Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

In my estate planning practice I am often helping individuals make plans for providing and protecting their minor children. Often though, I am working with older individuals whose children are all adults. In this circumstance my clients often feel that their estate planning is much more simplified. However, when there are grandchildren involved things may not be as simple as they seem.

Sometimes a client asks questions about distributions if their child predeceases them.  In this circumstance the client has usually stated in their Last Will and Testament that when a child predeceases them, that child’s share will go to the surviving children of the deceased child, or to my client’s grandchildren.  Unless the client’s estate planning is specific and states otherwise, the grandchildren will automatically receive those assets at age 18.  This is true because and Idaho a person is considered an adult at the age of 18.

By Lane V. Erickson, Attorney

In a perfect world, parents would not need to be concerned about helping children with addictions. However, we live in a world where people are frail, and where addictions do exist. My clients often ask me how they can properly provide for a child who has addictions in a way that will help them and yet not support the addiction after the parent is gone.  The purpose of this blog is to provide a parent in this situation with 3 ways they can use their estate planning to provide for a child with addictions.

1. A REGULAR TRUST

By Lane V. Erickson, Attorney

In the course of my estate planning practice I have found that parents often have questions about how to leave property for their children. There are as many types of options available to a person in crafting their estate planning as there are people. however, I do find that for specific questions seem to arise regularly with my estate planning clients. The purpose of this blog is to list these four questions and provide a simple response to them.

1. DO I HAVE TO DISTRIBUTE ASSETS EQUALLY TO MY CHILDREN?

By Lane V. Erickson, Attorney

Estate planning is a great process that can be used by a parent to create a customized plan in providing for their special needs child. A person with special needs is an individual who has either a mental or physical handicap or disability that limits their ability to function normally in life. Typically, a person with special needs usually requires a great deal of assistance to be able to handle the basic functions of life.  The purpose of this blog is to provide three ways that you can use your estate planning to help your special needs child.

1. CREATE A SPECIAL NEEDS TRUST

By Lane V. Erickson, Attorney

Just recently I was reminded by a client about the need for creating incentives through estate planning for children who will survive their parents. My client came to me with some very sad stories concerning their children. Apparently the children had been noted on during their lifetimes by well-meaning parents and had not developed any Ambitions on their own, simply because they were able to rely on their parents for financial help. This client specifically asked about ways that estate planning could be used to help incentivize the children for their lives.  Real estate planning provides a number of options and providing gifts to children, I have found that there are really 3 ways to create incentives for your children through your estate planning.

1. OPPORTUNITY FUNDING

By Lane V. Erickson, Attorney

As an estate planning attorney I find that my clients are often very quick to come see me after their loved one has passed away. In some instances people come to see me within a day or two So that they can get an idea of the steps that they need to take in order to preserve the decedent’s property and make sure that it is delivered to the right person. However, this is not always the case.

During my career I have often had family members come to me several years after the decedent has passed away to help them transfer property. This usually occurs when the family wants to sell a home or other real estate that still has the decedent’s name on it. The family discovers that they are unable to sell the property because they do not have the correct title to the property.

By Lane V. Erickson, Attorney

In an ideal world a person who has completed their Last Will and Testament will keep the original deposited with their attorney. This makes it so easy for a family once that person passes away to get the original Last Will and Testament and to begin the probate process.

However, we don’t live in the ideal world. We live in the real world and this world, sometimes an original Last Will and Testament is put in a drawer or a filing cabinet, or in a safety deposit box in a bank. 　Sometimes a Last Will and Testament is given to a friend or another family member to hold and keep safe. So the question is, what is the obligation of a person who is holding an original Last Will and Testament for a person who has died?

By Lane V. Erickson, Attorney

Is an estate planning attorney I enjoy watching television murder mysteries. It’s like a game of Clue. I am often surprised however by the number of times I am asked the question can a person who commits a murder receive property under the will of the person that they have killed? Usually the person is smiling and laughing when they asked the question so I know that they aren’t scheming or making plans, rather they just want to know out of curiosity.

Idaho actually does have a specific law on this issue. It is found at Idaho Code § 15-2-803. Attorneys in Idaho commonly called this the “Slayer” statute. Essentially what this statute says in part is:

By Lane V. Erickson, Attorney

You are preparing your Estate Planning including a Last Will and Testament. You are putting various information in your Last Will and Testament that is sensitive, such as disinheriting a family member. 　Or you are leaving more money or property to a specific family member than to another. You anticipate that your family will view the gifts that you have given in your Last Will and Testament as being unfair. Now your question is, who can get a copy of my Last Will and Testament?

The good news is that until you die, no one but you is entitled to have and hold your Last Will and Testament. Even your attorney would be required to give to you your original Last Will and Testament if you choose. Most attorneys keep ahold of the original Last Will and Testament so that if it is ever needed for probate purposes, it can be easily found. However, even then, your lawyer cannot distribute a copy of your Last Will and Testament to anyone without your prior approval and authority.

By Lane V. Erickson, Attorney

Oftentimes the simpler you can keep your estate planning the better it will be. If your Last Will and Testament is complex, then anytime a major circumstance in your life changes, you may need to rewrite your Last Will and Testament. Our goal in completing estate planning for our clients is to keep things as simple as possible and yet allow flexibility with regards to the giving away of specific gifts. To do this we incorporate a specific gift list into every Last Will and Testament that we draft. Idaho law allows us to do this if we find it to be a good practice.

WHAT IS A SPECIFIC GIFT LIST?