Big Water Kane County Utah power estate planning

Estate Planning – Do You Need an Estate Plan?

estate planning for business owners

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A CONTRACT is defined from the Latin word contractus. An agreement between two or more parties, especially one that is written and enforceable by “law.” To enter into by contract; establish or settle by formal agreement. An agreement between two or more parties which creates obligations to do or not do the specific things that is the subject of that agreement.

OWNERSHIP from the word possessore, is defined as someone who has the legal right to possession with the legal right to transfer possession to others.

ESTATE, (inheritance) patrimonio (possession) a term used in common “law” used to denote the sum total of all possessions by a person at the time of his/hers death.

A TRUST is a CONTRACT. A legal arrangement between two or more persons defining the ownership and distribution of his/hers possessions, under the “law.”

ESTATE PLANNING AND TRUSTS therefore is the written legal agreement (contract) outlining a contractual obligation between the parties.

WHAT IS AN ESTATE TAX?

An ESTATE TAX is a tax on your possessions on the date of your death, up to 55%. Take inventory of what you own: Cash, Savings and checking accounts, CDs, Stocks, Mutual Funds, Bonds, Treasuries, Exempts, Jewelry, Cars, Stamps, Boats, Paintings, and other collectibles, Real Estate … main home, vacation spot, investment realty, your Business, Interests in other businesses, Limited Partnerships, Partnerships, Mortgages and notes receivable you hold, Retirement plan benefits, IRAs, Amounts that you expect to inherit from others.

Your federal death (estate) tax, up to 55%, is based on the “fair cash value” of your property on the date of your death, not what you originally paid. State probate and death taxes are based on the “location” of your property. Thus, if you own property in different states, each state has to be probated and each will want their fair share.

The only real alternative to a will arrangement is to set up a trust structure during lifetime which, with careful planning, can operate to eradicate these delays, administration costs and taxes as well as giving a large number of additional benefits. For these reasons the use of TRUSTS is increasing dramatically.

The problem is: Many Americans have no plan. They incorrectly assume joint ownership takes care of things, or they believe that their property is not worth enough to be concerned.

Such practices can be shortsighted, cost money, and raise unnecessary and unexpected problems, long time delays, and high administration costs. For one thing, most people have a larger estate than they may realize. For another, joint ownership will not necessarily beat probate hungry lawyers or the estate tax man and will often mean that considerable sums become payable in inheritance tax or estate duty.

A will is not a substitute for a trust. A will does not avoid probate. Many individuals seek to put order to their affairs by making a comprehensive will. Under this arrangement the Executors named in the will would apply for a grant of probate, take possession of the assets of the deceased and then distribute those assets according to the terms of the will.

ITEMS INCLUDED IN YOUR TAXABLE ESTATE:

For example, many people believe the higher exemption amounts that can pass tax free eliminate any need for estate planning. This type of thinking is fundamentally flawed, for example:

1) Certain Types of Property have special rules for estate taxes. Property that spouses jointly own, half the value is included in the estate of the first spouse to die, no matter whose funds bought it or that survivor automatically inherits it. And the full value is counted in survivor’s estate could result in a bigger estate tax at that time.

Example: H + W own a private home, fair market value at time of H death is $750,000. ½ of $750,000 is included in H’s estate; therefore W now owns 100%. On the death of W the full $750,000 would be in her taxable estate; thus, a larger estate tax on the death of W.

2) What the Insurance Man Won’t Tell You – Life insurance is taxed in your estate “if” you had any incidental ownership at death. This occurs if you can name new beneficiaries or borrow against policies or take out the cash value. Even insurance you give away, can come back to taxable in your estate if the donor dies and leaves it to you. Group insurance may be included too.

3) Pensions & IRAs – are taxable, except for pensions fixed before 1985.
Then there are several items the law also adds to your estate: Large gifts, non-charitable gifts that exceed $12,000 beginning in 2006 and property partly given away, where you retain the right to use it.

Example: A house that you give to your children but still use rent-free. (Incidentally giving your house to your children creates a problem for them, and for you, if they get sued, or they die before you.)

And stock you give away, but keep voting rights, if in a company that you control. Or the property of others over which you have certain rights such as the power under another’s will to name who will get part of that estate. If you could name yourself, your estate or creditors, it’s taxable in your estate. Including assets you give a child and keep the right to control.

ESTATE TAX LAWS CAN CHANGE:

Finally, estate tax laws can change. Thirteen times in 25 years, overhauls, tightenings for some, headaches for all. Congress is always tinkering with the idea that they know better than you, where your money should go.

Planning your estate is not an easy task. It takes time and effort. The place to begin is with yourself, your own goals and consideration of your heirs, their ages, abilities, needs and so on at a time when there’s no pressure to implement.

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Big Water Utah estate planning in your 30s

Estate Planning – Why Should I Care?

estate planning gifting

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I had a potential client call me earlier in the week asking me if he needed a will. The caller wasn’t married and had no children or grandchildren. He didn’t own any real property. All of his bank accounts had payable on death beneficiaries and he owned minimal personal property. He had the perfect plan; nothing was going to pass through probate so he didn’t think he needed a will.

