Going through a divorce is not easy, even when you are certain of your decision. Often, the strong emotions that are associated with the divorce process overshadow the practical ramifications of the divorce that really should be addressed. With that in mind, the Grand Forks estate planning attorneys at German Law point out updates to your estate plan that typically follow a divorce. Routine Reviews and Revisions of Your Estate Plan One of the most common estate planning mistakes people … [Read more...] about Estate Plan Updates Following a Divorce
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Trust Administration Basics — What Is Self-Dealing?
Trusts are frequently incorporated into a comprehensive estate plan. If you decide to incorporate a trust into your estate plan, you will need to appoint someone to be the Trustee of the trust. Your choice of Trustee is extremely important because your Trustee will be in a fiduciary role. There are several ways a Trustee can violate the duties that come with that fiduciary role. The Grand Forks trust administration attorneys at German Law explain Trustee self-dealing. The Fiduciary Duty of a … [Read more...] about Trust Administration Basics — What Is Self-Dealing?
What Do I File with the IRS If I Am the Executor of an Estate?
When a loved one passes away, a family member or close friend is usually named as the Executor of the decedent’s estate in the decedent’s Last Will and Testament. Managing the practical duties involved in administering an estate with simultaneously grieving the loss of a loved one can be challenging. If you are in this position, one of your important responsibilities as Executor will be to make sure the estate pays any federal gift and estate taxes due. To help you get started, a Grand Forks … [Read more...] about What Do I File with the IRS If I Am the Executor of an Estate?
Can I Do Anything to Prevent a Will Contest?
Unfortunately, even a well-drafted and properly executed Will cannot prevent your heirs from contesting the Will. There are, however, some things you can do to decrease the likelihood of litigation during the probate of your estate. The Grand Forks estate planning attorneys at German Law explain how including a no-contest clause in your Will is one of those things. Your Last Will and Testament Executing a Will lets you make specific or general gifts of your estate assets to be … [Read more...] about Can I Do Anything to Prevent a Will Contest?
Do I Really Need an Attorney to Create a Last Will and Testament?
Most people are aware of the need to have an estate plan in place, yet, about half of all Americans do not have one in place. If you are among them but have recently decided it is time to do something about that, you will likely start with creating a Last Will and Testament. That may have you considering the “Do-It-Yourself (DIY)” route. In today’s electronic age it is easy enough to find a DIY Will form online; however, doing so could be counter-productive in the long run. To help explain, the … [Read more...] about Do I Really Need an Attorney to Create a Last Will and Testament?
Why Would I Want a Trust to Be Irrevocable?
A living trust is a common addition to the average estate plan. If you are contemplating the creation of a living trust, you will need to decide if your trust will be a revocable living trust or an irrevocable living trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Trustor once the trust is established. You may be wondering why you would want to make your trust irrevocable. The Grand Forks trust lawyers at German Law explain why you might … [Read more...] about Why Would I Want a Trust to Be Irrevocable?
How Can a Trust Help Protect an Inheritance?
Often, the most difficult part of creating an estate plan is not deciding who to leave your assets to, but deciding how to leave those assets to the intended beneficiaries. Simply handing over a sizeable inheritance isn’t always the best way to structure your estate plan for one reason or another. When that is the case, a Grand Forks living trust attorney at German Law explains how a living trust can help you to avoid living a lumpsum inheritance. Why Shouldn’t I Pass Down a Lump Sum … [Read more...] about How Can a Trust Help Protect an Inheritance?
What Kind of Special Needs Trust Do I Need?
When you become a parent, you truly begin to understand why estate planning is so important. If you are the parent of a child with special needs, you will undoubtedly feel a heightened sense of urgency when it comes to creating a comprehensive estate plan that will likely include a special needs trust. For those who are unfamiliar with these trusts, a Grand Forks special needs planning attorney at German Law explains the different types of special needs trusts. Special Needs Trust … [Read more...] about What Kind of Special Needs Trust Do I Need?
Are Your Beneficiary Designations Up to Date?
If you have an estate plan in place, you are ahead of over half the population in the United States. Taking the time to create that plan, however, is only the first step toward protecting everyone and everything that is important to you. You must also update your plan for it to be successful and work as intended. The Grand Forks estate planning attorneys at German Law explain why it is important to keep your beneficiary designations up to date. Where Are the Beneficiaries in My Estate … [Read more...] about Are Your Beneficiary Designations Up to Date?
How to Protect Your Assets from Marriage and Divorce
To maximize the value of the assets you pass down when the time comes, your estate plan should include tools and strategies that actively protect and grow your assets while you are alive. To do that, you need to recognize potential threats to your assets. A Grand Forks asset protection attorney at German Law explains how to protect your assets from marriage and divorce. How Can Divorce Threaten My Assets? Unfortunately, the divorce rate for first marriages in the United States has hovered … [Read more...] about How to Protect Your Assets from Marriage and Divorce
