Yes, Even Law Firms Need IT Staff.

by Dan Gosnell

Law firms aren't exactly known for their forward-thinking views on technology. Windows 95, physical libraries, and attorneys who can't use computers are (believe it or not) still fairly common in today's legal world. But you won't see that at Gutwein Law.

We see things differently here, and we know in order to allow our clients to be forward-thinking, we need to be, too.

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Gifting to save taxes? Not so fast.

by Andy Gutwein

Frequently I hear from people who want to gift away their assets while they’re alive in order “to save taxes” and “make sure the government doesn’t take it all.” Unfortunately though, many of these people are following coffee shop advice from outdated sources or uninformed friends.

The reality is that the majority of people are better off not making gifts during their lifetime and passing assets to their children upon their death. Why, you ask? It's because of what's known as the "Step Up Basis" vs the "Carryover Basis." I'll give you an example.

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Gutwein Law is five! But what's next?

by Stuart Gutwein

Today marks Gutwein Law's fifth birthday, and we couldn't be more excited! It's been an unbelievable five years and we're incredibly happy to reflect on the ways we've grown. To help us celebrate this milestone, we wanted to take a look back at where we've been in the past five years, and where we heading in the next five.

So, why'd we start Gutwein Law? Well, as we always say, our firm exists for one reason – to help the best, most forward-thinking businesses in the world grow through high-level legal counsel. When we founded our firm, we knew right away we had a different perspective. As you may already know, we not only practice law on a daily basis, but business, too. A number of firm's team members own businesses themselves, so we know first-hand what our clients are after (sometimes before they do). We believe this approach, along with our other ideals, has strongly contributed to our success over the past five years.

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Minnesota: A Guide to Tax Credits

by Stuart Gutwein

At Gutwein Law, we understand navigating tax credits can be difficult. So, we've put together a list of tax credits for Midwestern states to help you get started. In today's blog post, we'll explore Minnesota, home to our first out-of-state office.

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Minor League Team Acquisitions: A Trial by Fire

by Josh Schaub

The number of minor league and team acquisitions and divestitures are on the rise throughout the United States. The cause? It can mostly be attributed to the growth of summer collegiate sports, new sports (such as Ultimate Disc, eSports, etc.), and the continual transition of mom-and-pop businesses being acquired by larger portfolios. But this recent trend is causing some unique hurdles in sports business.

Unlike purchasing a business in the open market, there's one more layer of bureaucracy to overcome in a sports. That extra layer is the league’s approval or disapproval of a new buyer (i.e., the Miami Marlins acquisition attempts). Sports team purchases come with great uncertainty as closing can't occur until the league approves its new "partner." And this process can be quite complicated depending on the league. So, below we've outlined the typical considerations and steps during the purchasing process in order to help leagues and buyers ensure their acquisition or divestiture deals go as smoothly as possible. This information comes from years as a sports executive, owner, lawyer, and now league commissioner.

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