Breach of Fiduciary Duty: A Beneficiaries Guide As a trust beneficiary, you have certain rights and legal expectations regarding a trustee’s actions. One of the most critical responsibilities of a trustee is to act in your best interest and manage the trust assets prudently. However, sometimes, a trustee may fail to fulfill this duty and breach […]
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Disputes in Trust Administration Trust disputes can be complex and emotionally charged. They often happen for various reasons. As the name suggests, a trust dispute is a conflict that arises over the creation, administration, or distribution of a trust. A trust is a legal arrangement in which one party (the trustee) holds and manages assets
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Estate vs. Trust: What’s the Difference? Estate planning and trust administration are two distinct legal processes that people often confuse. Both are important in the management and distribution of assets, but they serve different purposes. In this article, we’ll define each, discuss their differences, and explore how our attorneys at KTF Law Firm can help
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Trust Administration: A Comprehensive Guide Trust administration is the process of managing and distributing assets held in a trust according to the terms of the trust agreement. A trust agreement is a legal document between the grantor (the person who creates the trust) and the trustee (the person or entity responsible for managing the trust).
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Trust Amendment: How and When to Modify Your Trust Trusts play a crucial role in estate planning, ensuring that your assets are distributed according to your wishes and your loved ones are taken care of after your passing. However, your individual circumstances can change over time, and what may have been appropriate when you first created
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Living Trust Attorney: Do I Need One? Estate planning can be complex and daunting, but a living trust is a popular option that may simplify the process. Essentially, it’s a legal document that places your assets into a trust during your lifetime and outlines how they should be distributed after your death. It differs from
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Are Wills Public Record? After a person passes away, their assets and belongings are typically distributed to their heirs based on their will. But what happens to the will after the person’s death? Is it made public? The answer to this question is yes. Typically, after the will is filed and validated in probate court,
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How to Start the Probate Process The loss of a loved one is a difficult and emotional time. If you’ve been named the personal representative of your loved one’s estate, you’re now entrusted with the important responsibilities of managing their affairs, including the probate process. Getting Started with Probate Probate is the legal process by
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Choosing a Personal Representative in Estate Planning Choosing a Personal Representative (sometimes referred to as an executor) for your estate is an important decision that requires careful consideration. This chosen individual plays a vital role in managing your estate. Therefore, you’ll want to choose someone you trust and someone who is capable of handling the
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Estate Planning Process: 7 Steps to Building Your Legacy There are many reasons why people hesitate to start the estate planning process. One of the most common rationalities is that many of us do not want to consider our mortality. Additionally, the estate planning process can initially seem overwhelming, especially for those unfamiliar with legal
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Estate Planning Trusts: Which One is Right for Me? Estate planning can be complex and daunting, but it’s crucial to ensure the future security of your assets and loved ones. One common estate planning tool is a trust, which offers several benefits such as asset protection, tax benefits, and avoiding probate. In this article, we’ll
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Survivorship Life Insurance: Understanding Its Role in Estate Planning Survivorship life insurance is an important component of estate planning that not everyone is familiar with. While you may understand how traditional life insurance policies work to safeguard your family’s future after your passing, survivorship life insurance serves a slightly different purpose. It provides a financial
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Estate Planning: Is It Too Early To Get Started? When it comes to planning for an estate, most people wonder what the best age is to start. The short answer is if you own one or more assets, it’s never “too” early to start estate planning. What Is the Best Age To Start Planning for
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Minnesota Estate Tax Planning: What You Need to Know While you’re looking at your estate, it’s easy to overlook what you’ll owe the federal and state government. But without proper planning and vigilance, taxes on your estate can drastically reduce what you can pass on. In fact, federal estate taxes can reach up to 40%,
