Category Archives for Business
What Are Uncovered Assets?
An uncovered asset is simply property or something else of value that has been revealed to exist. Uncovered means found or discovered. Assets are generally anything of value including money personal property real property (real estate) intellectual property For example, John may hide from his relatives the fact that he owns a boat. Sarah may […]
Continue reading2018 Tax Changes for Business Owners
Congress approved the Tax Cuts and Jobs Act on December 22, 2017, which provided for some of the most significant tax reform in recent memory. It affects nearly all taxpayers in every circumstance and could affect how you plan for your future as well. Over the next few posts, we will analyze a few of […]
Continue readingTax Fraud Awareness: How to Protect Your Identity and Assets
The IRS, taxpayers, and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home. Understand How Tax Fraud […]
Continue readingYou Have a Right to Sell Your Franchise Business in Minnesota
Business owners who bought into a franchise often wonder, “Can I sell my business?” In short, yes, you can. The Minnesota Franchise Act specifically entitles you to sell your business. This cannot be overruled by your franchise agreement. You may have to pay a reasonable transfer fee. Can a Minnesota Franchise Be Sold? Yes. The sale […]
Continue readingDo I Owe Capital Gains Tax on the Sale of a Home?
Do I Owe Tax on the Proceeds of Selling a House? When you sell a house, generally you owe capital gains tax on the amount the house appreciated since you acquired it. However, if you live in the home, you may qualify for a homestead exclusion: up to $250,000 for an individual and $250,000 for a […]
Continue readingEmployees Owe a Duty of Loyalty to Employers
Employees in Minnesota owe their employers a duty of loyalty. This is undisputed in Minnesota law. Duty of Loyalty for Partners vs. Employees A surprising number of people (including attorneys) find it hard to believe that employees owe a “duty of loyalty” to their employers. The thinking is, employees can do whatever they want on […]
Continue readingMinnesota Family Planning Program (MFPP) Health Care Delivery
This article is a section taken from Minnesota Family Planning Program (MFFP), a part of the revisions and additions to the Minnesota Health Care Program Eligibility Policy Manual. MFPP Health Care Delivery All Minnesota Family Planning Program (MFPP) services are provided through a fee-for-service delivery system. Medicare The Minnesota Family Planning Program (MFPP) will not […]
Continue readingMinnesota Family Planning Program (MFPP) Barriers
This article is a section taken from Minnesota Family Planning Program (MFFP), a part of the revisions and additions to the Minnesota Health Care Program Eligibility Policy Manual. MFPP Barriers A barrier is an eligibility requirement that prevents a person’s eligibility for the Minnesota Family Planning Program (MFPP), even when the person meets all other […]
Continue readingAppendix D Community Living Arrangements
Community Living Arrangements The following are some examples of community living arrangements: Battered women’s shelter Campground Car Child foster care – Rules 1, 4 and 8 Community-based behavioral health hospital (CBHH) Detox-only facilities Group residential housing (GRH) (non-IMD) Halfway house, chemical dependency Halfway house, correctional Homeless Homeless shelter Hotel or motel Maternity shelter Medical hospital […]
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Long-term Care Insurance Income Tax Credit
Long-term Care Insurance Income Tax Credit What is the credit? The Minnesota long-term care insurance credit offsets the cost of long-term care insurance premiums by providing a credit against state income tax liability. The maximum Minnesota credit is equal to the lesser of $100 or 25 percent of the amount paid for each beneficiary. The […]
Continue readingMedical Assistance Treatment of Assets and Income
Medical Assistance Treatment of Assets and Income For Persons Seeking Long-term Care Services This information brief outlines the general income and asset limits in the Medical Assistance (MA) program, explains the spousal impoverishment provisions for people receiving long-term care services who have spouses that live in the community, and summarizes the prohibitions in current law […]
Continue readingAn Overview of Medicare and Medicaid – Brief Summary
Introduction Since early in the 20th century, health insurance coverage has been an important issue in the United States. The first coordinated efforts to establish government health insurance were initiated at the State level between 1915 and 1920. However, these efforts came to naught. Renewed interest in government health insurance surfaced at the Federal level during the 1930s, […]
Continue readingMinnesota Supreme Court Confirms Expansion of Minnesota Whistleblower Act
In 1987, the Minnesota Legislature enacted the Minnesota Whistleblower Act (MWA) which prohibited employers from retaliating against employees who making a good faith report of any federal or state law or rule adopted pursuant to law. Minnesota courts historically have interpreted the term “good faith” narrowly, requiring that an employee’s good faith report be for […]
Continue readingPresumption of fraud for gifts to attorney-in-fact can be pushed back.
