The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which are not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
You may have made it through your working years without giving Medicaid eligibility a second thought if you were fortunate enough to be covered under an employer-sponsored or privately purchased health insurance policy. As a senior, however, you may find that eligibility for Medicaid is crucial to help cover the high cost of long-term care. Eligibility for Medicaid depends, in large part, on your income and countable resources. With that in mind, the Grand Forks Medicaid planning attorneys at … [Read more...] about What Counts as Income and Countable Resources for Medicaid Eligibility in North Dakota?
The moment you found out you were going to be a parent, you probably started worrying about and planning for your child’s future. Estate planning also took on heightened importance because you wanted to be certain your child was protected if something happened to you. One tool in the estate planning toolbox for parents is a Uniform Transfers to Minors Act (UTMA) account. For those who are unfamiliar with this tool, the Grand Forks estate planning attorneys at German Law explain the Uniform … [Read more...] about Understanding the Uniform Transfer to Minors Act
When you think about the need for an estate planning attorney, you may think about creating or revising an estate plan that determines how your estate assets are distributed after you are gone. While an estate planning attorney certainly can help you with that, there are numerous other ways in which an estate planning attorney can help you. The Grand Forks estate planning attorneys at German Law explain six reasons why you might need an estate planning attorney. Contact a Grand Forks Estate … [Read more...] about 6 Reasons Why You Might Need an Estate Planning Attorney
As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur. According to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
If you are the beneficiary of a trust you have a legal interest in the trust assets and you have certain rights as a trust beneficiary; however, you are dependent on the Trustee of the trust to distribute assets to you according to the terms of the trust. What happens if a Trustee fails to distribute assets to which you believe you are entitled? To help answer that question, the Grand Forks trust administration attorneys at German Law discuss whether a beneficiary can force a Trustee to make … [Read more...] about Can a Beneficiary Force a Trustee to Make a Distribution?
If you are currently in your retirement years and are still living in the home your children grew up in, there is little doubt that the home is full of memories for you, your children, and even your grandchildren. Consequently, you may wish to keep the home in the family and pass it down to your children. While that sounds like a simple enough goal, it can be emotionally, practically, and even legally complicated. To help you understand the hurdles and options available to you, a Grand Forks … [Read more...] about What Is the Best Way to Pass Down the Family Home to My Children in My Estate Plan?
Although many Estate Plans have a Revocable Trust as the foundation for the plan, Wills play an important role in a comprehensive Estate Plan. Alarmingly, most Americans don’t have a Will even though they know it’s important. National Make-a-Will month may have ended but we can still explore the often overlooked and neglected Estate Planning document, the Will. Read on to learn more. … [Read more...] about National Make-a-Will Month
Finding out that you are entitled to an inheritance can be bittersweet. One the one hand, you will be receiving something of personal and/or monetary value. On the other hand, someone close to you may have passed away to make that inheritance possible. Once you are told that you are entitled to an inheritance, however, it is only natural to want to know when you will actually get it. To give you some idea of what to expect, the Grand Forks probate attorneys at German Law explain the factors that … [Read more...] about When Will I Receive My Inheritance in North Dakota?
When a family member or loved one dies it can be difficult to focus on anything but the emotional impact of their death. Someone, however, must focus on the legal ramifications. If you are that person, either because the decedent appointed you to be the Executor of the estate or by default, you need to get started with the administration of the estate as soon as possible. To help you, the Minnesota probate attorneys at German Law created a step-by-step guide to navigating probate in … [Read more...] about Step-by-Step Guide to Navigating Probate in Minnesota