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Estate Planning Documents: The 5 Essentials At first, estate planning might seem complex, but complex doesn’t have to mean overwhelming. As we start to untangle what this important process entails, first, look at the five essential estate planning documents to protect your assets, safeguard your loved ones, and preserve your legacy. What Estate Planning Documents
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The Ultimate Guide to Estate Planning Estate planning is an essential process that everyone should have on their “to-do” list, regardless of age, wealth, or health status. It’s the only way to organize your financial affairs and ensure your assets are distributed according to your wishes. Planning your estate can also help you minimize taxes,
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Protect Your Family’s Inheritance: How to Avoid Probate Probate can be a lengthy and costly process, causing unnecessary stress and complications for your family after your passing. Fortunately, there are steps you can take to avoid probate and ensure a smoother estate settlement for your loved ones. In this guide, we’ll explore practical tips and
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Probate Hearing: How to Prepare Probate hearings help ensure that the final wishes of individuals are respected and their assets are distributed fairly following a recent passing. This guide will outline what you can expect during a probate hearing to ensure a smooth and successful process. What Is a Probate Hearing? A probate hearing is
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Probate Petition 101 & How to Avoid Common Mistakes When a person passes away—and their assets must be distributed—a probate petition must be filed with the court. This document ensures that the allocation of the deceased’s assets follows their will or state law. If you are the executor of the will or a beneficiary of
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Probate vs. Trust Administration: Understanding the Differences Are you unsure about the differences between probate and trust administration? You’re not alone. Many people feel confused about these two processes since each involves the transfer of assets after a person’s death and a legal process to ensure that the transfer is carried out properly. However, understanding
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Probate Attorney: Why Would I Need One? Losing a loved one is never easy, and dealing with the legalities of their estate can add an extra layer of stress. For this reason, hiring a probate lawyer can be an invaluable asset. The reason? An experienced probate attorney can help you navigate the complex probate court
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What Is UCC & Why Is It Important? Whether you’re new to owning a business, or you’ve operated your own company for decades, it seems that every city, county, and state has its own set of laws governing how to conduct business. While business laws may differ based on location, the Uniform Commercial Code (UCC)
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Common Business Legal Mistakes Starting a new business is an exciting venture for any solo artist or entrepreneur. Coming up with the name, drafting a business plan, and getting your LLC are all important milestones that bring you one step closer to your big dream. However, some of the most common mistakes that new business
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Why Hire a Contract Drafting Attorney? Every small business will face legal concerns. Whether you need an expert to review new contract agreements and permits, or require legal counsel to assist with supplier or vendor disputes, it’s important to protect your company with professional small business support from KTF Law Firm. We understand that as
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Estate Planning Tips As a parent and/or spouse, it’s your responsibility to ensure the financial security of your family in your absence. Estate planning is a “must-have” set of legal documents that help protect your loved ones’ futures, as well as precious family heirlooms that have been passed down each generation. If you haven’t gotten
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Basics of Buy and Sell Agreement Though we can’t predict the future, we can do our best to plan and prepare for life’s many curveballs. This is especially important if you run a small business. What’s more, if you “co-own” a business with a friend, investor, or business partner, it’s even more important that you
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Tips for Ending a Business Partnership As with any relationship, starting a small business with someone can be an exciting new venture. However, the financial strain of daily operations combined with strong egos can easily turn any good relationship sour over time. If you’re a co-owner of a small business, there may come a time
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LLC vs. DBA: Which Is Right for Me? Anyone who has taken an “Intro to Business” course has heard about the different types of business structures available to entrepreneurs. The two most commonly asked about are Limited Liability Company (LLC) and “Doing Business As” (DBA). If you’re looking to start a business, it’s wise to
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Attorney vs. Lawyer [What’s the Difference]? Though these two terms get used interchangeably, there’s actually a few key differences between what type of services you can expect from an attorney vs. a lawyer. Are lawyers and attorneys the same thing? A simple way to understand the difference between these two career paths is to think
