The last several posts on this blog have discussed the valuation of stock or other types of interest in a business within the context of probate litigation. Although valuing an interest in a business is simple enough for stocks that are traded on the open market, it can be very difficult to value a family-owned business or farm.
When Minnesota residents find themselves managing the estates of their deceased relatives and relations they can run into many obstacles. One issue that estate administrators often encounter is how to value the assets and liabilities that the estates possess. An improperly valued estate can result in financial costs to the estate and ultimately to the beneficiaries who should receive disbursements.
Many Minnesota residents who are aging may turn to a financial advisor for help with managing their retirement portfolio. Most of these people are reputable who only have the best interests of their Minnesota clients in heart. Some, however, are less than scrupulous and may take advantage of senior citizens by selling them financial trust plans that could serve only to drain a person's bank accounts.
Although some have dubbed the times in which we live a "new Gilded Age," there are some notable differences. Minnesota residents may have already heard that the wealth in this country is heavily concentrated, with 1 percent of American families holding about 35 percent of the country's riches.