Thought Leadership

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.

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.

Understanding the rights and responsibilities under Minnesota law is crucial for both sellers and buyers to avoid costly real estate disputes. A seller’s failure to disclose known problems – or a buyer’s failure to fully understand what’s been disclosed – can lead to significant consequences.

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?

Minnesota’s Earned Sick and Safe Time (ESST) law went into effect on January 1, 2024. The Minnesota Department of Labor and Industry recently proposed new rules regarding ESST that are intended to provide additional guidance to both employers and employees regarding the application of the ESST law.

With 2025 underway, several key tax updates may impact estate and gift planning. The federal estate and gift tax exemption remains at a historic high but is set to decrease after December 31, 2025, making this a critical year for planning. Below are some important changes to keep in mind.

On December 26, 2024, the United States Court of Appeals for the Fifth Circuit vacated the stay of the preliminary injunction and once again enjoined enforcement of the reporting rule and the CTA “in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments.”

On January 1, 2025, a significant shift in Minnesota’s employment landscape will take place with the implementation of a new pay transparency law. Under this statute, employers will be required to disclose salary ranges or fixed pay rates in all job postings. This new mandate, part of the broader Omnibus Labor and Industry Policy Bill signed into law in May 2024 by Governor Walz, will be codified at Minn. Stat. § 181.173.

How real estate is titled is sometimes overlooked when an individual completes their estate plan. If a Transfer on Death Deed (“TODD”) is a part of your estate plan, we strongly recommend confirming that your property casualty insurance provider is aware of the TODD and has agreed (in writing) to provide coverage upon your death.

The FTC final rule banning most employee noncompete agreements and requiring employers to notify certain workers that these agreements will no longer be enforced has been overturned.

Newly enacted Minnesota employment laws have substantially enhanced the remedies available to workers who have been misclassified by their employers, including the imposition of civil penalties and damages.

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.

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.

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.

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. 

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.

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…

Important Update: On December 4, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), citing that the CTA and its reporting requirements are likely unconstitutional. Read our most recent article on the subject here.   Starting January 1, 2024, the…

The Paycheck Protection Program (PPP), established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, served as a vital lifeline for countless small businesses, individuals, and nonprofit organizations during the COVID-19 pandemic. With a staggering $813.7 billion allocated to the program, it offered essential financial assistance to those impacted by the global crisis. However,…

On May 16, 2023, Minnesota passed a law banning non-compete agreements in employment contracts, echoing similar measures adopted in other states limiting such restrictive covenants. Although generally broad in scope, the ban, slated to take effect on July 1, 2023, does not extend to non-competition provisions associated with the sale of a business, well-crafted customer…

On January 5, 2023, the Federal Trade Commission (FTC) proposed a new rule that would ban the use of noncompete clauses in employment contracts. A public forum will be held on February 16, 2023, examining the proposed rule, which will serve as a supplement to the FTC’s prior request for members of the public to…

Congratulations, proud moms and dads of new grads! As the summer comes to a close, be sure to add these other important preparations to your to-do list: Statutory Short Form Power of Attorney, Health Care Directive, and Digital Property Authorization These legal documents are not just for “grown-ups” anymore. Having your adult children sign statutory…

The holiday season is fast approaching and for many that means welcoming recent graduates back home for the holiday break. Amidst all the festivities, take some time to put a few things in order before your child returns to college or living on their own. This will help put your mind at ease when you’re…

Prince Rogers Nelson “Prince” died in April 2016 at the age of 57 leaving behind an estate with an appraised value obtained by the estate’s administrators of $82.3 million vs. a $163.2 million appraisal by the Internal Revenue Service (IRS). Now, not quite six years later, the estate has finally settled a long running dispute…

Every business owner knows that clarity of purpose is essential for a company to be successful. Knowing and articulating why you do what you do enables management and staff to collaborate, innovate, and find new and better ways to conduct business.

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…

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…

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…

Increased standards of living and medical advances in our country over recent decades have resulted in greatly increased life expectancies. Unfortunately, with these additional years comes the increased risk that a substantial number of us will suffer from some form of dementia-related illness or memory loss. It is now estimated that 5.8 million Americans are…

This article was original published on March 31, 2020, and most recently updated on July 6, 2020, to reflect legislative changes and guidance. President Trump recently signed legislation extending the deadline to apply for Paycheck Protection Program loans from June 30, 2020, until August 8, 2020. However, this article will focus on the rules and…

After passage on Thursday by the U.S. House of Representatives, today President Trump signed into law the “Paycheck Protection Program and Health Care Enhancement Act” (PPPHCE Act). This legislation provides for $484 billion of funding for the Paycheck Protection Program (PPP), for health care and enhanced COVID-19 testing, and for the Small Business Administration’s (SBA)…

The devastating economic impact of social-distancing and stay-in-place orders has resulted in a wave of commercial, industrial, and residential tenants struggling or outright failing to meet rent obligations. In April nearly one-third of tenants failed to timely pay rent, a number that is only expected to increase as government stay-in-place orders continue and businesses struggle…

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. The CARES Act includes a range of provisions intended to provide financial relief to individuals, families, and businesses in response to the economic fall-out of the coronavirus pandemic. A key component of the Act, designed to incentivize…

As coronavirus-related quarantines, government shutdowns, and widespread layoffs bring the world economy to a halt, some businesses may be unable to meet their existing contractual obligations, and others may be stuck with contracts that no longer serve any purpose. To survive in this rapidly changing and uncertain environment, business owners and executives need to understand…

As the world navigates the onset of Coronavirus (COVID-19) and volatile financial markets, it is understandable to be anxious about the uncertainty that lies ahead. During this difficult time, the Henson Efron Estate Planning team is here to help you get peace of mind that your affairs are in order and you are prepared for…

