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Rochester Business & Commercial Law Blog

Understanding an estate plan is critical to its effectiveness

When people recognize a need to begin planning their estate, they may be instantly overwhelmed with the breadth of important decisions that are awaiting them. However, when people in Minnesota put in adequate time learning about the purpose and function of an estate plan, they may be much more confident and effective in putting together a comprehensive document that accurately depicts their final wishes. 

Because estate planning is such an involved process that addresses many key issues including distribution of assets, allotment of property, guardianship of minors and even health care or financial proxy information, mistakes can undoubtedly be made. Serious mistakes, however, can compromise the effectiveness of a person's plan so it is critical that they avoid errors that could put them at risk. 

Using strategy to decide on a new location for your business

As you grow your business in Minnesota, you may encounter the need to invest in some more commercial property to help with the development of your organization. Deciding where to purchase this property is critical to your success and will require you to spend considerable time comparing your options. At Dunlap & Seeger, we have helped many business owners to secure and protect various aspects of their company. 

A lot of factors will need to be managed in deciding which property you purchase including location, pricing, accessibility, a potential for growth and if you plan to rent or own the space. Focusing on one aspect at a time may enable you to more successfully make decisions that will put you in the best possible position of achieving your goals. 

Negotiating strategically to win over investors

When new companies are testing the waters with their products, investors can play a critical role in expediting the process of building small businesses and helping them scale their initiative. What organizational leaders in Minnesota should be aware of is how critical their content delivery is when pitching to investors. What they say, or do not say, and how clearly and confidently it is presented can make all the difference in whether or not they can seal the deal. 

When businesses are preparing to negotiate at all, Forbes suggests some helpful tactics that can help the discussion process to go more smoothly. Being prepared can also enable companies to come away from negotiations without having to compromise too much of their original plan. Some of the things leaders can do include:

  • Understanding their role in the negotiation process and assess how the relationship's dynamics may affect the outcome. 
  • Preparing to compromise to avoid losing out on potentially beneficial alternatives when their desired deal is a no go. 
  • Maintaining a professional and cordial discussion even when conversation may become competitive or heated. 

How to give money to someone who's bad at conserving it

Imagine you're planning your estate, trying to decide how you want to distribute your assets after you die. This money and other property is the product of a decades-long and prosperous career. You've only managed to hang onto it because you're frugal and wise about managing money.

In fact, everyone in your family is excellent at conservatively managing their money, too -- except for your daughter. She's a free-spirited, self-sabotaging "spendthrift." In other words, if you give her a few hundred dollars, she'll spend it on something frivolous before it gets in her hands.

Preparing to facilitate the process of a company merger

Merging two companies in Minnesota is a strategic business play that may allow two organizations to effectively build their success by feeding off of each other's strengths and core competencies. With joined forces, the newly-created company has the opportunity to gain momentum to soar beyond their competitors, but only if adequate steps are taken by corporate leaders to facilitate the merger and guide the process. 

According to Entrepreneur, a company that is interested in merging with another entity should conduct a thorough analysis of its financial health and capabilities before even considering a significant move. With the addition of a wholly different organization, both companies are bound to experience some stress that if not adequately planned for, can destroy any chance of the partnership being successful. 

How can you minimize estate taxes?

An old saying goes, "there are two certainties in life – death and taxes." Most people assume that taxes end after death, but the truth is that that the tax man hits a deceased person's estate hard. Federal estate taxes typically amount to 45 to 55 percent of an estate's value. The family or beneficiaries must pay the taxes in cash and within nine months of a person's death. Because few Minnesota estates have the cash to pay these hefty fines, families are often forced to liquidate assets. If you do not want your family to have to liquidate assets to pay your estate's taxes, there are a few steps you can take to reduce or even eliminate estate taxes.

According to U.S. News Money, one sure way in which you can eliminate or reduce the taxes on your estate is to give your wealth away before you die. Federal law allows each individual to give up to $14,000 annually to as many people as they choose without consequence. You may even give your wealth away to charitable organizations, donations that your estate may be able to claim as tax deductions.  

Building a company to attract committed investors

When people are building their company in Minnesota, they have a lot of different tasks to try and manage. Often, they experience difficulties when they encounter the need to perform certain operational functions where they do not have adequate strengths or know-how. This is where the coaching, support and encouragement of investors can make a considerable difference in how effectively new companies can scale their business. 

According to Business News Daily, when people are preparing to pitch their presentation to a potential investor, they should do research ahead of time to make sure their content is appropriate for that audience. They should also be transparent in disclosing their vision for the company and the setbacks they have experienced thus far. In preparation for seeking investors, people should develop a team of professionals with a variety of competencies so they can demonstrate to investors that they have a synergistic team of experts who are committed to running a successful organization. 

Tips for developing a good business partnership

Entreprenuers in Minnesota often know that partnering with the right people can be the way to success with their venture. This believe is based, at least in part, on the knowledge that no one person can truly be an expert in every aspect of running a business. However, there is a bit of an art to selecting the right person to work with in order to set things up for a positive outcome.

As recommended by Inc. magazine, people are encouraged to find ways to work together for a while prior to creating a formal partnership. This might entail one person being hired as a consultant by the other, for example. This type of trial period allows people to figure out how they might work together and whether or not they really think they can work well together.

What is a power of attorney?

Your estate plan does not just have to include plans for what happens after you die. It can also include plans for managing your life and assets if something happens to you while you are alive that makes it difficult for you to do it yourself. One option you have is creating a power of attorney in Minnesota, which according to the National Caregivers Library, gives someone else authority to make decisions for you.

Creating a power of attorney allows you to still maintain control if you become incapacitated. You get to choose the person who acts as your representative. You also maintain some control over what exactly the person has the power to do. You can make it as limited as you want. For example, if you want to give the person control over one particular aspect, such as having the power to write checks on your behalf to pay your bills, then you can do that. You can specify every detail of the power of attorney. It is up to you what decisions he or she can make and what access he or she has to your assets.

Does bankruptcy really take everything?

One of the most common concerns a person has when considering bankruptcy is the possibility of losing all of their property in the process. While this may happen regularly in movies and T.V. shows, bankruptcy is not intended to take everything away from debtors who choose to use it, and does not usually turn out this way.

For most people carrying personal debt, the law offers significant relief. It may not require them to give up much or any of their personal belongings but it might involve some liquidation of assets.

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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Rochester, MN 55904

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