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Frequently Asked Questions

What documents are included in an Idaho estate plan?

In general, the main documents for Idaho estate plan include:

  1. Will: The legal document stating your wishes for your family and assets after your death.
  2. Durable power of attorney for finances: Allows someone else to make decisions for you if you become incapacitated and unable to make those decisions for yourself.
  3. Living will: States your wishes for end-of-life health care.
  4. Power of attorney for health care: Similar to a living will, the power of attorney for health care lets you appoint someone (an agent) who can make healthcare decisions for you in the case that you cannot make them yourself.
  5. Trust: Allows you to control your affairs until your death.

Do I need a trust even if I’m not rich?

Yes! Trusts are not only for the uber-wealthy. A trust is created so that people can continue to manage their assets and estate during their lifetime with a plan for these affairs after their death. The ideal trust clearly outlines this person’s wishes to their family, heirs, and beneficiaries, explaining real estate, personal family items, and even guardianship clarifications.

What is probate?

Probate is when the court oversees the transfer and administration of affairs and assets. Many people find the idea of probate to be intimidating, but it’s not as complicated as it sounds – particularly when you have a probate attorney team on your side.

When is probate required?

In Idaho, probate is required in two circumstances:

  1. If an estate has a value of $100,000 or more, regardless of the property that is contained in the estate; or
  2. If an estate holds any real property, regardless of the value of the real property.

Are there always disputes in probate proceedings?

No. Thankfully, most probate cases go through fairly smoothly.

However, in situations where beneficiaries or family members contest what’s being given to whom, you’ll need an experienced probate litigation attorney to help you weave through the commotion.

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How can you help me with tax planning?

Here are some other common areas of Idaho tax planning we can help with:

  • Wage garnishment
  • Tax efficient estate plans
  • Business taxes
  • Charitable giving strategies
  • Preventing and reacting to tax levy or lien
  • Resolving unpaid taxes
  • Payroll tax disputes
  • Failure to file a tax return
  • Undergoing a tax audit
  • Avoiding IRS asset seizure
  • Drafting an installment agreement
  • Tax issues in a divorce
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How can an attorney help me with creating my new business?

  1. The first consideration we can help you with when opening your business will be the type of business you choose to open. Part of our role as your business formation attorney will be helping you understand the legal requirements of the entity you choose for your business.
  2. Even within the types of businesses, there are delegations, as well. For example, if you choose a partnership, you’ll need to decide between a general partnership and a limited partnership.
  3. After walking you through the choice of the best entity for your business, our team of attorneys can work with you to draft and review the documents involved in organizing and structuring your business.
  4. As your business formation attorneys, we can help you apply for and obtain all the necessary permits for your business.
  5. Additionally, our team can help make sure you are protected against future potential litigation by working with you to review and draft lease agreements, employee handbooks, and other documents for use within your business.

Can your firm help me with a breach of contract issue?

Yes. Generations Law Group works with the following types of common disputes that lead to litigation:

  • Intellectual Property Disputes (Patents, trademarks, copyrights, trade secrets)
  • Insurance Coverage Disputes
  • Breach of Contract
  • Fraud Disputes
  • Non-Compete Issues

What’s the first step towards protecting my business interests for after I’m gone?

You need to set up a business succession strategy that allows your business to keep running in the event of your retirement, disability, or death.

With more than four decades of experience, the attorneys at the Generations Law Group have helped hundreds of businesses navigate this process and we know the pitfalls, the dangers, and how to avoid them. We are here to walk you through the process to make sure you have a proactive, custom plan to preserve your legacy.

What types of succession plans does my business need?

Your business should have two succession plans:

  1. Crisis Succession Strategy: Your business needs to have a plan to deal with emergencies. If you have an unexpected departure because of injury, illness, or death, your business has to be able to survive your absence. This is the emergency backup plan if your planned exit is accelerated by unforeseen circumstances.
  2. Orderly Exit Strategy: Even if your exit is a long way off, it’s still a good idea to know when and how you plan to leave. As your planned exit date approaches, we will work with you and your successors to make the changes necessary to ensure that your succession plan is smooth and successful. We will help you minimize taxes, ensure that you leave the business with enough financial resources to support the business and your future needs, and that the business survives your departure.

Why is business succession planning important?

