What are the Most Important Documents in Your Estate Plan?
When most people hear the term “estate plan” they think of a Last Will and Testament. A Will is an important document that serves as a set of instructions to be carried out upon a person’s death. However, an estate plan is actually a collection of several documents that not only deal with a person’s estate upon their death, but also controls decision-making if a person is alive, but unable to make their own decisions. These documents are called Power of Attorney documents and Advanced Directive documents, and they should be part of your planning documents.
Read MoreIt’s Small Business Week! Does your Small Business Need an Attorney?
Many people think that they don’t need an attorney unless something goes wrong or they get sued. While it is true that an attorney can help you out if there is the possibility of a lawsuit, small business owners often miss out on the other beneficial support that an attorney can provide to avoid potential litigation and help your business thrive. There are several reasons why a small business may not want to have an attorney on retainer, but the main one is cost.
Read MoreDo 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.
Read MoreHow 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.
Read MoreDo 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.
Read MoreHow 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?
Read MoreIs it Important to Avoid Probate When You Die?
When I first meet with clients they frequently tell me that they need to “avoid probate”. They less frequently know what probate is, or why they want to avoid it. To determine if you should be trying to avoid probate, you must first know a little about probate.
Read MoreSpecial Needs Trusts can Help People With Disabilities
I find that most clients have some familiarity with the concept of estate plans, probate, guardianships and many of the other things we do at my law firm. However, one of our practice areas regularly puzzles people: Special Needs Trusts. Let’s look at these unique trusts and see what they can do.
Read MoreHow 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.”
Read MoreIs 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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