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GermanLawGroup

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

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Home » Estate Planning & Divorce FAQs

Estate Planning & Divorce FAQs

    • How are estate planning and divorce related?

    • Most married couples create estate plans that reflect their marital status. For instance, your spouse is likely the beneficiary of many assets and you probably hold some assets jointly. Some married couples have estate plans that are even more intertwined. You may also have appointed your spouse to important fiduciary and/or decision-making positions within your estate plan. All of that makes sense while you are married, particularly if you have children together; however, if you decide to end the marriage you should update your estate plan to reflect the change in your status as soon as possible after the divorce is final.

    • How are my estate assets potentially at risk in a divorce?

    • In an equitable division state such as North Dakota, the division of marital assets will be divided fairly, not necessarily equally. Only assets that are considered marital assets are divided when a couple divorces. Property that is considered separate property remains the property of the original owner. Separate property usually refers to assets owned by a party prior to the marriage or inherited by a party during the marriage if the asset was not converted into a marital asset by co-mingling the asset. If you unintentionally co-mingle your separate assets, you could lose them in a divorce.

    • How can I protect my separate property?

    • The key to protecting your separate property is to include it in your asset protection strategies within your estate plan. Often, this means transferring the assets into a trust to ensure that they are kept separate and not unintentionally co-mingled. If you own property prior to the marriage, you should take steps to protect it prior to the marriage occurring. If you inherit property during the marriage, or otherwise obtain property that you wish to be kept separate, it should be included in your asset protection strategies.

    • How might I need to update my estate plan because of a divorce?

    • When it becomes apparent that divorce is inevitable, you should consult with your estate planning attorney to discuss what updates need to be made to your estate plan to reflect the impending divorce. Some changes may not be able to be made until after the divorce is final; however, your estate planning attorney can guide you through when and how to make changes. Important updates to your estate plan during or after a divorce may include:

      • Change the Executor of your Will and the Trustee of a trust.
      • Update the terms of your Will to reflect the fact that you are no longer married.
      • Change beneficiary designations on life insurance policies, retirement accounts, financial accounts, and any other assets that include beneficiaries.
      • Update advance directives and powers of attorney by appointing a new Agent.

    • Does getting remarried affect my estate plan?

    • If you decide to remarry following a divorce, you may find that additional changes need to be made to your estate plan. One common concern people have when they remarry is how to provide for a new spouse while still protecting assets meant for children from a previous marriage. Creating reciprocal estate plans, as you may have done in a first marriage, will not achieve the same goals in a second marriage.

    • How can I protect assets meant for my existing children if I get remarried?

    • A QTIP trust operates in basically the same way as any other trust with some special terms designed to provide for your spouse while protecting your children’s inheritance. You will need to appoint a Trustee to oversee the administration of the trust and manage the trust assets. Assets transferred into the QTIP trust are not actually gifted to your current spouse when you die. Instead, your spouse receives income from the trust assets but cannot withdraw the principal from the trust nor can he or she decide on the ultimate disposition of the trust assets. In the case of real property, your surviving spouse may also receive a “life estate” in the property, meaning that he or she may remain in the home until death, but will never own the property outright. When your surviving spouse dies all assets held in the trust are then transferred to the intended QTIP trust beneficiaries.

When a couple gets divorced, the fallout emotionally impacts the couple, the children, and the entire family. A divorce can also directly impact other areas of your life, including your assets as well as numerous provisions in your estate plan. To make sure you do not overlook important details you may need to make changes to your plan, the estate planning attorneys at German Law | Wealth provide answers to some frequently asked questions about estate planning and divorce. If you have additional questions or concerns, please feel free to contact our office to schedule an appointment.

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Client Review
August 24, 2020
    

Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing.

C.P., Minnesota
Client Review
August 24, 2020
    

We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns.

JW & CD, North Dakota
Client Review
August 24, 2020
    

They were courteous, efficient, knowledgeable, and trustworthy.

D.T., Minnesota
Client Review
August 24, 2020
    

Very helpful. Our children and us are are confident in your group.

-Anonymous, Fargo, North Dakota
Client Review
August 24, 2020
    

"Very professional, covered all, expertise, friendly, peace of mind now."

- Anonymous, North Dakota
Client Review
August 24, 2020
    

So much of a client's high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly.

~J.R., Grand Forks, ND
Client Review
August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
Client Review
August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
Client Review
August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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