Minnesota enacted significant revisions to its guardianship statutes in 2024 and 2025. These changes directly impact guardians – who now face greater potential personal liability – as well as individuals subject to guardianships.
Key Tax Changes Under the One Big Beautiful Bill Act (OBBBA)
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) became law as President Trump penned the final required signature. The OBBBA extends several provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and includes other changes affecting the taxes of individuals and businesses. Below are summaries of selected tax law provisions.
Minnesota Adopts Changes to Trust and Estate Law, Including 500-Year Dynasty Trusts
In May 2025, substantial amendments to Minnesota’s trust and estate statutes were enacted. Some of these changes include changes to the Uniform Trust Code, the Uniform Probate Code, the Power of Appointment Act, and to modernize Minnesota’s statutory Rule Against Perpetuities. These revisions update the legal framework governing trusts and estates in Minnesota and enhance planning opportunities for multi-generation estate planning.
Capital Gains & Stepped-Up Basis: What Does That Mean for My Estate Plan?
Christopher Burns | Scott Emery
With retail investors gaining momentum and real estate values continuing to rise, many are seeking advice on capital gains taxes. Understanding key strategies like the “step-up in basis” can help reduce tax burdens for heirs.
2024 changes in Minnesota Marriage Law – Antenuptial Agreements
Lisa Spencer
August 1, 2024, will usher in significant new changes to Minnesota law related to Antenuptial Agreements, reshaping the landscape for enforcement of Agreements signed after August 1, 2024.
Seize the Opportunity: Expert Guidance Essential as Estate Tax Exemption Sunset Approaches
Christopher Burns | Scott Emery | Brigitt Orfield
The current federal estate and gift tax exemption amounts are scheduled to be more than cut in half from in excess of $14,000,000 to less than $7,000,000 due to the sunsetting of tax breaks on December 31, 2025. For high-net-worth individuals, the time to plan for these changes is now. Partnering with a skilled estate planning team is crucial to navigate these changes effectively.
FTC Rule Bans Noncompete Agreements: What Employers and Employees Need to Know
Benjamin Hamborg | Eric Friske
On April 23, 2024, the Federal Trade Commission (FTC) issued a final rule that will significantly impact the use of noncompete agreements in the United States. As an employer or employee, it is crucial to understand how these changes may affect you and your organization.
Understanding Liquidated Damages Clauses: Insights from Lagoon Partners Case
Benjamin Hamborg | Dylan Wallace
Liquidated damages clauses are often included in a variety of commonplace contracts, such as employment agreements, non-solicitation and nondisclosure agreements, and even lease agreements.
Legal Readiness for College-Bound Teens: What Parents Need to Know
Christopher Burns | Brigitt Orfield
Editor’s Note, May 2025: While originally published in 2024, the guidance below remains current. With graduation season in full swing, now is a great time to revisit these legal and financial considerations for your college-bound student. As the proud parents of new high school graduates, you are likely filled with excitement and busy with graduation…