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GermanLawGroup

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

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Home » Financial Planning FAQs

Financial Planning FAQs

    • Should I include a trust in my financial and/or estate plan?

    • Trusts have become increasingly commonplace in estate and financial plans. A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, also referred to as a Grantor or Maker, who transfers property to a Trustee. The Trustee holds that property for the beneficiaries designated by the Settlor in the trust agreement. Assets held in an irrevocable trust are protected from creditors and other threats, In addition, they are not counted when determining your eligibility for Medicaid, making a trust a very valuable tool.

    • How does long-term care factor into my financial planning?

    • One of the most common mistakes people make is to under-estimate, or overlook entirely, the potential impact long-term care costs will have on their finances. With an average annual cost of over $100,000 for 2020, and an average length of stay of three years, a LTC bill can quickly deplete a retirement nest egg given the fact that Medicare will not pay for LTC. Medicaid will cover LTC costs but you must first qualify, a process that could put your assets at risk if you failed to plan ahead.

    • What happens to your retirement accounts when you die?

    • When a participant in a retirement plan dies, benefits the participant would have been entitled to are usually paid to the participant’s designated beneficiary in a form provided by the terms of the plan (lump-sum distribution or an annuity). Many retirement plans require the account owner to name a spouse as the beneficiary unless he/she signs a form allowing the owner to name someone else as the beneficiary. The Employee Retirement Income Security Act (ERISA) protects surviving spouses of deceased participants who had earned a vested pension benefit before their death. The nature of the protection depends on the type of plan and whether the participant dies before or after payment of the pension benefit is scheduled to begin, otherwise known as the annuity starting date. It is also important to remember that because they are non-probate assets, the assets held in a retirement account can be paid out to the beneficiary shortly after the owner’s death.

    • What is an IRA?

    • An IRA is a tax–advantaged retirement account that you own and control. Earnings generated can compound on a tax–deferred basis until withdrawal. In essence, an IRA is like having your own personal pension that you and/or your employer may contribute to for your retirement years. There are numerous different types of IRAs, the most common of which include a traditional IRA and a Roth IRA. Because each has different rules regarding taxation and withdrawals it is important to understand those rules before establishing an IRA.

    • How do estate taxes impact my estate plan?

    • The federal gift and estate tax is effectively a tax on the transfer of wealth. A gross estate includes anything a decedent owned at the time of death that has value. Without any deductions or adjustments to your estate, it could lose 40 percent of its value to federal gift and estate taxes. Both your financial planning and estate planning goals should take into account the impact taxes will have throughout your life and at the time of your death.

    • Do I need to include asset protection planning in my estate plan?

    • Asset Protection planning should be part of any well thought out estate plan. Creating a financial plan that helps you amass a respectable estate and an estate plan that ensures your estate assets will be distributed accordingly to your wishes when you are gone only takes care of two-thirds of the bigger plan. You also need to protect the assets to acquire so that you will still have some left to pass down to loved ones after you are gone.

    • Why should I include financial assistance planning in my estate plan?

    • Financial planning focuses on acquiring assets and building up your estate. A comprehensive estate plan will include numerous goals, including things such as ensuring that your assets are available to provide for loved ones when you are gone and making sure your wishes are honored at the end of your life.  At some point, the goals of your financial plan with become entwined with the goals of your estate plan. For example, your financial plan will likely include retirement accounts. Those accounts could impact your eligibility for Medicaid if you need long-term care at some point. To ensure that everything works together well it is imperative that you incorporate financial planning into your estate plan.

Contact Us

The North Dakota estate planning attorneys at German Law are dedicated to helping you with all of your estate planning needs, both now and in the future.  Contact the team today by calling 701-738-0060 or contact us online.

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TESTIMONIALS

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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Where We Are

German Law
2650 32nd Avenue South, Suite O
Grand Forks, ND 58201
Phone: (701) 738-0060
Fax: (701) 738-0064

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Monday8:00 AM - 12:00 PM and 1:00 PM - 5:00 PM
Tuesday8:00 AM - 12:00 PM and 1:00 PM - 5:00 PM
Wednesday8:00 PM - 12:00 PM and 1:00 PM - 5:00 PM
Thursday8:00 AM - 12:00 PM and 1:00 PM - 5:00 PM
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