Over the years, trusts have evolved to the point where it is now common to find at least one trust agreement in even a simple estate plan. One reason for the popularity of trusts is the numerous and diverse estate planning goals that can be accomplished using a trust. If philanthropy is part of your everyday life, for example, you may wish to consider using a trust to continue that charitable gifting in your estate plan. A Grand Forks trust attorney at German Law Group explains how to make a … [Read more...] about Can a Charity Be a Beneficiary?
Having at least a basic estate plan in place is important for every adult. If you are the parent of a young child, however, the need for careful estate planning is heightened. Your minor child cannot manage his/her own inheritance. Consequently, you must choose someone to do so for your child. The Grand Forks estate planning attorneys at German Law help you choose the right Trustee for your child’s inheritance. How Will You Pass Down Your Child’s Inheritance? When you contemplate passing … [Read more...] about Picking a Trustee for Your Child’s Inheritance
Trusts have become almost commonplace in a well thought out estate plan due in large part to the flexibility they offer in reaching estate planning goals. If you are considering the inclusion of a trust in your estate plan, you will need to make several decisions during the creation of the trust, including who to appoint as the Trustee of your trust. If you have never created a trust, you will also likely have a few questions, such as whether a Trustee gets paid. The Grand Forks trust attorneys … [Read more...] about Is a Trustee Paid?
If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, a Grand Forks trust attorney at German Law explains why naming a successor Trustee is important to the success of your trust. Trust Basics First, it is important to have a firm understanding of what a trust is and how a trust works. A trust is a separate … [Read more...] about Do I Need to Name a Successor Trustee?
Trusts were once used almost exclusively by wealthy families as a tool by which the family wealth was passed down through the generations, often without paying substantial taxes on the transfer of wealth. Most of those tax loopholes have long since been removed; however, trusts are more popular than ever. In fact, trusts have evolved to the point where it is common to find at least one trust in the average estate plan. If you are considering the addition of a trust in your plan, or you are the … [Read more...] about When Does a Trust Terminate?
The odds are good that you will decide to incorporate at least one trust into your estate plan given how popular trusts are. If you do include a trust, you may decide to make your trust a secret or semi-secret trust. A Fargo trust attorney at German Law explains what a secret trust is and why you might want one. Understanding Your Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person … [Read more...] about What Is a Secret Trust?
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, Trust Basics A trust is a legal relationship where property is held by one party for the benefit of … [Read more...] about Is Your Trustee Causing Your Trust to Fail?
Trusts are among the most common estate planning tools and are frequently found in an estate plan. Both the QDOT and the QTIP trust are among the most popular trusts used by married couples. A Minot trust attorney at German Law helps you decide whether a QTIP or a QDOT trust is right for you. Qualified Terminable Interest Property (QTIP) Trust Any married couple can make use of a QTIP trust; however, it is most often used as a way to handle the distribution of assets in a blended family. If you … [Read more...] about Do I Need a QTIP or a QDOT?
While a Last Will and Testament remains the most used estate planning tool, a trust is not far behind in terms of popularity. Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that it allows the settlor to retain more control over how assets are used. Can a trust be challenged by a beneficiary, however, in the same way as a Will? A Minot trust attorney at German Law explains when and how you might be able to contest a trust. Trust … [Read more...] about Can I Contest a Trust?
Because all estates are potentially subject to federal gift and estate taxes, tax avoidance tools and strategies may need to be part of your estate plan to ensure that your estate doesn’t lose a significant portion of its assets to Uncle Sam. During the probate process which follows your death, your estate assets will be inventoried and valued. If the value of your probate assets exceeds the current lifetime exemption amount, those remaining assets are what will be subject to the estate tax at … [Read more...] about What Is a Grantor Retained Income Trust (GRIT)