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GermanLawGroup

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

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Home » Services » Estate Planning Services in North Dakota & Minnesota » Estate Planning for Women

Estate Planning for Women

    • Why is the need for estate planning often heightened for women?

    • The start reality is that if you are a woman, you are statistically likely to outlive your male spouse if you are close to the same age. That means that you are more likely to be the one left to pass down the marital assets to children and other beneficiaries. Women also tend to be the caretakers of the family, making them more likely to be concerned with issues such as guardians for minor children and even plans for aging parents. Finally, more and more women are becoming entrepreneurs, adding in another important estate planning consideration into an already lengthy list of estate planning components. These considerations often make it even more important for a woman to have a comprehensive estate plan in place than her male counterpart.

    • How does a Last Will and Testament fit into your estate plan?

    • The most well-known benefit of executing a Will is knowing that you will not die intestate. If you fail to execute at least a basic Will prior to your death, the state intestate succession laws will decide how your estate assets are distributed. Typically, this means that only a spouse and/or close relatives will inherit from your estate. Close friends, charities, and more distant relatives will receive nothing from your estate. In addition, executing a Will allows you the only official opportunity you will have to nominate a Guardian for your minor children in the event one is ever needed.

    • Is a joint estate plan with a spouse my best option?

    • Ultimately, this is a decision you must make after consulting with your estate planning attorney; however, as a rule, it is usually better for spouses to create plans that work in harmony with one another but that remain separate. Because there is no way to know, with certainty, what the future will bring, you do not want to create an estate plan that is completely dependent on your spouse’s plan to function properly.

    • Do I need to plan for the possibility of incapacity in my estate plan?

    • Incapacity planning should be part of your estate plan from the beginning because incapacity can strike at any time and to anybody. Without an incapacity plan in place, you have no way of knowing who will make health care decisions for you, who will take over control of your assets, or who will make personal decisions if you cannot make them yourself. By including incapacity planning in your estate plan you get to make those decisions yourself instead of a judge making them down the road.

    • How does the way my spouse and I title assets impact my estate plan?

    • Married couples often fail to realize the importance of how they hold title to assets. The way in which you title assets can determine whether the asset is required to go through the probate process or is automatically transferred to the surviving spouse upon the death of one spouse. Titling assets as joint owners with rights of survivorship means that the asset will bypass probate upon the death of one owner and that owner’s interest in the asset will transfer directly to the surviving owner (spouse).

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

    • The odds are good that you will outlive your spouse. This makes retirement planning even more important for you as a woman. You need to be certain that you will have sufficient assets and income to live comfortably if your spouse is the first to go. Because retirement planning and estate planning are so closely related, and a change in one plan almost always affects the other plan, it is always best to combine your retirement and estate planning into one cohesive plan.

    • Why should Medicaid planning be included in my estate plan?

    • Over half of all seniors in long-term care (LTC) rely on Medicaid to cover the high cost of that care. Again, because you are statistically more likely to outlive your spouse, you need to plan for the possibility that you will one day need LTC. Conversely, Medicaid planning is also important to ensure that your spouse does not deplete your entire nest egg with his LTC expenses, leaving you with nothing.

    • How can I protect my business in my estate plan?

    • If you are an entrepreneur, you probably invested considerable time and resources into your business. To protect your financial (and emotional) investment in your business you should incorporate business succession planning into your comprehensive estate plan. This is the best way to make sure your business will be handled according to your wishes if you retire, become incapacitated, or pass away.


Contact Us
The North Dakota estate planning attorneys at German Law are dedicated to helping you with all 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.

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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.

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

They were courteous, efficient, knowledgeable, and trustworthy.

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

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

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

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

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- 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.

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~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. 

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~ 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. 

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~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.

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- 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.

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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.

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

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

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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

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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!

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November 25, 2022
    

Really Liked it.
Assisted by John Oelke

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November 25, 2022
    

Excellent!

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

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