Will My Family Inherit My Debts?
September 9, 2013 | William F. HuefnerAre you deep in debt? If so, you’re not alone. While much of estate planning revolves around assets there are those who will leave more in the way of debts. If you’re in this situation you may be quite worried about how you will protect your loved ones from your bad financial situation. Fortunately, there’s good news. Your heirs will not inherit your debt directly. Your credit card bill will not suddenly pass into their name. That doesn’t mean creditors won’t try to make an argument that you let your heirs assume responsibility for some debts in certain situations, so make sure to consult with an attorney if you want to avoid this situation. Secured debt is a little different. If you want your heirs to inherit a house that still carries the mortgage they will need to keep the mortgage current until the house is sold. If your heirs want to keep the house the mortgage may need to be refinanced. However, creditors can go after the assets in your estate. Creditors may be able to seize secured assets or force the sale of other assets to pay your obligations. Debt reduces the amount of money that your children will inherit. However, the lack of legal obligation on the part of your…
Read MoreWhy Should I Update My Will?
September 2, 2013 | William F. HuefnerA will is not a set it and forget it document. You should revisit your will periodically. Why? Because things change. Your designated executor might die before you do. You might divorce your spouse. Or you might remarry. You could adopt children or have new children. You could have a severe falling out with an adult child. Each of these situations creates scenarios which would cause you to either need or want to make a change in your will. However, you won’t necessarily think of your will while you’re in the middle of a change or an upheaval. That’s why it’s a good idea to make a habit out of periodically reviewing your will. Most of the time, there will probably be little or nothing to change. That’s okay. The practice itself is what is important. Someday, something will change, and you’ll feel better knowing that you are on top of things. If you have a revocable living trust his periodic review also gives you a chance to add or remove assets from the trust if you wish. Of course, all of this depends on you having a reasonable estate plan in place to begin with. Some estates can be quite complex, and you will need the guidance of an experienced estate attorney…
Read MoreA Tradition of Service Since 1938: Barna, Guzy & Steffen Ltd. Celebrates 75 Years of Legal Service
August 28, 2013 | Barna, Guzy & Steffen, Ltd.The law firm of Barna, Guzy & Steffen Ltd. is proud to celebrate its 75th year of providing legal service for the Twin Cities and greater Minnesota. The firm now known as Barna, Guzy & Steffen was founded by the Honorable Joseph E. Wargo, who graduated from the University of MN law school in 1938 and founded the law firm that same year. Wargo grew up in Columbia Heights and started his practice in that area. He was joined by Peter Barna in 1952 and by Robert Guzy in 1958. Wargo left the firm in 1968 to serve as a Judge for 11 years on the Anoka County Bench. Over the years, BGS has proudly advanced 11 of its attorneys to become judges in Anoka County. In 1990 the law firm merged its practice with Steffen Munstenteiger and the firm became known as Barna, Guzy & Steffen. Seventy five years of dedication and experience has helped fuel the firm’s growth and expanded practice areas. With 30 attorneys and more than 60 staff members, Barna, Guzy & Steffen is the largest private law firm in Anoka County today. Seventy-five years of practicing law has enabled BGS to establish a strong and loyal client base which continues to rely on the firm for legal support….
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