Category: Attorney News
Business Owners: Think Twice Before Gifting Stock to Employees
September 24, 2021 | Carole Clark Isakson
I receive regular calls from small business owners that want to show appreciation to their hardworking employees by gifting shares in the company. Sometimes, the goal is to incentivize an employee to work harder and in other cases, the employer hopes to keep the employee long-term and feels the gift will help with this. I generally dissuade these owners from share transfers and suggest other ways to bonus employees based on profits. Why? Because an owner of shares, no matter how small, has rights in the company that can cause issues for the well-meaning employer. Minority shareholders in Minnesota have a variety of rights. For instance, minority shareholders in privately held corporations have the right to request and examine the share register, the records of all shareholders, and board proceedings over the past three years. This includes all articles, amendments, bylaws currently in effect, certain financial statements, reports made to shareholders within the last three years, names and business addresses of all directors and principal officers, voting trust agreements, shareholder control agreements, and other types of agreements. While providing these documents may not be difficult, many employers would rather not share this information. When an employee comes to their employer, and owns a share in the company, this information must be provided. In…
Read MoreNew Veterans Homes Slated for Fillmore County
August 19, 2021 | Barna, Guzy & Steffen, Ltd.
By Cathryn D. Reher, VA certified and Elder Law Attorney For years, the Minnesota Veterans Homes has sought funding to build additional campuses. There are currently four Minnesota Veterans Homes located in Minneapolis, Fergus Falls, Luverne, and Silver Bay. Finally, there has been movement with the projected development for a fifth facility in Preston, Minnesota. Most veterans are not aware that they and their spouses might be eligible for long-term care benefits through federal VA veterans benefits and/or the Minnesota Veterans Homes. I am a VA certified planner and have worked with Minnesota Veterans Homes for 25 years, assisting veterans and their spouses to understand the eligibility rules. I advise on the best approach to protect resources for veterans and their spouses in need of long-term care or wanting to plan as they age. One of the challenges that has been presented is the wait lists for Veterans Home admission. Thus, part of planning is to make sure that any plan around admission to each Veterans Home location also contemplate qualifying for medical assistance to pay for long term care. Medical assistance laws and policies are much trickier. It is critical any plan for the Veterans Homes also enable qualification or not adversely impact eligibility for medical assistance. Finding local counsel with the…
Read MoreExperienced Elder Law/Elder Care and Special Needs Planning Attorney Cathryn Reher Joins Barna, Guzy & Steffen Law Firm
July 26, 2021 | Barna, Guzy & Steffen, Ltd.
Attorney Cathryn Reher has joined the firm as a Shareholder with more than 30 years of experience. She is recognized for her thorough and detailed estate and long-term care planning analysis and passionate advocacy on behalf of her clients. Cathryn will work closely with our existing team of Estate Planning Attorneys, enhancing the firm’s ability to serve our community. She is certified in federal veterans benefits and has assisted clients with Veterans Homes planning since 1993. Since the 1990s, Cathryn has regularly served as faculty and makes presentations on elder law and special needs planning topics at continuing legal education courses for attorneys through Minnesota CLE and the Minnesota NAELA chapter. She also teaches courses to non-legal professionals obtaining continuing education credits and served as faculty for more than a decade with Kaplan Professional Schools. Long recognized as a leader in her field of law, Cathryn has received multiple accolades from peers and clients over the years. She has been repeatedly named a Super Lawyer, including an award as ‘Top 5 Elder Law Super Lawyer.’ The Minnesota State Bar association awarded her the 2005 Mary Alice Gooderl Award and in 2019 she was named to the Elder Law Section Hall of Fame. Elder Law/Elder Care and Special Needs Planning impacts everyone, not just…
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