Idaho Estate Planning Legal Questions

Most states will probate a Will created in another state if it was valid under the law of the state where it was created when it was signed.  Durable financial and medical powers of attorney vary.  Contact local probate lawyers.  You may need separate sets of these and related documents for each state.... Read More

My answer is limited to the federal gift tax. Just having a gift does not create a tax liability. First off you must determine how much of a taxable gift you have. In 2014, you can give someone up to $14,000 in present interest gifts and not have a taxable gift. However, even if you have a taxable gift, you do not have a tax liability. In 2014, a person's taxable gifts must exceed $5,340,000 before  the person has any tax liability. The taxable gifts include all taxable gifts made since 1932. If all of your taxable gifts  from 1932 to 2014 do not exceed $5,340,000, you do not owe a gift tax.  If you have a taxable gift in 2014, you must file Form 709, but simply having a taxable gift does not mean you have a tax liability. On Form 709, you will show that your taxable gifts do not exceed $5,340,000 and that you do not have a tax liability.... Read More

First, if your husband doesn't have a Will or Trust when he dies, his Estate would be distributed under Nevada's intestate succession laws, provided the real property is in Nevada. Under intestate succession, you being his spouse, would receive 1/3 of his Estate and his children would receive the remaining 2/3. If your husband wants you to live on the property after his death and then have his children receive the property upon your death, he definitely needs at least a Will if not a Will and Trust. In either a Will or a Trust he could grant you a Life Estate, meaning you could live on the property until your death and then, if he chooses, his children would inherit the property. If he were to put your name on the title of the property as a joint tenant with right of survivorship, upon his death the property would become your's and he runs the risk that you would have an Estate plan drafted leaving the property to whom ever you wish. If his wish is truly for the property to go to his children upon your death, he would probably be better having an estate plan drafted giving you a Life Estate.... Read More

It is not as simple as getting an appraisal and then given her 1/2 of that amount. You might have some right to credit or reimbursement for all the mortgage payments you made. There is a question as to whether it was a gift or you intended to be paid back at some time. The property has to go through probate for the title to change to you and your sister. You probably need to see a probate attorney for an hour consultation to figure out what the situation is. Your can read sections from some probate books written for the lay person, such as from Nolo Press, so that you know what questions to ask the probate attorney.... Read More

The answer turns on who owned the furniture on the date of your father's death. If he gave it to your sister while he was alive, it is hers. It all comes down to proof. If nothing is in writing it may be one person's word against another's. If it is not a lot of money, it is better to just leave it alone.... Read More

If your father's estate is not large enough to require a probate administration, then we must find a way to divide his property among his heirs. If all he has is the furniture, agree with your brother that you will have the furniture valued and that he will bear his share of any cost incurred. Then, sell what you don't want and give him half of the total value. So, if the total net value is $3,000, then he gets $1,500 if you and he are the only children and you have no deceased siblings who are survived by issue.... Read More

Medicaid planning can be very complex, so you should get the advice of a competent attorney with experience in this area. When a person makes an application for Medicaid benefits, they must disclose all gifts made in the previous five years, and then the value of those gifts is used to determine an ineligibility period with respect to Medicaid benefits. So if you deed your half of a condo now, the value of that property will still count against you for five years.... Read More

The best way to make sure that your children receive the life insurance money is to establish a trust for them and have the proceeds payable to the trust. Your father can be appointed trustee of the trust and will need to abide by the provisions you set forth for your children regarding the distribution of money to them. I would be happy to assist you in this matter or you can retain any estate planning attorney as well. Good luck!... Read More