By Lane V. Erickson, Idaho Estate Planning Attorney
I think everyone would agree that estate planning is a wonderful way to provide a specific gift to others when you die. Having been an Idaho estate planning attorney for nearly twenty years I have seen the impact of a person’s estate planning on the lives of their loved ones and others. Based on my experience, here are the three most important ways that your estate planning can help others.
1. Security to Minor Children
The first way that your estate planning can help others is by providing security to your minor children. If you were to die at a time when your children are under the age of 18, your estate planning, when done correctly, can create security for your minor children. What this means is you can prepare a trust that will hold the money safe and be used for the benefit of your child while they are young. Then, when your children reach the age you have set, the money can then be distributed directly to them.
Parents, and sometimes grandparents use this sort of estate planning as a way of ensuring that children and grandchildren will be provided for appropriately. Through a Minor’s trust, you can be specific with the instructions you have about how the money should be used for your young children. For instance, you can designate that the money will be used to help them with their education; or to help them start a new business; or to help them if they are to purchase a house or are getting married. You can be as specific as you would like on how the money that is protected for your children can be used for their benefit while they are still young.
2. Help for a Person with Disabilities
In addition to making plans for how to protect and provide for minor aged children, you can also use your Idaho estate plan as a way of providing for an individual who has disabilities. There are many wonderful state and federal programs that provide benefits to individuals who have disabilities. The problem is if that person were to receive a large sum of money, the federal and state benefits would likely come to an end. As a result, you can use your Idaho estate planning as a way to provide funds to these individuals through a well-crafted trust without jeopardizing the benefits they are already receiving.
3. A Boon to Charities
A third way that your estate planning can be used to help others is by providing a gift to the Charities of your choice. There are hundreds of wonderful non-profit organizations that exist that are dedicated to helping individuals through certain causes. Many of these Charities are supported by gifts given through a person’s estate plan when they die. There is no doubt that by providing a gift to a charity you will be supporting and helping and assisting many other individuals who may not otherwise get that help.
Enlist the Help of an Estate Planning Attorney
The first step in using your estate plan to help others is knowing how you can structure the gifts you give to others when you die. If you have any questions about your estate or how to distribute it in a way that helps others, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your questions and will help you solve your Idaho Estate Planning problems.