When it comes to operating family-owned businesses, planning for succession can help to ensure continuity, growth and stability. In Minnesota, where family businesses contribute significantly to the local economy, a major concern may be how soon grandchildren can take...
Estate Planning
Utilizing powers of attorney in your estate plan
When making an estate plan, there are many different documents to consider. It goes far beyond just writing a will to pass your assets on to your children. A comprehensive plan is important so that things go smoothly for your family, even before your death should you...
Should You Convert Your Sole Proprietorship to an LLC?
Successful entrepreneurs need more than luck—or a good idea—to succeed in business; they also need a plan. Part of that plan involves choosing a business structure. When you are first starting a business, operating it as a sole proprietorship may make a lot of sense....
Understanding The Duties And Responsibilities Of A Trustee
Overview What is a trust? How does a living trust work? Who are the people involved with a living trust? What do I need to know now? What responsibilities will I have as a trustee? Do I have to do all of this myself? How will I know if the grantor is incapacitated?...
How to Prepare Your Kids for Their Inheritance
You may have witnessed or heard of children wasting their inheritance on a fast car or making unwise decisions after inheriting the family business. So, how can you protect your kids from such a fate? By actively preparing them for their inheritance. Here is how you...