Maybe he doesn’t need a will. I didn’t know exactly since self-help estate planning frequently leads to mistakes or property that doesn’t have the proper designations. In this situation a will is prophylactic. It ensures that if a mistake is made or a beneficiary designation fails, that property passes to the intended recipient.

I turned the discussion from planning for death to what type of planning he had for his life. I asked if he had a power of attorney for finances. His answer was no. “Do you have an advanced health care directive (aka health care power of attorney)?” “No.”

The lack of such planning concerned me since I knew he didn’t have a significant other or children to care for him if he were unable to care for himself. What would happen to him if he had a stroke or suffered from dementia or Alzheimer’s? Perhaps his siblings would step in to care for him – but how? They would have to spend his money to set up a conservatorship and guardianship or other court proceedings. These processes take time and money to set up and are expensive to administer.

To help deal with his finances he could execute a springing power of attorney for finances that would give a sibling or trusted relative the ability to manage his finances if he became incapacitated and unable to do so. It’s called a springing power of attorney because it only becomes effective upon incapacity. The power of attorney can provide broad powers and sets forth detailed instructions concerning what the designated agent can and cannot do on the individual’s behalf. More importantly, it would allow the caller to designate who he wanted to manage his finances – not a judge. Drafting and executing a power of attorney in this situation is relatively inexpensive when compared to the cost of setting up and maintaining a conservatorship.

In Oregon, an advance health care directive would assist the caller by designating a health care agent to make health care decisions on his behalf when he’s unable to. It would potentially eliminate the need for guardianship proceedings. The representative can make decisions based on directions that are left in the directive. Among the decisions the representative can make is whether to withhold or remove life support, food or hydration. The advance heath care directive does not authorize euthanasia, assisted suicide or any overt action to end the person’s life.

This example is a part of the problem with self-help planning. Although the caller was very thorough with his death planning he didn’t give any thought to his life. In this caller’s case, life planning was much more important than death planning, but he hadn’t given it any thought.

Give us a call if you need additional information or to prepare your estate plan.

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Bicknell Wayne County Utah estate planning tax deductible

Estate Planning – How to Preserve Your Wealth

estate planning 1031 exchange

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I have been doing estate planning for over two decades. Yet, last week a questioned posed by a young couple seemed to resonate in my mind like never before. “What is the number one benefit of doing a trust?” My mind quickly raced to the 1980’s movie “City Slickers” when the old crusty cowboy said to Billy Crystal, the city slicker, that he must find “just one thing” that is important to him in life and use that as a motivation to have a happy and successful life. This line made me realize that the “just one thing” in estate planning, like the movie, is different for each person. The true answer is the quintessential cliché, “it depends”. The purpose of this article will list some of the most important factors that people should consider. In the end, whatever your “just one thing” is should motivate you to take action and provide “Peace of Mind” for your loved ones.

Avoiding Probate – This seems to be the relevant factor cited most frequently, although I disagree that it is the most important reason to plan. Probate in Arizona is not the costly, burdensome procedure that it is in some states like California or New York. Yes, it does cost some money, but in most cases the cost is only a few thousand dollars. The severity of probate depends largely on the make-up of the assets. The more “complicated assets” you have (ie Oil Leases, closely held family businesses, Partnerships, fractional interests in Real Estate, etc.) and the more states in which you own real estate, then you drive up the “Probate Meter” very quickly. If you own real property in more than one state, you will have to have a probate proceeding in each state, which means you will probably need an attorney in each state. But, if your assets are “simple”, (a house, a car, some CDs) and primarily located in Arizona, then the “Probate Meter” is very low.

Saving Taxes – People have heard this phrase over and over again in newspaper ads inviting people to public seminars put on by a “national expert” that nobody has ever really heard of. But, how does a Trust really help to save taxes? Under today’s tax laws, a common Revocable Trust does not save taxes for most people. First, a Trust doesn’t save any income taxes. The Trust is ignored for income tax purposes and all of the income generated by the Trust is taxed to the individual Grantors of the Trust as usual. Also, for a single person, a Trust does not save any estate taxes. But, for a married couple, a Trust can save estate taxes. Most married couples have a Revocable Trust, that splits into an “A” and a “B” trust at the death of the first spouse. The primary reason for this split is that it guarantees that the couple will get two exemptions to apply against the estate tax. One exemption for the “B” trust when the first spouse dies, and then a second exemption against the “A” trust when the surviving spouse passes. Without an A/B trust, it is possible that the exemption of the first spouse could be wasted. But, since the federal estate tax exemption is now set at $5 million, most couples only need one exemption anyway. So, in the end, for probably 95% of married couples, having a trust will not save any estate taxes. Now, this is true as to the Revocable living trust. Don’t confuse this with the 4 or 5 other “specialty trusts” that have the specific purpose of saving estate taxes. Examples of a “specialty trust” would be an Irrevocable Life Insurance Trust (designed to keep life insurance out of the estate tax system) and a Qualified Personal Residence Trust (designed to keep the primary and vacation residences out of the estate tax system).