Minnesota Estate Planning Case : In re Guardianship of Spinnie, 2016 Ill.Dec. 319 (IL Ct.App. 2016) Case Summary : Presumption of fraud for gifts to attorney-in-fact can be pushed back. In re Guardianship of Spinnie, 2016 Ill.Dec. 319 (IL Ct.App. 2016). The attorney-infact was named as such in the ward’s poa, but the ward made […]
Continue readingThe probate settlement statutes applied and not the non-judicial settlement statutes under the UTC.
Minnesota Estate Planning Case : In the Matter of the Bradley K. Brakke Trust, 890 N.W.2d 549 (ND 2017) Case Summary : The probate settlement statutes applied and not the non-judicial settlement statutes under the UTC. In the Matter of the Bradley K. Brakke Trust, 890 N.W.2d 549 (ND 2017). The testator had a 2009 will […]
Continue readingTrustee-Beneficiary acting in bad faith can have fees charged against trustee-beneficiary’s share
Minnesota Estate Planning Case : In the Matter of the Massie Trust, 2017 WL 218284 (WI Ct.App. 2017) Case Summary : UTC 1004- Trustee-beneficiary acting in bad faith can have fees charged against trustee-beneficiary’s share. In the Matter of the Massie Trust, 2017 WL 218284 (WI Ct.App. 2017). The American Rule on attorney fees applies in […]
Continue readingWhich State’s Law Applies in Trust Administration?
Summary: State where trust is created is the applicable law for dispositive provisions of a trust. Law of administration is the state where trust is administered. Minnesota Estate Planning Case : Alexander v. UMB Bank, N.A., 497 S.W.3d 323 (MO Ct.App. 2016) Case Summary : Section 107; State where trust is created is the applicable law for […]
Continue readingWhen There is a Gap Between the Former Law and the New UTC, the Common Law Applies to Fill the Gap
Minnesota Estate Planning Case : Snell v. Snell, 374 P.3d 1236 (Wyoming 2016) Case Summary : When there is a gap between the former law and the new UTC, the common law applies to fill the gap. Snell v. Snell, 374 P.3d 1236 (Wyoming 2016). In this trust, Arkansas law applied under the terms of the trust. […]
Continue readingSupplemental Needs Trusts
A ”supplemental needs trust” is a trust established and funded by a third party to provide for the supplemental needs of a person living with a disability while allowing such a person to remain eligible for Minnesota Health Care Programs (MHCP). Supplemental Needs Trust Requirements. Evaluation of Assets Held in the Trust. Treatment of Payments […]
Continue readingSpecial Needs Trusts
A Special Needs Trust is a trust established for the benefit of a person under age 65 who is disabled. A trust that meets the requirements of a Special Needs Trust is excluded as an asset for a person whose MA basis of eligibility is due to blindness or disability. Note: Some trusts titled as […]
Continue readingCy Pres and Trust Modification Rules, Breach of Duty Rules
Minnesota Estate Planning Case : Shriner’s Hospital for Children v. First Northern Bank of Wyoming, 373 P.3d 392 (Wyoming 2016) Case Summary : Cy Pres and Trust Modification Rules, Breach of Duty Rules Shriner’s Hospital for Children v. First Northern Bank of Wyoming, 373 P.3d 392 (Wyoming 2016). Settlors, husband and wife, established a charitable trust […]
Continue readingWhen Assets are Transferred from a Charitable Trust to A Charitable Corporation the District Court Loses in Rem Jurisdiction and the Corporation is Not Subject to Court Supervision
Minnesota Estate Planning Case: In re the Matter of Anne Ray Charitable Trust et al, Filed August 22, 2016, A16-0327 Case Summary : When Assets are Transferred from a Charitable Trust to A Charitable Corporation the District Court Loses in Rem Jurisdiction and the Corporation is Not Subject to Court Supervision In re the Matter of: Anne […]
