Estate Planning Overview
If you have no Estate Plan
it may be because you:
- Can’t make up your mind
- Don’t understand the need
- Believe nothing bad will happen
- Believe it will all work out
If you fail to plan
You may leave your loved ones with disagreements that lead to family division and even litigation. Idaho Law Group has the experience and expertise to customize a comprehensive Estate Plan which avoids family conflict. Your plan may include:
- Financial Powers of Attorney
- Health Care Powers of Attorney (Health Care Directives)
- Will
- Revocable Living Trust
- Irrevocable Trust
- Special Needs Planning
- Asset Protection
- Medicaid/Long Term Care Planning
What Is Estate Planning?
When someone becomes incompetent or dies, decisions about your assets must be made.
Estate Planning is the practice of structuring your assets and creating instructions for your agent(s) to carry out your wishes so that what you have goes:
- to Who you want,
- How you want, and
- When you want.
Discover Your Estate Planning Needs
Not sure if you need estate planning? The truth is, every adult can benefit from some form of estate planning. The real question is, “What type of plan best suits your needs?” Uncover your unique estate planning requirements with our experienced guidance today.
Can My Financial Professional Help?
Many people tell us they have already done Estate Planning with their financial advisor, banker, or CPA. There are two aspects to estate planning, legal and financial.
Financial advisors, bankers, CPAs, and other financial professionals can assist you with the management and growth of your assets. They cannot assist you with the legal work necessary to establish an Estate Plan. Only an attorney can do that.
How Will Estate Planning Help?
Control
Proper Estate Planning ensures the necessary legal documents are in place to keep you in control of your assets as long as you are able, and then put people you trust in control when you are no longer able. Your Estate Plan will provide sufficient instructions to guide them on how to use those assets for your benefit or for those you choose.
Care for You and Your Family
If you are deemed mentally incompetent, you will want to ensure your needs are met and that your loved ones are provided for. Your plan identifies who gets the benefits of your assets and who gets to control your assets.
Tax Mitigation
Tax strategies can be included in your Estate Plan to minimize or avoid taxes. Idaho Law Group can do this for you.
Goal Oriented
Proper Estate Planning will support your goals. Good Estate Planning, when properly maintained, keeps your estate in a constant secured state: Plan now so a judge and your loved ones do not have to guess about what your intentions may have been.
What Are My Options?
Estate planning options are numerous. To help you understand the options and choose those that are right for you, an Idaho Law Group attorney will educate you about Estate Planning law, discuss your goals, and help you identify which options support those goals.
Estate Planning Covers 3 Stages of Life
1. Alive and Competent
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
If you are concerned about Estate Taxation, during your lifetime, it is possible to make gifts that are discounted for tax purposes. If a gifting plan (business succession, GRATs, GRUTs, etc.) is warranted for your estate, Idaho Law Group will bring in colleagues to assist in that area of the plan.
Creating business structures is often a tool used in Asset Protection strategies and discounted Gifting strategies. Properly drafted business planning documents are important for business succession and are an essential component of Estate Planning.
A Power of Attorney for financial purposes is often used for people who are alive and well but traveling. This is beneficial for business professionals as well as those traveling for service and vacations. In some professions, financial Power of Attorney is not only helpful, but required.
1. Alive and Competent
People often think Estate Planning only matters when a person has died or is, at the very least, incompetent. All Estate Planning needs to be done while you are still competent.
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
If you are concerned about Estate Taxation, during your lifetime, it is possible to make gifts that are discounted for tax purposes. If a gifting plan (business succession, GRATs, GRUTs, etc.) is warranted for your estate, Idaho Law Group will bring in colleagues to assist in that area of the plan.
Creating business structures is often a tool used in Asset Protection strategies and discounted Gifting strategies. Properly drafted business planning documents are important for business succession and are an essential component of Estate Planning.
A Power of Attorney for financial purposes is often used for people who are alive and well but traveling. This is beneficial for business professionals as well as those traveling for service and vacations. In some professions, financial Power of Attorney is not only helpful, but required.
How to Proceed
2. Mentally Disabled
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
The benefits you receive from Estate Planning continue when you are alive but no longer competent. Your agents (helpers you choose) and Trustees will have authority to continue anything you have put in place.
When illness or injury leave you mentally incapacitated, it is necessary for someone to make medical decisions on your behalf.
- A poorly drafted Power of Attorney for Health Care can cost you thousands of dollars in guardianship and conservatorship proceedings.
- The standard Power of Attorney for Health Care often burdens a loved one with deciding if you live or die. It often creates rifts among those who disagree.
- A well drafted power of attorney can solve these problems.
When illness or injury leaves you mentally incapacitated, it is necessary for someone to keep your bills paid and manage your property.