Restrictions and Incentives for Spouse – A well drafted Trust should contain provisions as to what happens to the assets of the first spouse to die, if the surviving spouse remarries. Most clients want to adequately provide for their spouse, but they don’t want to provide for their spouse’s new husband or wife. Also, to what extent can the surviving spouse change the estate plan, after the death of the first spouse, to disinherit the children. My experience is that most spouses tend to remarry, and most of the time, that new spouse will also have children. Now, we end up with a “blended family”. Over time, the surviving spouse feels love and loyalty to the new spouse, and perhaps the new stepchildren. We probably all agree that the surviving spouse should be able to do what they wish with respect to their community property half interest in the asses. The more difficult question is whether the surviving spouse can also control the ultimate disposition of the deceased spouse’s community property half of the trust and make provisions for the new spouse or the new stepchildren out of the deceased spouses’s half of the trust.

Restrictions and Incentives for Children – The key question here relates to the timing in which a child should gain unrestricted access, an outright distribution, to the assets after the death of both parents. We would all agree that if a child is a minor, then the assets should be controlled and restricted by an independent trustee for a period of time. What we may disagree on, is the appropriate age in which all restrictions and the independent trustee should be removed. Some clients say age 25, some say 30, and I have had many that say 50 or 60. My experience is that the older my clients are, the higher they will set the ages for their children to gain control. For example, if the kids are minors, then most couples will set the restriction to be lifted at age 30. However, if the couple is much older, and the kids are already over age 30, then these couples may set the restrictions to age 40 or 45. We may also want to build certain “incentives” into the estate plan. A common incentive is “if you earn a buck, then the trust will pay you another buck”. So, you create an incentive for a child to go out and earn a living. Over the years, I have seen the destruction that is brought to a “trust fund baby”. Money and inheritances can ruin a child and ruin a life. That is why many wealthy people will leave large portions of their wealth to charities, instead of their children (and yes, there are income tax advantages and estate tax advantages of doing this, but the primary reason would be to encourage the child to have a productive life). You may also want to provide incentives depending on if a child graduates from college or achieves some other educational benchmark. I do see the risk of using the trust as a “carrot” that is dangled in front of a child to be manipulative. But, some well thought out incentives can really go a long way to help a son or a daughter cope with the vicissitudes of life and be blessing to them, and not a curse.

Asset Protection – For example, having an A/B Trust as described above, can make sure that the assets of a deceased spouse are not subject to the creditor claims of the surviving spouse. As a firm, we are recommending A/B trusts for this reason more than the reason discussed above where an A/B trust can provide two estate tax exemptions. In variably, the surviving spouse ends up in a nursing home that chews up the net worth very quickly. So, having half of the estate in a “B” trust, protected from the creditors (ie nursing home costs) of the surviving spouse makes a lot of sense.

Also, a good estate planning attorney can structure the inheritance for the children, to remain in trust for their lifetime. This will protect the inheritance from the potential creditors of the child such as divorce, bankruptcy, lawsuits, etc. My estate plan is structured that upon the deaths of my wife and I, our estate will be divided out into separate trusts to provide one trust for each of our children. We have an independent trustee and some incentives in each trust. At age 35, the child has the right to become his or her own trustee. So, in essence, the child can now take from the trust whatever the child wants for his “health, education, support and maintenance”. The child is also free, as the trustee, to invest the trust assets into a beach house, a cabin, or any investment that he or she chooses. Meanwhile, if that child divorces, his or her spouse cannot touch that trust. Also, if that child files bankruptcy, then the creditors cannot reach the assets in this trust. I call this a “wrapper of protection” that we can place around the assets which gives the trust “bullet proof” creditor protection to our children. It is also important to remember that a child cannot create his own trust to provide this kind of protection. The law in most states is such that a trust provides creditor protection only in cases where it was created by one person for the benefit of another person. In other words, the grantor or creator of the trust, cannot also be a beneficiary of the trust and achieve creditor protection. So, as long as the trust is created by a parent, for the benefit of a child or grandchild, it can have the creditor protection described above.

Providing a Plan for Incompetency – As all of us age, we can see that our minds and our memories start to diminish. Most of the estate litigation that comes into our firm relates one way or another to the incapacity of one or both of the parents. When this happens we see many children turn against each other and a fight ensues as to what is in the best interests of mom and dad. Unfortunately, the children seldom agree as to what is best. So, a legal battle is waged to determine who has the control of the assets and who has the ability to make medical and financial decisions. Yes, some of these problems should be addressed in a Power of Attorney. But, Powers of Attorney were meant to deal with short term situations, not permanent solutions. It is much better to have a plan, drafted inside of the Trust, as to who will become in charge (“successor trustee”) when mom and dad are no longer capable. Also, to what extent will the Successor Trustee have a duty to give an accounting to all of the kids and keep them informed? Under what circumstances can mom and dad be moved out of state? What is the plan when the assets run out? Will mom and dad live in a nursing home? Keep in mind that someone over 75 is much more likely to become disabled and incompetent in the next 5 years then they are to die in the next 5 years. Then, couple this with the fact that the children are more likely to fight over issues as to what happens to mom and dad, then they are to fight over the inheritance if mom and dad die. Clients are much more likely to avoid all of these fights if there is a well drafted estate plan in place.

