Trusts are a common addition to the average estate plan. When you create a trust you will need to decide if you want the trust to be revocable or irrevocable. There are important estate planning advantages that often make an irrevocable trust the better choice; however, what happens if circumstances change, and an irrevocable trust needs to be modified? The Grand Forks trust attorneys at Thompson Law explain why you might need to decant a trust if your goal is to modify an irrevocable … [Read more...] about What Does It Mean to Decant a Trust?
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Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Tax Planning for 2024
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2024 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2024
Estate Planning with Entities
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Estate Planning with Entities
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. Read on to learn more. … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Let’s Talk Litigation
Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, a legal challenge is necessary to ensure that the Estate Plan reflects the true intent of the decedent is carried out and that the fiduciaries act in accordance with their duties. This article examines the most common ways that litigation arises in the Trusts and Estates arena. Read on to learn more. … [Read more...] about Let’s Talk Litigation
Minnesota Probate Checklist for the Executor
The death of a family member or loved one is never easy. When you also find yourself in charge of the legal process of administering the decedent’s estate, it can be overwhelming. Consulting with an experienced probate attorney is always wise to avoid making mistakes. To get you started, however, a Grand Forks attorney at Thompson Law offers a Minnesota probate checklist for the Executor. Probate Basics Probate is the name given to the legal process that serves to administer a decedent's … [Read more...] about Minnesota Probate Checklist for the Executor
How to Do a Probate Inventory in North Dakota
Probate can be a lengthy process that culminates in the distribution of assets to the beneficiaries and/or heirs of the estate. Before assets can be distributed, however, those assets must be identified, secured, and valued. All that is part of completing a probate inventory. If you are the Executor or Personal Representative of an estate, one of your responsibilities will be to inventory the estate assets at the beginning and end of the probate process. To help you better understand, the Grand … [Read more...] about How to Do a Probate Inventory in North Dakota
How Do I Find Information about the Probate of an Estate in North Dakota?
When a family member or loved one passes away, the legal process that follows is referred to as “probate.” Several important things occur during probate, any one of which might directly impact you. As such, you might need information about the probate of an estate. For specific questions or concerns about the probate of an estate it is always best to consult with a probate attorney. For general information, however, a Grand Forks attorney at Thompson Law explains how to find information about … [Read more...] about How Do I Find Information about the Probate of an Estate in North Dakota?
The Magic of Grantor Trusts
Grantor trusts are a particularly powerful tool in estate planning. They allow the taxpayer to remove assets from their taxable estate, while those assets can grow tax-free because the grantor is paying the income tax for the trust. Read on to learn more about the magic of grantor trusts. … [Read more...] about The Magic of Grantor Trusts
