It depends. If a deed to the home or other real property is titled “George and Sally, Husband and Wife” it will be necessary to “probate” George’s estate to remove his name and put the deed in just Sally’s name. Probate is a process where Sally, the surviving spouse, files a variety of papers at…
DetailsIdaho Law Change for Married Persons’ Estate Plan To Save Taxes [1] Do you and your spouse hold a joint brokerage account that is titled “Jack and Jill Hill, Joint Tenants With Rights of Survivorship (JTWROS)”? You may want to change the title to be “Jack and Jill Hill, Community Property, With Rights of Survivorship…
DetailsThe legal rights for married same-sex couples shifted in lots of ways with the June 26, 2015 United States Supreme Court decision Obergefell v. Hodges. Starting with estate planning, married individuals will be able to inherit property from a spouse without paying any death taxes. The surviving spouse will have priority over other family members…
DetailsWill California Tax Your Trust?[1] California takes the position that any trusts that (1) have income from California sources, (2) the trustee of the trust is a California resident or (3) a beneficiary of the trust is a resident of California, then the income may be taxable in the state of California. Why is this…
DetailsThe Idaho Legislature passed three new laws that may be of interest to you. These laws go into effect on July 1, 2015. Uniform Recognition of Substitute Decision-Making Documents Act (Idaho Code Section 15-15-101 to 15-15-110). One of the purposes for this new law is to provide standards for recognizing financial and health powers of…
DetailsThere is a 70% guarantee that the day will come when you need someone to help make decisions for you if you are over age 65. Most people ignore or only casually think about whom they want to assist with their finances and health decisions when they are unable to help themselves. Many people give this…
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