The increase in the estate tax exemption to $11.18 million can be a good thing for Minnesota residents and others. However, there are ways for an individual to jeopardize his or her plan for what happens to assets after passing away. For instance, passing away intestate could mean that heirs have to spend time and money proving that they are owed a portion of an inheritance.
Taxes in bankruptcy
Couples and individuals in Minnesota who are struggling with debt may decide to look into bankruptcy as a form of debt relief. While bankruptcy can be a good option for those who need to better manage their financial obligations, the process is not capable of eliminating every type of debt.
How a business bankruptcy impacts your personal credit score
Even huge companies are not immune to financial trouble. Earlier this year, Toys 'R' Us filed for bankruptcy and announced it needed to close approximately 180 stores across the nation.
Financial planning for a divorce
For Minnesota couples, the decision to divorce can require a lot of financial planning. This may include obtaining copies of credit reports to clear up any errors before the divorce is underway. Soon-to-be exes should also gather copies of other financial documents and keep them somewhere safe such as with a trusted family member or in a safety deposit box.
