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
While every adult should have an estate plan in place, estate planning is particularly important for parents. The importance of an estate plan for parents does not evaporate when their children reach adulthood either. Given how crucial it is to have a comprehensive estate plan in place if you are a parent, the Grand Forks estate planning attorneys at German Law offer some estate planning tips for parents. Why Should Every Parent Have an Estate Plan? There are several reasons why every parent … [Read more...] about Estate Planning Tips for Parents
You have probably watched a movie at some point where the poor, destitute main character is suddenly approached by a mysterious stranger informing her that she is the sole beneficiary of a sizeable inheritance following the death of a distant relative. In real life, that is not typically how you are notified that you have inherited from an estate. The Grand Forks estate planning attorneys at German Law explain how you can find out if you have an inheritance in North Dakota. Ways for an … [Read more...] about How Do I Find Out If I Have an Inheritance in North Dakota?
When an estate plan works as intended, all the decedent’s estate assets are legally transferred to the intended beneficiaries and/or legal heirs of the estate at the end of the probate process. Sometimes, however, assets remain unclaimed at the conclusion of probate. The Grand Forks estate planning attorneys at German Law explain what happens to an unclaimed inheritance in North Dakota. Understanding the Legal Process that Follows a Death Before discussing what happens to an unclaimed … [Read more...] about What Happens to an Unclaimed Inheritance in North Dakota?
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
Like most people, when you created your initial estate plan, you probably chose to execute a Last Will and Testament as the foundation for that plan. As your estate and family grew, you may have later decided to establish a trust agreement to serve as your primary estate planning document. The Grand Forks estate planning attorneys at German Law explain when and why you might need a Pour Over Will. Last Will and Testament Basics Most people are familiar with the basic concept of a Last Will and … [Read more...] about Do You Need a Pour Over Will?
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 Can I Create a Last Will and Testament Without a Lawyer?
Given how important your estate plan is, you certainly want it to function as intended. Your attorney will provide you with advice and guidance during the creation of your estate plan; however, there are also some tips to help your estate plan succeed. With that in mind, the Grand Forks estate planning attorneys at German Law explain what you can do to help create a successful estate plan. Contact Grand Forks Estate Planning Attorneys Please join us for an upcoming FREE seminar. If you … [Read more...] about Tips to Help Your Estate Plan Succeed
Trusts have become ubiquitous parts of estate plans. Many estate plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II