As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
Updating Your Life Insurance
Life insurance plays a significant role in many estate plans. You may have purchased life insurance when you were younger, and then not revisited the issue for years. At this point, you may need to update your life insurance. With that in mind, the Grand Forks estate planning attorneys at German Law explain what is involved in updating your life insurance. Do You Have the Right Type of Life Insurance? There are several types of life insurance policies that all offer advantages and … [Read more...] about Updating Your Life Insurance
How Can Succession Planning Help Protect Your Farm?
Estate planning takes on a heightened importance for anyone who owns a family business; however, if that business is a family farm you face several unique concerns that other small businesses may not need to consider. To make sure your farm is safe, the Grand Forks estate planning attorneys at German Law discuss how succession planning can help protect your farm. Estate Planning Is Different for a Family Farmer Although a family farm is a business, just like any other business, there are … [Read more...] about How Can Succession Planning Help Protect Your Farm?
Common Reasons to Seek the Assistance of an Estate Planning Lawyer
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 Grand Forks estate planning attorney at German Law offers some common reasons to seek the assistance of an … [Read more...] about Common Reasons to Seek the Assistance of an Estate Planning Lawyer
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Title Thee…Part II
We often recommend a trust as part of a comprehensive Estate Plan. This article is the second in a two-part series that examines the effect that title has on an Estate Plan. The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client. Read on to learn more. … [Read more...] about How Do I Title Thee…Part II
How Do I Title Thee…Part 1
We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips several important steps. This article is the first in a two-part series. The first part examines the various ways to hold title to assets and the second part examines the effect that title may have on an … [Read more...] about How Do I Title Thee…Part 1
How to Organize and Store Your Estate Plan
The estate plan you create may be comprised of the most important set of documents you create during your lifetime. Once your estate plan is finished, however, what should you do with it? The Grand Forks estate planning attorneys at German Law offer some tips on how to organize and store your estate plan once you have created (or updated) it. Your Estate Planning Documents A comprehensive estate plan should be tailored to your individual needs and goals. There are, however, some common … [Read more...] about How to Organize and Store Your Estate Plan
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
