The weather's starting to get colder in Minnesota, but we've got five questions, hot off the presses, looking at:
1. Should I put all my rental properties in one LLC?
Nope. That’s like putting all your eggs in one basket. A lawsuit against one property could affect all. Better: one LLC per property. If that’s too much, group a few into separate LLCs. Talk to your accountant first.
2. Does an indemnification clause need to be mutual?
Not always. It depends on the contract. Mutual indemnification protects both parties. If it’s one-sided, you might be on the hook without the same protection. Pay attention to these clauses!
3. What if mediation doesn’t resolve our dispute?
Next step: lawsuit. Mediation is cheaper, but if you can’t agree, prepare for court. Check your agreement; it might spell out the process.
4. How much should I leave to charity in my will?
Totally personal. You can give a set amount or a percentage. If you want it guaranteed, specify the gift upfront.
5. What happens if a family member contests the will?
They can try, but a "no contest" clause could leave them with nothing. Always tread carefully when challenging a will.
Enjoy your weekend!
