Articles Posted in Estate Planning

By Matthew Stucki

Recently I have seen an increase in clients that come to my office and declare that they have made a gift to one or more of their children as part of their Medicaid planning or for some other reason. However, in most of these cases, the individual that has made the gift has not considered the potential conflict the gift may cause among their children.

In Idaho, “if a person dies intestate as to all his estate, property which he gave in his lifetime to an heir is treated as an advancement against the latter’s share of the estate only if declared in a contemporaneous writing by the decedent or acknowledged in writing by the heir to be an advancement.” Idaho Code § 15-2-110

By Lane Erickson, Attorney

Everyone should have an Estate Plan in place. Additionally everyone should keep their Estate Plan updated during their lifetime. That seems to be simple common sense but I often have clients ask me from a practical standpoint when they should update their Estate Planning. 　Here are 5 events during your lifetime that should cause you to update your Estate Planning.

1. A Birth

By Lane Erickson

Every person should have an estate plan in place. The benefits of even the most basic of estate plans outweigh the costs. An estate plan will ensure family members and friends know your answers to several important issues, including who should act as personal representative of your estate and how assets should be divided. Your loved ones will also know you contemplated those sensitive matters and made your last wishes known. In Idaho, a basic estate plan will typically consist of three documents:

1. a will or trust;

By Lane Erickson

Most people spend more time planning their vacation or where to eat out than they do their Estate Planning.  Others simply think that they don’t have any wealth or assets to warrant thinking about Estate Planning. The reality though, is that Estate Planning isn’t only for the smart of the rich. Without a plan in place, there could be a long-lasting impact on yourself and loved ones.  Here are 5 reasons to complete your Estate Planning now.

1. You can Plan and Prepare for Your Own Potential Disability

By Lane V. Erickson, Attorney

Most people believe that estate planning only deals with giving your property away after you die. It’s easy to see why most people have this misunderstanding. 　Giving away property through a Last Will and Testament is what the media tends to focus on. 　The reality is, estate planning has more to do with you while you were alive than with dealing with your property after you have died. 　The two most powerful documents that will affect you while you are alive are part of a basic estate planning package. These include a Durable Power of Attorney and a Living Will and Durable Health Care Power of Attorney.

1. Durable Power of Attorney

By Lane V. Erickson, Attorney

There many times as an estate planning attorney clients ask me whether it is a wise decision to name their children as co-owners on their house. Clients want to know how to do this because they believe it would be a good way for them to avoid probate when they die. Here are three reasons why you should not name your children as co-owners on your home.

1. Taxes

By Lane V. Erickson

Having spoken to many Estate Planning clients I’ve come to find that there really are 3 main reasons people procrastinate getting their Estate Planning done. Knowing why we procrastinate our Estate Planning can help us avoid any further delay and can help us focus on getting it done. The purpose of this article is to explain the three main reasons for procrastinating and to show why these reasons really are not valid.

1. Estate Planning is Too Expensive: False

By Lane V. Erickson, Attorney

We all think that we are going to live a long life. We just can’t conceive the notion that our life could come to a premature end. However, a recent headline grabbed my attention and helped me realize once again the urgent need we all have to complete our Estate Planning to protect our children. The headline:

11 Children Left Behind!

By Lane V. Erickson, Attorney

There is a common misconception in Idaho that a surviving spouse is not required to go through the probate process. I suppose most people assume that the surviving spouse is somehow automatically entitled to receive and own all of the decedent’s property. The truth though is that property does not automatically transfer to the surviving spouse. The decedent is entitled to give his property away in his Last Will and Testament to whomever he wants which could include the surviving spouse, children, charities or even strangers. Unless special steps are taken to avoid probate, Idaho’s statutes and its courts require nearly all estates to be probated. There are, however, 3 ways you can avoid a Probate in Idaho.

1. Small Estate and No Real Property

By Lane Erickson

Estate Planning can be tricky. This is true for the Rich and Famous just like it is for the rest of us. However, by reviewing the poor on incomplete Estate Planning of several celebrities we can learn to avoid the mistakes they made. Here are the 3 biggest Estate Planning mistakes of the Rich and Famous

1. Too Busy to Get My Estate Planning Done