How will your loved ones be cared for if anything were to happen to you? This can be a gloomy question, but it’s often the one that leads people to start estate planning. Estate planning is about protecting your assets and family members. Creating an effective plan can be extremely difficult, as it should account for your unique financial and familial situation, as well as the federal laws that apply to your case (asset transfers, guardianships, real estate, etc.). Armis Law, PLLC is here to help you through this process.
Regardless of your age or the size of your estate, Armis Law, PLLC can explain the options available to you. We’ll work with you hand in hand to make sure that you have an estate plan that can effectively accomplish your objectives, simplify the funding of assets (if necessary), and reduce the tax consequences for your loved ones.
Our trust and estate planning services cover:
Contact our office to request a consultation with our estate planning lawyer in Meridian. We also serve Ada County, Canyon County, Gem County, and throughout the State of Texas.
Crafting a last will and testament (or “will”) is an essential component of the estate planning puzzle. It outlines how your assets should be distributed and administered when you can no longer do it yourself. Wills can name personal representatives/executors to manage the estate and oversee the probate process—which is the legal process for verifying a will and legitimating asset transfers. Additionally, wills can be used to help with debt resolution and coordinate guardianships for dependents.
Trusts are similar to wills, in that they can facilitate asset transfers, but they offer several distinct advantages. Although they can sometimes be more complex than wills, trusts simplify the transfer of assets because they don’t have to go through probate in order to be completed. This means that transfers done via trust arrangements are kept private, known only to the trust administrator, (trustee) and the beneficiary.
There are various kinds of trust arrangements. One of the most common is a revocable living trust. This enables an individual to identify certain assets as the property of the trust. They can either name themselves, a spouse, and/or someone else as the trustee. These trusts are “revocable” because they can be modified by the grantor as needed. Often a grantor will name themselves the trustee or co-trustee and designate someone to take over the trust upon their passing.
On the other hand, there is also the irrevocable trust, which cannot be changed or revoked once it has been created. This means the grantor essentially forfeits individual control over their assets (though they can manage it as a trustee or co-trustee). Irrevocable trusts are often used for tax planning purposes or to protect assets from creditors. Determining whether a trust is necessary for an estate plan depends on an individual’s assets and distinct long-term objectives. Armis Law, PLLC can help you with this process.
Armis Law, PLLC recognizes the importance of estate planning. It’s a valuable way to safeguard your assets and make your passing easier for your loved ones. Although it can be complex and daunting to get started, it doesn’t have to be. Our founder and Meridian estate planning lawyer, Principal Attorney Jorge Salazar, has extensive experience helping Idahoans plan their futures through proven strategies, such as wills, trusts, powers of attorney, and more. Whether you recently retired, got married, purchased property, or simply haven’t started the process yet, we encourage you to work with us to craft a comprehensive estate plan just for you.
Choose Armis Law, PLLC for help getting your estate in order. Contact our Meridian estate planning attorney.
