Archive for the ‘Personal Family Lawyer’ Category
Election Year Antics
Welcome to politics in 2012! Did you sign up for what we’re getting in America? In many ways, nobody is happy with the landscape. Most of us—Independents, Democrats, and Republicans alike—are unhappy (or even disgusted) with politics in general. It’s at the point of being most disgruntled, however, that we need to pay the most attention. It’s the point at which real transformation can occur. Pushing through the urge to disengage and through the resistance to be involved is difficult, but if we don’t all take responsibility for it, then we’ll end up in a place that we don’t want to be in. Think about it like this: Who is taking responsibility for our current situation? The answer is that we should all be taking responsibility, whether we played our role actively are passively. More Reasons To Be Involved Than Ever Before Even if the typical issues like taxes, the economy, social matters, job creation, globalization, and fiscal policy aren’t enough to motivate you to be involved, there is one issue that will probably get you off the couch this election season: YOUR MONEY! On December 31st of ...
Assets Without Physical Form
There’s been a lot written about estate planning in recent years. That’s partially because federal laws on the taxation of estates have changed a lot in the past few years, and they will be up for discussion by Congress again before the end of 2012. Anything being discussed by Congress gets a considerable amount of attention from the media and, in the case of estate tax issues, tax and estate attorneys as well. Most of the discussion about estates is focused directly on physical assets and how they should be passed to family members and other loved ones. Physical assets include things like houses, cars, cash, stocks, bonds, and real estate. However, in a world of increasing technological advancements, assets without physical form are becoming more and more abundant and more and more valuable. Some Examples of Assets without Physical Form Do you own a domain name . . . you know, a web address? How about a Facebook account? What about an easily recognizable email address or a Twitter handle? Are any of those things valuable and worth passing on to your loved ones? If so, have you made arrangements to have ownership ...
Professional Guidance Through a Complex Process
There is a widespread misconception that estate planning is simply a method of directing one’s assets to designated beneficiaries in the event of death. That’s simply too narrow of a view. Estate planning is necessary—crucial in fact--in the event that you become incapacitated or otherwise need a loved one to manage your finances. This can happen, for example, if you are about to undergo surgery with a prolonged recovery period. In addition, proper estate planning may be necessary in order to reduce an estate tax burden. Protecting your property is complex. The amount of money and other assets you have will determine the type of planning best suited to your needs, so the first step of creating any estate plan is taking a thorough inventory. Depending on your needs, the management of your wealth can involve the creation of revocable living trusts, wills, lifetime gifts, and life estates. The assets that need to be identified and evaluated when creating your estate planning strategy include investments, real property, insurance policies, and personal effects. The bottom line is that you want to do whatever is necessary to make sure that your ...
Three Reasons for Having a Living Trust
There are a multitude of reasons to have a living trust. We can’t begin to cover them all, but we will touch on three reasons very briefly here. Reason #1: Protecting Property for Certain Beneficiaries When most of us think about estate planning, we think about passing our property to our family and other loved ones after we die. However, sometimes our intended beneficiaries are unable to handle an inheritance. Minor children are the most common example of this. Minor children aren’t even allowed to own property in many states. In most states, a guardian is appointed to hold the property on behalf of inheriting children until they are legally old enough to own property. Even then, if you speak to parents of an 18 year old, they might cringe at the idea of their teenager receiving any large sum of money. An 18 year old with outright legal ownership of money might very well quit school, buy a sports car, and head to Hawaii. Having a living trust alleviates this problem. Reason #2: Managing Property upon Incapacity. If you can believe it, ...
Estate Planning and Business Succession
Most people hear the words “Estate Planning” and automatically think about wills, trusts, tax issues, and probate. The reality is that estate planning is about much more than just figuring out how to pass on your hard-earned assets. We’ve written a lot about the ways that estate planning benefits families. Today we’re going to talk about the broad principles of estate planning and focus on applying them to one particular segment of the population, business owners. The concepts are relevant to all estate planning, however, so keep reading even if you’re not a business owner right now. What is a Business? In a very broad sense, a business is something that delivers value to customers in exchange for enough revenue to make operations worthwhile. People and businesses are very similar in that both spend their time acquiring assets. Business entities are even more similar to people. A business entity has its own legal existence. That just means that business entities can enter contracts, buy and sell goods, sue and be sued, and do just about anything else that a person can do.
A Hypothetical, But It Does Happen
Today we’re going to discuss a situation that happens all the time. It’s a situation that almost nobody thinks about, unless you’re an estate planning attorney, but it does occur often enough to talk about. Consider the following hypothetical: A woman, let’s call her Elizabeth, has passed away. Elizabeth is survived by four adult sons. Our fictional character was a very caring woman, and she lived simply. She had a nice home with a garden and grandchildren who loved her. Nobody would ever have expected that Elizabeth had several hundred thousand dollars in the bank and owned her home outright. Elizabeth was also very thoughtful. She left a last will and testament. She did the best job she could to express her wishes clearly, but she made one critical mistake. Rather than having a bank account in her name alone, Elizabeth listed her eldest son on the account as a joint tenant with a right of survivorship. What that means now, in simple terms, is that her eldest son is the sole owner of all the cash in that bank account. An Honest Boy
Beyond the Allocation of Assets
Estate planning is about much more than just deciding who gets what in the event of your death. It’s also about avoiding unnecessary taxes, and in the event that you have minor children, making sure that custody of your children doesn’t go to the state. Yes, you heard that correctly. It’s simply not the case that minor children pass to a trusted loved one or relative. In the absence of a directive from you—a directive from the parents—the state is automatically awarded custody of the minor children of deceased parents . . . until a judge decides otherwise. The Reason for the Baseline Waiting for a judge’s decision is the baseline rule, and it exists for a very good reason: The people who are entitled to custody of children by operation of law may or may not be properly equipped to raise children. Thus the need for a judge’s assessment before custody is passed. Who wants to leave that decision to a judge? Nobody. What is the alternative? Our law firm. Our firm addresses the needs of ...
