Idaho adopted a new Financial Power of Attorney law in 2008. Everyone is just getting used to the new forms. Why have one? The power of attorney allows the people you elect (your agents) to handle financial business on your behalf. A “durable” power of attorney means it is effective even if you are incompetent.…
What a mess we have in the tax laws for 2010! For one year only, 2010, there is a law that applies to “stepped-up basis” for estates of individuals who died in 2010. Why do you care? Well, the heirs of someone who dies in 2010 can save thousands of dollars in taxes if they…
Under new rules, 2010 marks the first time many investors can convert a Traditional IRA to a Roth IRA. This presents an outstanding opportunity to minimize future taxes, avoid required minimum distributions and leave an income tax free legacy for your children and grandchildren! With a customized estate plan, this legacy may provide for your…
The impossible has happened. Congress failed to act at the end of 2009, and so we now have one year without the Estate (death) tax, before it is reinstated in 2011. What does that mean for you? I am reprinting below a short summary provided by the National Academy of Elder Law Attorneys (NAELA). I…