Choosing the right beneficiary for an IRA is an important decision to make for people in Minnesota. Individuals who have no family may want to name a charity as beneficiary. Many people choose their spouses. A spouse who inherits an IRA has the same rights as the original owner, but no other beneficiary will. Other beneficiaries must begin taking distributions, which may have tax implications.
Alimony, or spousal support, is one of the big issues most people in Minnesota and other states associate with the divorce process. However, the exact needs of a lower-earning spouse after a marriage ends can't be determined until marital property and other joint assets are fully assessed and divided. Once it's clear what each soon-to-be-ex will end up with, the task of figuring out alimony details can begin.
Duluth, Minnesota, Fire Chief Dennis Edwards submitted a letter of resignation and accepted a demotion after a drunk driving arrest in late March. Edwards will return to his previous position as assistant fire chief, and with it will take a substantial pay cut.