What is a Non-Probate Asset?

Estate Planning is the process of directing how your assets will be transferred when you pass away. Some belongings are transferred by directions in a Last Will and Testament.  This is the probate process (to learn more, read our previous article, “Probate is Not a Four Letter Word”). There are assets that may pass directly to your loved ones without having to go through probate. Fittingly, these are called Read More

Why Do Minnesota Business Owners Need an Agreement?

Agreements between the owners of a new business are an essential part of forming a new business. Shareholder agreements apply to owners of corporations; member or operating agreements apply to owners of limited liability companies.  These contracts cover rights and responsibilities of the various owners by setting the internal rules for the control of the business and affairs of the corporation, its liquidation Read More

Should I Buy My New Office With a Real Estate Holding Company?

If you are looking to buy new real estate for your business, you have a question to answer, whether you realize it or not:  Should I buy real estate through my existing company or create a Real Estate Holding Company to buy it and rent it to my existing company? A Real Estate Holding Company is a legal entity established and designed to own investment properties. It is a second company that you can set up Read More

Probate is Not a Four-Letter Word

Is probate as bad as it sounds?   Estate Planning articles often have advice saying to avoid probate at all costs.   Can it really be that bad? The idea of probate is simple enough: Probate is the process where debts are paid and the ownership of certain property is transferred by the “Personal Representative” of a person who has died (this person used to be called the Executor of an Read More

Should You Name Your Children as Trustees?

Trusts can benefit your children and grandchild by protecting your assets from creditors,  divorce proceedings, and even from the financial decisions that your children or grandchildren may make. That is why trusts are a popular and common tool in Estate Planning. A trust is a flexible instrument that may allow you to pass along assets outside of a probate court proceedings or allow you to have access to your Read More

He said what? How To Handle Online Disparagement By Former Employees.

An issue we have been seeing pop up with some regularity is the online disparagement of companies by former employees. While it can take many forms, we often see it in the form of Facebook posts by former employees. While it is a nightmare to get attacked online because it is damaging to your reputation: and it is potentially unlawful. In the last decade, many companies have begun using Non-Disclosure Agreements Read More

Who gets the Family Cabin?

As the saying goes,A family cabin isn’t a place, it’s a feeling. We all know that a family cabin is more than just a building. Beyond the beautiful views, a family cabin is a place of nostalgia where countless summers are spent making memories with your children. Family cabins are important family legacies. Our clients often find themselves going to the same place for vacation as their parents or grandparents did. Read More

Can I Leave My Estate to My Dog?

The answer is, well… Kinda.  April is National Pet Month. So, this month we wanted to honor our beloved companion animals by discussing how you can provide for them, even after you are gone.  Pets are members of our families. They love us. They rely on us. That is why people are often surprised and saddened to learn how many loyal and loving dogs, cats, and other pets end up in shelters when their owners pass Read More

How Do I Pass Along My Business to Someone I Trust?

One of the most important questions any business owner has to consider is about the succession of their business: Who will take over for you? A trusted employee? Your children? What if only one child is currently working in the business? What is fair?   That is why every business owner, whether they are running a shop, farm, tech start-up, or food truck, should have a Business Succession Plan.  So… What is a Business Read More

Remarrying? Estate Planning Considerations to Keep in Mind

When you remarry, you’re enjoying a second chance at a happy future with someone you love. However, there’s more to planning for this new partnership than booking a wedding venue and inviting guests. You should revisit your estate plan or take your new, extended family into account when putting one together. Blended families are a positive thing.  If you have children from an earlier marriage, estate planning becomes Read More