Idaho Estate Planning for Generation X
Estate planning is important for everyone to complete. However, this is perhaps more important right now for the group that makes up what is known as Generation X than it is for any other current generation. Generation X, or Gen X consists of individuals who were born in the early 60s through the early 80s. This means that as of 2018 the age range for this group is typically between 35 to 58. Essentially, this is the midlife range for a person’s life.
During this time in a person’s life they typically have children who could range from young adult to infants. Additionally, this generation are likely mid-way through working in their careers, are considering and working towards retirement, and may be in their second or third marriage. This generation also typically has a home and other accumulated assets, as well as some debt. This group may be caring for their older aged parents, which may also lead to their receiving an inheritance within the next decade or so. Also, this group still likely has financial responsibilities towards their own children and helping them to complete their college education, become adults, and maybe helping them get a start in life.
Because of all the things mentioned above, Gen X is the generation perhaps in the greatest need of completing their estate planning. At the Racine law office we offer premier Idaho estate planning services to every group of people including Gen X. We have assisted clients in all generations, having various needs, with their estate planning for over 70 years. We use a knowledgeable and highly skilled team of estate planning attorneys to meet all your estate planning needs. Our team consists of partners Randy Budge and Lane Erickson and attorneys Nate Palmer and Dave Bagley each of whom have received the highest review ratings possible from other attorneys, the judges we commonly work with, and most importantly our current and past clients. Many of our attorneys are Gen X members themselves which makes us confident that we can help you too.
If you are a member of Gen X, we are confident that we can help you with your concerns about estate planning. Here are three specific things that you should know about how estate planning can help you and your family.Consider Your Digital Assets
Gen X is the biggest group of people who remember life before cell phones, computers and the internet. Gen X was the group that developed all of these things and then incorporated them into their daily lives. Most of the generations before have had a difficult time making this transition. Most of the generations after have no knowledge of life without these technological advances. As a result, Gen X members are really the first generation of individuals who have digital assets to consider and that need to be protected.
Estate planning has an impact on all assets that a person owns including digital assets. When we talk about digital assets we’re really talking about things like PayPal accounts, cryptocurrencies, social media accounts, email accounts, domain names, websites, and blogs. Other digital assets may exist but these are the most common. Because they are considered assets, they are controlled by a person’s estate planning. Idaho has been fairly progressive in passing statutes and laws that recognize digital assets and that provide a way for a person’s estate planning to control and protect these assets. These statutes are located at Idaho Code §§ 15-14-101 et seq.
Obviously digital assets are only one kind of assets that a person can have. Other assets may include real estate, other property, bank accounts, investment accounts, retirement accounts, and any other tangible items that have intrinsic or significant value. All of these assets should be considered and protected when it comes to completing your estate plan.Children, Divorce and Incapacity
The next thing for you to understand if you are a member of the Gen X group is how important it is for you to take care of your own life. This includes your children, your marriage and possible divorce, and the likelihood that you could become incapacitated at some point in your lifetime. At this stage of your life most individuals have children, have been married, may have been divorced, and are looking towards the future of retirement as well as the health-related issues that come with aging.
Idaho estate planning takes into consideration all of these things to give you the ability to make a plan that works for your specific circumstances. Take for example, if you had small children, your Idaho state plan would allow you to name Guardians for them until they reach the age of adulthood. It would also give you the ability to create a financial plan that would help your children if you are no longer alive.
Additionally, estate planning in Idaho considers your current circumstances. It can help you regardless of whether you are currently married, divorced, or considering a second or third marriage in your life. Each of these circumstances can be reviewed and planned for in a way that provides you with the protection that you feel you need as well as creating a plan for your loved ones.Basic Estate Planning Documents
The final thing that you should understand is what documents are included as a basic estate plan. These documents include a last will and testament, a durable power of attorney, a living will, and a health care power-of-attorney. Each of these documents is designed to do specific things to assist you and your loved ones.
Most people are familiar with a last will and testament and how it provides an opportunity for you to give away your property and assets to those you love. However, a last will and testament can also do much more. As was mentioned above a last will and testament is the document you can use to nominate a guardian for your minor age children if you were to die while they are still young. This document also gives you the ability to create a testamentary trust to provide financially for your children in the event you have died. Further, your last will and testament is where you can name the individual as the personal representative who will take care of your plans are carried out the way you have instructed.
However, the most important document in your estate plan is your durable power of attorney. The reason this is the most important document is because it can have a big impact on you while you are alive. This document allows you to name a person who will take care of your finances, property, debts, and other daily life affairs if you become incapacitated and are unable to make these decisions for yourself. If you do not have a durable power of attorney your family will be forced to do a court proceeding known as a guardianship. In this proceeding, any individual can nominate themselves to be your guardian. If people don’t agree that a legal fight will in Sioux and the court will be left with the responsibility of choosing the individual to serve you as your guardian. This person will then be given the legal authority to handle all of your property, finances, and to make decisions for you and your life.
Your health care power of attorney is similar but it is more narrow in scope. Your health care power of attorney allows you to name an individual who will make decisions about what medical care you received if you cannot make these decisions for yourself. These decisions would include what medicines you take, what doctors you see, and what medical procedures you receive. It could also allow an individual to make decisions about what Assisted Living Services you may need.
The last document that is part of a basic estate plan is the living will. This document assumes that you are incapacitated and cannot communicate with your doctors. If you have a terminal condition and are only being kept alive artificially by life support your living will provides specific instructions to your doctors about whether you want them to keep you alive or whether you want them to turn the machines off. The most important part of this document is that you cannot communicate with your doctors, so long as you can communicate you have the ability to let them know what you do and what you do not want them to do in your medical treatment.Enlist an Idaho Estate Planning and Probate Attorney to Help You
Our experienced Estate Planning team of attorneys can help you and your family with your Idaho estate plan or with your probate needs. Whether you are seeking your own customized Estate Plan or are in need of a Probate for a loved one who has passed, we are available to discuss your options and answer your questions at an initial free consultation. Call us toll free at 877-232-6101 or 208-232-6101 for a free consultation with the Racine Olson team. You can also email us directly at email@example.com. We will answer your questions and will help you solve your Idaho Estate Planning and Probate problems.