Fargo Legal Issues Blog

A buyer should be ready before making a real estate purchase

On behalf of Kennelly Business Law posted in real estate on Wednesday, May 22, 2019.

Buying a home is an exciting step, especially when it is a buyer's first North Dakota home. In the excitement of the prospect of owing a home, it is smart for a buyer to slow down and ensure that he or she is not getting more than bargained for. Caution and preparation are two key steps to avoiding costly errors in a real estate purchase.

One of the most important steps in the home buying process is for a buyer to figure out exactly how much home or she can afford. It is a mistake to buy too much house, which is a commitment to mortgage payments that can become overwhelming. This can lead to significant financial struggles. Another common real estate mistake is to fail to budget for things like closing costs and other fees a buyer may have to pay before closing.

The LLC business structure is popular due to its many benefits

On behalf of Kennelly Business Law on Friday, May 17, 2019.

One of the first steps of starting your own business is selecting the structure for that business. It is important that you choose the right business structure for your situation because your business structure can affect taxes, your control over your business, the amount of paperwork your business must complete and the amount of personal liability you could be exposed to.

A limited liability company (LLC) structure is a popular option for many entrepreneurs. This is easy to understand because an LLC utilizes benefits of both the corporation and partnership structures.

Common misunderstandings about estate planning and probate

On behalf of Kennelly Business Law posted in estate planning and probate on Tuesday, May 7, 2019.

It is not always easy to think about the future, and a person may find it overwhelming to think about what he or she may need to have in place to be fully protected. Estate planning and probate are commonly misunderstood, and as a result, people often do not have what they need for the future. Common misunderstandings can actually be quite costly, leading to issues and complications long-term.

One of the most common erroneous assumptions a person has about estate planning is that this is only necessary for the rich or famous. In reality, North Dakota adults of all income levels can benefit from making plans for the future. Additionally, people often assume that estate planning is only to outline what they want to happen to their property, but that's not all it can accomplish. It is also possible to plan for health care needs, potential disability and much more.

Family law strategies to reduce tax complications later

On behalf of Kennelly Business Law posted in family law on Monday, April 22, 2019.

North Dakota couples that have decided to move forward with divorce may think that it's best for their interests to negotiate a final settlement out of court. This can allow a couple to avoid some family law disputes that come with litigation, but it is smart to keep the focus on a strong post-divorce future throughout this process. One way to do this is to consider the tax implications of all divorce-related choices.

Being smart about taxes during divorce can protect a person's interests in the future. One of the most important tax-related considerations during divorce is the tax credit for kids and which parent can claim them. Typically, the parent who has the majority of parenting time will get this benefit. Additionally, parents will also want to think about how the income of the custodial parent could affect their child's eligibility for financial aid in the future.

Keeping up with personal property in estate planning and probate

On behalf of Kennelly Business Law posted in estate planning and probate on Monday, April 8, 2019.

Personal property is one of the most important parts of an estate plan. Whether it's sentimental collections or valuable artwork, properly handling personal property in estate planning and probate can reduce the chance of complications in the future. A person would be wise to be careful and thoughtful when addressing these types of assets in his or her estate plan.

One of the main problems with personal property is that it tends to get lost or disappear after the North Dakota owner's passing. In order to avoid this issue, a person will find it helpful to carefully document all property he or she intends to include in a will. Documentation, paperwork proving ownership, receipts from purchase and other things can help keep property in the right hands. It may also be smart for a person drafting an estate plan to seek a proper valuation of an asset in order prove its worth.

North Dakota businesses and the blue law repeal

On behalf of Kennelly Business Law posted in business law on Friday, March 29, 2019.

A big change is happening when it comes to business regulations in North Dakota.

This is the repeal of the state’s blue laws. Under these laws, most North Dakota retail businesses were prohibited from opening before noon on Sundays. The governor recently signed a bill into law that will eliminate these bans.

Is your buddy your best bet for a business partner?

On behalf of Kennelly Business Law on Monday, March 4, 2019.

Deciding to start a business can be an exciting time. You’ve watched the people around you, and you have a great idea for something that can help them live better lives. Whether you are planning on providing a product or a service, you have a vision for how the future can be better for your customers.

Going into business alone can be scary. Some people start their business ideas in the garage talking to an old friend, others start the planning phase alone and pitch the concept after thinking about it for a while. Having a friend at your side may make the idea of your new venture less intimidating, but is it the best path?

Kennelly Business Law celebrates National Small Business Week

On behalf of Kennelly Business Law on Monday, April 30, 2018.

Sunday, April 29, kicked off National Small Business Week. The U.S. Small Business Administration has been honoring small businesses since 1963. From Sunday, April 29 through Saturday, May 5, the SBA will be livestreaming award ceremonies along with announcing the National Small Business Person of the Year. According to the SBA, more than half of Americans own or work for a small business. Small businesses also create two out of every three jobs. This is even more evident in North Dakota and Minnesota where small businesses are the backbone of the economies. Small businesses are the reason Kennelly Business Law was formed. Our team is passionate about assisting our business clients navigate through their legal matters, from the time of conception through succession planning for the next generation of owners. In honor of National Small Business Week, Kennelly Business Law thanks each of our clients for allowing us to share in your dreams. We look forward to providing continued support and advice to our small business clients in the upcoming year. If you are someone who desires to open a small business, or an existing small business owner who needs legal support, please do not hesitate to give our team a call to discuss how we can add value to your company.

Chris Kennelly Earns AV Preeminent Legal Rating

On behalf of Kennelly Business Law on Monday, April 2, 2018.

Chris Kennelly has received an "AV Preeminent Rating" by Martindale-Hubbell Peer Review Ratings. The AV Rating is the highest possible rating given by LexisNexis Martindale-Hubbell Peer Review for a lawyer and is established wholly on a peer-review basis. The AV Preeminent designation signifies that Chris has been rated by fellow attorneys as having the highest possible rating for legal abilities and ethical standards. The "AV Preeminent" rating is awarded to less than five percent of all attorneys across the United States, and is the highest rating offered by the Martindale-Hubbell Law Directory. The Legal Ability Rating indicates professional ability in a specific area of practice and is based on five key areas: legal knowledge, analytical capabilities, judgment, communication ability, and legal experience. The General Ethical Standards Rating denotes adherence to professional standards of conduct and ethics, reliability, diligence, and other criteria relevant to the discharge of professional responsibilities. The AV Preeminent rating is a nationally recognized acknowledgment of Chris's accomplishments and skills as an attorney. ABOUT CHRIS: Chris is an Attorney and a Certified Public Accountant (inactive status) specializing in business law, real estate, and estate planning. He has formed hundreds of entities and represents many businesses and individuals in the region. Chris serves as the chair of the Business and Corporations Section of the State Bar of North Dakota. He is also the owner and CEO of the Frontier Title Group, consisting of FM Title, Fargo, North Dakota, Barnes Title, Valley City, North Dakota, Richland Title, Wahpeton, North Dakota, and Stutsman Title, Jamestown, North Dakota. Chris can be contacted at 701-478-4900 or [email protected]

Why New Parents Need Wills

On behalf of Kennelly Business Law on Tuesday, March 20, 2018.

No one enjoys talking about estate planning. This is especially true for young adults. There are two common reasons why young adults believe a proper estate plan is unnecessary: (1) they are healthy and do not plan on dying anytime soon; and (2) they do not have substantial assets. Despite these two common excuses, life happens. It is important for young adults with minor children to have a proper estate plan to be prepared for the times when life gets ugly.

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