Wright Blog
Welcome to Wright Law Idaho’s blog, where attorney Steven J. Wright shares valuable insights and practical advice on estate planning, business formation, elder law, probate, and Medicaid planning. With a creative tone and unwavering commitment to honesty and respect, Steven dives deep into topics such as estate control, protecting your family, aging parents, divorce’s impact on estate plans, and comprehensive planning. Stay informed and prepared with Steven J. Wright’s informative blog.
Estate Planning
The Lesson Behind Estate Planning We Must Not Forget
If you have ever wondered about estate planning and how you can take action now to prepare for the future you are in the right place. I write these columns primarily to encourage people to prepare their estate plan before it is too late. Without preparation, many...
Are you Prepared to Step In?
I read an article published in the Wall Street Journal® titled “The Difficult, Delicate Untangling of Our Parents’ Lives.” The author and his wife were in their 50s and dealing with the challenges of parents too incapacitated to handle their own affairs. ...
What Will Your Estate Plan Accomplish for Your Family?
For those who attend my presentations, I offer a free, no obligation estate planning audit. There are three reasons for the audit. First, we discuss the issues/questions important to that person or couple. Second, we discuss what is accomplished with their current...
Medicaid Planning
What is the Best Way to Help Your Aging Parent?
There are usually serious challenges for both parent and child as an aging parent loses the ability to care for himself or herself. In some cases, the parent may have only nominal limitations. In others, a parent may be fully incapacitated. A parent may be mentally...
Is Someone Close to You a Risk to Your Estate?
Exploitation of seniors is an extremely serious issue. Financial abuse costs seniors 2.6 billion annually, according to a study by MetLife, although four out of five cases are not reported. In the majority of those cases, family members and caregivers are the...
Will this Shortcut Help or Hurt?
I occasionally meet with people who have chosen to transfer their home to someone else while they are still alive. They do this by signing the deed to their home over to a child, spouse or someone else. When the deed is signed over, that home - in many cases, the...
Business Law
Use the Structure of Your Family Business to Help Your Estate Plan
At some point, every family business owner considers what will happen when they are no longer able to run their business. Will they be able to retire when they are ready and successfully pass on the business? For this to happen, family business owners must identify...
Have You Considered These Options to Pass on the Family Business?
For the last several columns I have addressed critical steps for parents who desire to pass on the farm, ranch, or other business to the next generation. In the last post, I gave the example in which one child wants to own/operate the business but the others are not...
Would You Like to Pass on the Family Farm, Ranch, or Business?
A substantial part of my practice is spent helping families prepare to pass on the family farm, ranch, or other business. Given that this is usually the family’s largest asset, it is critical the process be done properly. Unfortunately, most family businesses fail to...
Frequently Asked Questions
What is a “Life Estate?”
Last column, I posed the example of a second marriage in which the husband moved into the house already owned by his new spouse. When she dies, what right does he have to continue living in that home? If he continues to live there, what effect will this have on her...
Are You Familiar With The “Grandparent Scam?”
Previously, I read an article warning about what is called the “Grandparent Scam.” It is a scam I have been addressing for some time in my presentations. According to the FBI, it works like this: You’re a grandparent, and you get a phone call or an e-mail from...
How You Can Protect Your Loved Ones from Scams
Scams have become a serious threat for senior citizens, including in our community. Almost one third of successful scams make senior citizens the victim, even though seniors represent only 12% of the population. There are several reasons for this: Seniors are the...
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