PPP Loans: Update on Forgiveness and Deductibility

We have received questions on the tax consequences of the Paycheck Protection Program (PPP) loans that clients have taken out in connection with the coronavirus (COVID-19) crisis. Many of these loans have been subsequently forgiven. The rules are complicated but here is a summary: An eligible recipient may have a PPP loan forgiven in an […]

COVID Relief Explanation

This has clearly been a difficult year for many of us. Financial relief got hung up in congress and has finally been approved. Whether there is additional relief approved after the change in administration is yet to be determined. Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. […]

Important Update of the “CARES Act” and RMDs

There is important news for those who took RMDs (Required Minimum Distributions) earlier this year. The CARES Act, which stands for Coronavirus Aid Relief and Economic Security Act, waived the RMDs for 2020 for those distributions made on or after February 1, 2020. That left open the question of how RMDs taken in January of […]

Effective Transitions of Privately Held Businesses

Over my years of practice, I have found that many of my estate planning clients have owned one or more business interests — these interests have been actual, operating commercial businesses, a professional practice or even an investment partnership. In the past few years, as baby boomers have reached retirement age, the number of businesses that […]

Using an IRA for Self-Directed Investments in Your Own Business or Real Estate

Several years ago, as bank financing dried up and job lay-offs increased, more and more individuals turned to using their traditional or rollover IRAs for capital investment in a business or real estate. However, the rules for making those self-directed investments have been difficult to follow and it has been the small compliance details that […]

Minnesota’s new trust code provides planning opportunities

As of January 1, 2016 Minnesota’s version of the Uniform Trust Code becomes effective bringing with it significant changes to the drafting and administration of trusts in Minnesota. Before discussing these changes, we should discuss what constitutes a trust. A trust is an agreement between the maker of the trust, often referred to as a […]

Have you provided for your digital assets in your estate plan?

By Earl H. Cohen In planning our estates most of us have been focused on minimizing taxes, probate, and making certain that our assets pass to our intended beneficiaries. The assets we tend to be concerned about generally fall into the categories of real estate, cash and securities accounts, tangible personal property, life insurance, and retirement […]

Things to consider before making a charitable donation

Are you thinking about making a charitable donation this year?  If so, there are a few things to consider before you write that check or transfer that car or other property, especially if you’re expecting a tax deduction. First, the charitable organization must be approved to accept deductible contributions.  To determine if the organization is […]