What is a Revocable Living Trust?
October 21, 2013 | William F. HuefnerA revocable living trust is one way to approach estate planning. People use revocable living trusts to bypass the probate process. Think of a trust as a sort of legally created box. Once you create the box you can start filling it with your assets. This is known as “funding the trust.” The assets could be anything: bank accounts, real estate, cars, boats or anything else that you own. To fund it property is retitled into the appropriate trust. As long as you’re still alive you’ll maintain total control over these assets. For example, if you place your house in the trust you would continue to live in the home, repair it or update it as you saw fit, and pay any and all bills associated with it. When you die, control of these assets will be in the hands of the successor trustee who can then transfer your assts to the beneficiaries. Revocable living trusts will not end up in probate at all. They’re also harder to dispute than wills are, which makes them very attractive to people who are in difficult or complicated family situations. However, revocable living trusts can’t handle every aspect of your estate planning process. You will still need a will. A will is the only document that…
Read MoreWhat Should I Do If My Child is injured at School?
October 17, 2013 | Adriel B. VillarrealNothing is more stressful and upsetting than knowing your child has been hurt, especially when he’s been hurt at school. When the immediate emergency has passed and your child has received all necessary medical attention you may find that you’ve been left with a stack of medical bills. In the worst case, your child may have been permanently injured and traumatized by the event. You need to take some careful steps to get the help you need. After the accident seek immediate medical attention for your child. Document the injury. Ask for a copy of your school’s incident report. Avoid signing anything that anyone asks you to sign. Gather all of the evidence relating to your expenses and losses, such as bills. Speak to a personal injury attorney as soon as you possibly can. Continue to carefully monitor your child for signs of further complications. Seek additional medical attention if necessary. Notify your lawyer of any changes. When bringing a claim against a school the law requires notice of claim within 180 days of the incident. In cases of a wrongful death, you may have up to one year. You should be aware that there are special rules about the way that a minor’s injury settlement may be handled. The courts have these…
Read MoreBGS Attorney to Present at Business Succession Seminar
October 8, 2013 | Barna, Guzy & Steffen, Ltd.Northeast Bank is sponsoring a seminar called “Succession Planning Strategies” on Wednesday, October 23, 2013 from 7:30-9:00 am. BGS Corporate and Business law attorney Daniel Ganter has been invited to participate and speak during this event. Dan will be speaking and answering questions about succession planning along with CPA Tim Kenyon of Cummings, Keegan & Co. PLLP. Dan and Tim will cover succession planning time line and process, as well as the role and importance of buy/sell agreements. The talk will help guide listeners in understanding how a business sale progresses and occurs to help secure the future of the business. Ganter has practiced corporate and business law for over 28 years. He has handled many buy-sell agreements over the course of his career. This is the third seminar he has participated in this year. He presented at a National Business Institute Seminar this past spring entitled: “Helping Your Client Buy or Sell a Small-to-Medium Sized Business.” Ganter also participated in a Minnesota Small Business Symposium called “Buy/Sell Techniques for Business” in January. He routinely handles many other business issues as well. “Succession Planning Strategies” will be held at Jax Café, 1928 University Avenue NE, Minneapolis, MN. To register for the seminar, visit
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