- An Estate Plan without a Power of Attorney for financial matters or a poorly drafted Power of Attorney can cost you thousands of dollars in conservatorship proceedings.
- The standard Power of Attorney may be more dangerous than handing someone a blank check.
- A Power of Attorney (Financial) created by Idaho Law Group can solve both problems.
A well drafted trust will have disability provisions. If you are incapacitated, transition to a successor Trustee will be smooth. There is someone in place to take care of you, take care of your finances, and take care of your family.
Someone who is disabled and can no longer work or may even be facing being placed in a nursing facility will most likely benefit from government assistance if they can qualify for it. Idaho Law Group assists people to qualify quickly while preserving as much of their assets as the law will allow.
2. Mentally Disabled
People often think Estate Planning only matters when a person has died or is, at the very least, incompetent. All Estate Planning needs to be done while you are still competent.
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
The benefits you receive from Estate Planning continue when you are alive but no longer competent. Your agents (helpers you choose) and Trustees will have authority to continue anything you have put in place.
When illness or injury leave you mentally incapacitated, it is necessary for someone to make medical decisions on your behalf.
- A poorly drafted Power of Attorney for Health Care can cost you thousands of dollars in guardianship and conservatorship proceedings.
- The standard Power of Attorney for Health Care often burdens a loved one with deciding if you live or die. It often creates rifts among those who disagree.
- A well drafted power of attorney can solve these problems.
When illness or injury leaves you mentally incapacitated, it is necessary for someone to keep your bills paid and manage your property.
- An Estate Plan without a Power of Attorney for financial matters or a poorly drafted Power of Attorney can cost you thousands of dollars in conservatorship proceedings.
- The standard Power of Attorney may be more dangerous than handing someone a blank check.
- A Power of Attorney (Financial) created by Idaho Law Group can solve both problems.
A well drafted trust will have disability provisions. If you are incapacitated, transition to a successor Trustee will be smooth. There is someone in place to take care of you, take care of your finances, and take care of your family.
Someone who is disabled and can no longer work or may even be facing being placed in a nursing facility will most likely benefit from government assistance if they can qualify for it. Idaho Law Group assists people to qualify quickly while preserving as much of their assets as the law will allow.
3. After Death
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
If you die without a will and are required to have your estate probated, you have died “intestate.” Idaho law will impose a distribution plan on your estate. The law is structured to protect creditors first and then all potential heirs.
If you have a Will based Estate Plan, the Will gets submitted to probate to give the Court your instructions on how you want your assets managed and who you nominate as guardian of any minor children. The ultimate decision lies with the Court.
With a Trust based estate Plan, you will avoid probate. Your successor Trustee will manage your assets based on the instructions in the trust. The Trustee will pay your expenses and retain or distribute your assets as you have instructed in your trust.
If you pass away while married, there is the potential that your spouse will remarry. Without proper planning, your assets could go to your replacement’s children instead of to your own. Idaho Law Group can help you protect against this.
If you leave something to a beneficiary outright and that beneficiary is sued or gets divorced, your estate plan will give assets to the creditor or ex-spouse. Idaho Law Group can design protections for assets you leave for loved ones. Not only can they be protected from attacks on their estates by predators and creditors, they can be protected from foolish decisions and bad judgement as well.
3. After Death
People often think Estate Planning only matters when a person has died or is, at the very least, incompetent. All Estate Planning needs to be done while you are still competent.
Asset Protection takes many forms. If used correctly, it can protect some of your assets if you get sued, divorced, or a business fails. It is also possible to create pools of assets that are protected for your beneficiaries. You have complete control of what comes out, when, and to whom.
If you die without a will and are required to have your estate probated, you have died “intestate.” Idaho law will impose a distribution plan on your estate. The law is structured to protect creditors first and then all potential heirs.
If you have a Will based Estate Plan, the Will gets submitted to probate to give the Court your instructions on how you want your assets managed and who you nominate as guardian of any minor children. The ultimate decision lies with the Court.
With a Trust based estate Plan, you will avoid probate. Your successor Trustee will manage your assets based on the instructions in the trust. The Trustee will pay your expenses and retain or distribute your assets as you have instructed in your trust.
If you pass away while married, there is the potential that your spouse will remarry. Without proper planning, your assets could go to your replacement’s children instead of to your own. Idaho Law Group can help you protect against this.
If you leave something to a beneficiary outright and that beneficiary is sued or gets divorced, your estate plan will give assets to the creditor or ex-spouse. Idaho Law Group can design protections for assets you leave for loved ones. Not only can they be protected from attacks on their estates by predators and creditors, they can be protected from foolish decisions and bad judgement as well.
Schedule a free consultation with one of our experienced Estate Planning Attorneys
We provide education and counseling to individuals and families so that you can make informed choices with confidence.
