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The Numbers Are In! What the 2023 IRS Tax Inflation Adjustments Mean for Your Estate

Toni Sandin — Mon, 24 Feb 2025 16:17:50 GMT

This week on October 18, 2022, the IRS announced IR-2022-182, which provides the tax inflation adjustments for the 2023 tax year. The federal government annually makes adjustments such as these to cushion taxpayers from the economically crippling effects of inflation. According to the most recent inflation update, the US annual inflation rate was 8.2% for the 12 months ending in September 2022; about 100% increase from the overall 2021 rate of 4.7%.

The Basics of Business Valuation

Kristen Traiser — Mon, 24 Feb 2025 16:13:38 GMT

If you own a business, chances are that your business represents more than the sum of its line items to you. It is a personal or family legacy; a testament to something you’ve spent a good chunk of your waking hours building. Still, a variety of circumstances can trigger the need to place a concrete value on your business. Whether you are engaged in business succession planning, tax and estate planning, transferring ownership, raising additional capital, or applying for a small business loan, many events in a small business owner’s lifetime require some way of estimating the company’s concrete value. If one of these triggering events occur, you need to feel assured that your business is accurately valued no matter the life cycle.

Farm Succession Planning: 3 Major Mistakes To Avoid

Toni Sandin — Mon, 24 Feb 2025 16:01:09 GMT

Farm succession planning, like planning for the succession of any business, is extremely important in the success of the farming operation continuing with the next generation. However, when considering the transfer of the family farm, here are three things to avoid:

Attorney Toni M. Sandin Elected as Fellow of American College of Trust and Estate Counsel

Toni Sandin — Mon, 24 Feb 2025 15:56:16 GMT

Sandin Law managing partner, Toni M. Sandin, has been elected as a Fellow of the American College of Trust and Estate Counsel (ACTEC).

ACTEC is a nonprofit association of lawyers and law professors whose character and ability contribute to the achievement of the College. Its more than 2,400 members are called “Fellows” and practice throughout the United States, Canada and other foreign countries.

Sandin Law Adds 2 New Attorneys to Fargo Office

Toni Sandin — Mon, 24 Feb 2025 15:52:51 GMT

Our firm as recently hired attorneys, Justin Rose and Ellie Steffes, to join our growing team!

Justin joins our firm specializing in civil litigation. He assists individuals and organizations across a wide variety of industries. Justin’s experience includes advising clients and litigating actions concerning trust and probate disputes, partnership and securities, insurance coverage, and non-competition and trade secret matters. He is involved in all phases of litigation and has successfully represented clients in state, federal, and appellate courts, as well as arbitration and mediation. Justin is licensed to practice in North Dakota and Minnesota.

How We Are Continuing to Serve Your Needs

Toni Sandin — Mon, 24 Feb 2025 15:49:40 GMT

The escalating COVID-19 pandemic has many of us thinking about the health and wellness of our families. Fortunately, most people are taking responsible measures to slow the spread and minimize the impact the virus has on their health and the health of those around them. We should all be doing everything we possibly can to warrant our safety.

The SECURE Act and How it Impacts You

Toni Sandin — Mon, 24 Feb 2025 15:36:23 GMT

Effective January 1, 2020, The Setting Every Community Up for Retirement Enhancement (SECURE) Act has been one of the most significant changes to retirement security in over 13 years. It puts into place numerous provisions affecting employers and employees all across the county.