Monday, May 18, 2020
Having an updated last will and testament is more important than ever, especially now. However, a will that is poorly created or not frequently updated can be vulnerable to contestation. What is contestation? It is the formal objection to a will’s (or trust’s) validity because it either: a) doesn’t reflect the wishes of the person who created the will, or b) because the will does not meet legal standards.
Will contests should be avoided at all costs. Not only can a contest derail your final wishes, but it can also rapidly deplete your estate and wreak emotional havoc on the family members left behind. Fear not. With proper planning, you can prevent that from happening.
Posted by eswartz at 5/19/2020 2:43:00 AM
Tuesday, May 5, 2020
A DIY estate plan can lead to a false sense of security because it may not achieve what you think it does. If your DIY will is not valid, your property and money will go to heirs specified by state law—who may not be the people you would have chosen. An unfunded trust will be ineffective. Banks may not accept a generic power of attorney you found on the internet. Laws affecting your estate plan may change.
Posted by eswartz at 5/6/2020 12:22:00 AM
Monday, April 27, 2020
Many Americans spend a lot of time and effort in managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they are temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there is another way COVID-19 can wreak havoc on American’s finances: lack of incapacity planning.
As the coronavirus continues to expand across the country, thousands of Americans are unable to carry out normal financial responsibilities because they are too ill, or they are stuck abroad and unable to travel home, or from a lack of resources due to being isolated at home.
While feeling healthy, individuals should plan ahead now and ensure that someone will take care of their financial duties by setting up a Financial Power of Attorney. This important legal document will not only protect your finances should you fall ill from COVID-19 but also fro
Posted by eswartz at 4/27/2020 9:32:00 PM
Wednesday, April 22, 2020
Medical directives may be among the most important legal documents you prepare - especially in light of COVID-19. Picking a medical agent can be tricky and we can help you think through your choice. Our Boise, Idaho attorneys can also help with any other estate planning needs you may have—whether that’s setting up a financial power of attorney, last will and testament, or a trust. Please give us a call today to discuss how we can help you and your family be prepared.
Posted by eswartz at 4/22/2020 6:36:00 PM
Tuesday, February 20, 2018
The new federal tax code that may have significant impacts on divorcing spouses in Idaho beginning in 2019. Under the old tax code, a spouse paying spousal support to the other spouse either while the divorce was pending or after the divorce, was able to deduct the payments on their taxes. Typically, that was a positive for the paying spouse. The spouse receiving the payments paid taxes on the payments, just like any other income they would receive. Typically, that was a negative for the receiving spouse.
Under the new tax law, and beginning January 1, 2019, and continuing until the new tax laws are changed, the paying spouse will no longer be able to deduct their payments to the other spouse on their taxes. That is likely a negative for the paying spouse. The spouse receiving alimony will not have to count the payments as income for tax purposes. That is likely a positive for the receiving spouse.
The new rules currently only apply&
Posted by eswartz at 2/21/2018 3:45:00 AM