5 frequently overlooked elements in Idaho estate plans

As an Idaho estate planning attorney, I've helped many clients navigate the complexities of preparing for their future. While most people understand the importance of having a will or trust, and power of attorney documents, there are several critical elements that frequently get overlooked. Here are five often-neglected aspects of estate planning that deserve your attention: 

1. Blended Family Considerations 

Idaho's family dynamics have evolved, with blended families becoming increasingly common. Standard estate planning often fails to address the unique challenges these families face. Without careful planning, children from previous relationships may be unintentionally disinherited or conflicts may arise between current spouses and children from prior marriages. 

Consider tools like trusts that can provide for your current spouse while preserving assets for children from previous relationships. Clear communication about your intentions can also help prevent misunderstandings later. 

2. Long-Term Care Considerations 

With Idaho's aging population, long-term care costs represent a significant threat to estate preservation. Many clients are shocked to learn that Medicare doesn't cover most long-term care expenses, and without proper planning, these costs can quickly deplete assets intended for heirs. 

Consider exploring long-term care insurance, Medicaid planning strategies (while being mindful of Idaho's five-year lookback period), and establishing trusts that protect assets while preserving eligibility for benefits. Planning ahead can help prevent the need to spend down assets rapidly in a crisis. 

3. Special Needs Planning 

If you have a loved one with special needs, standard estate planning tools can actually cause harm by disqualifying them from essential government benefits. Without specialized planning, an inheritance could jeopardize access to Medicaid, Supplemental Security Income, and other crucial support programs. 

A properly structured special needs trust allows you to enhance a disabled loved one's quality of life while preserving their benefit eligibility. Idaho-specific special needs planning ensures compliance with both federal and state regulations governing these benefits. 

4. Beneficiary Designation Coordination 

Many Idahoans don't realize that assets with beneficiary designations — like life insurance policies, retirement accounts, and transfer-on-death accounts — pass outside of their will or trust. I've seen countless situations where carefully crafted estate plans were undermined by outdated beneficiary designations. 

Review all beneficiary designations regularly and ensure they align with your overall estate plan. Pay particular attention after major life events like marriage, divorce, births, or deaths. Remember that beneficiary designations generally override contradictory provisions in your will. 

5. Regular Plan Reviews and Updates 

Perhaps the most overlooked aspect of estate planning is maintenance. Many Idahoans create estate plans and then file them away, never to be revisited. Life changes such as births, deaths, marriages, divorces, and significant asset acquisitions or disposals all necessitate updates to your plan. Additionally, Idaho's laws regarding estates and taxation also change periodically.  

I recommend reviewing your estate plan every 2-3 years or after any major life event. This ensures your plan continues to reflect your current wishes and complies with current law. 

While a basic will provides a foundation, a truly comprehensive estate plan addresses these frequently overlooked elements. By attending to these matters, you can create and maintain an estate plan that protects your loved ones and honors your legacy. Contact our office today to ensure your Idaho estate plan addresses all these essential components.  

My law firm is currently offering free telephonic, electronic, or in-person consultations concerning creating or reviewing estate planning documents.   

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Robert J. Green is an Elder Law, Trust, Estate, & Guardianship Attorney and the owner of Kootenai Law Group, PLLC in Coeur d’Alene. If you have questions about estate planning, probates, wills, trusts, powers of attorney, guardianships, Medicaid planning, or VA Benefit planning, contact Kootenai Law at 208-765-6555, Info@KootenaiLaw.com, or visit www.KootenaiLaw.com.

This has been presented as general information and not as legal advice. Do not engage in legal decision-making without the advice of a competent attorney after discussion of your specific circumstances.