You might have a loved one who can no longer make their own legal or financial decisions. Or, maybe a friend passed away unexpectedly and their child needs a caregiver. Whether they are a minor or adult, they will need someone to look after them and ensure their needs are met. The process of becoming a legal guardian is complex and demanding, but the individual is worth it. Before going to court, it is helpful to understand the basics of legal guardianship.
Following the financial crisis, the risk management policies of financial institutions are under greater scrutiny. Although banks have always had a duty to control risks - in part through loan evaluations - financial institutions must more effectively identify loans that are at high risk of default and take actions to avoid losses whenever possible.
The objectives of probate are to pay creditors and distribute assets according to the law and your loved one's wishes. Before assets of an estate are paid, creditors may seek payment on debts. As a personal representative, you don't want to pay a debt the estate does not legally owe. However, you also do not want to unnecessarily tie the estate up in lengthy proceedings with a valid creditor.
Minnesota has traditionally been an employee-friendly state on the issue of non-compete agreements. Past court rulings cited the restraint on trade imposed by non-compete contracts when the court decided in favor of employees on these matters.
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) amended the U.S. Bankruptcy Code in 2005 as part of a widespread overhaul of the system. The BAPCPA put into place new eligibility requirements for obtaining Chapter 7 bankruptcy protection. The provisions make it tough for individuals who have acquired mainly consumer debts, but who earn an above-average income for a household in Minnesota of similar size. The formula for determining Chapter 7 eligibility is called the means test.
The time to develop an exit strategy is when you form your business partnership or corporation. The exit strategy is an agreement regarding business assets, debts and liability should a partner or another principal no longer be able to, or want to, engage in the business. You can avoid disputes and, ultimately, litigation by anticipating events that can put your business in jeopardy and including clear contractual language that addresses the situations.
It isn't just a house; it's a home. Filled with memories of first steps, birthday parties and holiday celebrations, having to sell your marital home can be one of the toughest aspects of a divorce. In addition to the emotional considerations, your home may also be your highest valued asset and your largest debt.
The individual named as a personal representative plays a crucial role in successfully administering an estate. Often, however, the personal representative performs her or his important duties while grieving the loss of a loved one. In addition, the person named as personal representative may never have been in this position before and may feel overwhelmed.
Your divorce will have an effect on many aspects of your life, including your tax liability. Even your marital status may be a tricky question on your first tax return following your divorce.
Mechanic's liens provide contractors and subcontractors with a means of collecting payment for construction work and supplies. The lien allows you to eventually take possession of property upon which you completed work for which you were not paid.