Make a Will: It Won’t Kill You!
September 16, 2013 | William F. HuefnerMany people avoid the process of estate planning because of fear. There is a persistent superstition that says that you will die soon after you make your will. Fortunately, making a will does not invite death any more than any other activity you do. A will is just a plan for what will happen when you die. Many people make out wills and then go about living their lives for decades after. Dave Ramsey, the popular financial expert, has a pretty good comment to make on the subject of wills. In The Total Money Makeover he writes: “You are going to die, so do it in style, and do it with a will!” Ask yourself whether or not you would want the state to make decisions about your property, children, pets, or debts. If the answer is “no” then you definitely need to engage in some estate planning. If you have a lot of assets then you will definitely want to engage in this process to make sure that your life’s work is not distributed in a way that would be unpalatable to you. A will is simply another thing that you should take care of. It’s just a piece of business, much like filing your taxes, paying your bills, or buying insurance….
Read MoreBack to School with the Right Tools
September 10, 2013 | Barna, Guzy & Steffen, Ltd.For several years now Barna, Guzy & Steffen has coordinated an annual Back to School supply event in August and delivered the donated supplies to an area elementary school. This year, the firm donated supplies to Hamilton Elementary in Coon Rapids. “Donating school supplies is a way each of us can help give back directly within our community,” said Family Law attorney Beverly Dodge, who coordinated the event. She said that “the kids receiving these supplies might not otherwise have some of the basic necessities for back to school, let alone the “extras” that our own children take for granted. This contrast creates problems for their success in school.” Items donated by staff and attorneys included all the basics like crayons, markers, folders, backpacks, and more. The firm also made a monetary donation with which Bev purchased even more supplies. The firm brought the donations to Hamilton Elementary the week before school began and kids were given access to materials they might not have otherwise had to start this new school year.
Read MoreWill 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…
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