The short answer is that you probably should not add your child as a joint owner on your bank account. I am frequently asked if it is advisable to add an adult child as a joint owner on a bank account, sometimes because a family member or financial institution has...
I recently read the popular business self-help book, Crucial conversations: Tools for Talking When Stakes Are High and realized that its principles for dealing with difficult conversations are applicable not only to business conversations, but also to difficult...
Minnesota law has recently been updated to allow people to name a beneficiary on the title of a motor vehicle. An owner of a motor vehicle can use a Transfer of Death (TOD) designation to transfer title to a motor vehicle to a beneficiary of the owner's choosing after...
When you die, you want your assets to pass to your loved ones as easily as possible, right? Many people think that means avoiding probate. In some cases, however, avoiding probate creates more problems than it solves.A common way to avoid probate is by naming "payable...
The Minnesota legislature recently passed a law that allows Minnesotans to create a trust for the care of an animal. Pet owners now have additional tools at their disposal to ensure that their beloved pets will be cared for according to their wishes after they pass...
In Minnesota if you become temporarily or permanently unable to make your own health care decisions there is no one with the legal authority to make health care decisions for you after you turn eighteen. For that reason, all adults need a health care directive. But...
While many people think of Social Security as being solely a retirement benefit, you may also be able to receive benefits from Social Security after a family member dies. Part of the Social Security taxes you pay each month go towards a Social Security "Life...
Blended families include children from a previous marriage of one spouse or both spouses and are increasingly common today. Second marriages that result in such blended families can be a source of great happiness but can also present an estate planning challenge. In a...
You may have seen or heard something near the end of 2017 about a "new law" or "big changes" impacting Minnesota limited liability companies (LLCs). You may have even received an email or letter from the Minnesota Secretary of State about it. Well, in case you...
If you are a business owner, there will inevitably come a time when you'll have to consider what to do with your business when you are ready to move on. Some options include transferring ownership over to a key employee, selling to a third party, or dissolving the...