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- June 19, 2025Finance & Banking
Perfecting Your Security Interest In A Drone
As technology evolves, industries are finding new, creative ways to leverage technology to increase efficiency. Unmanned aerial vehicles, otherwise referred to as “drones,” are a perfect example of a technological advancement that has enhanced many industries. One industry in particular that has benefited from the use of drones is the agricultural industry. Farmers are currently... - June 19, 2025
Definition of “Conventional Loan” Expanded in Minnesota
Minnesota Statutes section 47.20 identifies specific requirements relating to conventional loans, requirements of language that must be in a mortgage securing a conventional loan, and what must be in a notice of default, among other requirements. For example, under Minnesota law, lenders are required to provide conventional loan borrowers a thirty-day notice of default on... - June 19, 2025Finance & Banking
Economic Uncertainty – Actions to Preserve and Protect Collateral
The recent U.S. economic turbulence has caused, and will probably continue to cause, challenges in lending. Borrowers, when pushed, will sometimes take actions that are not customary in the lending relationship. Below are some pre-collection and verification tips to mitigate a lender’s “loss of collateral.” It is important to recognize that when a borrower goes... - May 1, 2025Trusts & Estates
Understanding Irrevocable Life Insurance Trusts: A Key Strategy for Estate Planning
An irrevocable life insurance trust (“ILIT”) is exactly as it sounds. It is an irrevocable trust designed to hold one or more life insurance policies. A properly drafted ILIT provides the owner of a life insurance policy with several estate planning benefits, including estate tax avoidance and liquidity for estate tax obligations. An ILIT is... - May 1, 2025Trusts & EstatesEstate Planning
Estate Planning for Blended Families in Minnesota: Understanding Spousal Rights and Inheritance in Blended Families
The modern-day family has evolved beyond the traditional model. Blended families are more common and can create unique challenges when it comes to estate planning and inheritance. One challenge with estate planning for blended families can be balancing the needs of a surviving spouse with the inheritance rights of children from previous marriages. Minnesota’s probate... - May 1, 2025Trusts & EstatesEstate & Gift Tax
Preparing for the Estate Tax (and Gift Tax) Exemption Sunset: What You Need to Know
The federal government taxes the gratuitous transfer of property (transfers made without receiving compensation or value in return) made by a person during their life or as a result of their death. Most individuals in the United States will never pay federal gift or estate tax because these transfer taxes, for all practical purposes, only... - April 28, 2025Labor & Employment
Double Dipping on Minnesota Paid Family Leave Act
(This is an emerging issue as of the date of this writing—April 25, 2025. Further legislation, rulemaking, administrative interpretation, litigation, or smarter attorneys may change or improve upon the analysis below.) As we approach January 1, 2026—the date on which Minnesota’s Paid Family Leave Act (Minnesota Statutes Chapter 268B) takes effect—employers and employment attorneys are...