Estate planning allows individuals to take control of what will happen in the future if they become incapacitated and when they die. At Foley Freeman, we believe in empowering clients. A comprehensive estate plan is more than just a will. It is about protecting your wealth and your family’s future.
With the right estate documents, you can ensure your minor children are taken care of if you die, and you can determine what medical care you will receive when you grow old. Schedule a consultation today to speak with an Eagle estate planning attorney about your needs. Our firm is here to assist you with every process.
Providing for Loved Ones in Eagle, ID
There is no one-size-fits-all estate plan. Instead, our experienced attorneys will meet to review your financial goals and discuss your families. An estate plan should provide comfort and peace of mind, while also minimizing burdens on loved ones who will inherit your estate. We understand the circumstances of families in the Eagle community.
We can create many of the legal aspects of an estate plan:
- Wills: Our clients use a last will to leave assets to loved ones. You will also name a personal representative to shepherd your estate through probate and pay any bills. We can also use the will to appoint guardians for minor children if both parents pass in an accident.
- Living trusts: Some clients use a trust, which is a method of holding property. A trust does not need to go through the probate process, so many residents prefer to avoid probate by creating a living trust, also called an inter vivos trust.
- Special needs trust: Leaving money to a disabled adult in a last will could disqualify them from benefits. Instead, we use a special needs trust to provide for these beneficiaries, which preserves their eligibility for government support.
- Life insurance: Some of our clients buy life insurance to provide an immediate source of income to their loved ones while the estate is in probate.
We have worked with people from all walks of life to create wills, trusts, and other legal documents. Estate planning is not reserved only for the wealthy. It is for anyone who wants to protect their legacy.
Taking Control of the Future
Estate planning also considers what will happen if you are incapacitated or cannot make choices for yourself. As we age, many people develop dementia or Alzheimer’s and lose capacity. These estate planning tools can help you determine today what will happen in the future:
- Living wills and power of attorney for health care. Decide ahead of time what end-of-life medical care you want, as well as who can make choices for you when you can’t make important decisions on your own behalf. Without these documents, your children could end up in a tense legal fight in court.
- Power of attorney for finances. Incapacitated adults need someone to handle their financial affairs, such as managing bills or depositing checks. Let us help you identify the correct person to serve and draft an airtight legal document.
- Business succession planning. Do you own a business? You will benefit from intentional business succession planning. It is critical that qualified people take over the business when you can no longer handle it. This protects your employees and your legacy.
Please avoid any DIY forms you see online. A lawyer provides many services, such as helping you establish who should serve as an agent for financial decisions. Our knowledge of Idaho law ensures your wishes are followed.
Understanding the Probate Process in Boise
When a person passes away, their loved one’s estate often goes through probate. This is the legal process where a court makes sure the wishes in a last will are followed fairly. The court oversees the paying of taxes and debts before the assets go to the beneficiaries.
For many families, probate can cause stress. It takes time and can cost money. An estate planning attorney can help you plan to avoid probate for certain assets. This helps your family members get their inheritance faster without litigation or lawsuits.
Tax Planning and Managing Your Wealth
One big part of estate planning is tax planning. We want to make sure the government does not take more than its fair share. Our services help you look at state and federal taxes that might apply after death. By managing these aspects now, you leave more wealth for your loved ones.
Our Boise area office helps clients establish a plan that covers these details. We focus on your specific needs to reduce the taxes your estate might owe. This gives you peace of mind knowing your financial future is secure.
Why Foley Freeman?
Our firm hung out a shingle in 1978 in a small house in Meridian. Since then, we have assisted numerous individuals in the Treasure Valley with their family law and estate planning needs. Our lawyers have achieved recognition by the Idaho legal community and are active in the Idaho State Bar. We serve residents in Boise, ID, Eagle, and beyond.
We take pride in the relationships we have developed over the past 40 years, and have seen how estate planning can transform lives. With a detailed estate plan in place, men and women can face the future without worries. We are eager to listen to your story and help you craft an estate plan for your family.
Estate Planning FAQs
What is the difference between a last will and a trust?
A last will only takes effect after death and must go through court probate. A trust can take effect during your life and helps your property avoid probate. Both are important decisions for your estate plan.
Why do I need a lawyer for estate planning?
A lawyer knows the specific Idaho laws that affect your estate. DIY forms often miss legal rights or fail to cover business contracts. Our experienced attorneys assist you in making sure your documents are legal and valid.
How often should I review my estate plan?
You should review your plan every few years or after big life changes. This includes marriage, divorce, or buying new property in Eagle, ID. We can help you review your documents to keep them current.
What happens if I die without an estate plan?
If you die without a plan, the state of Idaho decides who gets your assets based on the law. This might not be what you wanted. It can also lead to litigation between family members, causing extra stress.
Can estate planning help me with my business?
Yes! We help with business contracts, succession, and protecting your employees. Managing these legal aspects now ensures your business continues even after you can no longer run it.
Speak with an Eagle Estate Planning Attorney
It is never too late or too soon to create an estate plan. Contact Foley Freeman to schedule a consultation with one of our attorneys to discuss wills, trusts, or estate planning services. Our Boise area office is ready to help you establish a legacy. We can also help you review an existing estate plan if you’ve experienced a change in circumstances.