Health Care Directives
Most estate planning law firms spend a considerable amount of time writing about wills, trusts, and guardianship documents, but when was the last time you read anything about healthcare directives? That will be the focus of this article, because healthcare directives (also called living wills) are integral to planning for your care, should anything ever happen that causes you to be incapable of making healthcare decisions for yourself. A living will is a document that outlines your wishes for the kind of care and medical intervention that you want (or specifically do not want) if you become terminally ill or find yourself in need of life-support but are unable to speak or otherwise communicate, as could be the case if you fall into a coma. Careful Drafting Required A majority of states have statutory laws that specifically define when a living will must be “activated.” Some states limit the type of medical procedures and interventions that can be controlled with a living will, and interpretation of your wishes is always an issue. Incorporating complex wishes and desires into a legal ...
Five Strategies For Paying For College When Money Is Tight
Everyone knows how important it is to have a college degree… As a parent, you know that providing your children with a college education is one of the best things you can do to ensure their future. Yet, in a recent Gallup poll, 70% of the parents surveyed admitted they have no idea how they’re going to pay to send their children to college. And it’s not just that money is tight. Tuition and fees are rising dramatically and that makes a tough situation even worse. While it may be frustrating, don’t give up. You can still plan for college and help your children pay for it. Here are five strategies to help you foot the bill: Scholarships Contrary to popular belief, scholarships are not based strictly on need. Regardless of your family’s financial situation, don’t walk away from free money. Your child may be eligible for a scholarship even if you are fairly well off. Start looking at scholarship possibilities when your child is ...
Your Estate Planning Checklist
The death of a parent… Medical issues… Birth of a child… A milestone birthday… Any of these events can trigger the urge to put your affairs in order and plan your estate. One of the best things you can for your loved ones is to leave them an estate that’s well organized, clear cut and easy to administer. While we talk often about the need for a sound estate plan, we know that trying to plan your estate can be overwhelming, especially if the need for planning was triggered by a traumatic event. Making a list can help you get a handle on what you need to do and what your attorney will need to make the process easier for everyone. This checklist will give you a good idea of what you need to take to your meeting with your estate planning attorney: Make a complete list of all your assets and liabilities. Include how much you pay on any notes and when the payments are ...
Idaho legal news by Snake River Law
- Election Year Antics February 8, 2012Welcome to politics in 2012! Did you sign up for what we’re getting in America? In many ways, nobody is happy with the landscape. Most of us—Independents, Democrats, and Republicans alike—are unhappy (or even disgusted) with politics in general. It’s at the point of being most disgruntled, however, that we need to pay the most […]admin
- Assets Without Physical Form November 8, 2011There’s been a lot written about estate planning in recent years. That’s partially because federal laws on the taxation of estates have changed a lot in the past few years, and they will be up for discussion by Congress again before the end of 2012. Anything being discussed by Congress gets a considerable amount of […]admin
- Professional Guidance Through a Complex Process October 18, 2011There is a widespread misconception that estate planning is simply a method of directing one’s assets to designated beneficiaries in the event of death. That’s simply too narrow of a view. Estate planning is necessary—crucial in fact–in the event that you become incapacitated or otherwise need a loved one to manage your finances. This can […]admin
- Three Reasons for Having a Living Trust October 5, 2011There are a multitude of reasons to have a living trust. We can’t begin to cover them all, but we will touch on three reasons very briefly here. Reason #1: Protecting Property for Certain Beneficiaries When most of us think about estate planning, we think about passing our property to our family and […]admin
- Estate Planning and Business Succession September 22, 2011Most people hear the words “Estate Planning” and automatically think about wills, trusts, tax issues, and probate. The reality is that estate planning is about much more than just figuring out how to pass on your hard-earned assets. We’ve written a lot about the ways that estate planning benefits families. Today we’re going to talk […]admin
- A Hypothetical, But It Does Happen August 4, 2011Today we’re going to discuss a situation that happens all the time. It’s a situation that almost nobody thinks about, unless you’re an estate planning attorney, but it does occur often enough to talk about. Consider the following hypothetical: A woman, let’s call her Elizabeth, has passed away. Elizabeth is survived by four adult sons. […]admin
- Beyond the Allocation of Assets July 14, 2011Estate planning is about much more than just deciding who gets what in the event of your death. It’s also about avoiding unnecessary taxes, and in the event that you have minor children, making sure that custody of your children doesn’t go to the state. Yes, you heard that correctly. It’s simply not the case […]admin
- Health Care Directives July 14, 2011Most estate planning law firms spend a considerable amount of time writing about wills, trusts, and guardianship documents, but when was the last time you read anything about healthcare directives? That will be the focus of this article, because healthcare directives (also called living wills) are integral to planning for your care, should anything ever [... […]admin
- Five Strategies For Paying For College When Money Is Tight June 10, 2011Everyone knows how important it is to have a college degree… As a parent, you know that providing your children with a college education is one of the best things you can do to ensure their future. Yet, in a recent Gallup poll, 70% of the parents surveyed admitted they have no idea how they’re […]admin
- Your Estate Planning Checklist May 20, 2011The death of a parent… Medical issues… Birth of a child… A milestone birthday… Any of these events can trigger the urge to put your affairs in order and plan your estate. One of the best things you can for your loved ones is to leave them an estate that’s well organized, clear cut and […]admin
