Boulder Garfield County UT estate planning young adults

Estate Planning - Why Should I Care?

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There are numerous estate planning issues that arise during a separation or divorce. If you're considering divorce, make sure you've adequately addressed these issues and avoid significant consequences.

The first issue is to immediately revoke any powers of attorney that grant your spouse powers over your health care or financial decisions. If you do not revoke these powers of attorney, your ex-spouse will remain your agent despite your divorce. Just imagine your ex-spouse making your health care decisions or continuing to have access to your financial accounts even after your divorce.

If you do not have a health care power of attorney or financial power of attorney, or after you revoke your existing power of attorney, you should create a new one. You may do this before, during, or after your divorce. If your divorce is pending, you probably do not want your soon to be ex-spouse having any type of decision making power over you or your assets. However, if you do not appoint someone else, your spouse will likely serve as the "default" agent if one is needed.

The next thing to consider is your Will. If you already have a Will, revise it. Chances are that your current Will provides for everything to go to your spouse. Once your divorce is final, any bequests to your spouse are nullified. Still, if you do not change your Will, such bequests will be granted if you die before your divorce is final. You cannot completely disinherit your spouse through a Will because State law provides for minimum amounts to a spouse, which is called "taking against the Will". Still you can limit what your spouse receives to the statutory amounts.

Also, there is a good chance that your spouse is named as your Personal Representative (or Executor). Even after your divorce is final, this designation will remain valid. Finally, any bequests made to in-laws will remain valid despite your divorce. Often there is a provision in Wills that provides that in the event your spouse does not survive you and there are no other beneficiaries under your Will, your assets are divided evenly between your heirs at law and your spouse's heirs at law. So, you may have a bequest to your in-laws and not even realize it.

You may also want to consider appointing a guardian for any minor children. In almost all cases, your spouse will continue to have parental rights and will receive full custody of your children upon your death. However, if there is a valid reason, such as abuse or drug addiction, why your spouse should not receive custody you should identify those reasons in your Will and name the person(s) you wish to have custody. Also, if your ex-spouse predeceases you, your Will should control who receives custody.

Also, you should establish a trust through your Will (called a testamentary trust) to control assets left to minor or disabled children. That way, you can decide who makes the decisions over those assets until your children are old enough to receive them outright. If you do not establish a trust and appoint a trustee, your ex-spouse will likely have control over any assets left to your children. And, although the assets are supposed to be used for the children's benefit, there is no practical way of controlling or checking that that is what really happens.

You should also consider a Revocable Trust. If you have one already, revise it to remove powers and gifts given to ex-spouse. Unlike a Will, any gifts given to an ex-spouse through a trust remain valid despite your divorce. Likewise, if your spouse is named as your successor trustee, that appointment remains valid despite your divorce.

There is also a benefit to having a Revocable Trust rather than a Will. In some states, you can completely disinherit a spouse through a revocable trust. The reasoning is that the statutes that grant your spouse a minimum amount of your assets only apply to your probate estate. However, any assets that are placed in trust during your lifetime are not subject to probate. Therefore, if you title all of your individual assets in your trust, you can keep your spouse from receiving anything of yours even if you die before your divorce is final. It can also serve as an ongoing trust after your death to hold assets for your children without your spouse having control or decision making ability.

Additionally, you should review and update any beneficiary designations on life insurance policies, retirement plans, etc. You may not be able to make some of these changes until your divorce is final. For most retirement accounts, your spouse has to sign an authorization for you to appoint someone else as your beneficiary. You may also be prohibited by the court from making changes while your divorce is pending. Just don't forget to make the changes once your divorce is final.

Finally, you should re-title any assets held jointly with your spouse. For many assets (such as house, car, joint investments, etc.), this may need to be done after your divorce is final. However, you can open your own bank and investment accounts at any time.

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Boulder Utah 9 estate planning pitfalls to avoid

Estate Planning - How to Preserve Your Wealth

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If you're reading this article, it's probably not for entertainment value. And if you're reading for entertainment, then you're either a masochist or you're actually interested in what I have to say. It could be both, I guess. Whatever the reason, estate planning is an important topic, regardless of your station in life.

So what does it mean to have an estate plan? The better question is: why does it matter? This is not easy stuff. It deals with death and dying and the future. Of course, nobody wants to think about this stuff. But unfortunately, it's the pink elephant in the room. And it's not all that bad, actually.

