Sandpoint Trust Attorneys

Irrevocable Trusts

An irrevocable trust cannot be altered, amended, or revoked once it is created, except under very specific circumstances. Assets placed in an irrevocable trust are no longer considered part of your estate, offering potential tax benefits and protection from creditors. This type of trust can be ideal for individuals who want to preserve wealth or provide for loved ones without interference. Consulting a skilled attorney is paramount to understanding long-term financial and estate planning implications. 

Living Trusts

A living or revocable trust allows you to retain control of the assets within the trust during your lifetime. Unlike irrevocable trusts, you can modify or revoke a living trust at any time. Upon your death, the trust assets pass directly to the designated beneficiaries without going through probate, offering privacy and efficiency. This type of trust can be an appealing option for those seeking flexibility and control, although it doesn’t provide the same level of asset protection as other types. 

Testamentary Trusts

A testamentary trust is established through your will and becomes effective upon your death. It is often used to control how and when assets are distributed to beneficiaries, such as minor children or individuals who need financial management assistance. While probate is required to execute the terms of a testamentary trust, some potential benefits include asset protection, tax benefits, and unlimited beneficiaries. 

Special Needs Trusts

A special needs trust provides financial support for a loved one with a disability without jeopardizing their eligibility for government benefits, such as Medicaid or Supplemental Security Income (SSI). The trust funds can be used for expenses that enhance their quality of life while ensuring long-term care and stability. Because the regulations governing special needs trusts can vary by jurisdiction, consulting a trusted lawyer is paramount to creating a trust that complies with Idaho law and meets your unique needs. 

Miller’s Trusts

A Miller’s trust or qualified income trust (QIT) is designed to help individuals qualify for Medicaid when their income exceeds the program’s eligibility limits. This type of trust is often used to pay for long-term care expenses and requires careful drafting to meet Medicaid requirements. Our firm has a deep understanding of these legal nuances to help you provide for your loved ones without unnecessary financial strain. 

Who Needs a Trust?

While anyone can benefit from having a trust, trust planning is especially beneficial for individuals with significant assets, children, or special needs beneficiaries. Some important reasons to create a trust include: 

• You have a substantial estate or assets. Establishing a trust can help streamline the process of asset management and distribution. 
• You have minor dependents. A trust can ensure inheritances are managed responsibly until minor children reach adulthood. 
• You have special needs beneficiaries. A trust can ensure the financial well-being of individuals with special needs or disabilities without jeopardizing their eligibility for government benefits. 
• You want to avoid probate. In some cases, a trust can help you avoid the expensive and time-consuming probate process.
• You want to protect your assets. Trusts offer varying degrees of asset protection from creditors or lawsuits. 
• You have unique familial circumstances. Whether you are remarried, caring for aging parents, or have stepchildren, a trust can offer greater control over your hard-earned assets and ensure a fair distribution according to your wishes.