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?
Do I Need a QTIP or a QDOT?
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?
Can I Contest a Trust?
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?
What Is a Grantor Retained Income Trust (GRIT)
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)
Can I Sell My Interest in a Trust If I’m a Beneficiary?
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?
Is a Professional Trustee a Better Option?
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?
Can an Estate Planning Attorney Help in Setting Up a Trust?
When you think of estate planning, the first thing that likely comes to your mind is creating and executing a Last Will and Testament. A Last Will and Testament is the most common estate planning document, typically serving as the foundation of an estate plan. A comprehensive estate plan, however, usually includes a variety of additional documents and strategies aimed at achieving the numerous estate planning goals and objectives you have set for yourself. Among those additional documents, a … [Read more...] about Can an Estate Planning Attorney Help in Setting Up a Trust?
Types of Trusts for Farmers
Family farms have been the backbone of the American economy for centuries. Despite efforts by big farming to take over the farming industry, family farms have survived – even flourished in many cases. In reality, it isn’t big farming that poses the greatest threat to family farmers. Poor estate planning – or a complete lack of estate planning -- is what truly creates the biggest threat to family farms. The family farm can withstand droughts, recessions, and competition from the big guys, but if … [Read more...] about Types of Trusts for Farmers
3 Common Reasons to Consider North Dakota Revocable Trusts
A Last Will and Testament will likely serve as the foundation of your estate plan; however, a well thought out and comprehensive estate plan should include additional estate planning tools and strategies as well. One common addition to an estate plan is a revocable trust. The best way to decide if a revocable trust should be included in your estate plan is to discuss your options with your North Dakota estate planning attorney. In the meantime, however, consider the following three common … [Read more...] about 3 Common Reasons to Consider North Dakota Revocable Trusts
The Dangers of Creating a Trust on Your Own
One of the most common additions to a comprehensive estate plan is a trust. People incorporate trusts into their estate plan in an effort to accomplish a wide variety of goals, such as incapacity planning, asset protection, and probate avoidance. Because of the ease with which boilerplate, or “DIY,” legal documents can now be found on the internet, people often make the mistake of deciding they can save time and money by just creating their own trust. Unfortunately, what actually happens, in … [Read more...] about The Dangers of Creating a Trust on Your Own
