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Rochester Business & Commercial Law Blog

Avoiding conflict during estate and asset division

Despite the precautions and careful planning that many people undergo when creating their will, familial conflict is still a possibility. The risk of family disputes is heightened when vague statements are used instead of detailed guidelines. With active measures put into place ahead of time, individuals planning their wills in Minnesota can create an agreement that is fair, concise and understandable.

According to Psychology Today, there are some valuable tips that people planning their wills can follow to reduce confusion and contention between family members. These include the following:

  • Rotations: Prior to a person’s death, he or she can invite their children over to select items they wish to have as keepsakes. Using a rotation such as youngest to oldest, people can give each family member a chance to select valuables that hold sentimental meaning to them.
  • Gifting: People who have specific items they wish to leave with a certain person can do themselves a favor and gift those possessions ahead of time. Not only does it give them an opportunity to share some love, but it is a guarantee that certain items get to the intended recipients.
  • Communication: Folks planning their wills can avoid a great deal of post-death contention by simply communicating with family members. They should try their best to find out who wants what and then allocate accordingly.
  • Instruction: Sometimes, when planning a will, a person anticipates contention and disputes between certain family members. When this is the case, everyone can benefit from the writer’s decision to include explicit instructions that leave nothing to personal discretion or interpretation.

Expecting parents and new parents should consider estate planning

Preparing for the birth of a new child includes many exciting opportunities for planning. Choosing a name, prepping the nursery and deciding how to tell the grandparents the good news are common sources of both excitement and concern for many people. At the same time, there are important decisions to make to help protect the child from infancy to adulthood.

It may seem obvious that choosing the best pediatrician, deciding how much parenting time is appropriate and adding the child health care insurance are necessary steps. As the due date approaches, most expecting parents look more closely at work schedules, financial considerations and what items need to be included in the household budget, such as diapers. The planning process can seem cumbersome, but necessary.

5 crucial mistakes made by new business owners

You've wanted to start your company for 10 years, and you've finally decide to move forward. You're going to make your dream come true.

While you couldn't be any more excited, you're also nervous. You don't want to make any critical mistakes that will ruin that dream before it even gets off the ground. Below are five mistakes new business owners tend to make:

How can I prevent disputes over my estate?

When it comes to estate planning in Minnesota, you have to anticipate there may be disputes between family members over your assets when you pass away. If you have any inkling that your family has issues with each other or you have large assets at stake, you should always think ahead to how you can prevent issues from arising, so your estate can be settled quickly and with minimal hassle.

According to The American Association of Individual Investors, there are specific actions you can take to try to prevent problems with your estate. You should try to treat your children equally. Leaving everything to one child can cause major issues and bad feelings. If you treat them all the same, it can help things to be more copacetic.

Tips for starting a family business

Family operated businesses serve as the backbone of Minnesota’s overall economy. The vast majority of businesses in the United States are family-run operations. Roughly 80 to 90 percent of all business operations across the country are family businesses, according to the Family Business Alliance. About one-third of the S & P 500 are family-run ventures.

It may seem easy to have a discussion with a sibling, or your parents, over dinner in the family home about building a new company. Married couples who have managed the household together often see opening a restaurant or other business as a natural progression that will be based on mutual cooperation. However, when opening the doors to a new venture, it is important to take steps to help the business grow and prosper. In a family setting, sound business principles can be the difference between business success and failure.

Stages of business growth

If you are starting a business in Minnesota, then it is a good idea to understand the stages of business growth. At Dunlap & Seegar, PA, we work to help you through any stage of the process because each stage brings with it distinct challenges that you must overcome to get to the next stage.

All businesses begin with an idea. According to Entrepreneur, this first stage is when you are developing the idea of your business to see if it will even work. At this point, there may be a lot of challenges that you are dealing with concerning the plausibility of your idea and how to make it a reality.

Tips for choosing an executor

When people begin to think about what they may want to do in their estate plan they often focus on how to divide their assets. Common concerns may involve how to protect assets in creating a trust. But along the way, it is easy to overlook thinking about how the estate should be managed. Choosing an executor or trustee is an important function that should not be taken lightly.

For example, business owners with several children may lean toward one child or the other to handle all of the estate and trust administration matters. Often, that can work very well. However, sibling rivalries, animosity over how an estate is handled and other dynamics should be considered to help avoid conflict and strife in the future. Some individuals may prefer not to handle the estate, which is an important concern.

Reasons everyone needs a will

It is a common misconception among Minnesota residents that only older people need wills. This simply is not true. A person can help their family to avoid many hassles by drawing up a will no matter what his or her current age. The New York Times notes that the state will step in and disperse a person’s assets after he or she dies if there is no will. This leaves the person with no say in what happens to anything he or she owns or any children he or she has. 

Business Insider discovered that most people under 30 do not have a will and many do not plan on writing one in the near future simply because they believe they do not need this legal document. However, there are many reasons why a person, even a young one, may need to plan for his or her own death. Accidents and medical issues can happen to anyone at any age. It is better to plan for the worst because dying without a will leaves family members responsible for trying to figure things out and dealing with the legal hassles.

Common legal issues that small business owners face

Running a successful business requires more than a vision; it requires hard work and daily attention to detail. Solid business owners are usually adept at managing the many small fires that can arise from disgruntled clients or internal employee relations. However, some problems can have significant legal implications that call for the guidance of a business law attorney.

Proactively protecting your business through mitigating risk in contracts and business plans can help to avoid future litigation. While no blog post could cover the vast array of issues that business owners face, a few common concerns that can turn into disruptive and contested business litigation include:

Employer obligations in labor union negotiations

As an employer in Minnesota, it is important that you prepare yourself for labor union negotiations. If your employees are part of a union, they have certain rights that you must respect. In addition, we at Dunlap & Seegar PA want you to know that you also have rights given to you under the National Labor Relations Act.

According to the National Labor Relations Board, your main right as an employer is to be allowed to negotiate and bargain with the union. The union cannot simply demand certain points without giving you the chance to counteroffer. You must also respect the idea of good faith in your negotiations and the union must do this also.

Contact Us Today Our lawyers listen carefully to your goals and concerns while helping you obtain the best results possible. Call 507-316-0628 or fill out the form to email our team.

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