Posts Tagged ‘Estate Planning’
Special Considerations for Women When Estate Planning
American women live on average 4.8 years longer than American men.Because women typically outlive their spouses, their estate planning documents are usually the ones that actually determine what happens to the family assets. However, the longer life span of women also means that women are more likely to experience a period of time at the end of their lives when they are unable to make their own decisions because they are incapacitated due to some medical condition.
Read MoreHow Old Do You Need to Be to Benefit from an Estate Plan?
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.
Read MoreHow Often Does an Estate Plan Need to be Updated?
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?
Read MoreSnowbirds Need to Pack Something Extra Before Heading South For The Winter
Many of our clients in North Idaho and Eastern Washington are “snowbirds”. I know some clients are even headed south early this year to escape the smoky air we’ve endured lately. If you are headed somewhere warm to spend the winter months, you will want to be sure you have packed more than just your sunscreen.
Read MoreHow Important is Estate Planning if You Aren’t Rich?
I’m often asked if a person needs a Power of Attorney document if that person already has a Last Will and Testament (“Will”). It is a good question. The simple answer for almost everyone is yes – you should have both a Will and a Power of Attorney document. Let’s look at what purpose each serve and why both are necessary.
Read MoreWho Has the Final Say About Organ Donation in Idaho?
Often, clients have asked whether this authorization should be in their Last Will and Testament (“Will”). Your Will is a document that is rarely looked at by anyone other than you until after your death – and certainly your doctor or attending health care providers at a hospital are unlikely to have ever read your will.
Read MoreFollow These 4 Steps to Assess Your Own Estate Planning Documents
Estate planning consist primarily in putting into place those legal documents that each of us need to deal with what happens if we become incapacitated and what happens when we die. If you have estate planning documents in place and have any doubt about whether those documents are complete or up to date, the best thing you could do is bring them to an estate planning attorney to review and discuss with you. Some law firms, like mine, may do this for you without charge as a complimentary consultation. Getting an expert’s advice on the status of your documents is very valuable.
Read MoreLast Will & Testament vs. Power of Attorney Documents… and why you need both
So why do we need both documents? Simply because your Will generally has no effect until you are deceased and your Power of Attorney document generally has no effect once you are deceased.
Read MoreUncomfortable Conversations About Estate Planning (Part 2 of 2)
My clients frequently express to me how difficult it can be to speak to their family members about the decisions they have made (or are in the process of making) when we are working on their estate planning documents. Sometimes the issue is that a parent’s adult children refuse to discuss these matters because the children are not willing to acknowledge that their parent will die at some point. Other times the issue is a child that cannot get their parents to acknowledge the need to get their affairs in order. The unique dynamics that every family has can often compound the general problem of one person or the other not wanting to discuss these matters. Last week we examined the first of the two situations I’ve mentioned above. Today, let’s look at some ideas for adult children on how to motivate their parents to get estate planning in order.
Read MoreUncomfortable Conversations About Estate Planning (Part 1 of 2)
My clients frequently express to me how difficult it can be to speak to their family members about the decisions they have made (or are in the process of making) when we are working on their estate planning documents. Sometimes the issue is that a parent’s adult children refuse to discuss these matters because the children are not willing to acknowledge that their parent will die at some point. Other times the issue is a child that cannot get their parents to acknowledge the need to get their affairs in order. The unique dynamics that every family has can often compound the general problem of one person or the other not wanting to discuss these matters. Let’s start this week by looking at the first of the two situations I’ve mentioned above and consider some possible approaches to a potentially very delicate topic. Next Sunday, we will tackle Part 2 of this topic with some ideas for adult children on how to motivate their parents to get their planning in order.
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