Millennials in North Dakota and around the country are putting off writing wills and creating estate plans because they are under economic stress. This was one of the conclusions researchers from an online financial planning platform reached after asking almost 15,000 millennials about their financial situations and future plans. The participants cited soaring home prices, rising interest rates, caregiving responsibilities and economic uncertainties as their primary reasons for not attending to estate planning matters. Financial stress Almost two-thirds of the millennials surveyed told researc ..read more

At any time, you can update your estate plan. It is often recommended to update an estate plan every three to five years. However, there may be occasions when you need to alter your estate plan sooner than this.  Here are a few reasons an estate plan may be altered:  Adding a trust to protect assets Many estate plans can benefit from a trust. A trust is a legal arrangement where a trustee is responsible for distributing assets as per the grantor’s instructions. With a strong trust, an estate may be able to avoid estate taxes, probate and disputes. Some trusts even allow grantors to a ..read more

Your final will is a critical part of your estate plan, allowing you to designate how your assets are distributed between your loved ones after you’re gone. This usually results in peace of mind about end of life matters.  Despite the power of a will, some things are better handled in other ways to avoid confusion and ensure a smooth process for your family. Here are three things to consider addressing with a different estate planning tool. Assets intended for pet care You may have heard tales of cherished family pets inheriting wealth and luxury homes, but probably not through a traditio ..read more

If you are still in the house where you once raised your kids, you probably have a lot of excess “stuff”. You might have books that no one has read in years, clothes that no one fits into any longer and furniture in rooms that no one enters except to dust. If you (and your spouse if you have one) were to die tomorrow, the house and its contents would probably go to your children – unless your estate plan says differently. That will leave them with the arduous task of sorting through everything and deciding what to keep and what to throw. Your kids might not want many of your possessions Most c ..read more

There are several different business types to choose from when starting a company in North Dakota and other states in the nation. One of these is the limited liability company, commonly referred to as an LLC. One of the most important parts of creating an LLC is constructing the LLC operating agreement. If you do not perform this step properly, it can cause you major problems. The limited liability company operating agreement One of the main downsides of a sole proprietorship or partnership is that the owner or owners can end up on the hook for the debts and liabilities of the business. A limi ..read more

If your business is going through a merger, you are hoping that the two companies will be better once they are combined than either one would have been on its own. The merger is equally beneficial for both businesses, and they can both see new levels of success in the future. At the same time, though, a merger often means that it is time to trim the workforce and cut some positions. But why is this? If the merger is making the company stronger, why do you have to reduce the amount of employees you have at the same time? Eliminating redundancy The problem here is just redundancy, in that some o ..read more

When starting a business, there are multiple decisions to make, such as whether you will run it out of your home or have a storefront. And, if you have a storefront, where will it be located? You must also create a budget, research financing options, and have a solid business plan. However, before doing anything else, you need to decide upon your business structure because that will impact everything else. Different types of business structures The type of structure you select affects your business’s legal liability, tax obligations and potential growth. There are four main types, and each has ..read more

Naming an executor can be a lengthy process, as you need to consider several factors to find a party who will serve competently. While you may have thought you wouldn’t go through the same process again, some instances may call for it. Here are five of them: No longer wants the responsibility  Your chosen executor can change their mind after accepting the appointment. Perhaps they may have a conflict of interest or a new responsibility in their life that affects their ability to serve. If this happens, you will need to name another party. Willingness is a vital quality of an executor. Div ..read more

When you use a power of attorney, you give someone else the ability to do things that would normally be prohibited. They may be allowed to access your bank account, for example. They may be allowed to make medical decisions for you. These are the types of things that individuals are usually only allowed to do for themselves. This is one reason that some people will not use a power of attorney in their estate plan. They don’t want to sign away their ability to make their own decisions. They don’t want someone else to be in charge of them or get to make those choices for them. They’re worried th ..read more

Farming is often a very family-oriented industry. In fact, farms are some of the most common small businesses to get passed down from one generation to the next. Children will grow up working on the farm and take over when their parents want to retire. Sometimes, there are multiple generations involved. To help this process go smoothly, it’s important to create a farm succession plan. Here are a few key things to ask while going through this process. Who has the right skills and abilities? First and foremost, consider the skills that your children have and whether or not they’ll be able to run ..read more