• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Minnesota
        • Bemidji
        • Crookston
        • East Grand Forks
        • Fertile
        • Thief River Falls
      • North Dakota
        • Devils Lake
        • Dickinson
        • Grafton
        • Grand Forks
        • Minot
    • Job Opportunities
    • Speaker Connection
  • Estate Planning
    • Asset Protection
    • Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Are You A Caregiver
    • Conservatorship
    • Coping with Alzheimer’s
    • Hospice Care
    • Life Care Planning Services
    • Medicaid Benefits
    • Nursing Home Planning
    • Veterans Benefits
  • Seminars/Webinars
  • Resources
    • Client Resources
      • Estate Planning Resources for Farmers
      • Elder Law Resources
        • Bemidji
        • Grand Forks Elder Law
        • Minot Elder Law
        • Thief River Falls Elder Law
      • Estate Planning Checklist
      • Is Your Estate Plan Outdated?
      • Probate Checklist
      • Probate Resources
        • Bemidji Probate
        • Grand Forks Probate
        • Minot Probate
        • Thief River Falls Probate
      • Relocation Toolkit
      • Top 10 Estate Planning Techniques
    • DocuBank
    • Elder Law Reports
    • Free Medicaid/Long-Term Care Calculator
    • Frequently Asked Questions
      • Asset Protection
        • Business Planning
        • Business Succession Planning
      • Elder Law
        • Medicaid Planning
        • Veteran’s Benefits
        • Nursing Home Planning
      • Estate Planning
        • Estate Planning & Divorce
        • Estate Planning for Women
        • Job of an Executor
        • Families Without an Estate Plan
        • Gift, Estate, and Inheritance Taxes
        • Including Philanthropy in Your Estate Plan
        • Including Your Pet in Your Estate Plan
        • LGBTQ Estate Planning
        • Power of Attorney
        • Serving as Executor
      • Financial Planning
      • Incapacity Planning
        • Social Security Benefits
        • Understanding SSI and SSDI
      • Trust Administration & Probate
        • Probate
        • Small Estate Probate
        • Trusts
        • Wills
    • Newsletters
    • Probate & Estate Planning Savings Calculator
    • Professional Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Reviews
    • Our Reviews
    • Review us
  • Contact Us
  • Blog

GermanLawGroup

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

Call us today(800) 774-7576

  • Facebook
  • Twitter
  • Linkdin
  • Instagram
  • Youtube
Attend A Free Seminar
Home » Top 10 Estate Planning Techniques

Top 10 Estate Planning Techniques

Although your estate plan may initially include nothing more than a Last Will and Testament, over time you will incorporate a wide range of additional estate planning tools and strategies into you plan as you add additional goals and objectives to your plan. The personal nature of estate planning dictates that you will need to consult with your estate planning attorney to determine which techniques should be added to your plan; however, it is always a good idea to gain a better understanding of the techniques that are most commonly used. If you have specific questions or concerns regarding your estate plan, please feel free to contact the German Law to schedule a consultation.

1. Choosing your Executor carefully.

People often make the mistake of simply appointing a spouse, friend, or family member as the Executor in their Last Will and Testament without giving the matter sufficient thought. Your Executor oversees the probate of your estate. The right person will help probate run smoothly and efficiently. Someone who lacks the experience and knowledge to handle the duties and responsibilities of the Executor can cost your estate both time and money so choose wisely.

2. Appointing a Guardian in your Last Will and Testament.

You may not know this, but your Will is the only opportunity you have to tell a judge who you want to be the Guardian for your minor children if one is ever needed.

3. Using a revocable living trust for incapacity planning.

A revocable living trust works as an incapacity planning tool by allowing you to appoint yourself as the Trustee of the trust and someone you trust as the successor Trustee. Major assets are then transferred into the trust and you manage them as long as you are able to do so as the Trustee. If you become incapacitated, your successor Trustee takes over automatically, ensuring that the person you chose now controls your assets.

4. Always having a power of attorney on hand as a parent of minor children.

Whenever a caregiver has your children, he or she should always have a limited power of attorney in effect in case something happens that requires the caregiver to give consent to medical treatment immediately. With a power of attorney, you decide what authority you grant to the Agent and for how long that authority will last.

5. Staggering an inheritance using a trust.

If your adult children are still relatively young, or you are concerned about a spendthrift beneficiary, use a trust to stagger the inheritance you leave behind. You create the terms so you can decide how much is disbursed and when those disbursements occur. If your beneficiaries are not accustomed to having a large sum of money, it is never a good idea to make a large lump sum gift. Staggering the gift you leave behind protects your gift as well as your beneficiary.

6. Making use of life insurance when you are young.

Most people do not have a sizeable estate to leave behind until they are well into their adult years. If you want to provide for a spouse and/or children in the meantime, make use of life insurance. Term insurance provides a high benefit for a relatively small premium. If you want to include an investment option as well, you may wish to consider whole life insurance.

7. Using a Letter of Instruction to explain decisions.

If you made controversial, or confusing, decisions in your estate plan you may wish to use a Letter of Instruction to explain those decisions. Although not legally binding, it can be made an official part of your estate plan.

8. Titling property jointly to avoid probate.

In most states, titling property jointly with rights of survivorship means that your interest in the property will pass automatically when you die to your co-owner without the need to go through probate. You may also make use of “payable on death (POD)” or “transfer on death (TOD)” financial accounts that allow you to name a designated beneficiary for the account. Upon your death, the assets held in the account automatically transfer to the beneficiary. The difference between a POD/TOD account and joint title is that with a POD/TOD account the beneficiary has no ownership interest in the account while you are alive.

9. Executing an advance directive to ensure your wishes are honored.

If you have strong beliefs about end of life treatment and/or about who you wish to make healthcare related decisions for you in the event you cannot make them, execute an advance directive to ensure that those wishes and opinions are honored. Most states offer at least two types of advance directive and each requires very specific language.

10. Making lifetime gifts to minimize taxes.

If you have a moderate to large estate, or hope to have one in the future, make use of lifetime gifting options that can help minimize the tax impact on your estate when you die. For example, using the annual exclusion you can gift up to $14,000 in assets to as many beneficiaries as you wish each year tax-free. Gifts made using the annual exclusion do not count toward your lifetime exemption limit for federal gift and estate tax purposes.

Contact Us

If you have additional question or concerns regarding estate planning, contact the experienced North Dakota estate planning attorneys at German Law by calling 701-738-0060 to schedule an appointment.

Primary Sidebar

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!

<
>

FREE ESTATE PLANNING WORKSHEET

  • This field is for validation purposes and should be left unchanged.

Where We Are

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

See Larger Map Get Directions

Office Hours

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
Friday8:00 AM - 12:00 PM

Map

Footer

  • Speaker Connection
  • Advantages of Working With Our Firm
  • About The American Academy
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Twitter
  • Linkdin
  • Instagram
  • Youtube
footer-logo

© 2023 German Law
All Right Reseved.

Attorney Advertisement