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Sioux Falls, South Dakota Legal Blog

What exactly is a gun trust?

While most individuals have heard of trusts, many don't realize how many different types of them exist. You'll want to learn about a gun trust if you have multiple or valuable firearms though.

A gun trust is a management trust that can be either irrevocable or revocable. The latter is the most popular type of trust though because it allows the grantor to continue making amendments to it for as long as they're alive. A gun trust allows you to lawfully transfer the title of your firearms to someone else.

Help your children through the adjustments of divorce

Children who have parents going through a divorce have some specific challenges that they are going to think about throughout the process. It is up to the parents to determine how they can help their kids to go through this. It isn't always easy because the child's age, maturity levels and similar factors impact how the minor adjusts to the situation and what help they will need from you.

One of the common reactions that children have is to blame themselves for the split. You and your ex have to make it clear that the kids didn't play a part in the decision to divorce. Even if the stress of raising them did have a role in it, you can't let the kids blame themselves. Reassure them that this was an adult decision.

Make sure you have a divorce team that suits your needs

The process of divorcing is one that requires you to think about certain factors. When you are going through this situation, you have to ensure you are making the decisions that are correct for your needs. One of the most pressing needs you have is finding an attorney who is going to work with you to meet your goals.

You can't choose a lawyer based solely on what happened with another person's divorce. You need to evaluate the attorneys and other divorce team professionals based on the circumstances of your divorce and what experience they have with them.

Differences between irrevocable and revocable trusts

Trusts are one component of an estate plan that can greatly help or harm the plan. It is imperative that you carefully consider the goals that you have for the assets that you put into the trusts. This can help you decide what types of trusts you should establish.

One of the first decisions you have to make is whether you need a revocable or an irrevocable trust. These have very different purposes and various types of trusts fall within each category.

Parenting plans should discuss communication expectations

One of the most important things to remember when you are going through a divorce with children is that you don't have to try to keep them involved in all the decisions you make with your ex. Your children only need to know certain things that directly impact them, but you do have to be open with your ex about what's going on with the kids.

When you are going through the divorce and the period after it, you need to be sure that you and your ex communicate directly with each other. This isn't always going to be easy, but doing this can make the situation less stressful for you and can teach your children a valuable lesson.

Components included in a comprehensive estate plan

Your estate plan is where your loved ones will turn to find out what you want to do with your assets when you pass away. There are several components of an estate plan, but some individuals are surprised to find out that some of them are used before you pass away. Together, all of the following points create a comprehensive estate plan.

The will and trusts work to transfer assets to your loved ones when you pass away. Some trusts provide protections for the assets in them, and all trusts enable your loved ones to keep their inheritance out of public knowledge. The will helps to transfer assets that aren't included in the trust, but you can't include ones that are subjected to a payable on death designation. This designation is often included in documents for bank, investment and retirement accounts.

How does a dynasty trust help?

After a lifetime of hard work, many want to pass on the fruits of their labor to future generations. All the hours logged during their career have likely yielded an impressive sum of money. And brightening the financial future of children and grandchildren is a noble pursuit. But those who have spent much of their life working are aware of the fact that a good chunk of the money they’ve earned has gone to taxes.

When seeking to pass on funds, many opt to use trusts. But even with trusts, taxes strike again, taking allotted portions. So, the pool of funds gets smaller and smaller with each passing generation, as taxes take their toll. Growth is certainly there, it’s just stunted. The dynasty trust aims to change that.

Implementing an employment contract to encourage accountability

Because committed and loyal employees are the heart and soul of all successful businesses in South Dakota, it is critical that business leaders understand which tactics are most effective in recruiting, training and retaining top talent. The retention piece can be uniquely challenging in that employers must consistently provide feedback and encouragement to keep employees motivated. 

One resource that companies can use to enforce the level of commitment they expect from the people that work for them is an employment contract. While many people may misunderstand the purpose of such agreements and think they are only beneficial for companies, they can be equally as important for the security of the workers in that company. According to Bizfluent, companies can include clauses to obligate their employees to keep sensitive information confidential. At the same time, contracts can provide information for employees so they are aware of their rights as a worker. 

Fulfilling your loved one's wishes

Even if your loved one had a detailed estate plan, it is possible that things could go differently when it comes time to execute strategies. South Dakota has a variety of complex regulations when it comes to putting an estate through probate. There is plenty of room for mistakes, confusion and tension from all parties involved who are not accustomed to dealing with this process.

At The Krause Law Firm, P.C., our goal is to resolve or avoid conflicts in the most efficient way possible. To do this, we must decide the course of action that is best for each individual case. Please read on for a discussion of some of the methods we use.

Parental relocation requirements in South Dakota

After your divorce in Sioux Falls becomes final comes that challenge of successfully co-parenting with your now ex-spouse. It may be difficult at first, but over time you, your ex-spouse and your children will likely adjust to the new situation. Yet your own personal life is sure to go on, and with that may come the opportunity (or the need) to relocated. Moving away with your kids can certainly place strain on your co-parenting efforts. For this reason, many in your same situation have come to us here at The Krause Law Firm PC wondering what legal requirements need to be followed in order for the court to endorse such a move. 

Per Section 25-4A-17 of South Dakota's Codified Laws, you must provide notice to both your ex-spouse and the court having jurisdiction over your child custody case at least 45 days prior to any intended relocation. If your move is unexpected and your must relocate sooner than that (e.g. you are transferred by your employer to a new location), then the court may waive that time requirement if you are able to provide proof of the uniqueness of your situation. 

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