Privacy – Many clients like the fact that an estate administered under a Trust is more likely to be kept private then an estate administered by the Probate Court. So, some of our clients will create a Trust for that simple fact. We have all seen the ads on TV where someone is talking about the real estate strategy of buying property from an estate. How do these professionals find the property and know what is in probate and what isn’t? The answer is simple, in many probate proceedings, an inventory is filed with the Court and this inventory is a public record. So, all that needs to happen is that you have a person sitting in an office, searching the probate records to find real estate. Then, it is also easy to find the names and addresses of the heirs. Now, if most of the heirs are out of state, and there is local real estate, then the magic is in the fact that these heirs are now “motivated sellers” and you can make a low ball offer. The bottom line is that the financial affairs of the decedent are now public records that can be easily searched from any computer. The creation of a Trust provides privacy and avoids this issue of privacy altogether.

In conclusion, there are many benefits to estate planning. It is also true that there are many risks and problems that are created by not having an estate plan in place. The reason and benefit that is important to you will depend on your situation. In fact, I have listed the reasons that are least important to me first, and the reasons that are most important to me last. That is me, but is based upon many years of experience. You must decide what is important to you. But, in the end at least focus on the issues and plan for the inevitable. Early in my career I developed a “line” that I used in my public seminars. When the client said, “oh, I really don’t think estate planning will benefit me at all.” My response was “okay, put my business card on your refrigerator”. I said this tongue in cheek knowing that the few dollars the client should have spent on the creation of an estate plan would multiply into huge legal fees when the children would begin to fight trying to unravel the many problems caused by lack of planning, or poor planning. There is a reason that our estate litigation department is the fasting growing practice area of our firm. Hopefully, your family will not fall into this trap. Whatever your reason, or “just one thing” may be, use that as your motivation to create a quality estate plan. This will ensure invaluable peace of mind for you and also for your loved ones.

When you need your estate done right, please give us a call.

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Do you want a Free Initial Consultation with an Estate Planning Lawyer?

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Divorce Lawyer Woods Cross Utah Attorney 801-676-7309 Divorce & Legal Separation in {Utah|UT

Think you learn about a divorce lawyer in Sandy Utah? pay attention to this post.

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Five things that you need to understand in a divorce – Though it readies to have a delighted marital relationship, when you deal with a difficult situation like divorce, you ought to have the nerve to overcome it. Typically situations for divorce occur gradually and not all of a sudden. If you occur to sadly become part of the divorce market, you could need to think about the complying with points on separation to get over the process efficiently. Relying exclusively on loved ones alone for guidance would not help you a lot.  Everything else is on the blog

 

First: In US, law on divorce differs from one state to another. For example divorce in The golden state is various from separation in Wisconsin. Though they differ generally on division of properties, divorce could be filed just in the state where you live. You can not most likely to one more State which provides a lot more on division of assets.

Second: Nowadays, an uncontested divorce, likewise called as no-fault divorce has actually ended up being a lot more preferred as well as usual among partners selecting separation. Under this separation, they need to mutually concur as well as understand that divorce is the only choice for both spouses, after coming to a fundamental arrangement on dividing of jointly had possessions. The process becomes simplest when there is no participation of children out of the wedlock. For no fault divorce, legal representatives are just called for either on a very little basis or they are not required in any way.

3: Some states demand a ‘test’ divorce, under which splitting up is called for throughout a test period prior to grant of separation. Throughout the period of splitting up, the couple going with divorce must live apart without any communication between. Under the scenarios of splitting up, couple will certainly learn more about each various other and will certainly attempt to live without the companion. Often times, individuals suddenly uncover that they do not any even more call for separation throughout the period of splitting up, as well as obtain ready and ready making modifications on past differences.

Fourth : In an ‘at-fault’ separation, any type of among the couple breaches marriage agreement as well as has actually committed abandonment, extramarital relations or viciousness to the other companion. There are different sort of viciousness such as verbal or psychological cruelty or physical viciousness. Some of the States do not call for a preliminary trial splitting up for at-fault divorce. When both partners come to be guilty of devoting breach of marriage contract, the principle of contrast righteousness is used. This technique compares the guilty parties as well as identifies which event is guiltier. It is really challenging to show the level of guiltiness through simple word of mouth which can significantly change the direction of situation and also choose division of assets as well as building.

Fifth: If you are encountering the divorce now, you should understand the certain separation law connecting to your State in which the instance is filed, also if you are under a demanding situation. A proper homework will certainly enable you to deal with the scenario with excellent nerve and you will come to know and also understand exactly what to expect from the case.

5 Star Divorce Lawyer in Grantsville UT Locate solutions to divorce in UT. visit us now 801-676-7308 – I hope you found this helpful – if you did, please subscribe to my channel.  The office: 8833 S Redwood Road, West Jordan, UT 84088

This episode is for Midvale UT individuals who need to know how to get divorced in UT.

West Jordan, Holladay, South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, West Valley City, Draper, Copperton, Magna, Taylorsville, Alpine, Lehi, South Jordan, Kearns, Magna, Draper, Tooele, North Salt Lake, Bountiful, Sandy City, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to help you with your business and divorce case in Utah. #UtTopLawyer

This applies to you if you need to get a divorce in South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Taylorsville, Midvale, Riverton, Draper, Copperton, West Jordan, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, West Valley City, Sandy City, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville.

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States

Telephone: (801) 876-5875

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Divorce in Utah South Jordan Utah SeparationLawyer 801-676-7308

Thank you for coming to learn about Divorce in Utah.

​http://LawyerDivorceUtah.com

You understand, often things go absolutely flawlessly in court. Let me offer you an example.

