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.

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

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