On March 25, 2020, Governor Walz issued Emergency Executive Order 20-20 directing most residents of the State of Minnesota to “stay at home or their place of residence” beginning March 27, 2020, at 11:59 pm through April 10, 2020, at 5:00 pm. Many of our family law clients have asked how the “stay at home” order…

Insurance policies contain countless provisions that provide or exclude coverage for events that most people would never anticipate. The current coronavirus (COVID-19) pandemic is one of those unanticipated events, and businesses are advised to carefully review their insurance policies for possible coverage. As the coronavirus pandemic spreads across the world, the disease outbreak has disrupted…

To paraphrase an old adage, nothing is certain in life but death and taxes. Yet, despite this universal truth, fewer than half of American adults have taken the time to prepare an estate plan*. For most people, estate planning is easily placed on the back burner. After all, why think about becoming incapacitated or, worse…

On December 20th, the SECURE Act – Setting Every Community Up for Retirement Enhancement Act of 2019 – was signed into law. The new legislation, which took effect January 1, 2020, brings significant changes to account holders and beneficiaries of individual retirement accounts (Traditional and Roth IRAs) and employer-sponsored retirement plans.

Copyright Registration is Mandatory, Prior to Filing an Infringement Suit A recent ruling by the U.S. Supreme Court has clarified that the Copyright Office must grant registration of a copyright before the copyright holder can sue for infringement and recover damages. This article explains the ruling and its implications. The United States Copyright Act of…

With this winter’s relentless snowfall and low temps, many of us have a serious case of cabin fever. As we patiently wait for spring to arrive, we dream of escaping “up north” for peaceful summer weekends of fishing, water skiing and sunset cruising on one of Minnesota’s many beautiful lakes. For some, that dream includes…

February is the month of love, so it’s no surprise that Valentine’s Day is a popular day for couples to get engaged. Unlike previous generations, Millennials appear to be taking their time finding the love of their lives. According to the U.S. Census Bureau in 2018, the average age for saying “I do” is 27.8…

You have made the decision to provide financing, whether as a business owner or otherwise. Perhaps you are loaning money to a borrower, or selling a company you own and financing the purchase. You will likely require some type of collateral to secure repayment of the loan. If your collateral includes a limited liability company…

Understanding wrongful interference with contract When an employee who is subject to a valid non-competition or non-solicitation agreement leaves and begins competing with his or her former employer—either by creating a new business or by joining an existing competitor—the employee can be enjoined from wrongfully competing and held liable for breach of contract. While an…

Most companies have no difficulty understanding how and why to protect their physical assets like machinery, buildings, and real estate. But many of those same companies fall short when it comes to protecting their most valuable assets: business models, customer lists, pricing schemes, and sales and manufacturing techniques, which are the real drivers of profitability…

Congratulations, proud moms and dads of new grads! Amidst all the festive parties and frenzied packing, be sure to add these other important preparations to your to-do list: Statutory Short Form Power of Attorney, Health Care Directive, and Digital Property Authorization These legal documents are not just for “grown-ups” anymore. Having your adult children sign…

Two schools of thought tend to dominate the way employers and employees view the use of restrictive covenants—non-competition, non-solicitation, and confidentiality obligations—in employment agreements. Some employers view restrictive covenants as just another contract provision, enforceable in court to the same extent as any other provision. Employers in this camp often make the mistake of inserting…

You likely spend a great deal of time on your computer, tablet and smart phone. But have you considered how increased use of these electronic devices could impact your estate plan? Estate planning is already complex, but it has become even more complicated in the digital age. You now need to carefully consider the implications…

Remember when you first decided to buy life insurance? Maybe it was when you got married, or started a family, or bought a house. Life insurance offers protection, by paying out a sum of money to your beneficiaries when you die. It can also serve as an investment that pays off after a set period….

The Internet is a powerful tool for marketing your business and connecting with your customers. But it can also make you vulnerable to online attacks that could threaten your reputation and have a devastating impact on your business. To protect your business reputation, it’s important to closely monitor your online presence and learn what to…

The new federal tax act was signed into law on December 22, 2017. While media coverage focused on cuts in the corporate tax rate (dropping from 35% to 21%) and adjustment to individual income tax brackets (now a top rate of 37%), there are other changes in the tax law that are important to understand…

Thinking of an LLC? Be aware of changes in how Minnesota’s LLCs are set up. Read Clark Opdahl’s article featured on Minnesota Business Magazine’s website, Thinking of an LLC? which discusses why businesses need to be aware of new under-the-radar changes in how Minnesota LLCs are set up.

Katy Graves highlights how the practice of family law has changed since she began practicing in the 1980s when family court cases were often lengthy and resolved by court decision. “Family Matters” was published in Best Lawyer Business Edition magazine, summer 2016.

While Minnesota was enjoying mid-day high temperatures of -1, Christopher Burns was absorbing the content of the 50th Annual Heckerling Institute on Estate Planning in Orlando, Florida. Christopher brings that content back to Twin Cities Estate Planning Council and shares what is new, what remains the same, and what to expect in legislative changes and Supreme…

Alan Eidsness and Jaime Driggs have some guidance when it comes to the division of property in a family law article in Minnesota Lawyer™ Spousal maintenance is a tough issue for many reasons and the uncertainty surrounding whether tax consequences are considered makes it even more challenging. Read more at Spousal maintenance: when are the…

The mental health of a party is often at issue when litigating custody or parenting time issues and medical records pertaining to a parent’s mental health can be important evidence. A recent decision from the Court of Appeals calls into question how to go about obtaining a party’s mental health records. Huber v. Vohnoutka, No….