Do you need to worry about estate taxes?

When I meet with clients to talk about their estate planning documents, the issue of taxes is always part of the discussion. Generally speaking, there are three categories of taxes with which to be concerned when planning an estate: “death” taxes, inheritance taxes, and income taxes. Let’s review a bit about each. 

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How is a Living Will vs. different from a Last Will & Testament?  

A Last Will & Testament is the document most people think of when they think about estate planning documents. Often a Last Will & Testament is just called a “Will”. This is the document you would use to leave instructions regarding what should happen to your possessions and assets when you die (who gets what), as well as who it is that should carry out your wishes (who’s in charge). This document is not used at all until you are deceased.  

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Do Young Adults Need Estate Plans?

Most people that I meet associate the phrase estate plan with the rich and the elderly. I have written here before about why it is untrue that only the wealthy need an estate plan. Today we will examine how a person’s youth impacts their need for estate planning.

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How Often Should You Review Your Estate Planning Documents?

A question I regularly hear regarding all types of estate planning documents is “how often should this be updated?” The answer depends, of course, on the individual circumstances. However, there are some general guidelines that can be helpful. Two questions to think about regarding updating your legal documents include – have there been any major life events since the documents were last updated, and have you looked through the documents in the past 2 years?

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How to Avoid the Need for a Court Appointed Guardian or Conservator

 

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If you are an adult in Idaho and become unable to make your own decisions in life due to injury, illness, or some other form of incapacity, there are two basic ways in which another person becomes the stand-in decision maker for you. The first way is through the use of a previously written and signed Power of Attorney Document in which you will have stated who it is that should make your decisions for you if you cannot do so. That stand-in decision maker is called your “Agent” or your “Attorney in Fact.” However, if you have not previously completed valid Power of Attorney documents, a judge will need to appoint someone to become your decision maker through a court process known as Guardianship and Conservatorship. If a judge has to appoint your stand-in decision maker, that person will be called your “guardian” and/or “conservator.” 

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Is Estate Planning More Important for Women?

 

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Let’s start by acknowledging that estate planning is incredibly important for every adult person in America.  No matter what level of wealth, or lack thereof, and no matter what your gender, marital status, or age, if you are an American over the age of 18, you should have at least basic estate planning in place.  By “basic estate planning” I simply mean the collection of documents that establish what will happen to you, your family, and the things you own if you become unable to make your own decisions (“incapacitated”) or upon your death.

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What Happens if you Handwrite Your Own Will in Idaho?

 

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From time to time in my practice as an estate planning attorney I come across a Last Will and Testament (a “will”) that is handwritten. If my client is the person who wrote the handwritten will, he or she is usually meeting with me due to a decision to formalize the estate plan. However, I am always asked in that scenario: “was my old handwritten will valid?” The answer, as it so often is with legal matters, is that it depends. 

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How Wealthy Do You Need to be Before Setting Up an Estate Plan?

 

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One of the most common reasons that people believe that they do not need to prepare an estate plan is because they are not wealthy. However, for most adults, it is important to have a Last Will and Testament or a Living Trust (used to avoid probate), Financial and Health Care Powers of Attorney, and Advanced Directive documents, regardless of your net worth. Let’s look at just one of those important documents, a Last Will and Testament, to understand why it is important to have one.

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