Smart Wealth Blog

2026 Outlook: The Policy Engine delivers market insights on what we may expect from the economy, stocks, bonds, and more through 2026.

If you’ve been searching for the pros and cons of retiring in Minnesota, chances are you’re trying to figure out if the Land of 10,000 Lakes is truly the right place for your next chapter.

Planning for retirement is about more than just saving money. It's also about understanding how taxes will affect your future income. If you're searching for information on Minnesota retirement taxes, you're likely wondering how Social Security, pensions, 401(k) withdrawals, and even property or estate taxes could impact your financial security.

What do I need to know about financial planning for executives? If you’re an executive aiming to achieve a work-optional lifestyle, financial planning is key. The cornerstone of financial planning for executives is tax strategy.

If you’re planning on retiring in Minnesota, the first thing to know is that it’s not the most tax-friendly state. Income tax rates can reach nearly 10% and there’s an estate tax on assets above $3 million per person. That makes proper planning essential.

What’s the difference between a will vs. trust in Minnesota? A will does not avoid probate. This matters because probate in Minnesota is public.

Whether there is a capital gains tax on inherited property in Minnesota depends on how the money is inherited.

A buy-sell agreement funded by life insurance aims to ensure your family receives the true value of your ownership if something happens to you, while your partner gains full control of the business without disruption.

How Much Is Capital Gains Tax in MN? Minnesota taxes net capital gains as part of your regular income. Net capital gains means your total capital gains minus any capital losses. If your losses are greater than your gains, you can use up to $3,000 of those losses per year to reduce other income and carry forward the rest to future years.

A succession plan isn't just about making a transaction or an “exit." Instead, it’s a thoughtful strategy that aims to ensure continuity and supports your next phase of life.

If you know you need a financial advisor, the first step is to look for fiduciary advisors. Set up meetings and interview a few fiduciary advisors. It's important to understand their process and make sure it’s centered on planning, not on selling you high-cost products.

Fiduciary investment advisors help you make money decisions that truly benefit you.

Should you get a financial advisor? If you have $500,000 or more in investable assets and you're nearing retirement, you should get a financial advisor.

2025 Midyear Outlook: Pragmatic Optimism, Measured Expectations delivers market insights on what we can expect from the economy, stocks, bonds, and more through year end.

Intestate succession laws in Minnesota apply when a person dies without a will.

A business financial advisor isn't someone who tells you how to run your business. Instead, a business financial advisor is someone who helps you understand how your business fits into the bigger picture of your financial life.

As a Minnesotan, considering a living trust is a great step towards making sure your assets are protected. We'll cover how to create one.

One of the most important things to understand is that Minnesota has a state-level estate tax, and it kicks in at a relatively low threshold: $3 million.