Establishing a solid estate plan is a critical step for every responsible adult. If you find yourself in the role of a parent with young children, the need for meticulous estate planning becomes even more paramount. This is primarily because a minor child lacks the legal capacity to manage their inheritance independently, meaning you cannot directly gift assets to your minor children. Consequently, it becomes your responsibility to carefully designate someone who will oversee and manage your … [Read more...] about A North Dakota Guide to Ensuring the Security of Your Child’s Inheritance
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How to Use Your Estate Plan to Protect Assets Intended for Your Spouse
If you are married, you likely want to ensure that your spouse is financially secure if something happens to you. Without careful planning, however, a significant portion of your estate could be lost to taxes and/or your spouse could be forced to wait months until the assets you owned are available. To help you better understand, a Grand Forks attorney at Thompson Law explains how to use your estate plan to protect assets intended for your spouse. What Happens to Your Estate in North Dakota … [Read more...] about How to Use Your Estate Plan to Protect Assets Intended for Your Spouse
Top 10 Executor Mistakes in North Dakota
Accepting the role of Executor of an estate is both an honor and a serious commitment. In North Dakota, the person appointed to oversee the administration of a decedent's estate plays a vital role in ensuring the estate is settled according to the terms of the Will and applicable laws. Despite good intentions, Executors often make errors that can result in delays, legal complications, or personal liability. To help prevent these outcomes, it is important to understand the common mistakes … [Read more...] about Top 10 Executor Mistakes in North Dakota
In Loving Memory of All the Pets Who Have Crossed the Rainbow Bridge
The grief of putting my dog down got me wondering about how animals process grief and how much harder it may be for them since they lack the ability to put their feelings into words the way that humans can. Thus, the idea for this blog focusing on options for pets upon the death of their owners was born. Read on to learn more. … [Read more...] about In Loving Memory of All the Pets Who Have Crossed the Rainbow Bridge
10 Mistakes to Avoid When Creating a Trust in North Dakota
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
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
