If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, a Grand Forks trust attorney at German Law Group explains why naming a successor Trustee is important to the success of your trust. Trust Basics First, it is important to have a firm understanding of what a trust is and how a trust works. A trust is a … [Read more...] about Do I Need to Name a Successor Trustee?
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?
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 odds are good that you will decide to incorporate at least one trust into your estate plan given how popular trusts are. If you do include a trust, you may decide to make your trust a secret or semi-secret trust. A Fargo trust attorney at German Law Group explains what a secret trust is and why you might want one. Understanding Your Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person … [Read more...] about What Is a Secret Trust?
If you are one of the many people who choose to include a trust as part of your overall estate plan, one of the most important decisions you will make when creating that trust is your choice of Trustee. In fact, your choice of Trustee could be the key factor in determining whether your trust succeeds or fails. To help you better understand the importance of choosing the right Trustee, Trust Basics A trust is a legal relationship where property is held by one party for the benefit of … [Read more...] about Is Your Trustee Causing Your Trust to Fail?
Trusts are among the most common estate planning tools and are frequently found in an estate plan. Both the QDOT and the QTIP trust are among the most popular trusts used by married couples. A Minot trust attorney at German Law Group helps you decide whether a QTIP or a QDOT trust is right for you. Qualified Terminable Interest Property (QTIP) Trust Any married couple can make use of a QTIP trust; however, it is most often used as a way to handle the distribution of assets in a blended family. … [Read more...] about Do I Need a QTIP or a QDOT?
While a Last Will and Testament remains the most used estate planning tool, a trust is not far behind in terms of popularity. Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that it allows the settlor to retain more control over how assets are used. Can a trust be challenged by a beneficiary, however, in the same way as a Will? A Minot trust attorney at German Law Group explains when and how you might be able to contest a … [Read more...] about Can I Contest a Trust?
Because all estates are potentially subject to federal gift and estate taxes, tax avoidance tools and strategies may need to be part of your estate plan to ensure that your estate doesn’t lose a significant portion of its assets to Uncle Sam. During the probate process which follows your death, your estate assets will be inventoried and valued. If the value of your probate assets exceeds the current lifetime exemption amount, those remaining assets are what will be subject to the estate tax at … [Read more...] about What Is a Grantor Retained Income Trust (GRIT)
If you are a beneficiary of a trust, it means that you have an interest in the assets held by the trust. There may come a time when, for any number of reasons, you wish to sell that interest. Can you do that? A Grand Forks trust attorney at German Law Group explains whether a beneficiary has the right to sell his/her interest in a trust. Why Might You Want to Sell Your Interest in a Trust? Typically, one of the primary motivations for a Settlor to use a trust to distribute assets is the … [Read more...] about Can I Sell My Interest in a Trust If I’m a Beneficiary?
One of the most popular additions to a well-rounded and comprehensive estate plan is a trust. If you are considering the addition of a trust to your estate plan, one of the decisions you will need to make is who to appoint as your Trustee to administer your trust. The Grand Forks trust administration attorneys at German Law Group explain why a professional Trustee is often a better option than appointing someone you know personally. What Is a Trust? A trust is a legal relationship where … [Read more...] about Is a Professional Trustee a Better Option?