Trusts are a common addition to the average estate plan. When you create a trust you will need to decide if you want the trust to be revocable or irrevocable. There are important estate planning advantages that often make an irrevocable trust the better choice; however, what happens if circumstances change, and an irrevocable trust needs to be modified? The Grand Forks trust attorneys at German Law explain why you might need to decant a trust if your goal is to modify an irrevocable … [Read more...] about What Does It Mean to Decant a Trust?
Once your estate plan moves beyond the basics, there is a good chance you will decide to incorporate a trust into your overall plan to help achieve one of your many estate planning goals. You may, however, decide you need to make changes to your trust agreement at some point down the road. The Grand Forks trust lawyers at German Law explain how you can make changes to a trust agreement in case you find yourself at that point. Trust Fundamentals All trusts fit into one of two categories – … [Read more...] about Can I Make Changes to My Trust Agreement?
Whether you are a new parent or are the parent of grown children, you undoubtedly want to protect the inheritance you intend to hand down to your children. Establishing a trust is a popular way to accomplish this common goal. To help your trust succeed, our Grand Forks trust attorneys at German Law explains common mistakes parents make when establishing a trust for their children. Contact Grand Forks Trust Attorney Please join us for an upcoming FREE seminar. If you have additional … [Read more...] about Common Mistakes Parents Make When Establishing a Trust
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You
At least one trust agreement is frequently included in a comprehensive estate plan. After taking the time to consult with an attorney and think through the provisions of the trust agreement, however, people often forget about their trust. Failing to update a trust can decrease the trust’s effectiveness or cause it to fail entirely. With that in mind, the Grand Forks trust attorneys at German Law explain when you might need to update your trust agreement. Contact a Grand Forks Trust … [Read more...] about When Should I Update My Trust?
Although a Last Will and Testament is likely the cornerstone of your estate plan, you will also probably incorporate additional estate planning tools and strategies into that plan to ensure that all your goals are reached. Many people, for example, include a trust in their estate plan. The best way to ensure that you do not make any mistakes with the trust you create is to work closely with an experienced estate planning attorney. In addition, the Grand Forks trust attorneys at German Law … [Read more...] about Trust Mistakes to Avoid
If you are one of the many people who choose to include a trust as part of your overall estate plan, one of the most important decisions you will make when creating that trust is your choice of Trustee. In fact, your choice of Trustee could be the key factor in determining whether your trust succeeds or fails. To help you better understand the importance of choosing the right Trustee, the trust attorneys at German Law explain how your Trustee can threaten the success of your trust. Trust … [Read more...] about How Your Trustee Can Threaten the Success of Your Trust
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trust (“IDGT”). The Grand Forks trust attorneys at German Law explain how an Intentionally Defective Grantor Trust can be used to transfer wealth to family members during your lifetime. Intentionally Defective … [Read more...] about Why Would I Want a Trust to Be Defective?
If you are one of the many people who choose to include a trust as part of your overall estate plan, one of the most important decisions you will make when creating that trust is your choice of Trustee. In fact, your choice of Trustee could be the key factor in determining whether your trust succeeds or fails. To help you better understand the importance of choosing the right Trustee, a Grand Forks trust attorney at German Law explains how a Trustee could cause your trust to fail. Trust … [Read more...] about How Can a Trustee Cause a Trust to Fail?
A comprehensive estate plan will typically incorporate a wide variety of estate planning tools and strategies into the plan to accomplish the plan’s goals and objectives. Among the most popular of those tools is a living trust. Only your estate planning attorney can help you decide if a living trust would be a beneficial addition to your estate plan; however, to give you an idea of how one might fit into your estate plan, the Grand Forks trust lawyers at German Law explain common reasons you … [Read more...] about Reasons to Create a Living Trust