Minnesota farmers have been seeing the value of their farmland increase significantly over the last few years. Though it has slowed recently, this increase often results in a gross estate that is more than the Minnesota estate tax exemption. For farm…
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Starting a business can be a huge step for new entrepreneurs. After all the planning, research, and time put into your venture, you do not want to miss any of the legal paperwork to make sure you are getting started off on the right foot. While it ca…
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It seems everyone is hearing more and more about “living trusts” and “revocable trusts” lately. A lot of people seem to think that a trust is only for the super wealthy or those that are avoiding estate taxes. The truth is tha…
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Everyone has an estate plan. The laws of intestacy lay out how assets pass after someone has died. This means that without a Will, everything will be divided up the way the law says it should. However, these laws of intestacy do not always line up wi…
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In Southeastern Minnesota, family farms are not just the land, business, or way of life, but a direct link to the heritage and history of several generations. Ensuring the farm operation will be there for the next generation is often a top priority.…
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With the first half of real estate taxes recently being paid, most of us probably took a good look at our property tax statements. For farmers, the Agricultural Homestead classification represents significant tax savings. There are a number of ways t…
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One of the most common situations facing retiring farmers is a looming income tax burden. From year to year, farmers are buying seed, fertilizer, and other inputs for next year’s operations while also deducting machinery and equipment. In the last…
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Effective July 1, 2013, Minnesota farmers have started seeing bigger equipment repair bills. As part of the new tax legislation that was adopted this May, labor for repairs and maintenance of farm equipment is taxable. However, the replacement parts…
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