Concerning a month earlier, my customer and also I litigated. This was for an evidentiary hearing. An evidentiary hearing is when witnesses take the stand in the court and evidence is presented to the court as well as testament from witnesses is supplied.

My customer was a little anxious. He had only been in court once time before. He was now going to affirm.

I called my client as a witness. He testified concerning the realities of the instance. We laid out every aspect of our case.

The court after that learnt through the opposite side. The court really took into consideration a continuance of the hearing. A continuance is when the judge post-pones the hearing to another day and also time. The factor the judge wished to continue the instance was due to the fact that the court believed that there should be other witnesses regarding other issues that he ought to listen to. I quickly notified the judge that, that was not a good idea. In fact, I educated the judge that the various other potential witnesses can not supply any kind of more relevant proof compared to the information the judge had already received straight from the parties themselves.

The judge ultimately concurred with me and, instead of judgment at that very moment. The court took the matter under advisement. What that suggests is that the judge would think about it, perhaps do some added research study on the issue, as well as in the coming weeks, the court would certainly make a ruling. It is instead unusual for a court to do that. Many courts choose as soon as possible; however, I’ve never ever been opposed to a judge taking their time as well as seeing to it they obtain the realities and law appropriate in issuing the court’s choice.

That was almost One Month ago as well as today, the court released the decision.

We prevailed.

Not only did we win, yet the court also granted our customer attorney’s costs as well as costs! That is a significant win in my publication. Our customer has gotten a 5 figure award based on our job.

I could not inform you just how gratifying it is to win big for our clients. There are never 2 cases that are exactly the very same. There are some cases that moderate and also settle rapidly. There are other instances that solve slowly in time. This instance has actually been going on for method too long due to the fact that the opposite side postponed the proceedings longer compared to they should have.

Our customer mores than happy and fired up at this victory. I though you must become aware of this success as well. We try to concentrate on education as well as offering you with answers to your inquiries in the write-ups and info we put out. We undoubtedly maintain our customer’s confidences. They don’t desire their private information published anywhere. To ensure that is why the info consisted of in here is somewhat vague. We will be uploading some even more testimonies in the next month approximately.

In the meanwhile, please drop us a line or call us if you have any kind of inquiries or issues. We want to assist you with your separation or child custody situation. Yes, we do all types of family members law as well as fosterings.

Many thanks for coming by.

Best Reviewed Divorce Attorneys in Bountiful Utah outlines how divorce operates in Utah. Call us today 801-676-7308 – Our location: 8833 South Redwood Rd, West Jordan, UT 84088

This post is for Bountiful UT citizens who want to know how to get divorced in Utah.

Remember, if you live in West Jordan, Holladay, South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, West Valley City, Draper, Copperton, Magna, Taylorsville, Alpine, Lehi, South Jordan, Kearns, Magna, Draper, Tooele, North Salt Lake, Bountiful, Sandy City, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, Herriman, Bluffdale, Riverton, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to help you with your child custody and divorce case in Utah. #UtahLawyer #GuardianLaw #DivorceLawyer #UtTopLawyer

This applies to you if you need to get alimony in South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Taylorsville, Midvale, Riverton, Draper, Copperton, West Jordan, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, West Valley City, Sandy City, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville.

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States

Telephone: (801) 876-5875

SEO by Jeremy Eveland

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​Special Needs Trust Attorneys Estate Planning Alpine UT 801-676-7308 Irrevocable Trust Lawyers West Valley City UT

http://www.SLCEstatePlanning.com

Do you need a Special Needs Trust Lawyer in Utah?

If you intend to leave money or residential or commercial property to an enjoyed one with an impairment, you must prepare meticulously. Otherwise, you can threaten your loved one’s capability to get Supplemental Safety Income (SSI) and also Medicaid advantages. By establishing a “special needs trust” in your will, you can stay clear of a few of these issues.

Owning a house, a car, home furnishings, and also regular individual impacts does not influence eligibility for SSI or Medicaid. Yet other possessions, including money in the bank, willdisqualify your liked one from advantages. If you leave your enjoyed one $10,000 in cash money, that present would certainly invalidate your liked one from obtaining SSI or Medicaid.

How a Special Needs Trust Can Aid

A way around shedding eligibility for SSI or Medicaid is to develop just what’s called a special needs or extra requirements trust. Then, as opposed to leaving property straight to your loved one, you leave it to the special needs trust.

You likewise select somebody to work as trustee, who will certainly have total discernment over the trust residential or commercial property and will certainly be in charge of spending money on your liked one’s behalf. Since your loved one will certainly have no control over the money, SSI and also Medicaid administrators will overlook the trust residential property for program eligibility functions. The trust finishes when it is not required– commonly, at the beneficiary’s death or when the trust funds have actually all been invested.

Find out more regarding Exactly how Special Needs Trusts Work.

Special Needs Trust Attorney in Utah and Just how Trust Finances Could Be Spent

The trustee can not give loan straight to your liked one– that can hinder eligibility for SSI and also Medicaid. Yet the trustee can invest trust possessions to get a wide array of goods as well as solutions for your loved one. Special needs trust funds are generally used to spend for individual treatment attendants, holidays, furnishings, out-of-pocket medical as well as oral costs, education, leisure, vehicles, and also physical recovery.

