Making gifts while you are still alive can be a powerful – and enjoyable – way to pass along wealth. Paying for a grandchild’s education or providing a downpayment so your adult child can purchase a home, for example, allows you to experience the benefits your gift brings first-hand. Although gifts made during your lifetime are undoubtedly made with the best of intentions, these gifts can trigger some unintended negative consequences when they are made without considering them within the broader … [Read more...] about 10 Mistakes to Avoid When Making Gifts in Your North Dakota Estate Plan
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What Football and Estate Planning Have in Common
I, like many Americans, love football. As I settled in to watch my team’s game this week, I wondered if I could turn it into a blog. As I watched, I realized, in fact, football and Estate Planning share many commonalities. Continue reading to learn more. … [Read more...] about What Football and Estate Planning Have in Common
How to Choose a Trustee for Your North Dakota Trust
Creating a trust is one of the most effective ways to safeguard your assets, provide for loved ones, and ensure your wishes are carried out long after you are gone. Moreover, a well-drafted trust can provide flexibility, avoid probate, and protect wealth for future generations; however, even the best trust agreement can fail if the wrong Trustee is chosen to manage it. Selecting the right person, or professional entity, to serve as Trustee is therefore one of the most significant decisions you … [Read more...] about How to Choose a Trustee for Your North Dakota Trust
What Is a Payable on Death Account and How Can It Fit into Your North Dakota Estate Plan?
A Payable on Death (POD) account is a simple yet effective estate planning tool that allows you to designate a beneficiary who will automatically inherit the funds in the account upon your death. This type of account can be a useful way to transfer assets outside of probate, ensuring that your loved ones receive their inheritance quickly and efficiently. An attorney at Thompson Law helps you understand how a Payable on Death account works and how one might fit into your overall estate plan to … [Read more...] about What Is a Payable on Death Account and How Can It Fit into Your North Dakota Estate Plan?
10 Common Steps in the North Dakota Probate Process
Losing a loved one is a deeply emotional and difficult time. While grieving, it can be overwhelming to think about the legal and financial matters that must be addressed. If you have been named as the Personal Representative of an estate in North Dakota, it is important to understand your responsibilities and the steps involved in the probate process. With that in mind, an attorney at Thompson Law discusses ten common steps in the North Dakota probate process, offering you clarity and direction … [Read more...] about 10 Common Steps in the North Dakota Probate Process
Understanding the Importance of Fiduciaries in Your North Dakota Estate Plan
A comprehensive estate plan encompasses much more than simply deciding who will inherit your assets when you pass away. It also requires careful consideration of the individuals or entities that will hold fiduciary responsibilities within your plan. These fiduciaries are tasked with making significant decisions and taking on responsibilities that directly affect your estate and the people you care about most. Understanding the role and importance of fiduciaries in your estate plan is a critical … [Read more...] about Understanding the Importance of Fiduciaries in Your North Dakota Estate Plan
Top International Retirement Destinations for 2025
When approaching retirement, choosing where to live can be as important as deciding how much money you need to support your lifestyle. While financial security is the foundation of a comfortable retirement, the location you select can significantly influence both your cost of living and overall quality of life. Increasingly, Americans are broadening their search beyond U.S. borders in pursuit of better value, warmer weather, or enriching cultural experiences. Relocating abroad has become an … [Read more...] about Top International Retirement Destinations for 2025
How the OBBBA Influences ABLE Accounts in North Dakota
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, marking a sweeping reform of federal tax and transfer laws. While much of the media attention has focused on estate and gift tax changes, the OBBBA also introduced provisions directly affecting Achieving a Better Life Experience (ABLE) accounts, a vital planning tool for individuals with disabilities. For families in North Dakota, these updates may significantly change how ABLE accounts are established, funded, and utilized. To … [Read more...] about How the OBBBA Influences ABLE Accounts in North Dakota
Asset Protection Strategies for Your North Dakota Estate Plan
Estate planning involves more than simply determining how your wealth and property will be distributed after your death. It is also about shielding those assets during your lifetime and preserving their value for your loved ones. When crafting a comprehensive estate plan, one of your primary goals should be to protect the assets you have worked hard to build over a lifetime. Without the proper tools and strategies in place, your estate may be exposed to a variety of risks, including creditor … [Read more...] about Asset Protection Strategies for Your North Dakota Estate Plan
Minnesota Guide to Incapacity Planning
When you think about estate planning, you likely focus on how your assets will be distributed after your passing; however, a well-rounded estate plan should address much more than just asset distribution. One crucial yet often overlooked aspect of estate planning is preparing for the possibility of incapacity which can occur because of illness, injury, or age-related cognitive decline and can leave you unable to make financial or medical decisions for yourself. If you live in Minnesota, having … [Read more...] about Minnesota Guide to Incapacity Planning
