Pocatello Estate Planning when You Have Small Children
Our Pocatello Estate Planning Attorneys understand that perhaps the most important thing parents of small children can do is to get their Estate Planning done. When everything is done correctly, these parents know they have a well thought out plan in place that will provide for their children. Our goal is to protect and advise our clients. When we have completed a customized Estate Plan we know that our clients are well protected themselves while they are alive. We also k now that after their death our client’s family, especially their minor children, will be provided for and protected as well. Because none of us can avoid death, we want our clients to have peace of mind that their plan meets their specific needs.
Our knowledgable Estate Planning team includes experienced Lawyers such as partners Randy Budge and Lane Erickson, and attorneys Nathan Palmer and Dave Bagley. Our team has received the highest ratings under several legal standards, including Martindale Hubbell, Justia, and AVVO. For over 70 years, we have helped parents with small children complete a customized estate plan that protects and provides for their young children.A Plan that Prepares for The Worst
We have all heard the quote that the only guarantees in life are death and taxes. While we laugh at this statement we all know that death will someday come knocking on our door. We just don’t know when this will happen. Tragically, even young parents with small children die sometimes. When this happens the tragedy is made much worse if the parents do not have a complete estate plan. In this instance, those that remain have to devise a plan to care for the children. Where will the children live? Who will provide for the children financially until they become adults? Who will pay for the medical and health care the children may need ? These are just a few of the questions that may arise.
Our Pocatello attorneys work with clients who have small children and help them to consider these financial issues as they complete their Estate Plan. Doing this gives our clients peace of mind because they will have created a customized plan that will provide financially for their children.Providing for My Minor Children Financially
One of the main questions that arises from parents with small children is, “If I die, how can I provide for my children financially while they are young.” We help our clients understand that they can use a Last Will and Testament as a part of the plan for their children by creating a “Minor’s Trust”. This kind of a trust is a legally valid way for parents to have direct their money and/or property to be held by another person who then uses the money or property for the benefit of the small children until they become an adult. The person controlling the money and property is call a trustee. This person is chosen by the parents and they become responsible protect and care for the money and property. Most importantly, they are given the task of using the money and property for the benefit of the children.
A minor’s trust gives the parents a good deal of control. For instance, the parents can choose specifically the age of the children when distributions of money and/or property are made directly to their children when they are adults. There is no requirement that the money in a minor’s trust has to be given to the children when they turn 18, which is the age in Idaho when they would be considered an adult. Rather, a parent can designate a different specific age for distribution. The goal is to allow the parent to choose an age where the distribution of the money or property would help the child, and not handicap them.
For example, some parents choose the age of 21 for the first distribution. Some parents might then stagger the ages for the remaining distribution. They may choose 25, and 35 for the rest of the distributions. A parent can choose any age they want, and they can also choose the amount of the trust that is distrusted. The goal is to give the parents the ability to make distributions when they feel that the child can handle the money and it will help them.
In the meantime, until the children reach the designated age and while the money or property is being held in the minor’s trust, parents can give the trustee specific instructions on how the money or property should be used to benefit their children. The trustee has a legal duty to follow the directions given by the parents. For example, if your child were going to college and needed to pay for tuition or books or a place to live, the parents could give the trustee directions to make these payments directly, without giving the money to the child. By doing this the child still receives the benefit without the cash being given directly to the child who may not be mature enough to handle it. The trustee continues following the parent’s directions in the trust until the child reaches the age designated by the parents where distributions are made directly.Enlist an Idaho Estate Planning Attorney to Help You
Using your customized estate plan to provide for your small children is not only smart, it is a vital step each parent should complete. We are also parents and we know the importance of having a plan for small children. Our team of Estate Planning Lawyers in Pocatello are here to help you. We are available to discuss your options and answer your questions at an initial free 30-minute consultation. Call us toll free at 877-232-6101 or 208-232-6101. You can also email us directly at firstname.lastname@example.org. We will answer your questions and help you solve your Pocatello Estate Planning problems.