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ESTATE AND BUSINESS SUCCESSION PLANNING
Everyone has an estate plan. The important question is this: is the plan I have the one I want and I created or is it a plan that the government has created for me? The latter plan is the default plan known as intestacy. If a person passes away without a valid will or trust, then Idaho statutes determine who inherits the decedent’s property. That distribution and those receiving it may not be what the decedent wanted or intended.
Everyone has an estate plan. The important question is this: is the plan I have the one I want and I created or is it a plan that the government has created for me? The latter plan is the default plan known as intestacy. If a person passes away without a valid will or trust, then Idaho statutes determine who inherits the decedent’s property. That distribution and those receiving it may not be what the decedent wanted or intended.
That is where proactive planning comes in. Everyone, regardless of the economic station in life, should have a plan. Dean Law PLLC has vast experience in estate and business succession planning.
We focus on the client’s needs, goals and intentions and create a custom plan that ensures their use and enjoyment of their estate while they are alive and that it will be distributed in accordance with their wishes when they pass. The estate planning attorneys at Dean Law use a variety of tools to create custom plans for their clients such as:
- Basic Wills
- Complex Wills
- Pour-over Wills
- Advance Directives
- Revocable Trusts
- Irrevocable Trusts
- Charitable Trusts
- Life Insurance Trusts
- Special Needs Trust
- “Miller Trusts”
- Pre-marital and post-martial agreements
- Devolution on death agreements
- Community property and transmutation agreements
- Limited liability companies
- Family limited partnerships
Every person and every estate are different. One-size-fits-all plans rarely are in the client’s best interest. A custom plan tailored to the client’s unique circumstances and goals prepared by the experts at Dean Law is a better approach. We address a variety of critical areas in our planning such as:
- Estate tax mitigation and funding strategies
- Planning for you and your care if you become incapacitated while you are alive
- Designating the beneficiaries of your estate assets and assets that “bypass” the estate
- Designating representatives of your estate and trustees of any trusts
- Designating guardians of minor children
Closely related to estate planning is succession planning for business owners. The disability, retirement or passing of a business founder or keyperson with vast institutional knowledge of the business can be disruptive to the business and its operations. Dean Law has assisted numerous farmers, ranchers and small business owners develop plans to ensure a smooth transition if a triggering event occurs. We are experienced and knowledgeable in all areas of estate planning and with Idaho Uniform Probate Code. We are happy to assist you with your estate and business succession planning needs.