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Legislative Change

Newsworthy Category

Changes to Calculation of Child Support in Minnesota

As of August 1, 2018, the method for calculating child support in Minnesota has changed. The goal of the change was to eliminate the perceived child support “cliff” that resulted from the parenting expense adjustment. Under the previous child support laws, which were enacted in 2007, child support was calculated based upon an “income shares” model. Under the “income shares” model, both parents’ gross incomes were added together to create a total parental income for determining child support. Each parent was then supposed to pay a percentage of the total child support obligation based upon his or her percentage of...
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Changes for Limited Liability Companies

Effective January 1, 2018, significant changes go into effect for limited liability companies organized in the State of Minnesota. The new law brings significant changes to the management and governance of an LLC. If your LLC was organized prior to January 1, 2015 or is not organized under Minnesota Statute 322C, you are likely impacted by this new legislation. If you have questions or concerns about these upcoming legislative changes or for any business law questions, please contact Paul Moosbrugger or Steven Fink. The attorneys at Farrish Johnson Law Office can be reached in our Mankato office at 507-625-2525 and...
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New Minnesota Estate Planning Legislation

The Minnesota legislature recently enacted legislation that impacts estate planning.  Two of the more interesting new laws include: A prohibition of using the location of a taxpayer’s attorney in determining the residency of a tax payer and The tax bill raises Minnesota’s estate tax exemption to $2.1 million for 2017 (retroactive to January 1) and an additional $300,000 each year until it hits $3 million in 2010. Unfortunately, one proposal we closely watched failed to make the cut: Allowing married farm couples to retain agricultural homestead status despite splinting their property into two trusts. If you have questions about this...
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Update! Revocable Trust Reporting

In March, Farrish Johnson Law Office let you know about pending Minnesota legislation regarding revocable trust reporting to the Minnesota Department of Agriculture (find the article here).  Now, Governor Dayton recently signed legislation providing that the trustee of a revocable trust with respect to which either the settlor, the settlor’s spouse, or both, are the primary beneficiaries during the settlor’s lifetime shall not be required to file with the commissioner of the Department of Agriculture a corporate farm application seeking approval to allow the trust to hold agricultural real estate during any period that the trust is revocable. This legislation...
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