The amount you can pass free from estate tax is at a record high of $11.7 million per person. There’s legislation which would lower the exclusion to $3.5 million per person. Married people can take advantage of the current exemption. Read on to learn more. … [Read more...] about Use It Before It’s Gone
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Read on to learn more. … [Read more...] about Beneficiary Designations
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”
Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
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?
Creating a plan for the distribution of your estate assets after your death is undoubtedly a primary estate planning goal; however, it will not likely be your only goal. Making sure that your loved ones can access those assets when they need them after your death should be an equally important estate planning goal. To achieve this goal, you must ensure that your estate is comprised of sufficient liquid assets. To help … [Read more...] about Why Is Estate Liquidity Important?
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. … [Read more...] about Fair Isn’t Always Equal and Vice Versa
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Not all that long ago, an unmarried man and woman living together were considered to be living in sin and were often ostracized by society. Today, however, more and more couples are choosing to cohabitate prior to, or in lieu of, marriage. If you are one of those unmarried couples, a Fargo estate planning attorney at German Law Group explains how to protect your partner in your estate plan. Is Marriage No Longer Desirable? In one of those ironic twists of fate, people who are old enough to … [Read more...] about How to Protect Your Partner