SP2010: Multilingual term store management

Problem:
After installing SharePoint 2010 Language Pack (LP), how do I define translations for term sets and terms in Term Store Management?

Solution:

1. Remember that you first need to install the SharePoint Foundation LP, and after that the SharePoint Server LP (in this case server is English and additional German LP as installed)
   
2. Go to Term Store Management Tool in Central Admin
3. In Managed Metadata Service Properties screen, enable the new language by adding it as a Working Language
   
   
   
4. Create your term set and term hierarchy, e.g., like in the image below.
   
   
   
5. Change language from the drop-down menu below the TAXONOMY TERM STORE title
6. Translate Term Set title by changing the Term Set Name property
   
   
   
7. Translate Term title by changing the Default Label property
   
   
   
8. Group titles cannot be translated

End result for German terms are as following: