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?
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 modify a trust in case you find yourself at that point. Trust Fundamentals All trusts fit into one of two categories – testamentary or living … [Read more...] about How Do I Modify a Trust?
While a Last Will and Testament remains the most commonly 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 a trust can help your estate avoid probate. Can a trust help avoid challenges to your estate though? The Grand Forks trust attorneys at German Law discuss the possibility of contesting a trust. Trust Basics A trust is a separate legal entity … [Read more...] about Can a Trust Be Contested?
Initially, your estate plan may consist of nothing more than a Last Will and Testament that ensures your assets will be distributed according to your wishes. You will, however, undoubtedly elaborate on that plan as you acquire more assets and as your family expands. Eventually, your estate plan will likely include a wide range of estate planning tools, one of which may be an incentive trust. The Grand Forks trust attorneys at German Law explain how to make the most out of an incentive … [Read more...] about Making the Most Out of an Incentive 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