For most people, the first estate planning document they create is a Last Will and Testament. If you are planning to execute a Will for the first time, you should give ample thought to the contents of that Will ahead of time. To help you, the Grand Forks estate planning attorneys at German Law suggest questions to ask yourself when creating a Will. What Is a Last Will and Testament? At its most basic, a Last Will and Testament is a legal document that communicates a person's final wishes … [Read more...] about Last Will and Testament Tips
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
Over half of all Americans do not have an estate plan in place. That fact is not all that surprising given the fact that the average person is not familiar with most of the concepts and documents used in an estate plan. Although every estate plan is uniquely tailored to the needs and goals of the person creating the plan, there are some documents found in most plans. To help you familiarize yourself with these documents, the Grand Forks estate planning attorneys at German Law discuss three … [Read more...] about Three Estate Planning Must-Haves
The divorce rate hovers around 50 percent for first-marriages in the U.S. with a significant percentage of those divorces resulting in a remarriage that creates a blended family. Remarriage that creates a blended family can be tough on everyone. Making sure you have a comprehensive estate plan in place ensures that everyone you care about is protected. The Grand Forks estate planning attorneys at German Law discuss remarriage, blended families, and estate planning. How a Blended Family … [Read more...] about Remarriage, Blended Families, and Estate Planning
Advances in medicine and technology coupled with an above average standard of living make it very likely that the average American will spend several decades as a retiree. Nevertheless, the natural aging process catches up eventually and typically causes physical and/or mental decline. At some point, this deterioration may result in the need for a caregiver. The Grand Forks Medicaid planning attorneys at German Law Group explain how you may be able to pick your caregiver if you are covered by … [Read more...] about Can I Pick My Caregiver If I Am Covered by Medicaid?
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Not all that long ago, an unmarried man and woman living together were thought of as “living in sin” and were often ostracized by society. Today, however, more and more couples are choosing to cohabitate prior to, or in lieu of, marriage. If you are one of those unmarried couples, a Grand Forks estate planning attorney at German Law explains why estate planning is crucial. Is Marriage No Longer Desirable? In one of those ironic twists of fate, people who are old enough to remember when … [Read more...] about Why Estate Planning Is Crucial for Non-Married Couples
Like most people, you are probably aware of the need to have an estate plan in place that dictates how your estate assets are to be distributed in the event of your death. Hopefully, you also recognize the need to have an experienced estate planning attorney assist you in the creation of that plan. That may not be the only time you need an estate planning attorney though. On the contrary, a Minot estate planning attorney at German Law explains five reasons why you might need an estate planning … [Read more...] about 5 Reasons You Need an Estate Planning Lawyer
Grandparents play a unique role in the lives of their grandchildren. Typically, they get to have all the fun with little of the responsibility where their grandchildren are concerned. At the same time, they can pass down their wisdom and life lessons to their grandchildren, providing them with invaluable advice and guidance. Grandparents also frequently include their grandchildren in their estate plans. The Grand Forks estate planning attorneys at German Law explain why it is imperative that you … [Read more...] about When Your Grandchildren Have Special Needs Estate Planning Is Crucial
Trusts have become almost commonplace in a well thought out estate plan due in large part to the flexibility they offer in reaching estate planning goals. If you are considering the inclusion of a trust in your estate plan, you will need to make several decisions during the creation of the trust, including who to appoint as the Trustee of your trust. If you have never created a trust, you will also likely have a few questions, such as whether a Trustee gets paid. The Grand Forks trust attorneys … [Read more...] about Is a Trustee Paid?