The German Law Group is proud to serve our friends and neighbors here in the greater Grand Forks, ND area. As an estate planning firm, our legal specialty is all about helping families, and as community members in our own right, this is a passion for us. We endeavor to protect legacies so that the fabric of our community can remain strong generation in, and generation out.
We Are Your Local Grand Forks, ND Estate Planning Law Firm!
There are many advantages that we enjoy as Grand Forks residents. It is a vibrant city that is large enough to provide everything that you would ever want or need. At the same time, the scope of the city is manageable, and we avoid many of the problems that larger cities encounter.
Grand Forks has a rich history, and it is an educational and cultural center. The city is home to the University of North Dakota, and art lovers can enjoy the North Dakota Museum of Art, which is housed right on the campus.
Do you like classical music? Grand Forks can satisfy your appetite. We have the Greater Grand Forks Symphony Orchestra, and it has been around since the beginning of the 20th century. The Grand Forks Master Chorale provides more entertainment and cultural enrichment, and local residents and visitors alike can enjoy a steady stream of events at the Empire Arts Center in downtown Grand Forks.
There is plenty of outdoor recreation as well, including golf courses, skating rinks, the Greater Grand Forks Greenway, and the Andrew Hampsten Bikeway System.
When you envision all of these fantastic amenities, you can see why we love living in Grand Forks, and our roots in the city run very deep. Our founder, Raymond J. German, earned his Juris Doctor Degree from the University of North Dakota School of Law right here in Grand Forks.
He has always done a great deal of community work, and he is well-known for his contributions to Northlands Rescue Mission as a member of the Board of Directors.
Why Grand Forks Legacy Planning?
When you plan your estate, you craft your legacy so that your loved ones will be able to benefit from your foresight and hard work. Personalized planning is very important, because there are many ways to approach the process, and you want to make sure that you take the right steps.
There are various different circumstances that can exist. For example, consider the situation that a farmer or rancher may face. The family land can be very valuable, and the transfer of the property could trigger estate tax exposure.
However, the family may not be in possession of a great deal of liquidity. There have been cases when families have been forced to sell farms that have been in their families for generations to pay estate taxes. There are strategies that can be implemented to keep the farm in the family, but you have to act in advance in a fully informed manner.
Other people would have different concerns. Blended families are not uncommon during our current era, and you may have to implement advanced techniques to make sure that everyone that you love is fully protected.
There is also the matter of inheritance squandering. If you leave a significant direct inheritance to a loved one who is not good with money, the inheritance could vanish quickly.
However, with the proper planning, you could empower a trustee to manage the inheritance for the benefit of the spendthrift family member. The assets would be professionally managed, and there would be asset protection built-in.
These are a few different scenarios that can exist, but there are estate planning strategies that can be implemented to address any situation.
Long-Term Care Costs for Grand Forks Residents
There would be nothing left to leave to your loved ones if everything that you have winds up going to a nursing home at the end of your life. Most senior citizens will need living assistance at some point in time. Medicare does not pay for long-term care, and it is extremely expensive. We help people in the Grand Forks area who would like to protect assets from devastating nursing home costs.
Get In Touch with an Experienced Estate Planning Attorney in Grand Forks!
If you would like to discuss your estate planning goals with a local Grand Forks attorney, we would be glad to help.