Protect What Matters

Estate Planning Overview

Estate planning is an essential strategy to manage and distribute assets according to your wishes, ensuring your legacy is preserved and your loved ones are cared for. It encompasses creating wills , establishing trusts for asset management and distribution, establishing asset protection structures, appointing a financial power of attorney for financial decisions, and drafting healthcare directives for medical choices. These measures safeguard against legal hurdles and minimize taxes, providing peace of mind that your estate will be handled smoothly and according to your exact wishes. Begin securing your future today.

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 disagreement, family division, and even litigation. Advanced Legal Planning has the experience and expertise to customize a comprehensive Estate Plan which may include the following:

Financial Powers of Attorney
Health Care Powers of Attorney (Health Care Directives)
Wills
Revocable Trusts
Irrevocable Trusts
Special Needs Planning
Asset Protection
Elder Law/Medicaid/Long Term Care Planning

What Is Estate Planning?

When a person dies, work has to be done to determine what to do with the assets that belonged to that person. Estate Planning is the practice of creating instructions and structuring your assets so 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 and avoidance of taxes. They cannot assist you with the practice of law necessary for Estate Planning. 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 the benefit of those you choose.

Care for You and Your Family

Upon your disability, you will want to ensure your loved ones are provided for and your needs are met. Upon your death, your plan identifies who gets the benefits and who gets to control your assets.

Tax Mitigation

Taxing strategies can be included in your Estate Plan to minimize or avoid taxes. Advanced Legal Planning can do this for you.

Goal Oriented

Proper Estate Planning will support your goals. It will ensure your assets are there for you while you still need them. Your Estate Plan makes sure your assets get to those you choose. Good Estate Planning, when properly maintained, keeps your estate in a constantly “settled” state: You take care of the work now so a Judge and your family don’t have to guess at your intentions and everything goes smoothly later.

What Are My Options?

Estate Planning options are numerous. To help you understand the options and choose those that are right for you, an Advanced Legal Planning attorney will spend time educating you about Estate Planning, discuss your circumstances and your goals, and help you help you identify which options are important to you, and help you choose a plan that will accomplish your goals.

Estate Planning Covers Three Stages of Life

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

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.

Tax Mitigation/Gifting

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.

Business Structures

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.

Power of Attorney (Financial)

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.

Mentally Disabled

Benefits Continue

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.

Power of Attorney (Medical) / Health Care Directive

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.

Power of Attorney (Financial)

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.

Trust With Disability Provisions

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.

Medicaid and Long Term Care Planning

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.

Post Death

Intestate

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.

Last Will and Testament

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.

Revocable Living Trust

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.

Remarriage Protections

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.

Asset Protection for Beneficiaries

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.

Safeguard your family's future through a tailored Estate Plan. Book a consultation with one of our expert Estate Planning Attorneys

Our attorneys provide candid assessments of your case, exploring your preliminary legal options to guide you towards the most fitting course of action..

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FAQS

What is estate planning, and why is it important?

Estate planning is the process of structuring your assets to ensure they are distributed according to your wishes after your passing or incapacitation. Estate Planning helps you minimize taxes, avoid legal disputes, provide for your loved ones, and maintain control over your financial affairs. Proper Estate Planning can also protect your beneficiaries from creditors and other potential risks.

What documents are typically included in an estate plan?

Key estate planning documents include a will, trusts, a financial power of attorney, a healthcare power of attorney, living will, beneficiary designations, and guardianship designations. Each document serves a specific purpose and can be customized to suit your unique circumstances and goals.

How often should I review and update my estate plan?

It is generally recommended to review and update your estate plan every 3 to 5 years or after significant life events such as marriage, divorce, birth of a child, death of a beneficiary, or substantial changes in your assets or financial situation. Regular reviews ensure that your estate plan remains current and accurately reflects your wishes.

One way to make sure your plan is up to date is to join a maintenance program. A maintenance program assures your plan is being reviewed regularly and gives easy access to an attorney if you have any questions or need any changes.

What happens if I die without a will or estate plan in place?

If you pass away without a will or estate plan, your assets will be distributed according to your state’s “intestacy ” laws, which may not align with your preferences. This can lead to family disputes, increased legal expenses, and increased hardship for your loved ones. It is crucial to have a well-crafted estate plan in place to ensure your wishes are honored.

Can I create my own estate plan, or should I consult with an attorney?

While it is possible to create your own estate plan, working with an experienced estate planning attorney is highly recommended. An attorney can help you navigate complex legal requirements, identify potential issues, and create a customized plan that addresses your unique circumstances and goals. This ensures that your estate plan is effective and legally sound. This provides peace of mind for you and your loved ones.

What is the difference between a revocable trust and an irrevocable trust?

A revocable trust is a flexible legal arrangement that allows you to maintain control over your assets during your lifetime and make changes to the trust as needed. Upon your death, the trust becomes irrevocable, and assets are distributed to your beneficiaries.

An irrevocable trust, on the other hand, is a permanent arrangement that cannot be altered or revoked once established. Irrevocable trusts offer greater asset protection and tax benefits but require you to relinquish control over the assets placed in the trust. An experienced Estate Planning attorney can create “some” flexibility to an irrevocable trust while maintaining its benefits.

How can elder law and Medicaid planning help me and my family?

Elder Law and Medicaid Planning involve navigating the complexities of aging, long-term care, and government assistance programs. By working with an experienced attorney, you can develop a strategy to secure quality care, preserve your assets, and expedite your eligibility for Medicaid benefits. This process can help alleviate financial burdens and provide peace of mind for you and your family.

What is special needs planning, and why is it important?

Special needs planning is the process of creating a comprehensive plan to support a loved one with special needs, ensuring their long-term well-being and financial security. This can involve establishing a special needs trust, selecting appropriate guardians, and identifying government benefits and resources. Proper planning can help your loved one maintain their independence, quality of life, and access to essential support services.

What is the role of a trust administrator, and what are their responsibilities?

A trust administrator, also known as a Trustee, is responsible for managing and distributing trust assets in accordance with the terms of the trust agreement. Their duties may include investing assets, paying taxes, maintaining records, communicating with beneficiaries, and addressing any legal or financial issues that arise. Trust administration requires a thorough understanding of fiduciary responsibilities and trust laws to ensure compliance and protect the interests of the beneficiaries.