Estate & Trust Planning in Sun Valley and Boise, ID
A good estate plan is more than just a collection of documents. It is road map that results from a dialogue among family members and an understanding of your options regarding retirement planning, disability planning, planning for gifts during your life, charitable planning as well as the plan regarding the disposition of your assets upon death. The Sun Valley and Boise estate planning lawyers at Mathieu, Ranum & Allaire, PLLC have extensive experience in facilitating that dialogue and explaining the options to you. We customize our estate planning services to our clients whose needs range from simple wills to complex and large estates requiring expertise in estate, gift, generation skipping and income tax, as well as the use of trusts and business structures for managing and transferring assets.
Why is Estate Planning Important?
Failure to develop and document an estate plan cedes control over your assets and end of life decisions to others. Failure to revise your plan as your life or laws change may also result in costly, unintended results. Mistakes our Sun Valley and Boise trust lawyers have seen that could have been avoided include:
- Children receiving an inheritance before they can intelligently manage it – "blowing" it within a short period of time and foregoing the opportunities that an inheritance can provide.
- Children receiving half of the assets when the surviving spouse needed all of the assets to continue living comfortably.
- Farms and businesses being liquidated because some of the heirs will not forego their inheritance and insist on liquidation.
- Failure to place assets in a special needs trust resulting in loss of social security and Medicaid benefits.
- Failure to change certain clauses in trusts following tax law changes, resulting in loss of tax benefits or over or under funding a trust.
- Failure to title assets to manage exclusions and deductions under Federal tax laws resulting in a taxable estate that would otherwise have paid no Federal estate taxes.
- Ex-spouses receiving assets (at the expense of a current spouse) due to failure to update trust, retirement plan beneficiary designations, and other documents following divorce.
- Sole proprietorships being unable to pay bills and continue operating because the owner is incapacitated and no one has power of attorney or authority to manage it in the owner's absence.
- Destruction of the future of a business because of sibling discord due to lack of succession planning.
- Executors failing to understand what elections they should make and when, resulting in unnecessary estate and generational skipping taxes.
How We Can Help You?
We will work with you to evaluate what your estate consists of, how your assets are held, the taxes, if any, you may be exposed to, who you would like to give your assets to and the controls that you would like to place on when and how the assets are distributed. We will ask questions that should enable you to prevent undesired consequences. We will provide you a clear understanding of your alternatives, and we will develop a plan and documents that reflect your needs and desires.
Contact Us for Assistance with an Estate Plan in Boise and Sun Valley
You have worked hard to develop your wealth; don't make the mistakes that so many others have made by failing to develop an estate plan or revise it as your life and tax laws change. Please contact Mathieu, Ranum & Allaire, PLLC at our Boise and Sun Valley offices to discuss your particular goals and objectives, and learn how we may be of value to you and your family.