As the old saying goes, failing to plan is planning to fail. All small business owners devote their time and talent to building their business, but most don’t consider what will happen to the business if they are not around to manage their business, whether because of incapacity or death. Every small business owner needs to have a plan in place to protect his or her legacy.

What are the benefits of succession planning?

The main benefit of succession is peace of mind knowing that your the business will survive the absence of the owner and key managers. Every business should have two succession plans, a crisis ownership and management succession plan and an orderly ownership and management plan. The crisis plan will put the appropriate players in place to take care of the business owners’ duties and responsibilities if he or she is unavailable because of injury, illness, or death. This plan should be adopted as soon after the business is established as possible. The orderly plan is a long-term strategy that gives the business owner a chance to set up the business for a successful transition, and select and vet candidates who will own and manage the business when the owner retires or dies.

What is the difference between succession planning and replacement planning?

Most business owners think of succession planning as a strategy to pass on the business to family members or key employees. Replacement planning usually refers to setting up the business for sale at the maximum price to someone who is not currently an owner or otherwise involved in the business.

How much does succession planning cost?

The professional fees and related expenses to design and implement a succession plan varies a lot depending on the complexity of the business, including annual recurring revenues, number of owners, number of customers, number of vendors, number of employees, number of potential successors, and the time available to implement the plan once the owner approves the design of the plan. In our firm, we will take the time to learn the answers to these and other key questions before quoting a legal fee and providing an estimate of other expenses, including accounting and appraisal experts.

What are some questions a succession plan should address?

Business owners need to develop the values and the capabilities of potential successors, and that can take some time. Most owners of small businesses don’t want to pass on their business or sell it to just anyone. They want to sell to someone who has values that are compatible with their own.

Then, there’s the question of capabilities. Are the candidates able to run the business? Some successful family businesses, for example, require that the family members have outside experience, possibly going to work for a different company to gain some perspective.

Another thing the owner needs to do is figure out how he or she is going to achieve lifelong financial security. How are they going to maintain their standard of living? Each of the owners who will be departing needs to revisit their estate plan and make effective use of the available planning opportunities. Some small businesses are going to attract estate tax, which can be mitigated through proper planning.

The successors need to have their own career plan. What are their goals and why do they want to run the business?

Why do I need to worry about incapacity planning?

Every business should have a crisis plan that will put the appropriate players in place to take care of the business owners’ duties and responsibilities if he or she is unavailable because of injury or illness. This plan should be adopted as soon after the business is established as possible.

Will my business have management continuity if something happens to me?

In addition to developing the owner succession, every business should develop management succession. Not every potential successor is going to have the skillset required to handle all of the different pieces of the succession puzzle. Some are going to be adept at managing processes or manufacturing procedures, others are going to be good at dealing with financial matters, and others will do best in marketing and sales. All of these things need to be identified so that the owner fits the right successors into the right management roles.

Is a Family Limited Partnership right for my business?

Family limited partnerships are not favored by most business experts because they require a general partner who has unlimited personal liability. Most advisors recommend a limited liability company (LLC) as the preferred business entity. LLCs provide great flexibility in setting ownership structures and management duties and responsibilities. An LLC can elect to be taxed as a disregarded entity, a partnership, or corporation (C corporation or S corporation) which provides many tax planning opportunities.

Do I need a Buy-Sell Agreement?

Every business with more than one owner should have a buy-sell agreement that spells out the each owner’s duties and responsibilities, how to settle ownership and management disputes, and how to value the business and pay the purchase price if an owner is removed, is incapacitated or dies.


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What Is The Benefit Of ESOP To The Owner And To The Company?
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How Do I Know When It’s Time To Consider Succession Planning?
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How Do I Get A Clean Break From My Family Business When I Leave?
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How Is The Price Of The Stock In The ESOP Determined? How Often Is It Valued?
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How Do I Need To Start Working On Succession Planning For My Business?
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What Are Some Common Triggers That Cause Business Succession To Occur?
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How Often Does An ESOP Account Balance Change?
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What Is The Difference Between A Business Succession Plan And Estate Planning?
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Why Is Continuation Of A Family Operation Important?
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Contact Generations Law Group today

Whether you’re dealing with the next step for your business or your family, Generations Law Group has you covered. Our goal is to help you create a comprehensive process to minimize disruption to your business and allow you to move forward with your life, proud of your hard work. Get in touch with us today to get started.

Call for a consultation: 208-401-9300

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