Entries by Keirnes Law

The Basics of the Division of Marital Property

Minnesota law requires the district court to make a “just and equitable” division of marital property, after considering all relevant factors, to be discussed further.[1] According to Minnesota Law, “marital property” is defined as property, real or personal, acquired by the parties, or either of them, at any time during the existence of the marriage […]

The Benefits of Forming an LLC

Protect Your Personal Assets

Forming an LLC separates your business assets from your personal assets. Should something go wrong, you are protecting yourself from personal liability. The company steps in and holds all liability, instead of interfering with your personal assets. I particularly recommend clients who are purchasing investment properties to hold them in an LLC to shield them from potential liability.

Management Flexibility

The ease and simplicity of an LLC is also why it is such a good fit for many of my clients. No other entity gives you the ownership and management flexibility that an LLC does. When setting up the LLC, you have great discretion to form the company just as you like it. You can direct the company as you choose with the contents of the Operating Agreement.

Spend Less Time Doing Paperwork

To put it simply: LLC’s have less corporate governance requirements than other entity types. When starting your company, you have a lot more important things to do than dealing with paperwork regarding compliance issues. An LLC allows you to easily form an entity that protects your liability, without bogging you down with extensive compliance requirements.

Tax Planning for 2016 As a business owner, December means cleaning up my books and preparing to submit necessary documents to my CPA. Going through expenses, deciphering what is a business expense vs. a personal expense and reporting my income for the last year is never fun, but at least I am doing it while […]

Looking forward: What 2017 Means to Your Current Will, Revocable Trust and Estate Plan.

In 2012, The American Taxpayer Relief Act (the “Act”) was passed, which implemented the following: (1) the reunification of the estate and gift tax regimes, (2) the $5 million estate, gift and generation-skipping transfer (“GST”) tax exemptions, as increased for inflation, and (3) portability of the federal estate tax exemption between spouses at death. These are […]

Proposed Regulations will Place Limit on Discounts for Intra-family Transfers

  Proposed Regulations for IRC. § 2704 Proposed regulations would place far-reaching limitations on valuation discounts for transfers of interest in family-controlled entities. Big Picture: The general purpose of § 2704, which is part of a group of sections collectively known as Chapter 14, is to prevent taxpayers from using various strategies to reduce their […]

Mediation and Estate Planning and Administration

How Mediation Can Lessen the Emotional Roller Coaster of Estate Planning and Administration During the estate planning process, communication between all members either directly or indirectly involved in the plan is important. However, issues between family members and beneficiaries tend to arise and escalate quickly when disagreements occur or individuals fail to disclose emotional matters. […]

Using Technology to Keep Your Legal Costs Down

Written by: Katie Henning The Internet and its Impact on Your Legal Experience Lawyers are expensive. Between the cost of consultations, document drafting, dispute resolutions, or court costs, seeing an attorney for any reason may run upwards of thousands of dollars, if not more. Rightly so, legal services require an experienced professional to understand an issue […]