Smart Wealth Blog

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.

It’s important to understand the basics of how Minnesota law treats these trusts in divorce scenarios.

While Minnesota doesn't have a gift tax, certain gifts made within three years of death may be included in your estate for Minnesota estate tax purposes. 

If you have $500,000 or more in investable assets, a team of professionals can help coordinate all aspects of your financial life, aiming to ensure nothing falls through the cracks.

One of my clients is a plumber who owns and runs his own business. He employs his wife and four children. We are able to do some pretty cool things for them. Their combined net worth — including their home, investments, and retirement accounts — was a little over $500,000. It might seem like estate taxes won't affect this couple. However, that's not the case. Net worth and estate value are not always the same thing.

I recently had a meeting with a couple that is in their early 40s to talk through their current estate plan. Their combined net worth — including their home, investments, and retirement accounts — was a little over $500,000. It might seem like estate taxes won't affect this couple. However, that's not the case. Net worth and estate value are not always the same thing.

If you want to prevent issues with trusts during a divorce, this is important information.

A wealth management team will help you with tax planning, investment management, estate planning, and retirement planning.