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 not alone. It is a commonly overlooked aspect of estate planning. To help you avoid making this common mistake, a Grand Forks estate planning attorney at German Law Group explains … [Read more...] about Does My Estate Have Enough Liquidity?
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?
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
While it is certainly understandable that you may initially balk at the idea of planning your own funeral and burial, there are a number of good reasons to do so. In fact, incorporating a funeral planning component in your estate plan benefits your loved ones as well as offering you peace of mind as the Fargo estate planning attorneys at German Law Group explain. The Cost of Dying Thinking of your death and funeral in terms of the cost may be difficult to do; however, the reality is that dying … [Read more...] about The Benefits of Funeral Planning
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. The Tax Cuts and Jobs Act increased the standard deduction to $12,000 per person and $24,000 per couple (for 2018 and inflation-adjusted thereafter). This was great news for those who don’t itemize their deductions. … [Read more...] about SALT Deduction Limit…Can You Get Around It?