role of personal representative of an estate includes numerous responsibilities, which include inventorying assets of the estate, identifying liabilities, and paying debts. Generally, the personal representative will make distributions to beneficiaries in accordance with their interest after the satisfaction of all obligations of an estate. However, it is not uncommon for a beneficiary to […]
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#FreeBritney: Recent Changes To Minnesota Law Seeks To Avoid “Toxic” Conservatorships and Guardianships
By: Eric Friske
, Maria Plese
| July 15, 2021
After a series of highly publicized incidents in 2007 and 2008, Britney Spears was involuntarily committed to a psychiatric ward for several days and later placed under the protection of a California conservatorship, which appointed her father as a conservator of “her person” and “her estate,” authorizing him to manage her financial affairs and make […]
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President Biden Encourages Limits on Non-Compete Agreements in Executive Order
By: Benjamin (Ben) Hamborg
, Eric Friske
| July 13, 2021
Non-Compete Agreements
On July 9, 2021, President Biden issued an executive order that has the potential to significantly impact the ability of Minnesota businesses to utilize and enforce non-compete agreements. According to a White House Fact Sheet issued in conjunction with the order, the purpose of President Biden’s Executive Order on Promoting Competition in the American Economy […]
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What Employers Should Know About COVID-19 Vaccinations
By: John Bisanz, Jr.
, Eric Friske
| June 22, 2021
Coronavirus
According to the Centers for Disease Control and Prevention (“CDC”), approximately 50% of Americans over the age of 12 have received one dose of the COVID-19 vaccine.1 The CDC recently issued guidance that “fully vaccinated” people no longer need to wear face coverings and may resume normal activities without physically distancing, “except where required by […]
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Don't Let a Simple Plan Get In The Way of Properly Insuring Your Home
By: Christopher Burns
, Lloyd Stern
, Maria Plese
| June 15, 2021
Available to Minnesota residents since 2008, Transfer on Death Deeds (often referred to by the acronym, TODDs) are an estate planning tool used by many and may allow real property owners to effectively avoid a probate court proceeding without transferring the property through other means. In general terms, a TODD is a form of deed […]
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Reverse Section 1031 Exchanges
By: Scott Emery
, Jeffrey (Jeff) Shea
| May 11, 2021
The Tax Cuts and Jobs Act (TCJA), P.L. 115-97, changed the law regarding what items of property are eligible for like-kind exchanges. Subject to certain specific exceptions, exchanges of personal or intangible property such as machinery, equipment, patents, and other intangible property no longer qualify for the nonrecognition of gain or loss afforded to like-kind exchanges. […]
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