Creating a trust can be one of the most effective tools in your estate planning arsenal. In North Dakota, as in other states, a properly drafted and executed trust can allow you to bypass probate, preserve privacy, provide for your loved ones with precision, and protect assets from certain creditors or spendthrift beneficiaries; however, establishing a trust is not as simple as filling out a form or downloading a template. There are critical steps involved in creating and maintaining a trust, … [Read more...] about 10 Mistakes to Avoid When Creating a Trust in North Dakota
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A Hole in Hackman’s Plan
Eugene Allen Hackman enjoyed a prolific acting career that spanned several decades. In a bizarre sequence of events, seemingly ripped from a movie script, his death raised questions and exposed some flaws in both his end-of-life planning and his Estate Plan. Gene’s final act didn’t result in a happy ending, but rather a tragic tale full of warnings to those who care to listen. Read on to learn more. … [Read more...] about A Hole in Hackman’s Plan
The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
When one child occupies a position of trust with a parent to the exclusion of other siblings, that causes friction. Extending that position of power after death exacerbates that friction and may cause irreparable harm. It seems that happened upon the death of beloved singer, Tony Bennett. His daughters have sued their brother on two different occasions leveling some unflattering allegations. Read on to learn more. … [Read more...] about The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
Why It Is Important to Avoid Dying Intestate in Minnesota
One of the most important reasons to create a comprehensive estate plan is to avoid leaving behind an intestate estate when you pass away. In legal terms, an “intestate” estate occurs when someone dies without a valid Last Will and Testament or trust agreement outlining the distribution of their assets. If you die intestate in Minnesota, the state's intestate succession laws, not your personal wishes, control who inherits your estate. This can result in unintended consequences, delays in … [Read more...] about Why It Is Important to Avoid Dying Intestate in Minnesota
A Message from the Murdochs – Part II
As a reformed Trusts and Estates attorney, I have an unusual fascination with celebrity estates, especially those gone wrong. Using those estates as instructive lessons regarding how to avoid disaster has provided many a topic for this blog. I often discuss the benefits of creating and reviewing an Estate Plan regularly. Simply put, none of us should leave our legacy to chance. Not long ago, I wrote about the Murdoch family and the latest drama surrounding them in A Message from the Murdochs. … [Read more...] about A Message from the Murdochs – Part II
Are Irrevocable Trusts Really Irrevocable – Part III
When I began practicing law, clients created irrevocable trusts with caution because the trust was then set in stone. By the time I left private practice, clients created irrevocable trusts with more frequency and considerably less caution because changing irrevocable trusts became commonplace. Trusts and Estate practitioners have several mechanisms that allow them to change an irrevocable trust. The first part of this three-part series explored changes to irrevocable trusts using judicial or … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part III
The Rights of a Trust Beneficiary During the Administration of the Trust
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
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
