Partners Daniel Patchin and Ben Monaghan would count it a privilege to assist clients with their Estate Planning needs. Peters Patchin & Monaghan specializes in the preparation of Idaho Wills, Trusts, and related documents that are short, simple, and affordable. The unique circumstances of every client are assessed in determining and preparing the best Estate Plan possible.
Sometimes people have children or other heirs who shouldn’t receive an inheritance because they are not yet adults. And sometimes, while being an adult, the heirs simply haven’t yet demonstrated maturity in the handling of their own finances. The damage that can result from an inheritance that is received too early is often disastrous. Leaving a sizeable inheritance to an immature person here in Idaho is like giving gasoline and matches to a young child -- it will end poorly.
In either of these scenarios, the use of a Family Trust is an excellent way to accomplish two very important goals.
First, by establishing a Family Trust, your Idaho attorney can have the inheritance retained by a trusted person until the heir gains the years and experience that will hopefully yield a better outcome when the inheritance is actually transferred to the heir.
Second, under a trust crafted by a skilled lawyer here in Idaho, you can also divvy out the inheritance in phases that will aid in teaching the heir how to handle the inheritance with wisdom. For example, an heir might be given 10% of the inheritance when he reaches age 22. Then another 20% at age 26 and the balance of the inheritance would be transferred at age 30. The heir might blow through the smaller gift at age 22, but will learn from the process. Likewise, your heir will learn even more with the larger share received at age 26. Then, hopefully they will recall the life lessons learned at ages 22 and 26 by handling the bulk of the inheritance well when it is received at age 30.
With the help of an experienced attorney, you can turn a potentially dangerous inheritance into valuable life lessons for those you love.The Solution
If you would like to learn more about these types of questions, please give us a call at 208-939-2600 to schedule your free initial consultation. Or you can schedule an expedited appointment at your convenience on our Home Page by clicking on either of the yellow “Schedule Now” boxes on our Home Page.