Given how popular trusts are, there is a very good chance that you will create a trust and/or be the beneficiary of a trust at some point in your lifetime. If the trust is an irrevocable trust you may wonder who has the authority to terminate the trust. Given the various factors that impact the ability to terminate any trust, you should always consult with your estate planning attorney about a specific trust. In general, however, it may help to learn when and how you can typically terminate an … [Read more...] about Terminating an Irrevocable Trust in North Dakota

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?

Trusts are frequently incorporated into a comprehensive estate plan. If you decide to incorporate a trust into your estate plan, you will need to appoint someone to be the Trustee of the trust. Your choice of Trustee is extremely important because your Trustee will be in a fiduciary role. There are several ways a Trustee can violate the duties that come with that fiduciary role. The Grand Forks trust administration attorneys at German Law explain Trustee self-dealing. The Fiduciary Duty of a … [Read more...] about Trust Administration Basics — What Is Self-Dealing?

A beneficiary of a trust has a legal interest in the assets held by the trust. For many reasons, a beneficiary may want to sell or otherwise encumber his or her interest in the trust. Can a beneficiary do that? A Grand Forks trust attorney at German Law discusses the rights of s trust beneficiary, specifically including the right to sell his or her interest in the trust. Why Might You Want to Sell Your Interest in a Trust? Typically, one of the primary motivations for a Settlor to use a … [Read more...] about Can a Trust Beneficiary Sell His or Her Interest in the Trust?

Were you recently informed that you are the Trustee of a trust? If so, and this is the first time you have served as a Trustee, you are probably feeling overwhelmed and wondering where to begin. While the trust administration process is unique to every trust, there are some common steps. To provide you with some guidance as a first-time Trustee, the Grand Forks trust administration attorneys at German Law offer tips and what to do after learning you are the Trustee of a trust. Trust … [Read more...] about I’m the Trustee! Now What?

Because a trust can help accomplish so many estate planning goals, it is common to find at least one trust agreement in the average estate plan. If you choose to establish a trust, that trust may own taxable assets, including real property. If so, you need to have a clear understanding of how trust property is taxed in the event it is sold or transferred out of the trust. The Grand Forks trust lawyers at German Law explain when capital gains taxes could be due upon the sale or distribution of … [Read more...] about Are Capital Gains Taxes Due on the Sale or Distribution of Trust Assets?

If you plan to pass down a moderate to large estate, you undoubtedly hope that the inheritance you to leave to loved ones is not squandered. Fortunately, there is an estate planning tool that can help ensure that doesn’t happen. The Grand Forks trust attorneys at German Law explain how a spendthrift provision in a trust can help protect the inheritance you pass down. Understanding a Spendthrift Provision in a Trust Agreement Understandably, simply handing over an inheritance without any … [Read more...] about What Is a Spendthrift Provision in a Trust?

If you are a parent, you already know that everything changes when you become a parent. Along with obvious day to day changes, such as never sleeping through the night again, your priorities and estate planning goals also change.  Protecting your child if something happens to you becomes a top concern. A Grand Forks trust attorney at German Law explains why estate planning for children often includes the use of a trust. Why You Need More than a Last Will and Testament Your Last Will … [Read more...] about Estate Planning for Parents with Young Children

One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Testamentary Trusts A testamentary trust is a trust that does not activate until the death of the Settlor … [Read more...] about Common Trusts Explained

One of the most common additions to the average estate plan is a living trust. Living trusts can be used to help achieve a wide range of estate planning goals which is one reason they are so popular. What if you already have a living trust in your plan and you need to make a change to the trust? The Minot revocable living trust attorneys at German Law explain how to make changes to a living trust. What Is a Living Trust? A trust is a legal relationship wherein property is held by one party for … [Read more...] about How Can I Make Changes to My Living Trust?