Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more. Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
Given that a Last Will and Testament typically serves as the foundation of a comprehensive estate plan, care should be taken to avoid making a mistake when creating your Will. Nevertheless, there are some common mistakes people make. To help you avoid making them, a Fargo estate planning attorney at German Law Group discusses common mistakes people make when creating a Last Will and Testament. Failing to work with an estate planning attorney. In today’s electronic age, it is tempting to turn … [Read more...] about Last Will and Testament Mistakes to Avoid
If you create a comprehensive estate plan, that plan will undoubtedly reflect your highly personal wishes as well as include sensitive details about your debts and assets. Understandably, you may not want those wishes and details to be divulged to the general public, even after you are gone. To help you, a Fargo estate planning attorney at German Law Group explains how you can keep the details of your estate plan private. Probate and Your Last Will and Testament A Last Will and Testament … [Read more...] about How Can I Keep the Details of My Estate Plan Private?
If you have spent years acquiring assets and building up your estate’s value, you need to protect what you have built. One way to do that is to include asset protection planning tools and strategies in your estate plan. Toward that end, a Fargo asset protection planning lawyer at German Law Group discusses why you might include a Domestic Asset Protection Trust in your overall estate plan. DAPT Basics A domestic asset-protection trust (DAPT) is an irrevocable self-settled trust … [Read more...] about Do I Need a Domestic Asset Protection Trust?
Trusts are among the most common estate planning tools and are frequently found in an estate plan. Both the QDOT and the QTIP trust are among the most popular trusts used by married couples. A Minot trust attorney at German Law Group helps you decide whether a QTIP or a QDOT trust is right for you. Qualified Terminable Interest Property (QTIP) Trust Any married couple can make use of a QTIP trust; however, it is most often used as a way to handle the distribution of assets in a blended family. … [Read more...] about Do I Need a QTIP or a QDOT?
As the population of older Americans continues to grow at an unprecedented rate, concern about the prevalence of elder abuse has increased as well. When most people hear the term “elder abuse” they typically assume it refers to physical or emotional abuse; however, there is another type of elder abuse that is actually even more common – financial abuse. Financial abuse of the elderly occurs at an astounding rate which is why it is so important to understand what it is, why seniors are frequently … [Read more...] about Financial Abuse of the Elderly
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
At some point in your life, you may notice a role-reversal occurring with you and a parent. Where your parent once cared for you and ensured your safety and well-being, you now find yourself doing those things for your parent. You may even reach the point where you are concerned that your parent is no longer capable of safely caring for himself/herself. It may be time to consider becoming your parent’s Guardian – but how do you know for sure that guardianship is the answer? A Fargo elder law … [Read more...] about How Do I Know If My Parent Needs a Guardian?
If you own a pet, you probably consider your pet to be part of the family. Sadly, about 500,000 pets end up in shelters every year because their owner died and failed to make plans for them. To prevent that from happening to your beloved family pet, make sure you include him/her in your estate plans. To get you started, a Minot pet planning attorney at German Law Group explains why your pet needs to be included in your estate plan. Americans and Our Love of Animals In the United States, we … [Read more...] about Why Your Pet Needs to Be Included in Your Estate Plan
While a Last Will and Testament remains the most used estate planning tool, a trust is not far behind in terms of popularity. Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that it allows the settlor to retain more control over how assets are used. Can a trust be challenged by a beneficiary, however, in the same way as a Will? A Minot trust attorney at German Law Group explains when and how you might be able to contest a … [Read more...] about Can I Contest a Trust?