Protecting your assets and planning for your future involves more than just creating a will.
A trust is a powerful legal agreement that protects your assets, benefits your loved ones, and ensures that your wishes are carried out exactly as you intend. Our skilled Boise estate planning attorneys at McFarland Ritter create comprehensive trust agreements specialized for your needs.
A trust is a legal arrangement in which a trustor (the creator of the trust) transfers assets to a trustee (the manager and administrator of the assets), for the benefit of named beneficiaries (those who will receive the assets). As your trust and estate attorney, we can guide you through creating a living trust (active during the trustor’s lifetime), or a more complex situation such as setting up a special needs trust or a testamentary trust (created through a will after the trustor’s death).
– Avoid Probate: Assets held in a trust bypass the probate process, which is generally a public, time-consuming, and expensive hassle.
– Maintain Privacy: Unlike wills, which become exposed as public record during probate, trusts remain private.
– Support Loved Ones: Trusts can be structured to provide for your beneficiaries according to their specific needs and circumstances.
– Protect Assets: Certain types of trusts, such as irrevocable trusts, can help protect your assets from creditors and lawsuits.
– Minimize Estate Taxes: Trusts can be used to minimize estate taxes, allowing you to pass more of your wealth on to your loved ones.
We will listen to your goals and design a trust that safeguards your assets and distributes them as intended.
● Probate Process: A will must go through the probate process. Trusts have the advantage of bypassing probate which allows for a faster and more private asset distribution.
● Flexibility: A will only takes effect upon death. A trust can become effective immediately upon creation (living trust) or upon death (testamentary trust). Trusts also offer more flexibility in terms of how and when the assets are distributed.
● Ongoing Management: Trusts can provide ongoing management for beneficiaries who may not be capable of handling the assets themselves, such as minors or special needs individuals. Wills only distribute assets in a lump sum.
● Cost: Trusts generally have higher upfront costs due to their complexity. We can help you weigh the options to decide which option best suits your situation.
Wills and trusts are both important estate planning tools; we can help you determine which options best suit your needs, or help you utilize them both as part of your comprehensive estate plan.
Our boutique law firm takes pride in personalized attention and dedicated legal expertise. We don’t just draft agreements, we help you build a strong foundation for your business. Here is what sets us apart:
● We give personalized attention and dedicated legal expertise to tailor agreements to your specific needs.● We identify potential issues and address them proactively to save you costs in the long run. ● We offer the sophistication of larger law firms with a focus on individual attention and value.
Whether you are establishing a new business or revising an existing agreement, our business attorneys can guide you through the process. Contact McFarland Ritter online to schedule a consultation. We proudly serve Boise, Middleton, Star, Meridian, Nampa, Kuna, Idaho, and the Treasure Valley.