Find out more regarding How Special Needs Trust Finances Can Be Utilized by calling Ascent Law practice.

Pooled Trusts and Special Needs Trust Lawyer in Utah

If you can’t come up with a great prospect to serve as a trustee or are leaving a fairly small sum as well as do not intend to set up a different special needs trust, think about a “pooled trust.” These are special needs trusts run by not-for-profit organizations that pool and invest funds from numerous families. Each trust beneficiary has a separate account, and the trustee picked by the not-for-profit spends loan in support of each recipient. Pooled trusts (also called area trusts) are readily available in lots of areas of the nation.

If a Trust Beneficiary Loses SSI, Just how Do You Close His Special Needs Trust?

If it is a first-party special needs trust (one established to hold the recipient’s cash), after that there will be a payback to the state Medicaid firm prior to any type of money can most likely to recipient. If it is a third-party special needs trust (one set up to hold other individuals’s cash set aside for beneficiary), then commonly the trust will certainly have arrangements that define exactly how it can be terminated during the beneficiary’s life time. If the trust document is quiet on this, a lot of states have a law that claims that in the event of changed situations, a trust could be ended and also the remaining money sent to the recipient. Or, you might just continuously manage the trust as well as pay in behalf of the recipient up until the cash is gone, which may be the best strategy, particularly if the beneficiary is not monetarily savvy.

You should call a 5 star rated special needs trust attorneys in Utah who also does wills Pick up the phone and dial 801-676-7309 – the address : 8833 So. Redwood Rd, West Jordan, UT 84088.

The Absolute Best special needs trusts – estate planning Attorney in Magna UT is here to help you in your hard case. I hope this gave you enough information.

#AscentLawFirm  This applies to you if you need a special needs trust in South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Taylorsville, Midvale, Riverton, Draper, Copperton, West Jordan, Magna, Alpine, Lehi, Tooele, Murray City, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, West Valley City, Sandy City, West Jordan, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville.

Special Needs Trust Lawyer

Jeremy Eveland

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States

Telephone: (801) 876-5875

from Salt Lake City Utah Estate Planning http://slcestateplanning.com/2016/10/20/a%c2%80%c2%8bspecial-needs-trust-attorneys-estate-planning-alpine-ut-801-676-7308-irrevocable-trust-lawyers-west-valley-city-ut/

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Estate Planning Lawyer North Salt Lake Utah 801-676-5506 Estate Planning Attorneys Murray UT

Utah Estate Planning Attorney

http://www.AscentLawFirm.com Estate Planning in Utah.

Many Usual Mistakes of Estate Planning

Despite the fact that planning your estate isn’t really a satisfying job it’s needed to make sure that you will successfully and also adequately transfer every one of your properties to those you leave. With a bit of mindful planning, your beneficiaries can avoid needing to pay inheritance tax and also government taxes on your assets. A well organized estate avoids confusion for your family.

Still, with all the advantages of estate planning, many individuals make a wonderful lots of mistakes in the process. The most usual mistakes is when it pertains to estate planning in Utah is not navigating to doing it whatsoever. Make sure that you take the time to prepare at the very least the financial portion of your estate to ensure that you leave your loved ones behind with some amount of protection. The following 7 errors commonly put family members into fantastic problem after a loved one’s passing.

 

One. Do not fall into the catch of thinking that estate planning is simply for the abundant. This is entirely false as intending your estate is important for any individual that has any type of quantity of possessions to leave behind. Lots of people don’t recognize that their estate is as big as it really is, specifically when they fail to take into consideration the possessions from their home.

2. Remember to update your will certainly as well as to review it at least once every two years. Factors that can change information about your beneficiaries consist of fatalities, divorce, birth, and also fostering. As your household structure adjustments so does the adjustment in your properties and that you want to leave them to.

3. Don’t presume that tax obligations paid on your possessions are set in stone. Speak with your economic planner regarding ways that your recipients could avoid paying tax obligations on your assets. There are a number of approaches for tax obligation planning to make sure that you could minimize taxes or avoid them altogether.

Four. All of your financial documents ought to remain in order so that it’s very easy for someone to discover them. See to it that of your liked ones has information on where to discover the documents needed for planning after your fatality.

Five. Don’t leave whatever to your partner. When you leave every one of your properties to your partner you are in fact sacrificing their part of the advantage. You’ll obtain an estate tax credit however will certainly waive component of this if your partner is your only beneficiary.

Six. Make sure that your children are well taken care of. Many individuals take a great deal of time deciding what to do with their properties as well as forget that they have to assign guardianship for their children. There are lots of information to consider when it pertains to guardianship.  A guardian is the family member who will take care of your child if you should pass away.

Seven. If you do not have a monetary consultant, obtain one. Most Financial Planners and also Attorneys learn totally in these issues and can supply property security well above whatever charges they could charge. If you require help picking the best economic consultant, get the Financial Consultant’s Records.

These blunders happen regularly when couples are planning their estate. Put in the time to plan for your death although you believe that you have years prior to it comes to be a concern. The key to successful estate planning is being prepared for anything.  You should contact a great estate and probateattorneys in Utah who also does estate planning Call if you’re ready 801-676-5506 – the address : 8833 So. Redwood Rd, W. Jordan, UT 84088

Top reviewed estate planning Lawyer in Bluffdale Utah is here to assist you in your trying circumstance. Let me know if you found this video helpful in understanding estate planning in UT.

