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A Last Will and Testament is important to have, period. Deciding which type of testament to create can be daunting, but knowing which type to create will help you be best prepared for when the inevitable happens. Creating Your Last Will and Testament Creating a Last Will and Testament is an essential part of estate…
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Revenue Ruling 2023-2: Pick Your Poison – Estate Taxes Or Capital Gains Taxes?
Introduction With the new IRS Revenue Ruling (“Rev. Rul.”) 2023-2[1] passed in March, now may be a good time to revisit your irrevocable trust and estate plans. The takeaway of Rev. Rul. 2023-2 is that the estate planner must choose between including their irrevocable trust as part of their estate at death for tax purposes…
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Parents of Blended Families Need an Estate Plan in Idaho
The estate planning process involves nominating guardians, power of attorney, choosing an executor, and asset distribution. A blended family, also known as a stepfamily, is a family consisting of a couple and their children from the current relationship and all previous relationships. If you do not have a Will or Trust, there can be multiple complications…
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What Is a Will?
A will is a legal document that, at its core, says who gets your stuff after you are gone and who is responsible for getting it there. Each state has different laws about what formalities need to be followed for a document to qualify as a “will”. For example, some states allow what are called…
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What Is a Health Care Directive
Health Care Directives are also sometime called living wills. They are your instructions to family and health care providers about what kinds of extraordinary care you do or do not want under certain circumstances. Typically, directives address what kind of care you do or do not want if two doctors have certified that you are…
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Estate Introduction
Estate planning and estate administration are the two sides of the process of transferring assets from yourself to your loved ones. Everyone already has an estate plan. If you haven’t created your own plan, your state laws have a default plan that may or may not be what you intend. Every state has laws for…
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How Do I Give Instructions for End-Of-Life Care?
A health care directive, also known as a living will, is one way for you to tell your family and health care providers what types of care you do or do not want under certain circumstances. A “Do Not Resuscitate Order” or DNR, is a medical order written by your doctor telling providers not to…
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What Is an Estate Tax?
Estate taxes are a tax on the transfer of assets from one generation to the next. The federal government has a “gift tax” on lifetime transfers and an “estate tax” on transfers after death. Currently, that tax is only charged on transfer of over $11,700,000. Some states also have a state estate tax. States that…
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What Is a Caregiver Contract (Personal Care Agreement)?
Personal Care AgreementsData collected by the American Association of Retired Persons (AARP) in 2020 shows nearly 42 million Americans serve as unpaid, informal family caregivers to individuals 50 years of age and older. When providing care to a family member, creating a Personal Care Agreement offers many advantages. Defining Personal Care AgreementsA Personal Care Agreement,…
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Navigating Guardianship Petitions and Capacity Determinations: The Role of an Elder Law Attorney
Guardianship petitions and capacity determinations play a crucial role in ensuring the well-being and protection of incapacitated individuals. In the realm of elder law, attorneys specializing in guardianship law are instrumental in assisting families and individuals in these complex legal processes. This blog post will explore the vital role of an elder law attorney in…
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When Should I Get My Estate Planning Done?
Everyone already has an estate plan. If you haven’t created your own, your state laws have a default plan for you! It may or may not be what you intend. Once you are an adult, if you own anything (it could be as little as a car or a checking account) you should have your…
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