Category Archives: Idaho Estate Planning
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 »
While it can be very hard to think about the care you will want if you are chronically ill and unable to express your medical wishes, it is true that people can unexpectedly find themselves in such a situation. Even worse than being ill and unable to communicate is not preparing in advance a statement… Read More »
The President’s 2014 Budget proposals issued in April earlier this year are still being considered by the Congressional Budget Committee. Also, many people wrote their wills and revocable trusts when the amount exempted from Federal gift and estate taxes was much lower. Therefore, the following are a few ideas (and there are many others) for… Read More »
Clients often ask whether it is better to give property to their children now or transfer it to them on their death. In addition to considering the client’s non-tax objectives, the answer will be shaped by Federal estate and gift taxes and capital gains taxes. Non-taxable Estate, Transfer By Gift. If the client’s estate will… Read More »
Limited liability companies (“LLCs”) offer a flexible vehicle for families and small business owners to facilitate the transfer of property among family members and to manage property within families over many generations. An LLC is a corporation established under state law that offers the flexibility of a partnership form, including an option to elect “pass… Read More »