The proposed changes to Minnesota’s retainage law we had posted about previously were signed into law by Governor Dayton on May 19, 2016. Here are the basics about the changes to the law and what they mean for your business.
The revised statute permits contractors and subcontractors to stop work on a project if they are not paid within ten days after an undisputed payment is due. They are not required to continue work until they are paid. It will also allow recovery of interest, court costs, and attorney’s fees if civil suit is […]
The overtime threshold is changing, and the changes could greatly impact some employers. According to the White House Domestic Policy Council, only 8% of full time salaried workers are currently being paid overtime. That’s because the rules that determine which workers are exempt from overtime pay haven’t kept up with the cost of living. Some professionals and managers are exempt from overtime if they make more than $23,660 a year and perform specific duties. However, this is about to change.
President Obama has directed the Department of Labor to update the regulations concerning who qualifies for overtime […]
First of all, what is a Personal Representative? A Personal Representative (PR) is the individual designated to administer an estate when a person dies. In other words, they are responsible for inventorying and taking control of the decedent’s (deceased person) assets, using estate assets to pay estate debts and taxes, notifying beneficiaries and creditors, and distributing property from the estate to the beneficiaries. In some states, the Personal Representative is known as an Executor.
Main duties of the Personal Representative:
• Find out if the decedent has a Will. This person should make a […]
Last Will, Living Trust, Living Will: What They Are & What They Do
These three legal documents are often confused because their names sound similar. However, each of these documents serves a distinct purpose.
A Last Will can provide crucial instructions for the administration of your affairs after your death. This includes who will inherit your property (beneficiaries); when and how they will inherit it; and who will be put in charge of administering your estate (called a Personal Representative or Executor). If you have minor children, you can also use your Last Will to […]