We sometimes get asked to prepare a joint will for a married couple, but they are almost always a bad idea. Here's why: What's a Joint Will? A joint will is a single document that's signed by two people, typically a married couple. The idea is that, when one spouse dies, the survivor inherits everything. When the second spouse dies, everything will pass to the children. Sounds like a nice idea - certainly "easier" than each spouse writing their own will. One of the aspects to a joint will, ...
COVID-19 Update
Just a brief update from Learned Lawyer as we all try to find our way through this current health situation: We will remain open to serve you as long as we are feeling well (so far so good)! If you need our services and you are symptom free, please come see us. We also have the option of video or telephone conferencing available for those who are not able to come to our office. If you have an appointment with us in the next few weeks and you do not intend to come see us in person, please ...
Now Hiring: Office Administrator
Our small but growing law firm is looking for an Office Administrator to stay on top of our bustling estate planning and probate practice with poise and proficiency. Sure, we need someone who rocks the basics: reception, filing, communicating with clients, maintaining databases, scheduling – the typical office administration jobs. But we also need a customer service champion who will write thank you notes, keep the office tidy, help the legal staff stay focused on delivering services, and ...
Two New Ways We Are Giving Back
We at Learned Lawyer are excited to make two announcements about ways we are trying to give back to our community: trees and name changes! Trees Our estate plans are complicated and thorough and for now it is still necessary to print them out and sign them by hand. So we burn through a ton of paper. To help, we have partnered with Rotary District 5400 and their tree-planting project. For every revocable living trust plan we prepare, we will donate one seedling that will be ...
A New Trust? For Valentine’s Day? You Shouldn’t Have!
Americans are predicted to spend more on Valentine's Day than ever before, according to the National Retail Federation. It appears people are spending more on children, parents, friends, coworkers, and even pets! The most popular gifts are candy, greeting cards, and flowers. That's all great, but we at Learned Lawyer think proper estate planning is an incredible way to let your family and friends know you love them. So, for Valentine's Day this year, why not start a new estate plan or ...
Probate Seminar – Scott is Teaching
Scott will be teaching part of a course on probate for National Business Institute on December 20, 2018. This basic level course, titled The Probate Process from Start to Finish, runs 8:30-4:40 at the SpringHill Suites in Boise. The cost is $329 to $349. Or, if you have specific questions about your own probate matter, schedule a free consultation with Scott today. ...
How to Give Your RMD to Charity and Save Taxes
Quick! Now's the time to finish up your 2018 tax activities. It's coming up to the end of the year - time to make sure you have done all the tax "things" you need to do before the year ends. Can you defer any income to next year? Can you accelerate any deductions into this year? Do you need to sell losing investments to offset any gains? Have you contributed to your retirement accounts? Have you spent down your flex spending accounts? And, relevant to the point of this post: have you taken ...
IRA to trust? Or to the kids?
One of my client recently shared this article with me: Turn an Inherited IRA Into a Family Fortune. As the article correctly points out, if you inherit an IRA (or a 401k or some other tax-advantage retirement account), you need to be careful what you do with it. If you withdraw the whole amount, you will face a nasty surprise come tax time. Instead, your best bet is almost always to keep the account as an inherited IRA, take the minimum distributions each year, and keep allowing the IRA to ...
My Kids Shouldn’t Inherit, So Can’t I Just Leave the Money to My Parents?
I often speak to groups on the topic of estate planning. (If you want me to speak to your group, please contact us!) When I do, I always talk about how best to protect kids in the event the worst happens and the parents both die. You see, if children are too young or too immature to do something sensible with an inheritance, I usually recommend that the inheritance should be held in trust. Inevitably, someone will say, "I named my parents as the beneficiaries on all my accounts. They ...
Navigating the Probate Process — What to Do Now That a Loved One Has Died
If your loved one died recently, you are likely in turmoil. You may feel a variety of emotions -- grief, anger, or even relief. You also may be worried about what you need to do from a legal standpoint to wrap up a person's affairs. If so, you need to understand the probate process, and this post will help. What is Probate? Probate is a court process for wrapping up a deceased person's legal and financial affairs. Steps in the process may include the following: Appointment of a ...
