If you are a parent, you already know that everything changes when you become a parent. Along with obvious day to day changes, such as never sleeping through the night again, your priorities and estate planning goals also change. Protecting your child if something happens to you becomes a top concern. A Grand Forks trust attorney at German Law Group explains why estate planning for children often includes the use of a trust. Why You Need More than a Last Will and Testament Your Last … [Read more...] about Estate Planning for Parents with Young Children
At one time, trusts were used almost exclusively by wealthy families as a tool to pass down the family wealth while maintaining a certain degree of control over how that wealth is used by future generations. It is now common, however, to find a trust in even a relatively simple estate plan. When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of a trust for the first time, you may be a bit … [Read more...] about How Do I Administer a Trust?
The prospect of creating your first estate plan can be a bit intimidating. Estate planning incorporates a wide range of goals and objectives into one comprehensive plan. That plan may include numerous estate planning tools and strategies, all of which can be overwhelming. To help get you started, the Grand Forks estate planning attorneys at German Law Group offer 10 steps to take when creating your estate plan. Define your goals. Take some time to consider what you need to accomplish and what … [Read more...] about 10 Estate Planning Steps
As the population of older Americans continues to increase, we have also experienced an increased awareness of issues that impact them, including the prevalence of elder abuse, neglect, and financial exploitation. States across the nation are scrambling to try and prevent, or at least combat, the problem of elder abuse, with varying success. According to a recently released study by Wallet Hub, North Dakota ranks 33rd when it comes to the state's efforts at protecting its elder residents. The … [Read more...] about North Dakota Ranked 33rd in Elder Protection
People in the U.S. are fortunate to have a longer average life expectancy than people in most other countries. Living longer, however, comes at a price. It often means spending more time battling the aging process and increases the odds of needing a caregiver or nursing home. If you find yourself headed toward the need for a caregiver, your initial preference is probably to have a family caregiver take care of you at home. While this is certainly understandable, the Grand Forks elder law … [Read more...] about Is a Family Caregiver Your Best Option?
If you are a small business owner, you have likely invested a considerable amount of your time and money getting your business off the ground and operating smoothly. If your business is now turning a profit, and your family depends on that income to bill the bills and maintain the lifestyle to which you are all accustomed, it is crucial to protect that income. You have probably purchased business insurance to protect your business from a variety of threats, such as theft or a natural disaster; … [Read more...] about Is Your Small Business Protected?
One of the most well-known, and often used, estate planning tools is a Power of Attorney. When properly drafted and utilized, a Power of Attorney makes a versatile and effective estate planning tool. The problem is that when not properly drafted and used, a Power of Attorney can do more harm than good. To help you better understand, a Grand Forks estate planning attorney at German Law Group explains how a Power of Attorney can go wrong. What Is a Power of Attorney? A power of attorney, or … [Read more...] about How Your Power of Attorney Can Go Wrong
If you recently experienced the death of a loved one, you are undoubtedly still grieving. If your loved one appointed you as the Executor of his/her estate, however, you must also concentrate on the legal and practical tasks required of an Executor. If you are acting as an Executor for the first time, the prospect of probating an estate may seem overwhelming at the moment. To help you get started, a Grand Forks probate attorney at German Law Group offers five … [Read more...] about 5 Steps for the First-Time Executor
During your life, you will undoubtedly work hard, invest prudently, and save wisely in order to amass a respectable estate to carry you comfortably through your “Golden Years.” If all goes as planned, you even hope to have sufficient assets left over to pass down to children and/or grandchildren after you are gone. For that to occur, however, you must protect the assets you acquire during your lifetime. One potentially serious threat to your assets is the impact federal gift and estate … [Read more...] about Why You Need to Plan for the Impact of Taxes in Your Estate Plan
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Read on to learn more. … [Read more...] about How to Dispose of “Stuff”