#AscentLawFirm  This applies to you if you need estate planning in South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Taylorsville, Midvale, Riverton, Draper, Copperton, West Jordan, Magna, Alpine, Lehi, Tooele, Murray City, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, West Valley City, Sandy City, West Jordan, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville.

Utah Estate Planning Attorney

Inheritance Trust Lawyer in Utah

Estate Planning Sandy Utah

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States

Telephone: (801) 876-5875

Jeremy Eveland

from Salt Lake City Utah Estate Planning http://slcestateplanning.com/2016/10/14/estate-planning-lawyer-north-salt-lake-utah-801-676-5506-estate-planning-attorneys-murray-ut/

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Is an Estate Plan Right for me? Utah Attorney explains…

So I have received a question about estate planning – the question is: I don’t have a lot of assets and I’m not sure that I need an estate plan – do I really need to do estate planning?

I’ve made this short video – watch it and see if this helps –

Click on this link here — https://youtu.be/u940vJV9m6Y

The short answer is yes – you do need to do estate planning even if you don’t think that you do.

The longer answer is – of course – let me explain.

If you don’t do any estate planning, then we have to file a probate case for you in court. Probate means to prove and what we have to prove is that whomever is petitioning the court to be the personal representative of your estate is qualified to do so. That person they will get permission to sign their name as if they were you.

That person, once appointed, can then administer your estate. If someone doesn’t agree with what you are doing, that person can sue you – then you’re looking at additional court costs and attorneys fees. You probably have heard that the only ones who win in a lawsuit are the lawyers and there is some truth to that.

I’ve had clients where we have won their case after a long trial and my clients were still upset because they had to go through the who mess. Trust me – you don’t want to spend years in court – you want to move on with your life. You can’t move on if you’re being sued about an estate.

But if you do your estate planning and you get it done, then you never have to worry because the written documents will prevail and your personal representative will be the person you want appointed, not just whomever the state chooses – and the chance of lawsuits decreases because you’ve done your planning and it says exactly what will happen.

I hope this video has helped you. If you enjoyed the information in here, please like this video and subscribe to my channel.

Remember, if you live in West Jordan, Holladay, South Jordan, Taylorsville, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Sandy City, Magna, North Salt Lake, Bountiful, Woods Cross, or Herriman Utah we are here to assist you with your estate planning.
We will do your will, your trust, health care directive, power of attorney, and even probate the case if necessary.
#UtahEstateLawyer
#MikeAnderson
#GuardianLaw

For those who live or own property in West Jordan, Holladay, South Jordan, Taylorsville, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Sandy City, Magna, North Salt Lake, Bountiful, Woods Cross, or Herriman Utah.

 

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 876-5875

from Salt Lake City Utah Estate Planning http://slcestateplanning.com/2016/08/07/is-an-estate-plan-right-for-me-utah-attorney-explains/

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Estate Planning Salt Lake City

Estate Planning Salt Lake City UT 801-676-5507 Wills Trusts
Lawyer

Watch this video

In this video I give you a brief explanation of estate
planning in Salt Lake City Utah.  Estate
Planning Attorney in these Utah locations: Salt Lake City, Provo, Orem, Ogden,
Park City, West Jordan, Pepperwood, Sandy, South Jordan, Salt Lake City,
Herriman, Sandy City, Midvale, Riverton, Draper, Holladay, Copperton, Magna,
Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon,
Centerville, Orem, Bluffdale, Park City, Farmington, Provo, Kaysville, Layton,
Syracuse, Clearfield, Hill AFB, or Grantsville.

Helping Families Preserve Their Wealth During and After
Their Lifetime

Thank you for visiting and watching this video about estate
planning Salt Lake City, Utah, brought to you by Mike Anderson of the Ascent law
firm in Salt Lake City, UT. We are estate planning attorneys based in Salt Lake
City, UT whose mission is to provide residents of Salt Lake City, and
surrounding areas with quality estate planning information and knowledge. Our unique
Services also include Wills, Trusts, fighting in court to protect inheritance;
Estate Tax Planning, estate tax filings, Probate, probate mediations, Trust
Administration, Asset Protection, Business Succession Planning, LLCs, corporations,
contested wills cases, power of attorney lawsuits, guardianships and
conservatorship lawsuits. When you visit or call our office, we want you to
feel comfortable discussing such an important issue concerning both you and
your family. We want to arm you with the information you need to make an
informed decision about your family’s future.

Estate Planning: Wills and Living Trusts

 

Through the use of Living Trusts, Wills (simple &
complex), Powers of Attorney, Living Wills, Irrevocable Trusts, Family Limited
Partnerships, and Charitable Gifting Strategies, our firm helps families
preserve their wealth for future generations, minimize estate taxes, and avoid
the expense and nightmare of probate.

Legacy Planning

Legacy Planning is a more holistic approach to estate
planning. We help clients preserve their financial wealth and their legacy,
including their life stories and family heirlooms, for future generations. Our
non-traditional planning methods include special provisions and protections in
Living Trusts, Wills (simple & complex), Powers of Attorney, Living Wills,
Irrevocable Trusts, Family Limited Partnerships, and Charitable Gifting
Strategies. This planning also includes minimizing estate taxes, avoiding the
expense and nightmare of probate, protecting against remarriage after death of
the 1st spouse, and protecting beneficiaries from a possible future divorce.

