Based in Idaho, serving clients nationally
Estate Planning Attorney
Based in Idaho, serving clients nationally
Estate Planning Attorney
Nearly 70% of all U.S. citizens have not established an effective legal strategy for passing on their wealth and wisdom.
But people who fail to get their affairs in order miss out on valuable potential and end up leaving behind a mess for their loved ones to deal with after they’ve passed away.
This aversion to thinking about the inevitable is understandable -- death is not something any of us want to spend too much time on.
Plus, there are many facets to getting a plan in place.
But we’re here to tell you it isn’t as bad as you might think.
At Generations Law Group, we understand the value of generational wealth.
We’ll walk you through the entire process, ensuring that everything you’ve worked so hard to build will be smoothly passed on to the next generation.
Generations Estate Planning Map
Whether you are just starting to build your wealth, or have spent a lifetime building wealth and now want to protect it, we can help with your estate planning needs. No estate is too big or too small for proper planning. We recognize Estate Planning is not “one size fits all.” This Generations Map is for you to pick where you are in your life, and read about a plan specifically designed for you.
What is an estate plan?
An estate plan is the comprehensive plan to manage all your assets, property, and possessions after your death.
Once you’re gone, you don’t want any confusion about your wishes or your loved ones to have difficulty following through with them. Having a plan in place ensures all of these assets go where you want them to go at the time you designate.
Because estate planning deals with not only your treasured possessions, but also the people you love and care most about, the plan must be tailored to specifically fit you and your needs.
And like any good strategy, it can change and be modified. Essentially, it is a living, breathing plan that fits into your life at any stage.
Our team at Generations Law Group will work with you so that you understand and feel confident in every step in the process.
Some common assets you may want incorporated into your plan include:
- Property and real estate
- Personal items of value (i.e., furniture, jewelry, cars)
- Stocks and bonds
- Money in checking and savings accounts
- Securities and accounts receivable
- Investments
- Intangible assets (patents, trademarks, etc.)
What documents should be included in an Idaho estate plan?
There can be many documents involved in an estate plan. We can discuss which of the documents work best for your vision for your assets and your loved ones.
In general, the main documents for Idaho estate plan include:
“Generations Law Group did our trust and estate planning. Tom was very professional and made the experience of gathering the required information and transferring property into the trust easy. Their documentation is great and very easy to understand, which is a welcome change from our past experiences with estate planning. I highly recommend Generations Law Group!”
- Gary Kunz
Estate Planning
Generations Map
If you are a young family with minor children, your first priority is probably to make sure your children are taken care of in the event that something were to happen to you.
By adding Children’s Protections Provisions, you can name a guardian for your children, and make sure they are financially protected. The Young Family Plan is a 6-Step plan that will grow with you as your family grows.
Step 1: The Cornerstone
(To Be Completed Immediately)
- A Standard Will with a Common Trust and Children’s Protection Provisions: Our Standard Will provides young families with immediate protection if something were to happen. The Common Trust provides flexibility for the disposition of assets. The Children’s Protection Provision helps you legally name long term guardians for your children. It lets family, police, paramedics, and even babysitters know what to do, so your children do not have to be taken into protective custody.
- A Personal Property Memorandum: A necessary part of any plan is to make sure intangible assets are passed to the individuals who deserve to receive them. The PPM makes this goal possible.
Step 2: The Wellness Program
(To Be Completed Immediately)
- A Living Will: This Document notifies medical professionals and families members of your wishes if you are unable to make medical decisions for yourself.
- A HIPAA Authorization: This Document authorizes medical professionals to discuss your medical information with family members.
- Healthcare Power of Attorney: This Document authorizes someone to make healthcare decisions for you if you are unable to make them.
- Emergency Access Card: Every Health Care Directives package includes a free Emergency Access Card. This card allows health care professionals and family members to have immediate access to your important documents.
Step 3: The Security Blanket
(To Be Completed in the First Year)
- ILIT (Irrevocable Life Insurance Trust): Life Insurance is a way to provide your family members with financial security upon your passing. By creating an ILIT to hold your life insurance it avoids the claims of creditors, allowing more money to pass to your family.
- A Durable Power of Attorney: This Document authorizes someone to make financial decisions for you during periods of incapacity.
Step 4: The Backbone
(To Be Completed in 1-5 Years)
- Revocable Living Trust Package: The backbone to any young family plan is the RLT. A RLT allows individuals to keep complete control of their assets, while also providing a layer of protection during periods of incapacity. Additionally, a RLT provides a seamless transition of assets to children
- Full Service Trust Funding: A trust that is not properly funded can be detrimental to an Estate Plan. The attorneys at Generations Law Group, LLP will assist you in making sure your trust is properly funded.
- Pour Over Will: Any asset that is not held by your RLT, will be subject to the probate process. A Pour Over will makes sure that any assets not in your trust, will be moved into your trust on your death.
- Digital Asset Protection: Ensure your online assets are protected just like your physical assets, all Cornerstone plans will be complete with digital asset protection.
Step 5: The Legacy
(To Be Completed in 5-15 Years)
- Beneficiary Controlled – Dynasty Trust: This trust is specifically designed to preserve family wealth, and protect all Generations from Creditors and Predators.
- Domestic Asset Protection Trust: Whether you are worried about a divorcing spouse, the IRS, or other Creditors, we can help you protect your assets.
