Including Personal Property in Your Estate Plan

December 16th, 2017

When we think of bequests in a will, we may think of eye-catching headlines about an individual who leaves $10 million to a favorite cousin – or to their cat. But bequests can also cover any property, even small items of little intrinsic value. In fact, including personal property in your estate plan is the… Read More

A Short Guide to the Minnesota Revised Uniform Fiduciary Access to Digital Assets Act

December 15th, 2017

When someone passes away, they leave behind a lifetime of possessions, personal property, and even an online footprint. Now, in addition to the tangible assets of the estate like retirement accounts, jewelry and sports paraphernalia, family members and executors of the estate must decide what to do with email accounts, online bank accounts, and social… Read More

Virtus Law is proud to announce that Chris Motz, Hannah Motz and Tim Netzell have joined the Virtus Team!

October 20th, 2017

In our effort to provide the best legal services to our clients we have expanded our team by adding three well respected and established attorneys to our real estate, estate planning and probate areas. The addition of these legal minds to our existing Virtus team will assure our clients that they are receiving top notch… Read More

The History of the Limited Liability Entity

September 25th, 2017

Limited Liability Companies (LLCs) were first introduced in 1977 in Wyoming and has since become a favorite choice for business formation for many different types of companies. Over two-thirds of the companies formed today are LLCs or some variation of a limited liability entity. Previously, only S-corporations were able to get the pass-through taxation treatment,… Read More

Standards of Conduct for Former Corporate Officers: The Uniform Rule

September 22nd, 2017

Business owners have specific duties to the business such as the duty of care, the duty of loyalty, and the duty of good faith. These responsibilities are part of the Revised Model Business Corporation Act, which states such as Minnesota adopt in whole or in part to guide the drafting of their laws. While it… Read More

How to Define the Scope of Services in an Agreement

September 20th, 2017

Whether your agreement is intended to cover a simple transaction such as a website design or a more complicated, long term service agreement governed under a master services agreement (MSA), you should focus on being very clear when defining the scope of services agreed upon and how changes are made to the services. With clear… Read More

Death Tax Repeal Act Introduced in House and Senate

September 20th, 2017

Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax. Overview of Current Federal Estate, Gift, and GST Tax Laws Under current law, the exemptions from federal estate taxes, lifetime gift taxes, and GST taxes are indexed for inflation on annual… Read More

Asset Protection Opportunity: Retirement Trust

September 18th, 2017

If you’re considering organizing your assets in a way that will let you maximize your retirement savings, you’ve probably considered setting some aside in an individual retirement trust. These trusts maintain the same tax advantages that come from using an individual retirement account (IRA) while providing more long-term control of the trust assets. Retirement trusts… Read More

What Purpose do NDAs Serve in M&A Transactions?

September 15th, 2017

A nondisclosure agreement (NDA) or confidentially agreement is often the first step when businesses are conducting business together or considering a merger or acquisitions transaction. The purpose of this agreement is to protect sensitive business information that will be disclosed during the exchange and due diligence process from being used in an inappropriate fashion. When… Read More

Efforts by State of Minnesota to Standardize Workforce Laws

September 14th, 2017

In response to the new ordinances in Minneapolis and St. Paul covering paid sick leave requirements for all businesses, the state legislature has been busy drafting their own legislation which would overturn these local rules and, in addition, block other Minnesota cities from adopting their own sick leave ordinances, raising the minimum wage, or enacting… Read More