Take Care of Your Legacy: Planning Your Will & Estate

November 18, 2021  |  Barna, Guzy & Steffen, Ltd.

By: William F.  Huefner For many, writing a Will and planning for the handling of your estate seems like a topic that can be pushed to the backburner. However, planning ahead and creating a Will is something that should be handled sooner rather than later. With the help of trusted professionals, it’s easy.  Continue reading our blog and find out how you can ensure a strong plan for your estate. When Is the Right Time to Write a Will? The short answer is right now. As long as you are at least 18 years old, you are in a position to write a Will. Experts recommend that every adult should have a Will regardless of their age and health. A few other life-changing events that provide a good reason to write a Will are accumulating a large sum of money, getting married or divorced, when you have children, and when you start a business. Many factors can be protected with a Will. Make sure you and your family are not caught off guard without one. Writing Your Will Itemize Your Inventory The first step towards creating a Will is itemizing your assets. Start off by making a list of your assets, i.e., bank accounts, investment accounts, retirement accounts, real estate, etc. Keep in…

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Significant Proposed Changes to Minnesota Veterans Homes Rules

November 17, 2021  |  Barna, Guzy & Steffen, Ltd.

By: Cathryn Reher While there has been a great deal of publicity about the ground-breaking ceremonies around the state for additional Minnesota Veterans Homes, far less publicized are the 88 pages of proposed changes to the Minnesota Rules. These proposed changes will impact both veterans and their spouses whether they currently reside, or have future plans to reside, at one of these facilities.  The current rules can be viewed at:  https://link.edgepilot.com/s/1f367ca5/5mJ1ZMz-4kSkcAQfk_IInA?u=https://www.revisor.mn.gov/rules/9050.  You will want to check out the proposed rule changes at:  https://link.edgepilot.com/s/71a018ff/xz80iGxVIUKb4jigTsKN0w?u=https://mn.gov/mdva/assets/2021-10-15-rd4384_tcm1066-502928.pdf. From an initial review of the proposed rule changes, many are adverse or more restrictive than under the current rules. If you read the MDVA description of the proposed rule changes, you would have no idea what changes are afoot. For instance, one of the proposed changes will impact a current and future facility resident’s holding a real property interest in the form of a life estate. The change adopts a valuation method for a life estate which could result in as much as a twenty to thirty percent increase in the equity value allocated to a Veterans Home resident.  If the life estate were sold, the resident’s maintenance charge would increase until the full value of the interest, along with other available assets, was reduced below $3,000. For any persons holding…

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Discovery of Hidden Defects in Your Newly Purchased Home

November 9, 2021  |  Joan M. Quade

The last few years have seen unbelievable residential home sales.  There have been a large number of buyer/bidders for every home that hit the market.  Homes were selling for tens of thousands over asking and bidders waived contingencies and inspections just to “win” the right to buy.  Many buyers bid on multiple houses before they actually were the high bidder and each frustrating loss made them more eager to add to the bid price and to waive inspections.  Some were so desperate they bought houses sight unseen willing to take some risk to get a house!  For many it all worked out and whatever minor issues they discovered after closing, they were willing to correct on their own or just live with it.  For some the hidden home defects, issues and costs have been overwhelming. Their initial excitement to be in their new home has turned into a financial disaster.  Some have discovered foundation cracks, water intrusion, poor homeowner work on the property without the proper permits or inspections, insurance money pocketed by the prior owners for hail or flood damage claims that were never fixed, major issues with the mechanical parts of the home like the furnace, water heater, electrical issues or the air conditioning and the list goes on and on. …

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