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
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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
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part III
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This third and final part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry. Read on to learn … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part III
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part II
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This second part of a three-part series examines a case ripped from the headlines that highlights what happens when plans go awry. Read on to learn more. … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part II
Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part I
Every state that recognizes trusts as a legal entity imposes fiduciary duties upon the Trustee of such trust. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee has failed to do what is required of them under the terms of the trust instrument and local law. This first part of a three-part series examines a case ripped from the headlines that highlights the various Trustee duties. Read on to learn more. … [Read more...] about Exploring the Many Issues Surrounding the Estate and Trust of Richard Blum – Part I
What Counts as Income and Countable Resources for Medicaid Eligibility in North Dakota?
You may have made it through your working years without giving Medicaid eligibility a second thought if you were fortunate enough to be covered under an employer-sponsored or privately purchased health insurance policy. As a senior, however, you may find that eligibility for Medicaid is crucial to help cover the high cost of long-term care. Eligibility for Medicaid depends, in large part, on your income and countable resources. With that in mind, the Grand Forks Medicaid planning attorney at … [Read more...] about What Counts as Income and Countable Resources for Medicaid Eligibility in North Dakota?
National Make-a-Will Month
Although many Estate Plans have a Revocable Trust as the foundation for the plan, Wills play an important role in a comprehensive Estate Plan. Alarmingly, most Americans don’t have a Will even though they know it’s important. As National Make-a-Will month comes to a close, let’s explore the often overlooked and neglected Estate Planning document, the Will. Read on to learn more. … [Read more...] about National Make-a-Will Month
Understanding the Uniform Transfer to Minors Act
The moment you found out you were going to be a parent, you probably started worrying about and planning for your child’s future. Estate planning also took on heightened importance because you wanted to be certain your child was protected if something happened to you. One tool in the estate planning toolbox for parents is a Uniform Transfers to Minors Act (UTMA) account. For those who are unfamiliar with this tool, the Grand Forks estate planning attorneys at Thompson Law explain the Uniform … [Read more...] about Understanding the Uniform Transfer to Minors Act