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How to Start a Construction Company Are you starting a new construction company, or looking for some guidance as you consider taking on a new construction project? Before you begin, you’ll want to ensure you’re creating a solid foundation on which to build. Consider these helpful tips to turn your dream of owning a construction
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Why Hire a Lawyer? There’s nothing generic about your life—so why should your legal representation be cookie cutter? In today’s ever-evolving world, finding a professional law firm you can trust is invaluable. You want one that has a vast knowledge about your industry, state laws, and legal rights. At KTF Law Firm, our team is
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Do Part-Time Workers Receive Holiday Pay? With the holiday season now in full swing, many small business owners may wonder about holiday pay, overtime, and paid time off. Below, we’ll discuss part-time workers specifically, and what they may be entitled to during the holiday season. Part-Time Labor Laws in Minnesota Part-time hours are defined in
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Are Holiday Workers Legally Entitled to Overtime Pay? With November upon us, it is officially “go time” for retail stores—as Black Friday deals begin. Despite an increase in eCommerce and supply chain disruptions, the National Retail Federation’s (NRF) Chief Economist Jack Kleinhenz predicts a booming holiday shopping season for 2021. In-store shopping is expected to
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Top Small Business Legal Concerns Being a small business owner is full of both rewards and challenges. Along with the achievements of pursuing your passion and being your own boss, there are also the headaches surrounding licenses, federal and state requirements, and many other legal issues. While COVID-19 has brought new and unique challenges to
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Hiring a Construction Lawyer [Expectations vs. Reality] If you work in construction, then you already know that most working sites are vulnerable to legalities. This could be due to federally-mandated restrictions, the potential for hazards, and the task of communicating changes between multiple parties. From a family’s dream home to commercial, sports stadiums, and airports,
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Is It Time to Update Your Contractor’s Agreement? If you work as an independent contractor, then you already know how important it is to maintain a good rapport with clients—so they stay happy, and you keep getting work from them. Of course, as inflation and the cost of living increases—not to mention your skills and
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Are Construction Laws National or State-Level? Construction law involves all legal issues related to the planning, design, and construction of a building or structure. Because construction projects include multiple parties—not to mention the fact that construction sites can pose many safety hazards—it’s vital to understand and comply with all regulations throughout the process. Some statutes
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Should I Hire a Business Lawyer When I’m Ready to Sell? Selling a business can be a stressful process—and it requires negotiation, contract drafting, organization of financial documents, and so on. Below, we’ll help you break down the basic steps of selling a business and why it’s best to hire a business lawyer to handle
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What Is Business Law? Though a broad term, business law is responsible for regulating commercial entities and their commercial transactions—covering the rights and conduct of those involved in commerce, trade, and sales. Whether you’re a global enterprise or a small mom-and-pops shop, your business must follow the same legal regulations. As laws vary from state
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Free Legal Advice vs. Hiring an Attorney With a world of information at our fingertips, it’s easy to think we can get all the news and advice we need in just a few easy clicks. In fact, there are so many opportunities to get free information concerning legal situations that you might trust these online
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Why Hire a Construction Lawyer? Planning residential or commercial construction? Whether this is your first time or you’re a seasoned builder, having access to a professional construction lawyer is more than a value add to your company; it’s a necessity. Between negotiating contracts, hiring contractors, and following all city ordinance requirements, there’s a lot of
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Drafting a Will vs. Estate Planning: Is There a Difference? The terms “will” and “estate planning” often get used interchangeably. But it’s important to understand their differences, and how they work together to protect your family’s financial future, as well as your legacy. What Is a Will? A will is a set of instructions that
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3 Signs It’s Time to File for Conservatorship It can feel overwhelming to witness a loved one become unable to manage their own affairs—whether financial, personal, or both. If someone close to you, whether a parent, sibling, or relative, requires help managing important decisions that affect his/her livelihood, filing for conservatorship is an effective option.
