Clients often tell us they've put their child "on" their bank account. In our experience, that can mean several different things about the way the bank account is set up. And each of those different set ups has dramatically different ramifications for ownership and inheritance of the property. Parents are usually trying to make sure their kid can access the money if the parent becomes incapacitated. That way, the child can pay the parent's bills right away. It's a good idea, but you have ...
Three Reasons NOT to Make Your Will Online
We buy everything else online -- shoes, cars, groceries, even a Chia Pet Gremlin. Why not make your will online? Seems like a good idea, but here are three reasons why it is NOT! 1. Validity You probably are not a lawyer, so you are not trained in spotting issues in legal documents. Details you might not even realize are important may completely change the meaning or validity of your will. Take the case of Ron Ferree from New Jersey. Ron used a form will with a 'fill in the ...
Who Does What? Roles to Fill in Your Trust
Part of creating a trust is determining who is best suited to handle different situations that could arise. During the trust design process, we will help you brainstorm who could make a good agent for your power of attorney, successor trustee, or member of your incapacity panel. The same person might not be the best fit for each role. Let’s take a look at each type of position and the responsibilities it encompasses: Successor Trustees Successor trustees manage your assets for you in ...
Love Your Pet? Consider a Pet Trust
At Learned Lawyer, we love our pets. Scott's dog, Lola, is a mix of poodle and dachshund, known as a "Doxiepoo." She's cute, but she's the most anxious animal known to man! Christine's dog, Beorn, is a Labrador Retriever and a certified therapy dog. Maritza's dog, Stitch, is a -- well, we're not sure. But she loves him anyway! We get it - your pet is part of your family! So shouldn't he or she be included in your estate plan? They can be! If you are concerned about the care of your pet ...
Don’t wait until it’s too late!
We have received a number of calls lately from people who have waited to start estate planning until it's too late. It invariably does not end well. "Too late" here usually means waiting until someone has become incapacitated to a point where they can't participate in the process anymore. (Or, of course, died...) And once that's happened, there is little anyone can do to help. Here's the thing: Idaho already has an estate plan for you. You might like it; you might not. But, if you ...
Appointing a Guardian for Your Kids
Parents of minor kids are often worried about who would be appointed as guardian of those kids if something happened to the parents. Under Idaho law, a parent may designate a guardian for their children if those children become orphaned . The only method for doing so is through a valid Will. The Will may appoint one or more people and may outline an order for priority of those people. Any writing that is not a Will does not have the same legal effect. Thus, parents of minor kids ...
Just Say “No” to Joint Wills
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, ...
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. ...
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 ...
