Making sure that your loved ones can access the assets you leave behind after your death should be an important estate planning goal. To achieve this goal, you must ensure that your estate is comprised of sufficient liquid assets. If you have not considered the need for liquidity within your estate plan before, you are
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Can a Trust Beneficiary Sell His or Her Interest in the Trust?
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,…
The Intersection of Legacy Contacts and Estate Planning
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. The widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they die. Read on to learn more.
The post The Intersection of Legacy…
Should My Trustee Be Able to Make Discretionary Decisions?
At some point in your life, you will likely realize the need to expand your initial estate plan. When you do so, you may decide to incorporate a trust into your expanded plan. One of the most important decisions you will make when creating your trust is your choice of Trustee. Once that decision is…
What Do I Do If I Do Not Want to Accept an Inheritance?
Although it is not common, beneficiaries do not always want the inheritance left to them by a decedent or to which they are entitled under state intestate succession laws. If you find yourself in a position where you do not want to accept an inheritance, what are your options? The Grand Forks estate planning attorneys…
Do I Need a Letter of Instruction?
As your estate plan evolves, you will likely find the need to include additional estate planning tools and strategies that help you accomplish additional goals and fulfill the needs of your growing family. Despite the abundant tools available to help you with your estate plan, you may find that you have pertinent, even crucial, information…
North Dakota Ranked 6th Best State to Retire
Planning for your “Golden Years” involves more than just saving money. Deciding where to live when you retire is also important as it will directly impact your finances and your overall quality of life. If you are planning to stay, or move to, North Dakota, the Grand Forks retirement planning attorneys at German Law have…
Understanding How Estate Taxes Impact Married Couples
Like many married couples, you and your spouse may create reciprocal estate plans wherein you leave your entire estate to your spouse and your spouse leaves everything to you. If you have a moderate to large estate, however, you may be concerned about the tax implications of leaving your entire estate to your spouse. Because…
5 Estate Planning Mistakes You Do Not Want to Make
Having a well-thought-out estate plan in place is one of the most beneficial gifts you can give to yourself and to your loved ones. Whether you are creating your initial plan or updating your estate plan, you obviously want to avoid making mistakes. To help you, a Grand Forks estate planning attorney at German Law…
Is Life Insurance an Asset When Applying for Medicaid as a Senior?
Even if you have never worried about qualifying for Medicaid benefits, you may find yourself facing the need to qualify as a senior. You may also be aware that Medicaid has very strict income and asset limits that are part of the program’s eligibility requirements. Does that mean you will have to cash in your…