• Home
  • Our Firm
    • About Our Firm
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Minnesota
        • Bemidji
        • Crookston
        • East Grand Forks
        • Fertile
      • North Dakota
        • Bismarck
        • Devils Lake
        • Fargo
        • Grafton
        • Grand Forks
        • Minot
        • West Fargo
    • Job Opportunities
  • Estate Planning
    • Asset Protection
    • Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Are You A Caregiver
    • Conservatorship
    • Coping with Alzheimer’s
    • Hospice Care
    • Life Care Planning Services
    • Medicaid Benefits
    • Nursing Home Planning
    • Veterans Benefits
  • Seminars
  • Resources
    • Client Resources
      • Estate Planning Resources for Farmers
      • Elder Law Resources
        • Bemidji
        • Bismarck Elder Law
        • Fargo Elder Law
        • Grand Forks Elder Law
        • Minot Elder Law
        • Thief River Falls Elder Law
      • Estate Planning Checklist
      • Free Estate Planning Seminars
      • Is Your Estate Plan Outdated?
      • Probate Checklist
      • Probate Resources
        • Bemidji Probate
        • Bismarck Probate
        • Fargo Probate
        • Grand Forks Probate
        • Minot Probate
        • Thief River Falls Probate
      • Top 10 Estate Planning Techniques
    • DocuBank
    • Elder Law Reports
    • Frequently Asked Questions
      • Asset Protection
      • Business Planning
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Planning
      • Probate
      • Trusts
      • Trust Administration & Probate
      • Wills
    • Newsletters
    • Professional Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Reviews
    • Our Reviews
    • Review us
  • Contact Us
  • Blog

WAEstate

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

Call us today(800) 774-7576

  • Facebook
  • Twitter
  • Linkdin

Attend A Free Seminar

What Is the Most Important Estate Planning Document?

October 2, 2014Estate Planning

What Is the Most Important Estate Planning Document?Many people procrastinate when it comes to estate planning. In fact, studies show that most Americans do not have all the necessary estate planning documents in place.

Because there is so much procrastination, some people look for easy answers so that they can at least take minimal action. Is there a single estate planning document that is inherently more important every other? This is a tricky question to answer, because different people have different concerns.

Asset Transfers

When you plan your estate, you facilitate asset transfers to your loved ones. An asset transfer vehicle is important, but the optimal course of action will vary from one case to the next.

For example, consider the impact of the federal estate tax. This tax carries a 40 percent maximum rate, so it can significantly erode the wealth that you are passing on to your loved ones.

If you are exposed to the federal estate tax, you must execute certain estate planning documents that will reduce the tax burden. Irrevocable trusts are often utilized by people who are exposed to the estate tax.

You could save hundreds of thousands or even millions of dollars if you take the right steps, so these documents could be very important to you.

The federal estate tax credit or exclusion is $5.34 million in 2014. If the value of your estate does not exceed this amount, you have no federal estate tax exposure.

The average person is not going to have an estate that is worth more than $5.34 million. The irrevocable trusts that are so important for very wealthy people would not be utilized by most Americans.

This is just one example. To provide another, let’s say that you have a loved one with a disability who is receiving need-based government benefits. Benefit eligibility could be lost if this person was to receive a large direct inheritance.

You would want to create a special needs trust for the benefit of this family member to preserve government benefit eligibility. This document would be very important.

On the other hand, if you are simply leaving everything to your healthy spouse, there would be no reason to create a special needs trust.

Personalized Attention Is Key

There is no one estate planning document that is inherently more important than any other. The ideal estate plan is going to vary depending on the circumstances.

Personalized attention is the key to a properly constructed estate plan. When you work with a licensed estate planning attorney to construct a plan, it will be tailor-made to suit your needs. The documents that are important for you will be properly executed.

If you would like to discuss your unique situation with a local attorney, contact our firm through this link to schedule a free consultation: Grand Forks, ND Estate Planning Consultation.

 

 

Other Articles You May Find Useful

Make Your Own Plan
Make Your Own Plan
Planning for Special Needs Children
Planning for Special Needs Children
Common Estate Planning Components Explained
Common Estate Planning Components Explained
What Happens If I Die Without a Will?
What Happens If I Die Without a Will?
The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part 3: When

Testimonials

So much of a client’s high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly. ~J.R., Grand Forks, ND
Very Friendly
Very helpful. Our children and us are are confident in your group. -Anonymous, Fargo, North Dakota
Confident in the Firm
Everyone at German Law Group was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn’t rush, which is good because a lot of this can be over people’s heads.
A.W., Red Lake Falls, MN
“We were very pleased both times we met. A good feeling to have this done.” – R. & J. F., North Dakota
A Good Feeling
All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us.  ~Anonymous
Completed in a Timely Matter
“Very professional, covered all, expertise, friendly, peace of mind now.” – Anonymous, North Dakota
Professional
From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. ~ Deborah Rucinksi, North Dakota 
Kindness, Respect and Understanding
They were courteous, efficient, knowledgeable, and trustworthy.
  • D.T., Minnesota
Efficient
This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.
Anthony G., Los Angeles, CA
Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn. – Anonymous  
Very Helpful

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

FREE ESTATE PLANNING WORKSHEET

  • This field is for validation purposes and should be left unchanged.

Where We Are

2650 32nd Avenue South, Suite O
Grand Forks, ND 58201
Phone: (701) 738-0060
Fax: (701) 738-0064

See Larger Map Get Directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

german_sidbr_map
  • Speaker Connection
  • Advantages of Working With Our Firm
  • About The American Academy
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Twitter
  • Linkdin
footer-logo

© 2019 German Law Group
All Right Reseved.

Attorney Advertisement