Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

A trust, commonly used in a family or with individuals who have extensive assets and want to protect those, and or by individuals who simply want to avoid probate, are effective and transferring property to heirs. I often have individuals who are named as Trustees of a trust seek my legal advice about what their duties and responsibilities are. these mainly depend upon the trust that is being administered, but I have found that there really are three main duties of trustee has in administering an estate trust.

1. PROVIDE NOTICE TO BENEFICIARIES

By Lane V. Erickson, Attorney

When clients come to me concerning dealing with the estate of a loved one who has passed away there are usually many questions they have. The person usually talking to me is the one who has been named as the personal representative in their loved one’s Last Will and Testament. One of the first questions that is usually asked by my clients is “If I am appointed as the personal representative will my duties and responsibilities be?” Well there are many things that need to be done in the administration of an estate, there really are only three main duties a personal representative has.

1. PROTECT THE ESTATE

By Matthew Stucki

In the world we live in, we are constantly filled with news of crimes committed all over the world. Many of these crimes include fraud, deceit, and murder. In law school, I participated in a mock trial wherein it was alleged that an individual staged his death as an accident in order to ensure that his wife would receive a recently purchased life insurance policy. The Defense Attorney in the mock trial argued that the insurance company was not obligated to pay on the insurance policy because the husband willfully took his own life.

These types of stories bring up a very important question: Should a person be able to benefit himself or someone he or she knows from his or her own wrongdoing? More specifically, in the context of estate planning, can a beneficiary of a Last Will and Testament or life insurance policy accelerate his or her inheritance by purposely killing the maker of the Last Will and Testament or owner of a life insurance policy? As you likely expected, the answer is NO!

By Lane V. Erickson, Attorney

I’ve stated in my previous blogs many times that I am passionate about Idaho Estate Planning. 　I firmly believe that almost all individuals will benefit from creating and having a current Estate Plan. 　In fact, during my 18 years of practicing Estate Planning I’ve never come across an individual whose live wouldn’t be benefited from having an Estate Plan. 　Given that a new year is upon us, I wanted to list the 3 Most Common Questions my clients have about Estate Planning in an effort to encourage you to complete your Estate Planning.

1. IS ESTATE PLANNING IMPORTANT FOR ME?

By Lane V. Erickson, Attorney

Several times over the last year I’ve had clients talk with me about their Estate Planning. In the course of our conversations I have learned that some of my clients have taken the step of gifting their home to their child, either out-rightly or through a Deed as a joint tenant with a right of survivorship included. My clients have indicated that they feel like it is a good idea to either give their home away to their child or to have their name on the title of the home with them. Sometimes my clients believe that by doing this they have taken care of the home and don’t need to worry about it as part of their estate planning. Here are the 3 main reasons why it is not a good idea to either gift away your home to a child or to name your child as a joint owner on a home with you.

1. YOUR CHILD’S CREDITORS

By Lane V. Erickson, Attorney

Often my clients use estate planning not only as a way of transferring property to heirs but also as a tax planning tool. In doing so my clients always want to know whether there is state will be required to pay any state or federal taxes when they die. The good news is that in Idaho there is no estate tax. As a result, no taxes need to be paid to the state of Idaho once a person passes away. However there is a federal tax. this provides additional information about the federal tax.

TAXABLE ESTATES

By Lane V. Erickson, Attorney

A new year is upon us and with the new year is an opportunity to make changes that will benefit your life for the better. One of the major things that an individual can accomplish to improve their situation is to complete their estate planning. Here is a list of 5 things that you can do immediately this new year to give yourself greater peace of mind.

1. TALK TO AN ATTORNEY ABOUT ESTATE PLANNING

By Lane V. Erickson, Attorney

Estate planning is like our own lives. It is not a static thing.  There really is no it’s completed so now I don’t have to worry about it faze when it comes to estate planning. The reason for this is because our lives are constantly changing. Additionally the lives of those that we interact with, and that we love which include our family and friends are also always changing. When changes occur, our Estate Planning may be affected and we may need to change our Estate Planning to meet and deal with each new change.  So what are the major changes that would cause us to update our Estate Planning. Here are the top 8:

1. THE BIRTH OR ADOPTION OF A LOVED ONE

By Lane V. Erickson, Attorney

New Year is upon us and with it comes an opportunity for us to change and improve our lives. I have a number of clients who tell me that part of their New Year’s resolutions is to either complete or update their Estate Planning. I am a firm believer that everybody should complete their Estate Planning. Here are 3 tips that can help you complete your Estate Planning for the new year.

1. GET AN ESTATE PLANNING QUESTIONNAIRE

By Lane V. Erickson, Attorney

It is estimated that every day in the world there are over 320,000 births, and 250,000 deaths. One of the inescapable truths about life is that eventually we will all die.  Another inescapable truth is that during our lives we accumulate and collect things that we own that have to be dealt with after we die. Having a Last Will and Testament provides a number of advantages for individuals who own property that needs to be distributed upon their death. The purpose of this blog is to discuss 3 advantages of having a Last Will and Testament.

1. AVOIDS INTESTACY