When I speak on the topic of estate planning, I am frequently asked why someone should hire a lawyer to prepare an estate plan. “Why can’t I just do it online through someone like LegalZoom for a lot less money?” In my mind, this is a bit like trying to perform your own dental filling to save money on going to a dentist. Of course, as with the dental example, the answer is that you certainly can go the DIY route and, potentially, save yourself some money. But performing DIY legal services ...
Write It Down!
Most adults have been to at least one or two funerals, wakes, memorial services, or other end-of-life service. And most folks have a sense of what they would like for their own such service – big, small, somber, up-beat, formal, casual, traditional, modern, and of course cremation or burial. The problem, of course, is that many people fail to communicate their wishes to their loved ones before it is too late. This leaves family and friends guessing as to what the deceased would have wanted ...
Should We Get Married?
In the wake of the recent Supreme Court decision affirming the right of same-sex couples to marry, it is time to discuss some legal and economic factors a couple might consider (in addition to the religious, societal, and emotional ones) when thinking about whether they should tie the knot: Taxes: Married couples typically get a reduction in taxes. However, if the two would-be spouses have similar incomes, they may incur the dreaded “marriage penalty” and end up paying more in taxes. ...
Good News On The Medicare Front
A bipartisan bill has been introduced in the U.S. Senate that would create a new Medicare benefit known as “planning services.” Patients with an advanced or terminal illness who are on Medicare would be allowed to work with an interdisciplinary team to help the patient figure out his or her wishes for future treatment and to articulate those wishes in the form of an advanced directive. The doctors on that team can be reimbursed by Medicare for this service. (Right now, no such provision ...
Leaving A Legacy Of Conflict – Celebrities Who Died Without Wills: Martin Luther King, Jr.
This is the first of several posts about celebrities who died without wills, and as a result left a legacy of conflict, anger, and often lawsuits between their loved ones. My first entry: Martin Luther King, Jr. MLK Jr. left no will. Of course, his death came as a shock and surprise, but everyone dies at some point and many people happen to die at a young age. (Obviously few people are assassinated, but that’s not the point.) Dr. King’s estate included such items as his Nobel Peace ...
Good Article
Here’s a quick post to share a good article from Bank of Idaho on why you should be thinking about estate planning, even if you aren’t an older person with tons of money. Chief reasons why younger, less well-to-do folks need estate plans include protecting your kids and dealing with your possible incapacity. If you don’t do it before the worst happens to you, bad things will continue to happen to your loved ones. ...
Time For A Do-Over
Estate planning is not a “one and done” affair. Over time, your estate plan gets stale due to change in law, change in family, change in assets, and change in attitudes. Is it time for you to have an estate planning do-over? If you haven’t reviewed your estate plan in the past few years, it is time for you to re-think your plan. And be warned: if you have a pre-2013 estate plan, it may actually cause more harm than good in the current post-ATRA environment, especially if you have a classic ...
Who Inherits Your Digital Assets?
Here’s an interesting article about who can inherit your digital “assets” after you die, including things like your Facebook account, but also including your website, your PayPal account, and all those Bitcoins you’ve stashed away. If you haven’t made provision for your online life after your death, is it ...
Community Property Pitfalls
Continuing on my theme of community property and co-ownership of property, I wanted to address a common misunderstanding that creates a pitfall for the unwary: in Idaho, just because you have a particular beneficiary designation on an account or on life insurance does not always mean that the beneficiary will receive those funds. Take, for example, a divorced couple who has children between them. Perhaps they agree to take out life insurance policies benefiting each other in the event of ...
Own Things With Friends: Pros And Cons Of Various Ownership Ideas
Continuing on from my last post about community property laws in Idaho, today I’ll look at various types of property ownership and the pros and cons of each. I’m thinking here about how you hold bank accounts, title to real estate, or investment accounts with a co-owner. In Idaho, it is common to find property (especially real property) titled as “Bob and Sue Smith, husband and wife.” The effect of holding property in that “community property” form is that, upon the death of one spouse, ...
