My husband and I own some hunting land up north Minnesota as joint tenants. After his passing, I became the sole owner. I am thinking about adding my sons to the deed so we would all be joint tenants. I heard this will avoid probate when I die. Is a joint tenancy a good idea?
If your only concern is avoiding probate, transferring the property to a joint tenancy with your sons will accomplish this and is a commonly-used tool, but there may be a better way to accomplish the same result.
Continue reading “Ask the Attorney: Should I use a joint tenancy to avoid probate?” »
Bloomgren Hanson Legal is pleased to announce that we have moved to 903 Mainstreet, Ste. A, Hopkins, MN 55343. Our website is in the process of being updated to reflect the change. Until then, if you need directions, please give us a call at 952-406-8221.
If you have a corporate entity (e.g. limited liability company, corporation, S-corp, partnership), tax time is a great time to draft the necessary resolutions or minutes to “beef up” your personal liability protection. If the concept of personal liability protection is new to you, check out our other articles on the subject which can be found here and here. Continue reading “Corporate Liability Protection – It’s Tax Time!” »
On February 29, 2012, Amanda Bloomgren and Katie Hanson will be speaking at the Business Girls Network, Inc. event, Sink or Swim. The event will provide female small business owners the opportunity to do a self audit of their business practices and to took forward to growth and change in 2012. In addition to the attorney’s of Bloomgren Hanson Legal, Molinar Financial, Practical Business Solutions and Nourish to Florish will be sharing their wisdom.
The event is from 4:00 p.m. – 6:00 p.m. at Gold Nugget in Minnetonka. If you are interested in the event, feel free to contact us for more details.
One of the recent searches that led to the Bloomgren Hanson website asked the question, “Can I purchase a business using a contract for deed?” The searcher didn’t find their answer here (until now). The simple answer to the question is no, but that doesn’t mean you cannot accomplish the same result using different tools.
Continue reading “Reader Question: Can I purchase a business using a contract for deed?” »
Bloomgren Hanson Legal had a nice mention in an article on Minnetonka Patch about the networking group where both Amanda and Katie are active members and co-leaders . We can’t say enough good things about Business Girls Network, Inc. and the connections and friendships we’ve made in just a few short months.
Quite often it is difficult for attorneys to find groups where we can support our business without being obligated to make direct referrals to specific members of the group. Direct referrals are a big ethical “no-no” in our practice as we believe is important for our clients to make independent decisions with whomever they choose to do business with. The model of BGN is to simply support the business growth and creativity of the other women in the group. It is not only a refreshing change from other groups, but is also in line with Bloomgren Hanson Legal’s mission to help solve problems for small businesses, families and individuals.
A contract for deed is a form of seller financing where the seller sells real property in exchange for installment payments over time. In Minnesota, contract for deed transactions are governed by a statutory framework transferring all but an equitable interest in property to the buyer. The buyer is responsible for all aspects of the home (taxes and insurance), repairs, etc. after the contract for deed is signed and filed with the appropriate county office. The buyer usually pays the seller in monthly installments over a number of years and only receives their deed upon full payment of the contact. For more details on contract for deed options, see here. One of the most common questions our office sees regarding contracts for deed, is what happens if the buyer gets behind on payments.
Continue reading “How To Cancel a Contract for Deed” »
The Wall Street Journal recently published an article about the increasing cost of caring for elderly family. The article* can be found Here. According to a U.S. Health and Retirement Study, “the percentage of adult children taking care of their parents has tripled since 1994, with nearly 10 million people who are 50 and older doing so in 2008.” The article addresses is the financial toll on care providers which averages $303,880 per person (age 50 or older) in lost wages, pensions and Social Security benefits over their lifetime due to leaving the work force early to care for a parent. But more importantly, the article sheds light on some of the hidden non-monetary stresses associated with this type of care giving. The U.S. Health and Retirement Study called for more services to assist caregivers as the number of caregivers in this category is only expected to rise.
The article is an important reminder that careful planning goes beyond having a will and protecting assets. At Bloomgren Hanson Legal, we encourage our clients to use their conversations with family about estate planning as an opportunity to also discuss the broader issues associated with aging and end of life planning.
*A thank you to Attorney Nick Halbur for bringing our attention to the article.
When people face life impacting problems and decisions, it is not enough for an attorney to simply solve the problem. At Bloomgren Hanson Legal, we also believe successful results require empowerment: education about the problem, about the process, and about what result(s) you can expect now and in the future. This is especially true when it comes to matters surrounding families and divorce.
Continue reading “Daisy Camp: A Unique Opportunity for Women Facing Divorce” »
In law school they teach students to think of property ownership as a “bundle of sticks.” A weird metaphor, but one that makes sense after a bit of thought. When pioneers “staked a claim” to land, in theory they claimed all of the land between their stakes from the sky to the center of the earth and every right to do what they wanted with the land. Over time, we have exchanged certain property rights (sticks) for other conveniences. For example, by purchasing land in a city you might be giving up the right to let your grass grow long, to have loud parties, and to keep vehicles in your yard in exchange for the sidewalks to be paved and to hook up to city water and sewage. You therefore, have fewer sticks in your bundle of property ownership.
Continue reading “What to Consider when Buying Into a Homeowner’s Association.” »