Estate Planning Review: Choosing a Will or a Trust
July 29, 2010 | William F. Huefnerby Doug Dehn Winter 2007 In Brief Newsletter Should I have a Will or a Trust? This is a common client interview starting point. The answer is not always simple. Discussion ensues as to what the pros and cons are as to Wills and Revocable Living Trusts (RLTs). Wills may simply name your beneficiaries, personal representative and alternates and contain other basic terms. A will may also contain a Contingent Trust for the benefit of children or grandchildren, a Disclaimer Trust for estate tax planning purposes, or both. An RLT, designed to avoid probate and insure privacy, also designates beneficiaries, successor trustees and alternates. An RLT may also contain a Contingent Trust, A Disclaimer Trust or both. Because there are relatively simple steps with a Will, most people decide to use Wills and not RLT’s. However, RLTs do have very legitimate purposes. First , if a client owns property in more than one state, the use of an RLT will avoid an ancillary (extra) probate in that second or third state. Most states have probate systems that are more complicated, time consuming and expensive than Minnesota. The avoidance of an ancillary probate is one of the primary reasons for using RLTs. Secondly, using an RLT ensure privacy. Some clients prefer RLTs to avoid…
Read MoreBuying Real Estate: Investigate the Title
July 14, 2010 | Barna, Guzy & Steffen, Ltd.By Timothy D. Erb In Brief Newsletter Fall 2006 In the past, when a buyer wanted to investigate the title to real estate, a call to his or her attorney was likely necessary. Today, there are two methods to investigate a title to real estate: hiring an attorney or using a title insurance company. Title insurance is very similar to an opinion of an attorney in that it provides an opinion as to the status of the title. However, title insurance also creates a way to make a claim on the policy if the opinion of the title company is incorrect. This article provides additional information regarding investigation of the title to real estate when the buyer elects to obtain title insurance. There are two types of title insurance that the typical buyer will be offered. First , a title company will offer a lender’s title insurance policy to the buyer. If a buyer is purchasing the real estate with the assistance of a lender, the buyer will be required by the lender to purchase this policy. A lender’s title insurance policy will only cover the lender in the event of a title problem. Second, a title company will offer an owner’s title insurance policy to the buyer. An owner’s title insurance policy…
Read MoreConfronting Employees with Bad Attitudes
July 14, 2010 | Barna, Guzy & Steffen, Ltd.By Bradley A. Kletscher In Brief Newsletter Winter 2006 Every employer has had an employee with a poor attitude. It may be the employee who gives fellow employees the cold shoulder. Or it may be an employee who tells you he will follow instructions and then turns around and does what he wants. It might even be an employee who is rude to customers who are asking for help. While each situation is different, the common theme is that the employee has a bad attitude. [maxbutton id=”1″ ] As hard as it is from a personal level to confront employees with a bad attitude, and employer must do it. Allowing a bad attitude to continue will only make the work situation intolerable. An employee with a bad attitude can cause you to lose customers, to lose good employees, to decrease productivity or in general to deplete the attitude of other workers in the workplace. Following are some suggestions which may help you deal with this issue. First, look for a candidate with a good attitude during the hiring process. During the interview, ask questions designed to reveal the potential employee’s attitude in varying work situations. When you talk to references, try to ascertain the potential employee’s attitude while employed. Prevention is the best…
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