Often, the most difficult part of creating an estate plan is not deciding who to leave your assets to, but deciding how to leave those assets to the intended beneficiaries. Simply handing over a sizeable inheritance isn’t always the best way to structure your estate plan for one reason or another. When that is the case, a Grand Forks living trust attorney at German Law explains how a living trust can help you to avoid living a lumpsum inheritance. Why Shouldn’t I Pass Down a Lump Sum … [Read more...] about How Can a Trust Help Protect an Inheritance?
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 explains how to make a charity … [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?
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?
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)
One of the most popular additions to a well-rounded and comprehensive estate plan is a trust. If you are considering the addition of a trust to your estate plan, one of the decisions you will need to make is who to appoint as your Trustee to administer your trust. The Grand Forks trust administration attorneys at German Law explain why a professional Trustee is often a better option than appointing someone you know personally. What Is a Trust? A trust is a legal relationship where property is … [Read more...] about Is a Professional Trustee a Better Option?
When you think of estate planning, the first thing that likely comes to your mind is creating and executing a Last Will and Testament. A Last Will and Testament is the most common estate planning document, typically serving as the foundation of an estate plan. A comprehensive estate plan, however, usually includes a variety of additional documents and strategies aimed at achieving the numerous estate planning goals and objectives you have set for yourself. Among those additional documents, a … [Read more...] about Can an Estate Planning Attorney Help in Setting Up a Trust?