Get Your Company Records Right with Help from BGS
July 10, 2024 | Carole Clark Isakson
Almost weekly, I am contacted by a small business owner who needs their company’s corporate records to be “updated.” This “update” request is usually prompted by ownership changes, the sale of the company, or a potential lender doing its due diligence. In all cases, those other parties want to make sure that the company they are buying or investing in has been properly formed, is properly managed, and has designated those with authority to bind the company. And—in at least half of these cases—the reason the company records need updating is because the owners initially formed the entity without legal help. Many people know that the Minnesota Secretary of State provides forms for the initial Articles, but this is not enough. If all you do is file the Articles, you have done nothing more than create a shell of a company. It is unlikely that a lender will be satisfied with this, and anyone buying your company (except perhaps another existing owner) will insist that the company records be completed and corrected. Filing Articles of Incorporation (for a corporation) or Organization (for an LLC) is only the first step. To complete those online, you will need the following: Proposed name of the entity Registered office and agent How many shares are authorized (in the case of a…
Read MoreNotice of Continued Insurable Interest: Minnesota Transfer on Death Deeds
June 25, 2024 | Cathryn Reher
A spiteful ex-spouse burned down the decedent’s homestead immediately after death upon learning the property title passed to the decedent’s daughter as the surviving transfer on death beneficiary. The insurance company refused to cover the loss, asserting the daughter did not have an insurable interest! Thankfully, this prompted our legislators to pass a new law effective August 1, 2024, which provides some limited post-death insurance coverage to transfer on death beneficiaries. BUT, it will require you to act. The new law provides that, upon notice, your property insurance company must provide extended coverage commencing on the date of the Grantor Owner’s death or death of the last survivor of multiple Grantor Owners for a period of 30 days, or the date that the insurance policy expires, whichever is shorter, for the named Grantee Beneficiary(ies) under the transfer on death deed. Note that if you change your insurance carrier, you will need to submit a new notice to your new insurance company. This is a benefit to property owners in Minnesota. If you need assistance to provide the required notice, please reach out to your BGS team. Our estate planning and real estate practice groups here at Barna, Guzy, & Steffen are dedicated to staying informed and serving our client’s best interests. Our estate planning…
Read MoreWhat You Need to Know When Navigating a Gray Divorce
June 10, 2024 | Jason C. Brown
Divorces among couples over the age of 50 are on the rise across the United States. These “gray divorces” come with special challenges that younger divorcees may not face, such as planning for retirement with a more limited income. At Barna, Guzy & Steffen, we understand the emotional, legal, and financial complexities involved in gray divorce, and we’re here to help you through the process. In the following blog, we’ve gathered important information that you should know if you are considering or navigating a divorce later in life. Spousal Maintenance Also known as alimony, spousal maintenance is financial support that one spouse may be required to pay to the other following a divorce. The goal is to maintain the other spouse’s standard of living, and it is often awarded to spouses who gave up careers to raise children. It is generally preferable that the separating couple makes a decision regarding alimony themselves. If they cannot come to an agreement, a judge will decide how much alimony a spouse must pay and for how long. The judge will award alimony based on several factors, including each spouse’s financial needs and abilities, the length of the marriage, and career sacrifices made by the spouse requesting alimony. While permanent alimony used to be common, a judge…
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