It is common in Idaho for road easements to be granted across properties to permit access to landlocked parcels to and from public roads. Oftentimes, the easement is across agricultural land. It also can happen that the development plans of the owners of the landlocked parcel can enlarge over time. So what are the rights… Read More »
Recent Blog Posts
Does your estate plan contemplate giving property or income to an heir who now, or in the future may, receive government benefits (such as Medicaid or Supplemental Security Income) that could be lost or reduced if the heir receives assets or income directly from your estate? If so, consider distributing the property or income to… Read More »
Many people form limited liability companies (“LLCs”) for the purpose of shielding their personal assets from the claims of certain creditors. For example, by placing rental properties in one or more LLCs and conducting all of the activities relating to the rental properties through the LLC, creditors of the LLC can make a claim against… Read More »
Clients who have formed, or are forming, a limited liability company (“LLC”) often ask whether they can put their primary residence in their LLC. Below are some of the reasons this is a bad idea: Idaho provides a $100,000 homestead exemption that protects your personal residence from the claims of unsecured creditors. By putting your… Read More »
WE NOW CAN GET MARRIED, BUT SHOULD WE? The table below lists some of the advantages and disadvantages of marrying versus remaining unmarried. Note, however, that when any two people marry, which laws apply can be confusing. For example, many Federal statutes vary in their application depending on whether the marriage is recognized in the… Read More »
IF YOU HAVE MINOR CHILDREN, HOW SHOULD THEIR FINANCIAL AFFAIRS BE HANDLED IN THE EVENT OF YOUR EARLY DEMISE?
If you have minor children, it is important to execute a Will in which you name a guardian to care for your children if you should die before they are 18 years old. In addition, if you are leaving assets to assist in paying for your children’s expenses, you may wish to consider nominating either… Read More »
THE US SUPREME COURT RULES THAT INHERITED IRAS ARE NOT PROTECTED IN BANKRUPTCY, HOWEVER, STATE LAW MAY OVERRULE THAT!
When an individual files for bankruptcy, the Federal Bankruptcy Code permits the debtor to exclude certain types of assets from the “bankruptcy estate” and thus protect them from his or her creditors. One of the types of assets excluded from the estate are “retirement funds” (11 U.S.C. x 522(b)(3)(C)). On June 12, the US Supreme… Read More »
When parents with young children are asked why they don’t have a Last Will & Testament, the most common responses are: I won’t die anytime soon, I don’t have any money to leave to anyone, It is too expensive, and It will all work out. Unfortunately, failing to name a guardian for minor children in… Read More »
If you consulted with an estate planning lawyer at any time prior to 2010, more likely than not, your discussion of taxes focused firstly on how to avoid the Federal and state estate and gift taxes and secondly on income and capital gains taxes. Due to recent changes to the US tax code, for the… Read More »
When you open an IRA, other retirement plans or annuities, the custodian always asks you to indicate in writing who should receive the balance in the account at your death. This is called a “beneficiary designation”. What could be simpler? All you have to do is list the primary beneficiary and name a “contingent” beneficiary… Read More »