Setting up an estate plan can be tricky for a multitude of reasons. Aside from stress and uncertainty, some people have a hard time figuring out who should be named the executor or how assets should be divided among loved ones. In some instances, estate plans need to be given a second look. For example, there are a number of circumstances in which the person who has been named the executor will need to be removed from the estate plan and a new executor will need to be identified. For people in Rochester, and across all cities in Minnesota, these issues can be difficult to work through, but it is essential to make the right decisions with regard to your estate.
Defining merger strategies
For those looking to build and grow businesses in Rochester, merging with another company may seem like an attractive option. Business leaders across the world in engage in such talks every day, as evidenced by the fact that the Institute for Mergers, Acquisitions and Alliances reports that as recently as 2015, there were over 44,000 of such transactions valued at over $4.5 trillion that occurred worldwide. The increase in actual as well as intrinsic value (not to mention market share) that can come with combining with a competitor may have many thinking that such a move is a no-brainer. However, such transactions can easily prove to be too complex for people to manage.
A buy-sell agreement is a prenup for your company
When you and your spouse got married, you signed a prenuptial agreement. You hoped the marriage would last, but you were realistic. You knew it may end in divorce, and you wanted to make sure you protected your own assets and interests. It was easier to agree on things while you were still on good terms, rather than waiting for the divorce.
Qualify for Medicaid without reducing your net worth
People in Minnesota may assume that one day, perhaps at some point after an eightieth birthday, for example, they will need long-term care. They may be counting on retirement funds to pay for the care they need. However, even those with an impressive investment portfolio may not be able to afford the kind of care that they imagine they will have.
What financial documents are needed in a divorce case?
Divorce in Minnesota requires a husband and a wife to fully disclose their assets and liabilities. This means that you need to collect financial documents such as checking and savings account statements, tax records, credit card statements, other debt invoices, retirement and pension benefit reports, pay checks and bonuses, stock and bond statements, investment records, mortgage notes, bank loans, medical bills, inheritance records, health and dental insurance costs, life insurance values, property tax statements, home appraisals, automobile and recreational vehicle values, jewelry assessments, tool values, and business records and then disclose these documents with your spouse during the divorce process. It is also helpful to create a list of the more valuable assets in the home that are marital and non-marital in nature. Some individuals find it helpful to take pictures and/or video of the assets that are in the marital home for record keeping purposes. Gathering this information up front will not only better prepare you for the divorce process, it will assist your divorce attorney in being a better advocate for you as you proceed through your divorce matter.