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Difference Between Trial Court and Appellate Court Need to settle a dispute in court? Whether you require professional representation for a business disagreement or a complex dissolution, here is what you need to know about the differences between trial court and appellate court in the state Minnesota. What is a Trial Court? A trial court
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How Much Does a Business Lawyer Cost? Any business owner will tell you the importance of consulting with a business attorney, especially if you run into a legal dispute with a client, customer, or former employee that could potentially put your company at financial risk. What business owners also know is the importance of operating
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What Are the Different Types of Business Law? If you already own a business or you’re thinking of becoming a business owner, you may wonder how the different types of business law can impact the future success of your company. In the broader sense, business law refers to regulations that help dictate how to start
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Are Legal Fees Tax Deductible for Your Small Business? With the new year behind us, you may find yourself with questions about filing taxes for your small business. Working with a tax expert can help you understand which deductions you qualify for, but to help you get a broad overview of items to look out
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Do You Need a Lawyer for a Business Partnership? If you’re looking to launch a new business in 2020, you may find it more profitable to partner with another entrepreneur for added financial support, shared responsibilities, experience, and other mutual benefits. Before signing any contracts and establishing a legal partnership, you may have some questions
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The Process of Contract Arbitration If you’ve ever signed an employment contract, business agreement, or even a credit card application, you may have come across the word arbitration. Arbitration is a process that involves taking a disagreement before an impartial third party to resolve an issue: “[It] is a form of alternative dispute resolution (ADR),
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4 Ways Prenups Can Create a Happy Marriage Planning an autumn wedding? As your special day draws near, you’re probably feeling a strong mix of emotions. And with all your free time spent planning and prepping, the last thing you and your significant other want to talk about is whether a prenuptial agreement will benefit
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What Qualifies You to Receive Alimony? Emotions, stress, and all the legal considerations involved in divorce proceedings can take a toll on your mental and financial well-being. Understanding your rights and what you’re entitled to can also be confusing. One complicated issue, in particular, surrounding divorce is alimony payments. Alimony, or spousal maintenance, is a
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What Does a Trust Administrative Officer Do? As you get older, estate planning becomes an essential piece of your retirement goals, especially if you have family or loved ones you’re leaving behind. Considering how to allocate and protect your assets may leave you with many questions on how to get the process started. When setting
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Is It Legal to Change a Contract After Signing? For business owners and individuals alike, contracts are often considered rigid, consequence-imposing agreements that require stringent compliance. Though this outlook is not necessarily wrong, it lacks the nuance that comes with contract law. For example, if you need to extend a contract before it reaches its
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What Are the Top 3 Elements of a Breach of Contract Claim? Contracts regulate what you do every day. From the simple task of purchasing groceries at your local market to the more complex undertaking of purchasing a new home, you engage with contracts on a daily basis. A contract is an agreement between two
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What Does an Estate Planning Attorney Do? Nearly everyone has an estate, including you. Your estate comprises everything you own, from your home, car, checking and savings accounts to your investments, insurance, and personal possessions. Estate planning is planning for how an individual’s assets will be preserved, managed, and distributed after his/her passing. It also
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How Do I Find a Good Contract Attorney? A contract is a legally binding agreement, which can be in writing or oral. You’ve engaged with these types of documents in your everyday life, whether or not you’ve known it. From the simplest transaction of purchasing your morning coffee to signing up for a cell phone
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Is a Cohabitation Agreement Right for Me? Whether you’re planning to move in with your significant other or you’ve been living together for years, you may have heard the legal term “cohabitation agreement” and wondered if this option applies to your situation. While living together implies a sense of permanence to any relationship, a cohabitation
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Should I Hire a Construction Attorney? Successful construction projects require collaboration between multiple parties—from architects and contractors to owners and investors. With so many moving parts, any construction job has the potential for disagreements, along with several other legal hang ups, making it vitally important to have an experienced team of construction lawyers protecting your
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How to Extend Your Parental Visitation Rights Going through a divorce can be difficult, even if both parties involved desire a mutual outcome. If you and your soon-to-be ex-spouse have any children together, the stress and complexity of your divorce proceedings can increase exponentially. When your divorce is finalized, the type of child custody will
