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- April 26, 2024Employment & Human Resources
Minnesota Secure Choice Retirement Program
Statutory Title: Minnesota Secure Choice Retirement Program ActStatutory Citation: Minnesota Statutes section 187.01-.08.Bill Number: House File 782Issuing Body: State of MinnesotaDate Enacted: May 19, 2023Effective Date: The statute is immediately effective, but the obligations of employers will not be operative until the program is fully established, which looks to be January 1, 2025.In Brief: The... - December 20, 2023Finance & Banking
A Primer on Payable on Death Accounts for Financial Institutions
Payable on death accounts. Your institution probably issues them on a regular basis, but how much do you really know about them? Whether you’re a banking veteran or new to the game, it’s always a good time to familiarize yourself with what they are, what they are for, and what you, the financial institution, do... - December 18, 2023Finance & Banking
I Agreed to What? Emails and Text Messages as Electronic Signatures
As the world continues its shift towards electronic and virtual means of conducting business, lenders and lawyers remain stalwart in their commitment to physical paper, or at a minimum, PDFs with ink or e-signatures. However, our worlds are not immune to the encroachment of increasingly virtual and informal means of communicating and conducting business, even... - December 18, 2023Finance & Banking
Best Practices for Mortgage Lenders when Notifying Borrowers of Default
As interest rates increase, the lending community is expecting an uptick in collection proceedings. As part of the collection process, lenders will need to send default notices to borrowers informing borrowers of the default and how to cure. It is imperative for those default notices to contain the appropriate and necessary information as required by... - December 6, 2023Trusts & EstatesEstate Planning
Incorporating Retirement Assets Into Your Estate Plan
The Setting Every Community Up for Retirement Act ( also known as the Secure Act) became law on December 20, 2019, and went into effect in 2020. More recently, Congress enacted the SECURE 2.0 Act, with some of the provisions having already taken effect as of January 1, 2023. The SECURE Act and SECURE 2.0... - December 5, 2023Family LawDivorce
Dealing with Divorce and Taxes
Divorce and taxes—two topics most people don’t wish to think about. However, tax issues have a substantial impact on divorce and the lives of those involved. Here are a few key divorce tax takeaways that are sometimes forgotten: Update Your Withholdings. People typically file a new form W-4 with an employer to change withholdings after... - December 4, 2023Estate Planning
Estate Freezing and Gifting – Estate Planning In The Shadow of The TCJA Sunset
Under the current federal tax code, the lifetime gift and estate tax exemption for an individual is $12,920,000 and $25,840,000 for a married couple. However, unless legislative action is taken to extend these exemptions, decedents who pass away after January I, 2026, will have effectively half of the previous exemption amount estimated to be around...