Creating an estate plan is an essential step in securing your legacy and protecting your loved ones. It involves preparing legal documents that reflect your wishes for the distribution of your property, the care of minor children, and your preferences in the event of incapacity. With the growing availability of online templates and DIY kits, some individuals are tempted to forgo the assistance of a qualified attorney. Although the do-it-yourself route may seem inexpensive and convenient, it can … [Read more...] about The Risks of DIY Estate Planning in North Dakota
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Honoring Military Families in North Dakota Through Estate Planning
Each November, Americans pause to recognize the strength, resilience, and dedication of the men and women who serve in the United States Armed Forces, as well as the families who support them. November was Military Family Appreciation Month, sometimes called National Military Family Month. Even though November is over we are still able to offer a meaningful opportunity to reflect on the extraordinary sacrifices made by military households and to express gratitude for their continued service to … [Read more...] about Honoring Military Families in North Dakota Through Estate Planning
End-of-Year Estate Planning Steps for Your North Dakota Estate Plan
As the close of the year approaches, many North Dakotans take time to assess their financial health, personal goals, and plans for the future. Estate planning should be part of that reflection. A well-crafted estate plan protects the people you care about, preserves your property, and ensures that your intentions are honored long after you are gone. Reviewing your documents before December comes to an end allows you to adjust for life changes, clarify your decisions, and strengthen the legal … [Read more...] about End-of-Year Estate Planning Steps for Your North Dakota Estate Plan
Don’t Be a Turkey or a Ham- Take Advantage of Your Annual per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn … [Read more...] about Don’t Be a Turkey or a Ham- Take Advantage of Your Annual per Donee Exclusion Amount
Pros and Cons of Including an Irrevocable Trust in Your North Dakota Estate Plan
For many families in North Dakota, crafting an estate plan involves more than choosing heirs and signing a basic Will. A Will remains an essential cornerstone, yet it does not always provide the degree of structure, protection, and long-term stability that more sophisticated tools can deliver. One planning mechanism that can dramatically strengthen an estate plan is a trust. When exploring whether a trust belongs in your broader estate planning strategy, you must also determine whether that … [Read more...] about Pros and Cons of Including an Irrevocable Trust in Your North Dakota Estate Plan
Supporting a Caregiver during National Family Caregivers Month in North Dakota
Across the country, millions of Americans dedicate themselves to caring for elderly parents, disabled loved ones, or seriously ill family members. These caregivers perform demanding and often exhausting work, frequently without pay or recognition. To honor their commitment, November has been designated National Family Caregivers Month (NFCM). This annual observance offers an opportunity to recognize the vital role family caregivers play, acknowledge their challenges, and explore ways to support … [Read more...] about Supporting a Caregiver during National Family Caregivers Month in North Dakota
What You Need to Know Before Executing a Power of Attorney in North Dakota
A Power of Attorney is one of the most versatile and frequently used legal instruments in estate planning. Nearly everyone will, at some point, either create one or be appointed under someone else’s Power of Attorney. Despite its prevalence, many individuals do not fully understand how a Power of Attorney functions, the extent of the authority it conveys, or the potential consequences of its misuse. Before executing this important document, it is essential to have a comprehensive understanding … [Read more...] about What You Need to Know Before Executing a Power of Attorney in North Dakota
How to Avoid Mistakes When Making Gifts in Your North Dakota Estate Plan
Like many people, you may prefer to gift assets to loved ones while you are alive instead of waiting until your estate is distributed after your death. After all, lifetime gifts allow you to see the results of your generosity in real time. Paying for a grandchild’s education, for instance, can give you the joy of watching them succeed academically. Other gifts make more sense to enact after you pass away, such as gifting the family residence to adult children. Regardless of when you gift assets, … [Read more...] about How to Avoid Mistakes When Making Gifts in Your North Dakota Estate Plan
What You Need to Know About Modifying or Terminating a Trust in North Dakota
Trusts are a central part of many estate plans because they allow individuals to manage, protect, and distribute assets in a controlled and efficient way. Trusts can be highly flexible estate planning tools, but that flexibility depends greatly on the type of trust that is created. Moreover, once a trust has been established, the ability to modify or terminate the trust will typically depend on the terms of the trust agreement itself as well as applicable state laws. An attorney at Thompson Law … [Read more...] about What You Need to Know About Modifying or Terminating a Trust in North Dakota
Preparing for FinCEN Real Estate Reporting
Although the Corporate Transparency Act’s Beneficial Ownership Information reports no longer apply to domestic entities due to their exemption, another FinCEN requirement is moving full steam ahead, and estate planning attorneys should not overlook it. Starting December 1, 2025, professionals involved in real estate closings and settlements will be required to submit reports to FinCEN for certain non-financed transfers of residential property to legal entities or trusts. Continue reading to … [Read more...] about Preparing for FinCEN Real Estate Reporting