Family-Owned Businesses & Farms

 

Our law firm offers estate planning assistance for the
unique needs of Family Businesses and Farms. We help clients preserve this
important part of their legacy for future generations.
Incapacity Planning
Our law firm helps clients create a plan to handle their
affairs in the event of an incapacity before they pass away. This includes
planning to avoid a Living Probate or Guardianship proceeding.
IRA & Retirement Planning
Our law firm has experience in the complex area of estate
planning with IRAs and other retirement plans. We help ensure clients and their
beneficiaries are protected by employing tax reduction techniques.

Asset Protection & Business Planning

We help clients who are small business owners and those who
are most susceptible to being sued by assisting with Lawsuit and Asset
Protection. We also assist with Business Succession Planning and Small Business
Planning. Some of the tools and strategies used are Family Limited
Partnerships, Limited Liability Companies and Buy-Sell Agreements.

Estate Planning and Your Pets

Our firm cares about the welfare of your pets. Your beloved
pets need to be protected in the event you are no longer there to take care of
them. Estate Planning and implementing a Pet’s Trust can ensure that your pets
are provided for after your death.

Special Needs Planning

 

We offer assistance to clients who have special needs family
members by creating Special Needs Estate Plans which include special needs
trusts. These tailored plans help them preserve government benefits while having
their loved one cared for in all areas of their life: financial, educational
and medical, and most importantly, their emotional and personal needs in the
future.

Trust Administration & Probate

We help families who have experienced the loss of a loved
one with the ensuing Probate or Trust Administration process.  We fight court battles involving
guardianships, conservatorships, probate litigation, contested wills cases and
other estate lawsuits.
Give our office a call 801-676-5507.  If I am unavailable, please schedule a
telephone appointment or an in person meeting.
Our office has free initial consultations.
So, if you live in West Jordan, Pepperwood, Sandy, South
Jordan, Salt Lake City, Herriman, Sandy City, Midvale, Riverton, Draper, Holladay,
Copperton, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods
Cross, Lindon, Centerville, Orem, Bluffdale, Park City, Farmington, Provo,
Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to
assist you with your estate planning or probate case.
One of our offices is at: 8833 South Redwood Road, West
Jordan, Utah 84088
If you enjoyed watching this video, please click the like
button.  If you want additional
information, please subscribe to our channel and you will receive additional
information when we publish another video.

Estate Planning Salt Lake City

Estate Planning Salt Lake City
Estate Planning Salt Lake City
#AscentLawFirm
#MikeAnderson
# EstatePlanningSaltLakeCity

#UtahLaw

estate planning salt lake city

estate planning salt lake city

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 876-5875

from Salt Lake City Utah Estate Planning http://slcestateplanning.com/2016/08/01/estate-planning-salt-lake-city/

from Salt Lake City Estate Planning http://saltlakecityestate.tumblr.com/post/148298412117

Probate Attorney Near Me

Someone asked if I knew where they could find a probate attorney near me.  That was funny I said, because I’m a probate lawyer.  He said, well, I though you only did estate plans, you know, the stuff you do before you die, not taking care of an estate after you die.

Too funny, isn’t it?

Sometimes, we don’t even know what exactly other do — but it’s oh so good to ask questions.

In this case, I was able to help him with his probate case.

Perhaps I can help you understand what it is that probate lawyers do and why you may need one if someone you know has passed away.

If you are looking for a probate lawyer in Utah, you’ve come to the right place.  That’s what we do.

Probate includes marshaling all of the deceased assets and having letters testamentary or letters of administration issues so that you can be appointed as the personal representative of the estate and administer the affairs of your relative, loved one, or friend.

Letter testamentary or letters of administration are legal documents issued by the Utah State Court which are signed by the clerk or judge of the court which give you (or the personal representative) the power and authority to legally administer the deceased person’s estate.

Without these “letters” you cannot legally do it.

Once you have the letters, you can act and pay the debts of the estate, claims can be made against the estate, and you can distribute the assets after an inventory has been completed and close out the probate case.

This is why you should get a probate lawyer near you to make sure that you do this correctly.

Probate cases in Utah are related to wills and trusts.  If the deceased did not have a will or a trust, then the law in Utah, called the intestacy statutes will come into play.

You really need to make sure you meed with a probate lawyer to make sure that you distribute the inheritance properly or you could be sued.

We also handle contested probate cases so we know all about these things.

I hope you found this helpful – if you need additional information, please remember that we offer a free initial consultation.  We are more than happy to speak with you on the phone and walk you thorough the probate process.

Our phone:  801-676-5507

Our office: 8833 South Redwood Road, Suite C, West Jordan, Utah 84088 – come by and visit us anytime between 8am and 5pm M-F

Remember, if you live in West Jordan, South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Copperton, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to assist you with your probate case.

#UtahEstatePlanning

#AscentLawFirm

#MikeAnderson

from Salt Lake City Utah Estate Planning http://slcestateplanning.com/2016/07/19/probate-attorney-near-me/

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