Estate planning may not be one of the most exciting things to think about, but it is one of the most important decisions you can ever make for your future, estate, and loved ones. A valid estate plan ensures that your wishes are followed when you are no longer...
Estate Planning And Probate
The benefits and perils of a spendthrift trust
As you weigh your options for estate planning, one topic that frequently arises during these discussions is funding a trust. There are all sorts of trusts set up for various purposes, but today we will focus on one type of trust. A spendthrift trust can be a useful...
Why family vacations and other holidays may be a good time to discuss estate planning
Families, and especially those of means, often find themselves embroiled in heated disputes over contested wills and trusts when a loved one passes. Many of these are completely preventable. Communication is often the reason that conflicts emerge. You can end that...
When did you last update your estate plan? It may be time
An out-of-date estate plan could give money to the wrong people. For instance, if you fail to update your estate plan after divorce, your ex could inherit assets. An out-of-date plan could omit people you care about and lead to family disagreements. For example, you...
Why business owners need a succession plan
When you are busy running your own business, you always have a lot of tasks to take care of. While you often look toward the future, to ensure your business can succeed in the long run, one task you may overlook is creating a succession plan for your business. Even if...
What does estate planning for farmers involve?
Anyone with any assets and heirs may benefit from estate planning. Extensive planning might be necessary when attempting to make things easier for heirs who will inherit a complex and challenging estate. This may be especially true for farmers since passing a farm's...
Should you have an estate plan?
While the terms "will" and "estate plan" are often used interchangeably in North Dakota, they actually mean two different things. If you don't have any children and only a few assets to your name, you might only need a will. But if you have children, a large number of...
Estate planning emotional hurdles to consider
Many individuals in North Dakota and across the U.S. feel a great deal of discomfort when thinking about estate planning. While no one wants to think about death, failing to properly plan an estate can lead to long-lasting difficulties for surviving family members....
Preparing children to inherit
High net worth people in North Dakota need to think about how to prepare their children to inherit someday. There are essentially three steps to this process. The first is to calculate how much they will be getting. The second is to think about how money will affect...
Auditing and estate planning: what to keep in mind
Nobody wants to think about a day when they aren't able to manage their own estate. This doesn't necessarily mean death but also other instances such as being disabled due to an accident or mental issues. This is why it is so important to begin auditing your estate...
