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.
Are You Ready for Minnesota’s New Data Privacy Law?
The Minnesota Consumer Data Privacy Act (“MCDPA”) introduces new rights for consumers and new obligations for businesses – and it takes effect July 31, 2025. If your business handles personal information from Minnesota residents, now is the time to prepare. Can you respond to consumer requests under the new law? Are your opt-out tools in place? Have you updated your privacy notice?
Henson Efron family law attorney Melissa Nilsson is featured in the just released 2019 Women in Law Special Issue of Attorney at Law magazine. Melissa has expanded her practice to include services as a mediator and she is now offering the much needed services of drafting Qualified Domestic Relations Orders (QDROs) as a neutral under a flat-fee arrangement….
Henson Efron is pleased to announce attorney Alan Eidsness is a 2019 Minnesota Icon Award Recipient. As the leader of the firm’s award-winning family law group, Alan fosters an environment of excellence, professionalism, intellect, and compassion. The honorees share common characteristics like careers full of remarkable achievements, not to mention the keen ability to lead, succeed…
Celebrating 10 Consecutive Years! U.S. News & World Report and Best Lawyers® has named Henson Efron a 2020 Best Law Firm for the tenth year in a row. The list, released today, highlights seven Henson Efron practice areas in the Minneapolis metropolitan area rankings. Two new practice areas were ranked this year and two moved…
Henson Efron is pleased to announce attorney Scott Neilson has been named a 2019 AcritasStar™. The Acritas Stars™ database is a client-nominated list of stand-out lawyers in private practice. Nominations are submitted by senior in-house counsel in large national and international organizations. The goal of the database and resources offered by Acritas is to provide…
Henson Efron is thrilled to have attorneys Jeff Shea and Sarvesh Desai join the business law group, growing and strengthening our team and broadening our offerings. Jeff comes to us with over 30 years of real estate law experience dealing with all types of real estate issues and transactions for clients, large and small. His…
Is Your Rental Real Estate Activity Eligible for the Qualified Business Income (QBI) Deduction?
Scott Emery | Allison Plunkett
The Internal Revenue Service (IRS) has finalized guidance regarding rental real estate and whether that activity qualifies for treatment as a trade or business for purposes of the QBI deduction introduced with the Tax Cuts and Jobs Act of 2017. In this article, we explain the safe harbor recently provided in Revenue Procedure 2019-38. The…