At Foley Freeman, PLLC, our Boise trust attorney has the skills and experience that you can trust. As a firm that provides comprehensive estate planning services, our team handles the full range of trusts. If you have any questions about trusts as an estate planning tool, we are here as a legal resource. Contact us today for your fully confidential, no obligation initial consultation with a top-rated Boise estate planning attorney.
What is a Trust?
A trust is a legal arrangement where one party (the trustee) holds and manages property for the benefit of another (the beneficiary). The person creating the trust (grantor or settlor) transfers assets into the trust. Trusts provide a flexible method of controlling property. There is an all-too-common misconception that only very wealthy people can benefit from a trust. That is simply not the case. Many middle-class families in Boise, Ada County, and elsewhere in Idaho can use trusts to protect their assets, limit exposure to probate, and achieve other goals.
Our office has helped several families over many years create plans that fit their unique needs. Whether you want to protect your family’s future or pass money to loved ones in a way that reflects your wishes, we can help you decide the best approach.
Why Trusts Can Be Valuable Estate Planning Tools
Trusts can be an extremely powerful estate planning tool. They offer several advantages compared to a will alone. For example, assets held in trust can avoid probate. That provides more privacy and faster distribution. Trusts also allow for structured management of assets, which is important for minor children or beneficiaries with special needs. They can be tailored to protect property, reduce conflict, and, in some cases, provide tax advantages. A Boise estate planning lawyer can help you determine how this estate planning option can be best used to achieve your goals.
The estate planning process does not have to be overwhelming. Most people find that with proper guidance, they can create a plan that brings peace of mind and protects their well-being. Our priority is making the entire process clear and straightforward for every client we serve.
How Estate Planning Protects Your Family’s Future
Estate planning is about more than just documents. It is about making sure your family is taken care of after your death. A solid plan can help your loved ones avoid conflict, reduce stress, and receive their inheritance without unnecessary delay. When you work with an estate planning attorney, you get someone who focuses on your family’s future and helps you make informed decisions.
Many clients come to us because they want to avoid the probate process. Probate can be time-consuming and expensive, especially for complex estates. With the right living trust or other estate planning tools, you can pass your assets directly to your children or other beneficiaries without going through probate court.
We Handle All Types of Trusts in Boise, Idaho
The estate planning team at Foley Freeman, PLLC has the skills and experience to handle the full range of trusts. Along with other trusts, our Boise attorneys are prepared to help you with:
- Revocable Living Trust: A revocable trust is created during the grantor’s lifetime and may be altered or revoked at any time. It is commonly used to avoid probate and manage property during incapacity. Upon the grantor’s death, it becomes irrevocable and directs the distribution of assets to the assigned beneficiaries. A living trust is one of the most flexible estate planning tools available. It allows you to maintain control during your life while providing clear instructions for after you pass.
- Irrevocable Trust: An irrevocable trust cannot be changed once created, except under limited circumstances. Assets transferred into the trust are no longer owned by the grantor. That matters because when they are set up properly, irrevocable trusts are extremely powerful asset protection tools. These trusts are often used for long-term care planning. They can also help with elder law concerns, such as protecting assets while qualifying for government benefits.
- Special Needs Trusts: A special needs trust provides financial support to a disabled beneficiary without jeopardizing eligibility for government benefits. The trustee manages distributions to enhance the beneficiary’s quality of life. Idaho families with special needs loved ones should strongly consider this type of trust. This type of planning is often overlooked, but it can make a huge difference in the life of a person with a disability.
Estate Administration and Probate Support
In addition to creating trusts and wills, our firm also handles estate administration. When a loved one passes, someone must manage their estate, pay debts, and distribute assets according to their last will or trust. Our probate attorney can guide families through this process with care and efficiency. We understand that this is a difficult time, and we work hard to answer your questions and provide the support you need.
How Our Idaho Trust Planning Lawyer Can Help
Trusts are complicated. To achieve their purpose, a trust in Idaho needs to be set up properly and fully funded. At Foley Freeman, PLLC, we provide proactive, solutions-focused trust planning support. You can learn more about the firm and reach out to us directly with any specific concerns about your case. Among other things, our Boise estate planning attorneys are ready to:
- Conduct a comprehensive, confidential review and evaluation of your case;
- Explain all of the options that you have for setting up a trust;
- Handle all of the paperwork required to set up a trust; and
- Develop a comprehensive strategy designed to protect your best interests.
Our team takes the time to understand what matters most to each client. We know that every family is different, and there is no one-size-fits-all answer when it comes to estate planning. That is why we offer personalized guidance and put in the effort to create plans that truly reflect your wishes and priorities.
Why Choose Our Firm for Your Estate Planning Needs
Our community deserves fair and honest legal representation. We have worked with clients from all walks of life, including those with complex estates and those just starting to plan. Whether you are a husband and wife looking to protect your family or a single person who wants to make sure your assets go to the right people, we can help. Our estate planning process is designed to be clear, thorough, and focused on your well-being and your loved ones’ future.
Trusts in Boise: Frequently Asked Questions (FAQs)
Do I need a trust if I already have a will in Idaho?
You might. They are not “either/or” estate planning documents. A will directs property through probate, while a trust can avoid probate altogether. Many people use both as part of a comprehensive estate planning strategy. A living trust can work alongside your will to create a complete plan. Some assets may still require a will, while others are better held in a trust. An estate planning attorney can help you decide which combination works best for your situation.
Can I change a revocable living trust in Idaho?
Yes, the grantor can amend or revoke a revocable trust at any time during their lifetime. Once the grantor passes away, only then does the trust become irrevocable. This flexibility is one reason why living trusts are so popular. You can update your trust as your life changes, such as when you have more children, acquire new property, or experience other major life events.
What duties does a trustee have under Idaho law?
A trustee must act in good faith, in the interests of beneficiaries, and with reasonable care. Duties include loyalty, impartiality, prudent investment, and proper accounting. Breach of duty may lead to personal liability. It is crucial that you pick the right person as a trustee. The trustee manages the trust assets and makes distributions according to the trust terms. This person should be someone you trust completely, as they will have significant responsibility over your estate.
How does long-term care planning relate to trusts?
Long-term care planning often involves setting up trusts that protect your assets while helping you qualify for Medicaid or other benefits. Elder law is a growing area of concern for many families. As people live longer, the cost of nursing home care or in-home care can quickly drain an estate. Estate planning lawyers who understand elder law can help you create a plan that protects your assets and ensures you receive the care you need. This type of planning requires careful attention to Idaho law and federal regulations.
What happens during the estate planning process?
The estate planning process typically begins with an initial consultation where you meet with an estate planning attorney to discuss your goals. From there, the attorney will help you create the necessary documents, which may include wills, trusts, powers of attorney, and healthcare directives. Our team helps families plan by breaking down each step into manageable pieces. We explain everything in plain language so you understand what each document does and why it matters. After the documents are complete, we also provide guidance on funding your trust and keeping your plan up to date.
How much does it cost to set up a living trust in Boise?
The cost varies depending on the complexity of your estate and your specific needs. During your initial consultation, we can provide a clear estimate based on your situation. Many clients find that the cost of creating a living trust is well worth it when compared to the cost and delays of probate. We work with clients at different budget levels and can help you find solutions that fit your financial situation.
Contact Our Boise Trust Lawyer Today
At Foley Freeman, PLLC, our Boise trust lawyer is standing by, ready to protect your rights and your interests. If you have any specific questions or concerns about trusts, please do not hesitate to contact us today for a completely confidential initial consultation. We provide trust planning services in Boise, Ada County, and throughout the region in Idaho.