One of the first practical steps that must be taken after someone dies is to determine if the decedent executed a Last Will and Testament. If the Will is located, it should indicate who the decedent appointed to be the Executor of the estate. If that person is you, it is completely understandable if you have mixed emotions about being about. Ultimately, do you have to accept the appointment though? The Grand Forks estate planning attorneys at German Law Group explain what to do if you do … [Read more...] about Can I Turn Down the Job of Executor?
By the year 2050, experts predict that for the first time in history, the older population (age 65 and older) will outnumber their younger counterparts (age 21 and younger). The growth in the senior population has caused an increased interest in elder care issues and concerns. While seniors face many of the same legal problems that younger generations face, they also have some unique legal issues. The Grand Forks elder law attorneys at German Law Group help you to recognize when you could … [Read more...] about Elder Law Questions and Answers
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?