For an adult child, watching a parent age can be very difficult. Somehow, we expect that our parents will be forever middle-aged. It can become even more difficult if a parent starts to show signs of physical and/or mental deterioration that often goes along with the natural aging process. If that is where you are with your parent, it may be time to find a caregiver for your parent. If so, the Grand Forks elder law attorneys at German Law | Wealth offer suggestions to help you pick a caregiver … [Read more...] about How to Pick a Caregiver for a Parent
If you are new to the concept of estate planning, it can seem a bit intimidating the first time around given all the various goals and objectives that are frequently rolled into an estate plan. The good news is that working with an experienced estate planning attorney will go a long way toward ensuring that your plan does accomplish all of those goals and objectives. Your estate planning attorney can also help explain the process and make you feel less intimidated. Before you even get to your … [Read more...] about Estate Planning Steps for the Beginner
Planning for your retirement should start years before you reach retirement age. When you are contemplating your retirement years, it is important to take into consideration the very real possibility that you, or your spouse, will need long-term care. To help you get started, a Grand Forks Medicaid planning attorney at German Law | Wealth Group explains how to start planning for long-term care. Contact a Grand Forks Medicaid Planning Attorney Please join us for an upcoming FREE seminar. … [Read more...] about How to Start Planning for Long-Term Care
People often go through their entire working years without ever needing to rely on Medicaid to cover healthcare expenses, only to find that they must turn to Medicaid as a senior. If you are among them, you may mistakenly believe some of the myths and misconceptions about the program. To help clear those up, the Grand Forks Medicaid planning attorneys at German Law | Wealth debunk common Medicaid myths. Contact a Grand Forks Medicaid Planning Attorney Please join us for an upcoming FREE … [Read more...] about Common Medicaid Myths Debunked
A common misconception about estate planning is that you do not need an estate plan until you marry and/or become a parent. This simply is not the case. Every adult can benefit from having an estate plan in place, even single adults without children. The Grand Forks estate planning attorneys at German Law | Wealth explain why you do need an estate plan if you are single. An Estate Plan Does More Than You Realize One reason that so many people think an estate plan is not necessary for a … [Read more...] about Why Single Adults Need an Estate Plan
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. Read on to learn more. … [Read more...] about The Inflation Reduction Act
At least one trust agreement is frequently included in a comprehensive estate plan. After taking the time to consult with an attorney and think through the provisions of the trust agreement, however, people often forget about their trust. Failing to update a trust can decrease the trust’s effectiveness or cause it to fail entirely. With that in mind, the Grand Forks trust attorneys at German Law | Wealth explain when you might need to update your trust agreement. Contact a Grand Forks Trust … [Read more...] about When Should I Update My Trust?
Creating a Last Will and Testament is your opportunity to decide precisely what happens to your estate assets after death. In most instances, that is exactly what happens. Sometimes, however, a challenge to the validity of the Will is filed. If the contestant is successful with that challenge, the Will is declared invalid and the estate is probated using the relevant state intestate succession laws. If the contestant is not successful, the probate of the estate continues using the Will submitted … [Read more...] about What Is a “No-Contest” Clause in a Will?
The need to have a comprehensive estate plan in place is also heightened when you are concerned with protecting and providing for a child with special needs. As part of your estate plan, you may choose to include a special needs trust to ensure that your child is financially secure both now and in the future. A Grand Forks special needs planning attorney at German Law | Wealth explains why you may also wish to create a Memorandum of Intent for your special needs trust. The Importance of … [Read more...] about The Benefits of a Special Needs Trust Memorandum of Intent
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V