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Handyman License in Minnesota: What You Need to Know You’re a self-sufficient person—especially around the house. Something breaks and you’re able to fix it, whether it’s the plumbing, electricity, carpentry, or masonry. Maybe you’re the first one your friends or family call when something goes wrong in their home. You enjoy tinkering with and fixing
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Understanding the Basics of Collaborative Law Choosing to file for divorce is never an easy decision. It can be stressful and emotionally exhausting. This can be due to a variety of reasons, but once the decision is made, the next step is trying to figure out how to file for divorce; there are many avenues
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Planning Long-Term Care Part II: Assets, Finances, and Cost of Care The cost of advanced care is expensive, and many people are unaware that Medicare doesn’t cover most long-term care needs, so planning ahead for your care not only allows you time to determine how to pay for it, but it may offer you more
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Planning Your Long-Term Care Options: Part I Discussing long-term care with loved ones can bring up some emotional conversations, as it’s difficult to think about a time where you may not be able to make decisions for yourself, your health, and your assets. It’s also natural to worry about how these components will affect your
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Modifying a Construction Contract Part II: Change Order Initiation In last week’s blog post, we discussed certain instances that may require your construction project to implement a change order to the original scope of work. As noted, when a change needs to be made during a project, it’s essential to rely on the process you’ve
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How to Effectively Modify a Construction Contract’s Scope of Work: Part I Making modifications during a construction project comes with the territory. Your clients may request additions, or you may need to make changes due to unexpected issues. Whether you or the customer initiates a change, it’s essential to document any changes modifying a construction
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Is Your Small Business’ Intellectual Property Protected? Every small business is unique. Whether you sell web design and development, women’s sport apparel, cookbooks, or wedding photography, your brand has its own original identity. But what are you doing to protect the assets you’ve worked so hard to create? How can you ensure your products, logos,
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How to File for Conservatorship of a Loved One When a love one is no longer able to make financial decisions on his or her own—due to age, mental health, or disability—a conservatorship may be the best solution. According to the Minnesota Judicial Branch website, “A conservator is appointed to make financial decisions for the
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Independent Contractor Tips to Help You Avoid “Rookie” Mistakes Working in the “gig economy” has its benefits. As an independent contractor, you get to do what you love on your own terms and schedule. Of course, there are certain drawbacks to consider before starting your own self-employed business, including no healthcare coverage, no employer-provided 401(k)
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Basics of Marital vs. Non-Marital Property Interests Although emotionally stressful and financially burdensome, divorce is sometimes necessary. If you’re currently going through a legal separation, you may have heard the phrase “marital property,” but you’re unsure whether certain assets in your name fall under this category. Marital Property vs. Non-Marital Property: During your marriage, if
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Top 5 Qualities to Look for in a Small Business Lawyer In honor of this year’s annual celebration of Small Business Saturday, we at KTF Law Firm wanted to share some important qualities that every entrepreneur should look for when choosing a small business lawyer. Industry Experience Aside from having professional experience as a small
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The Trouble with Boilerplate Contract Agreements In a world of instant gratification, it seems only natural for entrepreneurs to rely on the internet for help with running a small business. From ordering bulk supplies on Amazon to building a free company Facebook page, there’s numerous ways to cut costs and manage operations, without scarifying the
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What You Need to Know Before Filing a Will Contest The passing of a loved one can be a traumatic time for a family—even more so, when there are discrepancies over the deceased’s Last Will and Testament. The reasons for why a family member would question the legitimacy of a person’s will may stem from
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How Employment Law Affects Your Business Whether you’re starting a small business or expanding your current team of employees, it’s important that you understand employment law and how it may impact your employer-employee relationships. From promoting a safe, equal opportunity work environment to establishing wages and employee benefits that align with state and federal requirements,
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Hiring a Child Custody Lawyer In a recent blog post, we discussed the importance of hiring an experienced divorce attorney to handle your complex dissolution of marriage, especially if children are involved. This week, we wanted to further the discussion by sharing a brief overview on child custody laws and how to protect your sole
