Families may be large or small, but they all have one thing in common: memories. How often have we heard family legends from older relatives or shared our own stories with younger generations? When pu...
DON’T IGNORE YOUR DEFENSE (Especially if it Scores you Points)
Author: Thomas M. Fafinski, Attorney/Partner, VIRTUS LAW, PLLC Most managed service providers (“MSPs”) exert their efforts on their offense. Little attention is spent on defense. The i...
Will-Based or Trust-Based – Which Type of Estate Plan Should I Choose?
There are two basic kinds of estate planning: will-based and trust-based. So, it should be easy to choose, right? It seems simple. Wills are the foundation of will-based plans and trusts are the...
Failing to Plan: Not Having a Business Succession Plan Could Derail Your Business
As a successful business owner, you’ve worked hard to get where you are. You know all about sweat equity and sleepless nights. So, doesn’t it make sense to want your business to continue after you...
Trusts That Fit Your Lifestyle
Dan and Jean S. own a successful family business that was founded over 100 years ago. Max B.’s estate currently is worth more than $12 million. Sean’s 30-year old daughter suffers from multiple sc...
New Gifting Rules: What You Need to Know
When someone gives another person property without getting anything in return, it’s called “gifting.” This term is often used when talking about taxes. However, gifting can be an important part ...
Managing Special Assets During Probate
Estate come in all shapes and sizes. Some people leave behind property worth millions while other estates may contain only property with high sentimental value. Either way, personal representatives ha...
Will Your Minnesota Trust Owe Income Tax
Anyone who earned income in the United States is expected to file a federal income tax return every year. Whether the individual actually owes tax or not is determined by the type of income they earne...
Guardianship vs. Conservatorship: What’s the Difference?
When people are no longer able to care for themselves, someone steps in to act on their behalf. Maybe you have already faced this situation with a loved one: mom or dad need more assistance as they gr...