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27 April
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Exempt vs. Non-exempt Employees

Posted by Evon Spangler
in Uncategorized

Minnesota has the strictest wage theft laws in the nation. There are potential civil and criminal consequences to an employer for failure to comply with wage laws. Complying with wage laws includes paying wages owed to employees such as minimum wage and overtime. Generally speaking, employees fit into two primary categories: exempt and non-exempt. Neither the employer nor the employee get to chose the type of category. The categories have been chosen for you by laws, rules and regulations that have been enacted as well as case law. The first step is to determine whether your business is subject to the federal...

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13 April
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Understanding Beneficiary Designations

Posted by Evon Spangler
in Uncategorized

Beneficiary designations are important. However, its importance is often underestimated, and the consequences of underestimating their important can be severe. Consider the following hypotheticals: Hypothetical #1: Ben is single. He names his parents as his primary beneficiary on his 401(k), his bank accounts, his investment accounts and his life insurance policy. He does not have any other assets except for his furniture, furnishing, and personal belongings that are in his apartment. He then starts dating Sam and wants his estate to go to Sam upon his death. He executes a will that states that his estate goes to Sam, and then...

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30 March
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A Divorce Impacts Estate Planning

Posted by Evon Spangler
in Uncategorized

It is common for couples to have completed their estate planning while married. Unfortunately, many people forget to update their estate plan after obtaining a divorce. While the divorce automatically severs the ex-spouse from inheriting under a will or a trust (unless the trust specifically states otherwise), the divorce does not sever the other provisions as to the disposition of property. For example, in your will, you name your spouse to inherit, and if your spouse does not survive you, then your spouse’s parents inherit. Then you get a divorce. The divorce only changed the inheritance as to your ex-spouse, but...

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16 March
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Common Business Mistakes

Posted by Evon Spangler
in Uncategorized

As professionals, we work hard every day to ensure the success of our businesses.  Unfortunately, if we are not well prepared and protected, our business, our reputation, and even our personal assets can all be lost, due to a single mistake or oversight. As business owners ourselves, we understand the limits all of us face in regard to time and money, but as attorneys, we have seen the consequences, which can financially destroy a business and the owners personally. The most common legal mistakes we see business owners make are in the following ten areas: Failure to Incorporate (Corporation) or Organize...

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01 March
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Charities Must Follow Compliance Laws

Posted by Evon Spangler
in Uncategorized

Helping others through a nonprofit charity is often viewed as noble. But a charity’s good deeds does not provide it carte blanche. In fact, nonprofit charities are highly regulated, and failing to understand those regulations can be disastrous. There are two dozen different types of tax exempt exemptions under the Internal Revenue Code. This article uses the most common exemption – 501(c)(3) – as the example. First and foremost, the nonprofit charity is a business entity. In Minnesota, first the nonprofit files with the Minnesota Secretary of State as a business entity. Second, the nonprofit applies to the IRS for its...

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16 February
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Understanding Your Estate Planning Goals

Posted by Evon Spangler
in Uncategorized

Estate planning is providing for the care of your minor children and/or special needs beneficiaries while giving what you want to whom you want at the least cost possible while avoiding estate taxes and planning for incapacity. In determining the type of estate planning, you must first understand your goals. If your goal is to… avoid probate, then you must have a trust and/or file a transfer on death deed for your real property and complete your beneficiary designations. transfer your homestead without incurring the fees of a trust, then you must do a Transfer on Death Deed (TODD). avoid...

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02 February
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The Mistake of a Business Owner Regarding Ambiguity in a Contract

Posted by Evon Spangler
in Uncategorized

Ambiguities in contracts are created when a provision can be interpreted in more than one way. However, the provision has to be objectively open to more than one interpretation. Unfortunately, ambiguities often lead to litigation, which is expensive, difficult and the result is not guaranteed or it leads to unintended consequences. In addition, an ambiguity in a contract can be held against the drafter if the contract does not have a provision stating otherwise. Consider the following hypotheticals regarding ambiguities: Hypothetical #1: More of That, Inc. is owned by Bea Trice. One of Bea’s key employee’s wants to purchase the business....

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18 January
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Real or Personal Property

Posted by Evon Spangler
in Uncategorized

It is important to understand the difference between real and personal property because a misunderstanding could have significant legal consequences. Real property generally refers to land and everything that is attached to it. Personal property generally refers to the stuff that you own that is not real property. Trailer homes are generally considered personal property in the State of Minnesota. Therefore, you cannot attach a mechanic’s lien to a trailer home. In addition, a mobile or manufactured home must be licensed as a motor vehicle in the State of Minnesota in lieu of paying a property tax. Real property cannot be conveyed...

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04 January
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Year-End Review

Posted by Evon Spangler
in Uncategorized

Legal knowledge provides protection for your business AND your family. As professionals, we work hard every day to ensure the success of our businesses. Unfortunately, if we are not well prepared and protected, our business, our reputation and even our personal assets can all be lost, due to a single mistake or oversight. Working with a trusted business law attorney, accountant, business banker, financial planner and commercial insurance agent is essential to maintain the success of your business. If you answer “false/no” to any of the following statements, your business has exposure. Is your business properly incorporated? If your...

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07 December
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Medical Assistance and Your Homestead

Posted by Evon Spangler
in Uncategorized

For many people, their homestead is their most valuable asset. However, many people do not realize the impact of medical assistance on their homestead. This article will provide a general overview through hypotheticals. Hypothetical: Mary is 75 years of age and she lives alone in her homestead. She does not have long term care insurance. She decides that she wants to move to assisted living for the community aspect of assisted living. So, she moves out of her home and moves into assisted living. She then sells her home. Analysis: Mary’s home was an exempt asset for medical assistance purposes until she...

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