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Elk River Minnesota Legal Blog

Do you know what is the best structure for your new business?

Starting your own business can be an exciting process. However, it is important to make sure you are well-informed before you make any decisions because some of the most important decisions about your business are made early in the business formation process.

One such decision involves your business structure. There are several structures to choose from, and the choice you make can impact how much you will pay in taxes, how much paperwork you may need to complete, how you can raise money and how much personal liability you may face. Some of the most common structures include sole proprietorships, partnerships, corporations and limited liability companies (LLCs).

When should I create a durable power of attorney?

For many people, estate planning brings to mind thoughts about a will or a trust. However, a complete estate plan should address more than what you would like to happen after you die. Some estate planning documents, like a durable power of attorney, can address what you want to happen while you are still alive.

A durable power of attorney is a legal document that grants someone the authority to manage your finances on your behalf. This person is called an attorney-in-fact, although you do not need to choose an attorney to fill this position.

The process of probate in Minnesota

Probate is the legal process of settling one’s estate after their death from beginning to end. There are many laws governing the process and depending on the value of the estate, it can get complicated. The process of probate includes the court authenticating the last will and testament, and the executor distributing the assets and satisfying any debts.

In most cases with a will, a specific person has been designated to be the executor, but if there isn’t a will, a close relative is typically appointed for the job to be the personal representative. The designated person can decline the responsibilities if they so choose and someone else can assume the duties.

What is a will and do I need one?

A will is a legal document outlining your wishes in the event of your death.  If you have children, stepchildren, living parents or a spouse, it’s a good idea to establish a comprehensive will.

It’s not just about passing along your money and possessions, having a valid will that spells out your wishes and intentions can also alleviate stress for your family after your death.

Rights and responsibilities of guardians in Minnesota

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. 

Understanding Commercial Loan Classification

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.

Creditors' Claims in Probate

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.

The Current State of Non-Compete Agreements in Minnesota

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.

Understanding the Means Test for Personal Bankruptcy Protection

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.

Avoiding Litigation Through Early Exit and Succession Planning

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.

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Hess & Jendro Law Office, P.A.
11070 183rd Circle NW
Suite A
Elk River, MN 55330

Phone: 763-200-6626
Fax: 763-274-1452
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