Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

During a normal estate planning interview with client I often find myself talking about retirement plans. My clients are always interested in knowing how their retirement plans will be dispersed when they pass away. It is helpful to bring these things up and to discuss them in the context of preparing a thorough Idaho Estate Plan so that clients have a good understanding of what is, and what is not, part of their estate planning. Here are three tips to think about when it comes to including your Retirement Plans with your Idaho Estate Planning.

1. UNDERSTAND WHAT IS NOT INCLUDED IN YOUR ESTATE PLANNING

By Lane V. Erickson, Attorney

I make my living off of being an effective estate planner with my clients. The reason I do this is because I’m passionate about everyone needing an estate plan and making sure that that estate plan accomplishes would each individual once. And helping my clients achieve their goals and create their own personal customize a state plan I found that there are many estate planning mistakes that are made by my clients. Here are the 5 most common estate planning mistakes to avoid.

1. NOT HAVING AN ESTATE PLAN AT ALL

By Lane V. Erickson, Attorney

As an estate planning attorney I often meet with clients to discuss the creation of their personalized the state plans. During these conversations inevitably my clients bring up their children, and often the circumstances of each child. I have found that during these discussions my clients are often concerned about making gifts outrightly to their children depending on their children’s personalities end or circumstances. Based upon these experiences, here are 3 things to consider when making gifts to your children.

1. YOUR CHILD’S AGE

By Lane V. Erickson, Attorney

Life is uncertain. There is no area of law where this is more true than in estate planning. I often have clients come see me who, after completing their estate planning, end up getting a divorce. When this occurs several new issues arise that have to be dealt with concerning my client’s estate planning. Here are the 3 most common things to consider about Estate Planning and divorce.

1. MINOR CHILDREN

By Lane V. Erickson, Attorney

Estate planning is as unique as the individuals who seek to have it completed. What I mean by this statement is that there is no single estate plan that will work for every individual. Rather, and estate plan should be as unique as the individual for whom it is created. This allows that individual to take into consideration their own personal circumstances, the circumstances of their loved ones, and the changes that may occur in the future that could impact their lives. For this reason, completing a consultation for your estate planning could be vital. Here are the 3 main reasons to complete a free estate planning consultation.

1. ITS FREE

By Matthew P. Stucki

There are numerous reasons that an individual, known as a Grantor, may decide to use a living trust as the vehicle to transfer his or her property upon death. In most living trusts, the Grantor directs the Trustee to settle with the Grantor’s creditors before distributing the property in the living trust to the beneficiaries. In several states, dealing with creditors of a trust upon the death of a Grantor, is a streamlined process wherein the Trustee provides notice to the creditors through publication or by written statement. Once notice has been provide, the creditor has a limited amount of time to file a claim against the living trust or forever be barred from making a claim. Once barred, the Trustee is free to distribute the trust property to the beneficiaries without the fear of creditors making a claim. In the end, this process protects the Trustee.

Unfortunately, Idaho does not have similar statutes. In an effort to bring about certainty, some practitioners will file a probate when the Grantor of a living trust dies in hopes of taking advantage of the creditor notice statutes under probate law. Once notice is properly provided, creditors are barred from making a claim against the estate. Some would argue that this also bars creditors from coming after trust property as well. Other practitioners will seek an order from a Judge attempting to bar creditors from collecting against a trust after notice is properly given under the probate laws. Still others will advise that it is the best course of action for the Trustee to perform his or her due diligence and discovery all the creditors so that they can properly be dealt with one at a time.

By Matthew P. Stucki

On of the main responsibilities of the personal representative of an estate is to deal with the decedent’s creditors. The first step to start identifying who the decedent’s creditors are would be to examine the decedent’s mail and personal documents. The next step would be to call the major utility companies, including gas, power, trash, and cable to see if the decedent has any open accounts. Lastly, an examination of the decedent’s bank accounts may give some indication of the names of different creditors. In today’s world, it is becoming increasingly difficult to determine creditors as a growing population is conducting their business on the computer. However, these three steps often lead the personal representative to the decedent’s creditors.

Once creditors are identified, there are two ways, according to Idaho Code, to give notice to creditors of the requirement to present their claims against the estate. The first method is by a series of publications in the newspaper that should take place immediately upon getting named as personal representative. After four months, all unknown creditors are forever barred from bringing a claim against the estate if notice is properly published. The second method is by giving actual written notice to known creditors. Upon written notice, the creditor has 60 days from the date of written notice or 4 months from publication in the newspaper, whatever is later, to file a claim.

By Lane V. Erickson, Attorney

As an attorney my job is to apply my expertise, knowledge and experience to help individuals in Idaho solve their Estate Planning and probate problems. Often, when I meet with individuals, they have a series of questions that are specific to their circumstances. I really enjoy when clients come in with specific questions because then I feel like I can help them solve their actual problems and concerns. One question I am often asked by my more affluent clients is that when they own property in different state how does probate work?

1. ORIGINAL PROBATE FILED WHERE PERSON RESIDED

By Lane Erickson, Attorney

My job as an attorney is to help individuals complete their Idaho estate planning so that they are prepared for the uncertainties of life. The very nature of life makes it so that plans sometimes change. One of the questions my clients often ask me is whether they can change their estate plan once it has been created for them. The short answer is that it can be changed at any time that they would like. I counsel my clients to look over their estate plan regularly to make sure that it’s still meets their needs especially if their circumstances have a changed. Below are some of the major reasons why in the state plan may need to be changed.

1. BIRTH OF A LOVED ONE

By Lane V. Erickson, Attorney

The variety of document that can be used to complete an estate plan are amazing. That usually do fall into several basic categories including Distributing property, taking care of property while you were alive, and making end-of-life decisions. The document that helps with making end-of-life decisions is known as a living will. Here are three important things to understand and know about living wills.

1. DIFFERENT NAMES SAME THING