Unfortunately, even a well drafted and properly executed Will cannot prevent your heirs from contesting the Will. There are, however, some things you can do to decrease the likelihood of litigation during the probate of your estate. Including a no contest clause in your Will is one of those things. A Fargo estate planning attorney at German Law Group explains what a “no contest” clause is and how one fits into your Last Will and Testament. Your Last Will and Testament Executing a … [Read more...] about What Is a No Contest Clause?
The moment you became a parent your priorities undoubtedly changed. Being a parent is both the most rewarding, and most terrifying, role you will probably ever take on. Protecting and providing for your children are your top priorities when it comes to estate planning. To help you achieve those goals, the Grand Forks estate planning attorneys at German Law Group discuss estate planning for parents with young children. Is a Last Will and Testament Enough? Your Last Will and Testament … [Read more...] about Estate Planning for Parents of Young Children
Parents know there is no statute-of-limitations on worrying about their kids. Your interest in your child’s health does not end once your son or daughter reaches adulthood. However, your legal interest in having a say about your child’s medical care ends on the day that he or she turns 18. This means that while you have the final word about medical care one day, the next day you will not even have access to your child’s medical records. The passage of the Affordable Care Act has complicated … [Read more...] about Estate Planning for Young Adults
At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules(rules about Medicaid gifts) in particular, are a source of much confusion for applicants. While it is always best to consult with an … [Read more...] about Learn About Medicaid Gifts
The Baby Boomer generation – the largest generation in American history to date – is heading into retirement, but are they prepared? More importantly for their children and grandchildren – and possibly the economy as a whole – will there be anything left to bequeath when they pass away? It appears some Baby Boomers have planned for their retirement, however, estate planning is not a priority for many. As a result, this may be the first generation where the transfer of wealth cannot be … [Read more...] about Baby Boomers and Retirement Planning
Celebrities Can Set A Good Example NOTE: The IRS has announced its gift and estate tax limits for 2016. The lifetime gift and estate tax exclusion amount is $5,450,000, up from $5,430,000 in 2015. This means a married couple can pass as much as $10,900,000 during life or at death with proper planning. The annual gift tax exclusion amount remains at $14,000. Antoine de Saint-Exupéry said: “As for the future, your task is not to foresee it, but to enable it.” A comprehensive estate plan … [Read more...] about Celebrity Estate Planning
Over the last several decades, Alzheimer’s disease has quietly, yet steadily, become one of the top causes of death in the United States. Today, over five million people suffer from the disease nationwide and that number is expected to grow to 16 million by 2050. Alzheimer’s is currently the sixth leading cause of death in the U.S. with one in three seniors dying with the disease or another form of dementia. What makes Alzheimer’s particularly frightening is the fact that we have yet to … [Read more...] about New Test Predicts Age of Alzheimer’s Onset
You undoubtedly already know that careful financial planning throughout the course of your life is essential if you wish to grow your assets and accumulate sufficient assets to live comfortably during your retirement years. You may also already have a financial adviser that helps you make important financial decisions; however, have you considered how a financial planning lawyer may also be able to help you? Instead of making the mistake that many people make of viewing financial planning and … [Read more...] about How Can a Financial Planning Lawyer Help Me?
If you are one of the millions of people for whom owning a family business is part of the American dream, and you are planning to make that dream a reality, you have a number of difficult decisions ahead of you before your business can officially get off the ground. One of the most important of those decisions is the type 0f legal entity you want for your company. If you are certain you wish to keep the business in the family, a limited family partnership might be right for you. The best way to … [Read more...] about What Is a Family Limited Partnership?
Previously, retirement planning focused on an employer sponsored pension and Social Security retirement benefits. The concept of lifetime employment, however, is largely a thing of the past, which also makes pensions a thing of the past. Moreover, the fate of the Social Security retirement program is uncertain. Also, monthly Social Security benefits do not go as far as they once did. As a result, retirement planning in the 21st century requires the use of new strategies and tools. One common … [Read more...] about Which Type of IRA is Right for You?