Do you know who would inherit your estate if you were to pass away without a will? In such circumstances, intestate succession laws in Minnesota determine how your assets are distributed. These rules ensure that your property is transferred to your closest relatives, but the specifics might surprise you. Understanding these laws can help ensure…
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Family Business Succession: Balancing Emotions and Practicalities
Navigating the complexities of family business succession involves more than just transferring leadership and assets; it’s about balancing deep-seated emotions with practical considerations. This process is critical in managing familial relationships and expectations during a transition. How do you ensure a smooth handover while honoring the legacy and emotional bonds inherent in a family business?…
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How to Discuss Business Succession with Your Family
Succession planning for a family business is a crucial step to ensure its longevity and continued success. However, initiating this conversation with loved ones can be a delicate task filled with emotions and uncertainties. How can family business owners approach this topic in a constructive and collaborative manner? This question will be explored to offer…
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How to Transfer Ownership of an LLC in Minnesota Upon Death of the Sole Member
It seems the majority of my clients these days have a solo business. However, the majority of them are unsure how to transfer ownership of the business after death. It is simple to start a business in Minnesota. You fill out the Articles of Incorporation with the most basic information, pay the small fee, and…
Continue reading…Transferring Shares in A Business
Estate Planning: How Certificates of Shares Are Passed Down How is the funding handled if you decide to use a living trust? Certificates represent shares of a company. There are generally two types of company shares: those for a publicly traded company, and those for a privately held company, which is not traded on one…
Continue reading…Utilizing Family Limited Partnerships as Part of Your Estate Plan
Utilizing Family Limited Partnerships as Part of Your Estate Plan Designed to preserve family businesses for future generations, Family Limited Partnerships (FLPs) can help shelter your assets and reduce overall estate and gift taxes. FLPs are commonly used as part of business succession planning, business continuity plans, and often serve as an integral component of…
Continue reading…Limited Liability Company (LLC): An Overview
Limited Liability Company (LLC): An Overview The limited liability company (LLC) is a hybrid type of business structure, offering business owners the best of both worlds: the simplicity of a sole proprietorship or partnership, with the liability protection of a corporation. A limited liability company consists of one or more owners (called “members”) who actively…
Continue reading…Overview: Buy-Sell Agreements and Your Small Business
Overview: Buy-Sell Agreements and Your Small Business If you co-own a business, you need a buy-sell agreement. Also called a buyout agreement, this document is essentially the business world’s equivalent of a prenup. An effective buy-sell agreement helps prevent conflict between the company’s owners, while also preserving the company’s closely held status. Any business with…
Continue reading…Important Issues to Consider When Setting Up Your Estate Plan
Important Issues to Consider When Setting Up Your Estate Plan Often estate planning focuses on the “big picture” issues, such as who gets what, whether a living trust should be created to avoid probate and tax planning to minimize gift and estate taxes. However, there are many smaller issues, which are just as critical to…
Continue reading…Family Business: Preserving Your Legacy for Generations to Come
Your family-owned business is not just one of your most significant assets, it is also your legacy. Both must be protected by implementing a transition plan to arrange for transfer to your children or other loved ones upon your retirement or death. More than 70 percent of family businesses do not survive the transition…
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