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
How to Establish a Positive Relationship with Your Estate Planning Attorney
Despite acknowledging the need for a comprehensive estate plan, over half of all Americans don’t have one in place. One of the reasons given for this is that estate planning can be intimidating for the average person. The good news is that with an experienced estate planning attorney by your side, you will have someone to explain things to you and guide you through the process. There are, however, several things you can do to help. Toward that end, the Grand Forks estate planning attorneys at … [Read more...] about How to Establish a Positive Relationship with Your Estate Planning Attorney
Estate Planning – Something You Shouldn’t Do Yourself
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
Retirement Steps You Do Not Want to Forget
It appears we are all told to start retirement planning as soon as we enter the work force. Of course, there are good reasons for that sage advice. The earlier you begin your retirement plan, the more comfortable you will be during your retirement years. If you are now nearing your “Golden Years,” however, there are additional steps you should take to ensure that your affairs are in order. To help you get started, the Grand Forks elder law attorneys at German Law suggest that you take the … [Read more...] about Retirement Steps You Do Not Want to Forget
