As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
Estate Planning for Parents
Although estate planning is important for everyone, for the parents of minor children estate planning takes on a heightened importance. Knowing that your children will be protected if something happens to you and ensuring that they will be well provided for make estate planning a necessity, not an option, for parents with minor children. If you are new to the concept of estate planning, as many parents are, you may not know where to begin or what need to be included in your estate plan. … [Read more...] about Estate Planning for Parents
5 Post-Divorce Estate Planning Updates
If you have made the difficult decision to end your marriage, the legal process of divorce that follows will undoubtedly be time-consuming and emotionally exhausting. As such, it can be very easy to overlook the numerous practical steps that should be taken after a divorce. For example, the Grand Forks estate planning attorney at German Law point out five estate planning documents that usually need to be updated following a divorce. The Importance of Updating Your Plan Post-Divorce Most … [Read more...] about 5 Post-Divorce Estate Planning Updates
What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
Why Estate Planning Is Crucial for Farmers and Ranchers
To the average American it may seem as though family farms and ranches are all but a thing of the past; however, family owned and operated farming and ranching businesses have seen a comeback in recent years as consumer awareness has increased with regard to the practices of many industrial size ranching and farming operations. If you own a family farm or ranch, and you plan to pass the business down to the next generation, it is imperative that you plan accordingly. A Grand Forks estate … [Read more...] about Why Estate Planning Is Crucial for Farmers and Ranchers
How Can I Keep the Details of My Estate Plan Private?
If you create a comprehensive estate plan, that plan will undoubtedly reflect your highly personal wishes as well as include sensitive details about your debts and assets. Understandably, you may not want those wishes and details to be divulged to the general public, even after you are gone. To help you, a Fargo estate planning attorney at German Law explains how you can keep the details of your estate plan private. Probate and Your Last Will and Testament A Last Will and Testament is a … [Read more...] about How Can I Keep the Details of My Estate Plan Private?
Shrunken Asset Values Open Estate Planning Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Use Trust Protectors for Added Protection and Flexibility
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
Income Tax Basis
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis
Income Tax Basis in Estate Planning
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning