When a Grantor creates a trust, the beneficiaries of that trust are entitled to specific rights that must be upheld during the trust's administration. These rights can vary depending on the terms outlined in the trust agreement, the laws of the state, and the type of trust established. For beneficiaries, understanding these rights is crucial to ensure they receive what they are entitled to and to protect themselves from potential mismanagement by the Trustee. Whether you're a current … [Read more...] about The Rights of a Trust Beneficiary During the Administration of the Trust
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What You Need to Know about the North Dakota Medicaid Estate Recovery Program
As you may already be aware, failing to include Medicaid planning in your estate plan can put your assets at risk if you need to qualify for Medicaid in the future. The focus on the value of assets at the time of application causes many people to labor under the mistaken belief that once they qualify for Medicaid, their assets are safe. Unfortunately, however, that is not always the case. On the contrary, the Medicaid Estate Recovery Program (MERP) may pose a risk to your estate assets long … [Read more...] about What You Need to Know about the North Dakota Medicaid Estate Recovery Program
Minnesota Estate Planning and Taxes: What You Need to Know
Although the primary focus on your estate plan may be the distribution of your estate assets after you pass away, there are a multitude of other factors that should be considered and incorporated into a comprehensive estate plan. Preserving the value of the estate you pass along, for example, should be an important goal when you are planning your estate. To achieve that goal, you need to understand how estate taxes will impact your estate plan. Toward that end, a Grand Forks attorney at Thompson … [Read more...] about Minnesota Estate Planning and Taxes: What You Need to Know
A North Dakota Guide to Creating and Administering a Trust
A Last Will and Testament traditionally serves as the first estate planning document executed when creating an estate plan. For many people, a trust is added to their estate plan that accommodates growth in their assets and/or family. While it is always best to work closely with an experienced trust attorney when adding a trust to your estate plan, it also helps to learn more about trusts and how they work. With that in mind, a Grand Forks attorney at Thompson Law has created a North Dakota … [Read more...] about A North Dakota Guide to Creating and Administering a Trust
Estate Planning and Baseball
Every state that recognizes trusts as legal entities imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as fiduciaries. Read on to learn … [Read more...] about Estate Planning and Baseball
Proper Estate Planning Brings Peace of Mind During a Disaster
Estate planning isn’t just about securing your legacy—it’s about protecting your assets and loved ones when disaster strikes. Updating an outdated Estate Plan or creating a new one provides a set of instructions for your family regarding what you want to happen during your life if you lose the ability to communicate that and at death. It provides comfort and a sense of control. This article will serve as a guide to getting more out of your Estate Plan during a disaster. Read on to learn more. … [Read more...] about Proper Estate Planning Brings Peace of Mind During a Disaster
What Can I Do If I Suspect Elder Abuse or Neglect in Minnesota?
It can be difficult enough watching an elderly loved one struggle with the physical and/or mental deterioration that goes along with aging. Worrying about how caregivers are treating an elderly loved one adds another layer onto normal concerns about older family members. If you begin to suspect that your loved one is being abused or neglected, however, it is time to act. To help you decide how to proceed, the Grand Forks elder law attorney at Thompson Law explains what you can do if you suspect … [Read more...] about What Can I Do If I Suspect Elder Abuse or Neglect in Minnesota?
Is There a Small Estate Probate Process in Minnesota?
If you recently lost a loved one, and you are in charge of administering the estate that was left behind, you are likely feeling a bit intimidated by the prospect of dealing with the legal system. While it is always best to consult with an experienced probate attorney before doing anything, you should learn what you can about the Minnesota probate process as well. Minnesota, like most states, offers an alternative to probate for small estates. To help you decide if the estate you are … [Read more...] about Is There a Small Estate Probate Process in Minnesota?
Litigation…a Necessary Evil?
Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, beneficiaries need to bring a legal contest to enforce the terms of the decedent’s plan and force fiduciaries to act in accordance with their duties. This article examines a recent court case that could have ended in a failure of the decedent’s Estate Plan. Read on to learn more. … [Read more...] about Litigation…a Necessary Evil?
Avoiding Probate in Minnesota: Strategies and Tools
While the distribution of your assets may be the primary focus of your estate plan, you may also choose to include additional goals in your estate planning process. For many people, probate avoidance is a common estate planning goal because it can save your loved ones time, stress, and money while still ensuring your estate is distributed according to your wishes. Probate is the legal process through which a deceased person's estate is administered, but it can be a lengthy and costly process. … [Read more...] about Avoiding Probate in Minnesota: Strategies and Tools
