If you find yourself facing the reality that someone needs to step in and make health care decision for your parent, it will me an emotionally trying experience. What happens if you and your siblings cannot agree on who should make those decisions? What options are available to settle your dispute? A Grand Forks elder law attorney at German Law Group discusses what happens when siblings cannot agree on medical treatment for a parent. Experiencing the Role Reversal As your parents age, … [Read more...] about When a Parent Needs Medical Treatment and the Adult Children Cannot Agree, What Happens?
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 every estate is unique, you should consult with an experienced estate planning attorney regarding specific questions and concerns. In the meantime, however, the Grand Forks … [Read more...] about The Best Way to Leave Your Estate to Your Spouse
One of the primary reasons for executing a Last Will and Testament is to ensure that the assets you leave behind will be distributed according to your wishes. If someone challenges the validity of your Will, however, the ensuing Will contest could result in those wishes not being honored. To help prevent that from happening, a Grand Forks estate planning attorney at German Law Group discusses what you can do to prevent a Will contest after you are gone. What Happens When Someone Contests a … [Read more...] about Protecting Your Wishes in Your Will
Having a comprehensive estate plan in place is one of the best things you can do for your loved ones and for yourself. The average plan incorporates a variety of estate planning strategies and documents. Once those documents are prepared, they need to be kept somewhere safe. A Grand Forks estate planning attorney at German Law Group discusses what to do with your estate planning documents once you have them in place. Common Estate Planning Documents Just as every person is unique, every … [Read more...] about Where Should I Keep My Estate Planning Documents?
If you were recently appointed to be the Trustee of a trust and you have never before served as a Trustee, you likely have a number of questions about your duties and responsibilities as Trustee. Whether or not you need to hire an attorney to help you administer the trust is probably at the top of that list of questions. There is no legal requirement obligating a Trustee to retain the services of an attorney; however, a Grand Forks trust administration attorney at German Law Group explains … [Read more...] about If I Am a Trustee Do I Need an Attorney?
If you are the parent of young children, you undoubtedly want to make sure your children are well cared for in the event that something happens to you. Doing so requires careful preparation and planning. To help you get started, a Grand Forks estate planning attorney at German Law Group explains how to protect your children in your estate plan. Why You Need More than Just a Last Will and Testament For most people, a Last Will and Testament serves as their initial estate planning … [Read more...] about How to Protect Your Children in Your Estate Plan
Creating a successful and comprehensive estate plan requires you to do much more than just decide how you wish to distribute your estate assets after you are gone. It also requires you to think ahead and guard the assets you acquire over the course of your lifetime so that there is something left to distribute at the end of your life. Considering the likelihood that you will need long-term care (LTC), and the high cost of that care, is essential to ensuring that you have assets left to pass down … [Read more...] about Top 5 Medicaid Planning Tips
You probably created a Last Will and Testament as the foundation of your estate plan. At some point, you may also want to add a Living Will to that plan to ensure that your wishes will be honored regarding end of life healthcare decisions. Toward that end, the Grand Forks estate planning attorneys at German Law Group offer suggestions regarding when to create or update your Living Will. Advance Directive Basics An advance directive is a legal document that allow you to plan ahead and make … [Read more...] about Do I Need a Living Will?
Trusts were once used almost exclusively by wealthy families as a tool by which the family wealth was passed down through the generations, often without paying substantial taxes on the transfer of wealth. Most of those tax loopholes have long since been removed; however, trusts are more popular than ever. In fact, trusts have evolved to the point where it is common to find at least one trust in the average estate plan. If you are considering the addition of a trust in your plan, or you are the … [Read more...] about When Does a Trust Terminate?
The need to have a comprehensive estate plan in place is also heightened when you are concerned with protecting and providing for a child with special needs. As part of your estate plan, you may choose to include a special needs trust to ensure that your child is financially secure both now and in the future. A Grand Forks special needs planning attorney at German Law Group explains why you may also wish to create a Memorandum of Intent for your special needs trust. The Importance of … [Read more...] about Do I Need a Memorandum of Intent for My Special Needs Trust?