Wealth planning is a term which is used to describe various financial services that have been or can be designed to help people keep the wealth they have, gain more or effectively use their existing wealth. There are a number of obstacles that stand in the way of effective wealth planning including excessive liabilities, poor planning and estate taxes that are due after death. Wealth planning any everything that goes along with it can be extremely complex and often involves complex issues that only an estate planning lawyer in Boise can help you with.
An estate planning lawyer in Boise is a legal professional who has the knowledge that is required to effectively prepare and administer the estate of a client. A very common demand on an estate planning lawyer is to assist a client to draft his or her will. During the process of drafting the will the lawyer has an opportunity to discuss all the tax effects of the disposition of the client’s assets. It may be necessary to establish one or more trusts which will meet the expectations of the client. In many cases the estate planning lawyer in Boise is called upon to act as the executor of the will for the administration of the estate.
A well drafted will is an important document in estate planning and although it may seem quite simple and straight forward, this is far from the truth. There are very specific rules that must be followed depending on the jurisdiction where the will is executed. When someone wants their estate to be disposed of in a very specific manner it is important to employ a lawyer that is intimate with the appropriate language and procedures, otherwise there is a distinct possibility that the property assets will not be disposed of in complete accordance with his or her wishes.
Just as there specifics in the way the will is drafted, there are specifics that apply to the tax implications of the various ways in which assets can be disposed of. In many jurisdictions there is a very punishing estate tax and to mitigate the effect of these taxes a seasoned estate planning lawyer in Boise is a must.
There are times when the situation of the client will necessitate the creation of a testamentary trust which will ensure that the grandchildren for example, will have a fully funded college education trust available upon graduation from high school; the proceeds from the trust will be applied in full to the tertiary education of the grandchild or children.
Wealth planning is something that should be taken seriously and to get the most out of one’s wealth an estate planning lawyer in Boise should be hired due to the tax implications and other possible impediments. You are invited to contact Finch O’Neil Law Office, P.A.