- Private Foundation Creation: For those individuals that want to create a legacy outside of their family, Generations Law Group, LLP provides Private Foundation creation. A private foundation allows individuals to give their asset to charities in a way that meets their financial objectives.
Step 6: The Discretionary
(To Be Completed as Necessary)
- Gun Trust: Gun trusts make it easier to handle firearms after the owner’s death—and may prevent surviving family members from inadvertently violating the law.
- Business Formation: If you are starting a business, we can help you get started on the right foot with the best legal and tax decisions for you immediate and long-term goals.
- Business Succession Plan: When it comes time to transition out of your business, we can help you structure the transaction to minimize taxes and create a smooth transition to the next generation.
- Tax Planning: We offer a variety of advanced tax planning solutions to help minimize your income, capital gains, gift and estate taxes.
The attorneys at Generations Law Group, LLP understand that not one package fits all clients. This is especially true with Millennials, who are just starting to build their wealth.
Generations Law Group, LLP has built a lifestyle plan designed to grow with Millennials as they advance through their life and career. This 6-step plan is designed to grow with you as your needs change.
Step 1: The Cornerstone
(To Be Completed Immediately)
- A Standard Will with a Common Trust:Our Standard Will provides Millennials with immediate protection if something were to happen to them. The Common Trust provides flexibility for the disposition of assets. A Pet Protection Provision can be added to the trust to make sure that pets are taken care of.
- A Personal Property Memorandum: A necessary part of any plan is to make sure intangible assets are passed to the individuals who deserve to receive them. The PPM makes this goal possible.
Step 2: The Wellness Program
(To Be Completed Immediately)
- A Living Will: This Document notifies medical professionals and families members of your wishes if you are unable to make medical decisions for yourself.
- A HIPAA Authorization: This Document authorizes medical professionals to discuss your medical information with family members.
- Healthcare Power of Attorney: This Document authorizes someone to make healthcare decisions for you if you are unable to make them. This document covers situations that the Living Will may not cover.
- Emergency Access Card: Every Health Care Directives package includes a free Emergency Access Card. This card allows health care professionals and family members to have immediate access to your important documents.
Step 3: The Security Blanket
(To Be Completed in the First Year)
- ILIT (Irrevocable Life Insurance Trust): Life Insurance is a way to provide your family members with financial security upon your passing. By creating an ILIT to hold your life insurance it avoids the claims of creditors, allowing more money to pass to your family.
- A Durable Power of Attorney: This Document authorizes someone to make financial decisions for you during periods of incapacity.
Step 4: The Backbone
(To Be Completed in 1-5 Years)
- Revocable Living Trust Package: The backbone to any lifestyle plan is the RLT. A RLT allows individuals to keep complete control of their assets, while also providing a layer of protection during periods of incapacity. Additionally, a RLT provides a seamless transition of assets.
- Full Service Trust Funding: A trust that is not properly funded can be detrimental to an Estate Plan. The attorneys at Generations Law Group, LLP will assist you in making sure your trust is properly funded.
- Pour Over Will: Any asset that is not held by your RLT, will be subject to the probate process. A Pour Over will makes sure that any assets not in your trust, will be moved into your trust on your death.
- Digital Asset Protection: In order to make sure your online assets are protected just like your physical assets, all Cornerstone plans will be complete with digital asset protection.
Step 5: The Legacy
(To Be Completed in 5-15 Years)
- Beneficiary Controlled – Dynasty Trust: This trust is specifically designed to preserve family wealth, and protect all Generations from Creditors and Predators.
- Domestic Asset Protection Trust: Whether you are worried about a divorcing spouse, the IRS, or other Creditors, we can help you protect your assets.
- Private Foundation Creation: For those individuals that want to create a legacy outside of their family, Generations Law Group, LLP provides Private Foundation creation. A private foundation allows individuals to give their asset to charities in a way that meets their financial objectives.
Step 6: The Discretionary
(To Be Completed as Necessary)
- Gun Trust: Gun trusts make it easier to handle firearms after the owner’s death—and may prevent surviving family members from inadvertently violating the law.
- Business Formation: If you are starting a business, we can help you get started on the right foot with the best legal and tax decisions for you immediate and long-term goals.
- Business Succession Plan: When it comes time to transition out of your business, we can help you structure the transaction to minimize taxes and create a smooth transition to the next generation.
- Tax Planning: We offer a variety of advanced tax planning solutions to help minimize your income, capital gains, gift and estate taxes.
Do You Know Your Families Current level of RISK?
Now you can. After speaking with one of our estate planning attorneys, you’ll instantly have a better understanding of your families current level of risk.
Our goal is to help you lower your anxiety and give you more peace of mind by helping you understand where you have risk and where you don’t so that you can move forward with your estate planning needs.
Who Gets The Kids When You’re Gone?
One of the most important issues every Young Family faces is who will get the kids if something happens to you. While it’s hard to think about, it is also one of the most important decisions young parents can make.
When you work with us, we’ll ensure that you think through every aspect of guardianship and creating a plan for your family, no matter what the future may hold.
Contact Generations Law Group today
Because none of us can predict the future, it’s important to get started working on your estate plan as soon as possible. Let our experienced and empathetic team of attorneys guide you through this process. Set up your initial consultation by contacting us today.
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