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Hiring a Small Business Attorney? Whether you own a start-up company or established brand, hiring an experienced attorney who specializes in business law can help you protect the longevity of your business. From commercial code interpretation and contract drafting to litigation services, a professional business attorney will assist you with all your legal and consultation
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How to Keep the Romance Alive with a Prenuptial Agreement The words “prenuptial agreement” seem to carry negative connotations for many people. It’s typically the last thing couples want to discuss or even think about before they join hands in matrimony. Nevertheless, having a prenuptial agreement in place before you walk down the aisle is
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The Importance of Estate Planning for Newlyweds As you and your significant other prepare to exchange vows and begin a new life together, your thoughts about the future may include buying a home, starting a family, or maybe opening a small business. Whatever your shared goals may be, it’s important that you and your spouse
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4 Things to Ask Your Lawyer Before Starting a Business Here at KTF Law, we work with entrepreneurs and business owners every. From working to launch a new business to helping established companies grow, our team of Minneapolis business lawyers takes pride in helping business owners succeed at every level. We strive to be an
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4 Things You Need Before Drafting a Living Will Over the last few years, you may have heard the term “living will” in the media surrounding the news of many notable celebrity deaths. In a few instances, a living will wasn’t in place before the celebrity’s death and now the estate is facing a complicated
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Everything You Need to Know About Alimony Alimony payments are a reality in many divorce cases today. Also known as spousal support or maintenance, alimony is most common in divorces when one spouse earns substantially more than the other and the couple has been married for many years. In every divorce case, there are many
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Are Legal Websites Really Cheaper Than Hiring a Lawyer? In 2017, it seems like you can learn anything you want on the internet. While this explosion of information in the digital age has incredible advantages for many all over the world, it can present some problems when seeking legal counsel. Over the past few years,
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Taking risks is intimidating, whether you’re committing to a budding relationship by pursuing marriage, quitting a long-time career to start a business, or all of the above. Some people elect to avoid uncertainties entirely, but the most successful people take precautions instead. The Minneapolis attorneys at KTF Law are prepared to offer legal services and
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Litigation v. Arbitration v. Mediation: A Case of 3 Important Differences You might have heard people talk about litigation, arbitration, and mediation before and assumed they are interchangeable terms for a legal battle involving heated court room discussions and contracts that rival iTunes’s terms and conditions in length. Fortunately, this is not the case. There
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Zoning Laws, Design Approval, and Business Lending Breaking ground on a commercial construction process is a long process. While there is quite a bit of pomp and circumstance around the groundbreaking, getting the first shovel to hit the dirt can take years. The planning process is extended by the amount of legal requirements and regulations
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Is Choosing a Public Defender Right for You? Everyone can make mistakes. Dealing with the consequences of these mistakes is a time-consuming process that can involve heavy financial costs, but more importantly, jeopardize your own freedom. The right legal representation you choose can have a major impact on the outcome of these situations. This is
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Hiring a Small Business Attorney For entrepreneurs starting their first business, the legal world can be an overwhelming mess. The mountains of paperwork to file, standards to meet, and books to keep can leave you wondering where to begin. Typically, one of the first individuals an entrepreneur contacts when starting their venture is a small
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A Quick Lesson in Legal Jargon From a Law Firm Have you ever read through iTunes’ User Agreement and thought to yourself, what the heck does this all mean? Well you are not alone. Here at KTF Law, we’ll be the first to admit that legal jargon is far from enjoyable Sunday afternoon reading material.
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Should I Really Get a Prenup? Ahh… true love. You’ve finally found it and you’re ready to spend the rest of your life with that special someone. The ring’s been bought, a date’s been set, your gift registration is filed, and the last thing you’re thinking about is ending it all. During this time of
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Universal Advice For Child Custody Cases It’s a sad reality that 50% of children in America today will witness the breakup of their parent’s marriage. Divorce takes an emotional and physical toll on everyone involved, but perhaps no one more than kids. Custody battles for children are often the most trying parts of a divorce
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Breaches of Contract Contracts are a vital part of our world today and without them it is unlikely that businesses (or society for that matter) could function like they do today. Unfortunately, these contracts are often broken and individuals and businesses are forced to deal with the legal consequences. Contracts are often regarded as one
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