The Twin Falls Estate Planning, PLLC Blog
Initiating Financial Discussions with Family During the Holiday Season
The holiday season provides an ideal opportunity to engage in meaningful conversations with family about inheritance, end-of-life arrangements, and estate planning, thereby fostering a deeper connection. However, broaching these topics inappropriately could lead to unresolved issues. Discussing how relatives wish their finances and possessions to be managed in the event of their passing or incapacitation may be ill-timed during festive activities such as gift exchanges or holiday meals. To prevent your family from feeling overwhelmed and to ensure productive discussions, consider implementing the following strategies. Continue reading…
From ‘I Do’ to ‘What If’: Estate Planning Must-Do’s for Newlyweds – Part 2
Last week we explored the key estate planning components every newlywed couple needs to protect their rights, wishes, and plans now and in the future. This week, we’re continuing the conversation with three more estate planning must-do’s for newlyweds. Read more…
From ‘I Do’ to ‘What If’: Estate Planning Must-Do’s for Newlyweds – Part 1
With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse. Read more…
SECURE 2.0 Act How It Affects You and Your Retirement Account Beneficiaries
SECURE 2.0 Act How It Affects You and Your Retirement Account Beneficiaries On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: Eligble Designated Beneficiaries Exempt from the 10-Year Rule The SECURE Act provided a few exceptions to
Got Intellectual Property? Include It in Your Estate Plan
Got Intellectual Property? Include It in Your Estate Plan To own intellectual property, you don’t have to be a famous producer or household name. You almost certainly have intellectual property if you create music, own a business, write stories, or build gadgets in your garage. However, because intellectual property is intangible, it’s often overlooked in estate planning. And if you
Help Your Parents Avoid These New Financial Scams – Part 2
Help Your Parents Avoid These New Financial Scams – Part 2 In part one of this series, we explored two popular scams targeting older adults this year: the grandparent scam and cryptocurrency pickpocketing. In this week’s blog, I’m sharing two more scams you and your parents need to be aware of, plus tips for staying protected. Let’s dive in. 03
Help Your Parents Avoid These New Financial Scams – Part 1
Help Your Parents Avoid These New Financial Scams – Part 1 Fraudsters and scam artists are nothing new, but changing tools and technology make it easier for scammers to target their victims, especially seniors. To protect your aging parents (or yourself) from these con artists, it’s crucial to equip yourself with the knowledge of how these scams work and what
When Should You Get an Estate Attorney for a Will?
Creating a will and testament is the ideal way to ensure your final wishes are respected after your death. According to Gallup, 76% of individuals who are 65 years old have a will. However, more people are beginning to make wills at a younger age. Here are circumstances where you should hire an estate attorney to help you create a will. Complex
Can You Rely on Legal Insurance for Your Estate Plan?
Can You Rely on Legal Insurance for Your Estate Plan? As the need for affordable legal services becomes even more important in today’s world, it’s common to opt for group legal insurance offered through your workplace benefits. These group insurance plans provide free legal assistance for a variety of needs from law firms that have contracted with the insurance company
What Happens to Your Estate if You Pass Away Without a Will?
Many people believe that only the wealthy or the elderly should worry about wills and estate planning. This belief couldn’t be further from the truth. According to Caring.com’s 2023 Wills and Estate Planning Study, one out of three people said that COVID caused them to see a greater need for an estate plan, but 31% of those who saw a
Answers to 3 Common Questions Regarding Hiring an Estate Attorney
There are some misconceptions about who should hire an estate attorney. According to NOLO, about 49% of people that responded to a recent survey said they didn’t believe they have enough assets to hire an estate attorney or worry about planning their estate. The idea that a minimum number of assets is needed to hire an estate attorney is wrong. Let’s
What Does a Probate Attorney Do?
Estate planning is a very important process that each person should invest in. Unfortunately, some people don’t bother having an estate plan in place. According to The Wealth Advisor, 49% of individuals in the United States don’t believe their belongings are worth enough to worry about estate planning. If it so happens that someone passes away without a will, their
What You Need to Know About Collecting Life Insurance Proceeds
Collecting Life Insurance Proceeds If you’re looking to collect life insurance proceeds as the policy’s beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one’s death, it can feel as if your entire world is falling apart, so it’s helpful to understand exactly what steps you need to take to access the insurance funds
When Do You Actually Need an Estate Lawyer?
There are several situations that may require you to hire an estate lawyer. For instance, when you want to set up a trust. An estate lawyer can also help you decide on the best estate planning vehicle for you. According to Caring.com, in 2020, just 16% of people in the United States between the ages of 18 and 34 said they
3 Reasons It’s Time To Start Looking Into Estate Attorneys
The COVID-19 pandemic prompted a third of the population to understand the need for an estate plan, and while only 31% of those individuals did anything about it, it is never too late to ensure your assets are properly documented (per Caring.com). Estate attorneys work with you during your lifetime to take appropriate measures to protect your estate, while probate attorneys are
5 Questions to Ask an Estate Attorney
When it comes to estate planning, there are many things to think about. One of the most important things is making sure you have an attorney you can trust who can help guide you through the process. Here are five questions to ask an estate attorney before hiring them. 1. How Much Experience Do You Have With Estate Planning? You want an
Britney Spears’ Nightmare Conservatorship Underscores The Vital Importance Of Incapacity Planning—Part 1
Britney Spears’ Nightmare Since the age of 16, when she burst onto the charts with her debut single, “…Hit Me Baby One More Time,” Britney Spears has been one of the world’s most famous and beloved pop stars. Yet despite her massive fame and fortune, Britney, who is now 39, has never truly had full control over her own life.
Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 1
Larry King’s Learnings- Part 1 Legendary TV and radio host, Larry King, died at Cedars-Sinai Medical Center in Los Angeles on January 23rd, 2021, at age 87. Larry was hospitalized in December due to COVID-19, but he’d recently been moved from the ICU to a regular hospital room after recovering from the virus. However, the famed broadcaster suffered from a
Thirteen Estate Planning Terms You Need to Know
Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so
How to Own Your Real Estate
Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the best form of ownership for each.