Continue readingCourt: Estate Planning Case Dismissed, Minnesota Not a Convenient Forum
Minnesota Estate Planning Case: Michael Paulucci and Cynthis Selton on behalf of the Jeno Paulucci Revocable Trust and Estate v. Larry Nelson and Jill Molitor, Filed August 8, 2016, A16-0043. Case Summary : Case Dismissed Because Minnesota was Not a Convenient Forum Michael Paulucci and Cynthis Selton on behalf of the Jeno Paulucci Revocable Trust […]
Continue readingImpacts of the DOL Fiduciary Rule: How to Lawfully Advise Clients on What to Do with Their 401(k) Plan
The DOL Fiduciary Rule, which became (mostly) effective on June 9, 2017, marks a clear shift for broker-dealers. Brokers are now considered fiduciaries under the Employee Retirement Income Security Act of 1974 (“ERISA”) when providing non-discretionary investment advice to clients seeking assistance with retirement accounts or plans. Less clear, however, is the Rule’s impact on […]
Continue readingMotion For New Trial Were Denied Where Issues Were Tried By Consent And Sufficient Notice
Minnesota Estate Planning Case: In re the Guardianship and Conservatorship of Lorraine Helen Schmidt, filed August 29, 2016 A15-1796 Case Summary: Motion For New Trial Were Denied Where Issues Were Tried By Consent And Sufficient Notice In re the Guardianship and Conservatorship of Lorraine Helen Schmidt, filed August 29, 2016 A15-1796. Daughter had significant control over mother who […]
Continue readingPOA Improperly Changed Beneficiaries on IRA 2 Days Before Death
Minnesota Estate Planning Case: In re the Non-Probate Estate of Robert W. Fashant, Decedent, filed August 29, 2016, A16-0367 Case Summary : POA Improperly Changed Beneficiaries on IRA 2 Days Before Death In re the Non-Probate Estate of Robert W. Fashant, Decedent, filed August 29, 2016, A16- 0367. Two days before the decedent died the successor […]
Continue readingSupplemental Account After Final Account Is Subject To Objections When Final Account Is No Longer Subject To Objections; POA Actions Not Listed In Final Account May Be Subject To Objections
Minnesota Estate Planning Case: In the Matter of Trust Agreement of Don D. Henyan Created Under Agreement Dated May 1, 2006 Case Summary: Supplemental Account After Final Account Is Subject To Objections When Final Account Is No Longer Subject To Objections; POA Actions Not Listed In Final Account May Be Subject To Objections In the Matter of: […]
Continue readingFailure To Object To Inventory May Result In Waiver Of Objection To Missing Asset In Account; Attendance At Hearing And Failure To File Written Objections Justify Allowance Of Account Without Notice To Party
Minnesota Estate Planning Case: In re Guardianship and Conservatorship of Adeline V. Dorosh, A16-0113 (Minn.Ct.App. January 9, 2017) Case Summary: Failure To Object To Inventory May Result In Waiver Of Objection To Missing Asset In Account; Attendance At Hearing And Failure To File Written Objections Justify Allowance Of Account Without Notice To Party In re Guardianship and Conservatorship […]
Continue readingOral Contract Related to Land Was Not Void
Minnesota Estate Planning Case: Christie v. Estate of Dilman Christie, Filed April 24, 2017, A16-1244 Case Summary: Oral Contract Related to Land Was Not Void Christie v. Estate of Dilman Christie, Filed April 24, 2017, A16-1244. This is the second appeal on this matter. The son claimed that he and his parents entered into an oral contract […]
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