Estate Planning

Your “estate” is essentially the sum total everything you own. This includes your:

• Home (and other real estate)
• Car
• Checking and savings accounts
• Furniture and other personal possessions
• Investments
• Life insurance

It doesn’t matter the size or scope - everyone has a personal estate of some kind.

One thing we all have in common is that we can’t take anything within our estate with us when we die. While we can’t control the inevitability of death, we can control what happens to our estate after it happens through Idaho Falls estate planning. You can decide how the things within your estate are transferred to both the people and organizations you see fit. You can decide whom will receive what, and when they receive it. You can also have some control over how much will be paid in court costs, legal fees, and taxes. This can be done through specific written instructions, which are legally binding after you’ve “kicked the bucket”, so to speak.
This is what we will help you accomplish through our Idaho Falls estate planning. At Poston, Denney, and Killpack, PLLC, we will help you devise the perfect plan for your estate and your budget.

What has been explained thus far is a simple summary of estate planning, but like most things in life, it’s a bit more complicated than it first appears. That’s why we’re here.
Good Idaho Falls estate planning involves a lot of things, including:

• Time. That is to say, it’s not something that can be accomplished all in one day. It is an ongoing process. Your estate plan should be updated in accordance with your changing familial and financial situations. Laws change too, and you should not only be ensuring that you are in compliance with the law, but also finding ways in which you can turn the law to your advantage.
• Minimizing unnecessary legal fees, court costs, and taxes.
• Ensuring that your business is properly transferred at the time of disability, retirement, or death. Making sure you have life insurance so that your family can be provided for after your death. Disability income should be attained as a replacement for your current income should you lose the ability to work. Finally, long-term care insurance should also be attained to finance your care in the event of extended illness or a major injury.
• Establishing specific instructions regarding your care in the event of a disability.
• Making sure certain loved ones with specific monetary needs are cared for.
• Making sure family members who have specific needs get the care they need without disrupting any government benefits.
• Naming an inheritance manager or a guardian for minor children.
• Establishing instructions for the transfer of not just your valuables, but your values as well. By values, we mean things like religion, education, and work ethic.

You might be thinking this all seems like a daunting task. Hey, that’s what the experts are here for! Our Idaho Falls estate planning can help you attain all of this. We understand laws related to estate planning and can translate them in a way that can be easily understood. We can put things into perspective, and show you why certain moves are wiser than others.

Why Is Estate Planning Important?

• Estate planning will keep your assets from going to unintended beneficiaries. Our Idaho Falls estate planning will ensure that your assets are passed on to those you deem qualified to receive them.
• Estate planning will protect families with young children. No one wants to think about dying young, but if you are the parent of a young child, estate planning will ensure that they are taken care of in the way you intended after your death.
• Estate planning will stop heirs from paying too much in taxes. It will help ensure the smallest tax burden possible for your loved ones.
• Estate planning will ensure family infighting stays at a minimum. Few things are as ugly as family members turned against each other in the event of a person with money dying. These situations are complicated, and can result in family disasters. Our Idaho Falls estate planning will leave little room for family squabbling.

Who Needs Estate Planning?

Everyone has an estate. Therefore, our Idaho Falls estate planning will help everyone. Estate planning is always a wise move.

Generally speaking, people tend to worry about estate planning once they reach retirement age. But estate planning is something that should be done earlier than that. We don’t know the future, and illnesses and accidents happen to people no matter their age.

Is Idaho Falls estate planning only for wealthy people? Of course not. In fact, families with more modest assets would greatly benefit from estate planning, as they are likely less able to afford a loss in this regard.

What Happens If You Don’t Have An Estate Plan?

If you haven’t established a plan for your estate, there are a number of things that will happen depending on certain circumstances.

• Disability: In the event of mental or physical impairment, the court, rather than your family, will have total control over your assets. The court will decide how your assets are used to facilitate your care via a conservatorship or guardianship. This kind of situation can be costly, lengthy, indiscreet, and extremely hard to stop even if you end up recovering.
• Death: In the event of your death, the probate laws of your state will determine how your assets are distributed. This situation can lead to your loved ones missing out on a huge portion of what they would otherwise have received, and minor children will have their inheritance controlled by the court.

If you had the choice, would you rather the courts decide what happens with your estate, or your own wisdom combined with the help of a professional estate planning firm that has your best interests in mind? Our Idaho Falls estate planning will ensure the best outcome for your loved ones after you’re gone.

Conclusion

The implications of death or disability in the absence of sound Idaho Falls estate planning are very serious. When your assets are protected, and a clear, legally binding plan has been drawn, you will have peace of mind knowing that your loved ones are going to be taken care of, even if you aren’t around to see to it yourself.

At Poston, Denney, and Killpack, PLLC, we will work with you to establish a plan for your estate that is most appropriate for your life situation, your budget, your assets, and our current laws.

Don’t let the unpredictability of life put your assets or family at risk. If you require Idaho Falls estate planning, contact us today!