There are plenty of essential things that a last will and testament can do for you, like distribute family heirlooms and name a guardian for your minor children, but there are some equally important things that a will won’t do. For instance: 1. Reduce estate...
Looking to Avoid Probate? Make Sure That You Fund Your Trust
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Many people who are asked by a family member of close friend to serve as the trustee of a trust are honored to be chosen and readily agree to take on the responsibility. If that describes your situation, it’s very likely you have no idea what you have just agreed to...
When you create your Trust, you could choose anyone to be your trustee. It could be a relative or it could be a trusted friend. However, administering a trust can be a lot of work and time, and there are very specific rules that must be followed. The trustee has to...
The plain-English guide for Minnesota small business owners
When it comes to business, ignorance isn't bliss; ignorance is risk.
There's a handful of legal topics that business owners should be familiar with, at least on a rudimentary level, to reduce the risk of having something horrible come out of left field.
This book is a legal guide to help you put the most common business legal issues on your radar, with enough information for you to be on the alert for when you may need to get some professional advice.
The intention in arming you with this information is so that you can proceed in business confidently and with fewer legal quagmires.
Do you have a cabin?
The first generation that buys a cabin enjoys it to the fullest and it’s a magical place where happy memories are made and families go for some much needed respite. Unfortunately, without thoughtful planning, the chances of the cabin staying a place of happiness and tranquility into successive generations is very, very slim.
If you haven’t done the planning in advance and made it legally binding, the family members (and their ex-spouses and new spouses) will have to work every detail out for themselves. If they can’t, what is likely to happen is a lawsuit called an action for partition that forces everyone to sell their interest. This lawsuit is expensive, and the costs of litigation will come out of the proceeds of the sale of the cabin, so to add insult to injury to those who wanted to keep the cabin but couldn’t afford to buy the others out, they are footing part of the legal bills in the lawsuit against them. Ouch!
It’s no wonder that family members stop speaking for years after the cabin conflict is “resolved.” You can’t make family relationships perfect, but you can take away much of the fuel for the family conflict fire. That’s what cabin planning does, and it has the nice side effect of giving you peace of mind now.
That’s why Kimberly wrote The Minnesota Cabin Planning Guide and Workbook, and you can get a free electronic copy of her book on our cabin planning website, or you can find it in many county libraries in Minnesota, or you can get it on amazon.com.
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