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October 2016 Archives

Choosing a personal representative for your will

One of the elements of estate planning that individuals often overlook is the appointment of an personal representative. In some parts of the country, people filling these positions are referred to as executors. A personal representative helps to distribute a deceased person's assets, pay financial obligations owed by the estate and maintain any property retained by the estate until legal and practical challenges are settled.

Estate planning can be critical to effective farm succession

Farmers in Minnesota share many attributes with farmers across the country. One concern that is generally shared is the transferring of farm ownership and related businesses to their heirs. The answer is that farmers must engage in the process of estate planning and construct, with the assistance of the estate planning attorney, a farm succession plan.

Business succession plan uses estate planning in most cases

A business owner in Minnesota may find it beneficial to set up a business succession plan to take effect incrementally over the coming years and decades. Some business creators will provide assurances for smooth generational transitions to selected younger members of their families. The process of estate planning and the preparation of an estate plan is an integral part of that transition.

Estate planning may benefit greatly from living trust option

The discussion of whether to use a living trust or a last will and testament, or to use both, is a topic often encountered in the office of an estate attorney. Since these legal instruments are merely tools to achieve the desired goals, the answer may vary from case to case. There are some estate planning benefits to using a living trust along with the other estate planning tools for estates in Minnesota and other jurisdictions.

How do I qualify for bankruptcy?

There are a number of myths surrounding bankruptcy and how it is completed. One of the biggest myths is based on who can qualify for bankruptcy, whether that is Chapter 7 or Chapter 13. Because there are misunderstandings, people who legitimately need help through a bankruptcy filing may not get what they actually require. Instead they are left struggling, thinking that there is nothing they can do to better their situation. In many cases, that simply is not true.

Business formation sometimes favors the LLC legal entity

The LLC is a versatile legal entity for a business startup, both in Minnesota and nationwide. The first prerequisite to business formation exists: it provides the owners with limited liability and the all-critical separation of the business debts from the individual's personal assets. There is less paperwork needed to file and maintain an LLC as compared with a business corporation, including an S-Corporation.

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Dunlap & Seeger, P.A.
30 3rd Street SE
Rochester, MN 55904

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