Generally, an estate plan is a set of instructions that spell out how your property should be managed and distributed during your life and after death. The attorney (yours truly) is basically a conduit that channels your wishes onto paper in a way that make sense and have the most effect. Okay, maybe it's not that simple, but this should give you some idea. The estate plan should be a reflection of your life and vision. And don't confuse the word "estate" with a gated 8000 square foot villa with your initials on the entry gate. Your estate is all that you own in real estate and other assets.

At one point or another, most of us who own property think about what will happen to our property when we die. We think about stuff like, "Who will get my 1984 Honda Civic?" That's a legitimate concern. Nobody is going to want it, but the concern is no less legitimate. But what if you become disabled? And what happens when you get old and feeble minded? There may come a time where we will live out our lives without sufficient mental and/or physical capacity to manage our own affairs. Look, we all know or knew someone who started to "lose it." We can all remember thinking this or saying something like, "hey, is it me, or is Uncle Joe beginning to lose it?"

Enter the estate plan. The estate plan deals with the management of your property and financial affairs. There are two main types of estate plans: one is built around a Will and the other around a Revocable Living Trust. Each has it pros and cons. But as long as you have your wits about you, you can always make changes to the plan along the way. That being said, it's important to have an estate plan in place now because you don't know when you might become the "Uncle Joe."

THE WILL

A Will is the most common document used to specify how an estate should be handled after death. The person or entity designated to receive your property under the Will is called a Beneficiary. The person whose property is to be disposed by the Will is the Testator or Testatrix.

Like a Trust, the Will can set out different instructions, such as who gets certain property or who will be the guardian of Testator's minor child in the event that no parent is alive. It can be used to disinherit someone. It can set conditions on inheritance, such as the requirement that the Beneficiary first reach the age or 25 or graduate from college.

And then there's the dreaded P word - PROBATE. There's no getting around it. When a person dies and leaves property in a Will, probate is the legal proceeding that is used to wind up his or her legal and financial affairs. It's best described as a court-supervised process by where assets are gathered, valued, and distributed according to the Testator's last wishes as stated in the Will.

Probate proceedings are held in Superior Court for the county in which the Testator lived. The Executor (the person who administers the estate) is responsible for protecting a deceased person's property until all debts and taxes have been paid, and seeing that what's left is transferred to those who are entitled to it. Their job includes making an inventory of the estate's assets, locating creditors, paying bills, filing tax returns, and managing the estate assets. Finally, when this is all done, a petition is filed with the court requesting a distribution to the Beneficiaries. The whole process can take many months and sometimes years to complete.

As you can imagine, probate can also be very expensive. The Probate Code sets the maximum amount that attorneys and personal representatives (i.e. executors, administrators, etc.) can charge. As of 2016, the fees are four percent of the first $100,000 of the estate, three percent of the next $100,000, two percent of the next $800,000, one percent of the next $9,000,000, and one-half percent of the next $15,000,000. On top of that, a probate referee is appointed to appraise all of the non-cash items. This person usually takes one percent of the total assets appraised. All of this can add up very quickly. Although it's safe to say that most of us will probably not die with an estate valued at $15 million, the probate process can easily reduce the size of the estate by tens of thousands of dollars.

And of course there's the privacy issue, or lack thereof. When a Will is admitted to probate it becomes a matter of public record, including the details of what your assets are and who's in line to get them. Some may have legitimate reasons for following the probate matter, like a beneficiary's creditor who's looking to collect. Other unscrupulous types may want to know who to bamboozle.

THE REVOCABLE LIVING TRUST

A Living Trust is established with a document, usually a Declaration of Trust or a Trust Agreement. It's basically a relationship whereby property (real or personal, tangible or intangible) is held by one party for the benefit of another. A Living Trust conventionally arises when property is transferred to a separate Trustee to hold for the Beneficiary. However, that's not always necessary.

The person creating the Living Trust is called the Settlor or Trustor (these are synonymous). The Settlor appoints a Trustee to manage the Trust assets. The Trusee holds legal title to property for the benefit of another, also known as the Beneficiary. Although the Beneficiary does not own legal title to the property, he or she is said to own beneficial title. So you can imagine that the Trustee cannot do anything with the property that does not benefit the Beneficiary, like sell some off and pocket the money. It may be easier to think about a Trust like a Corporation. The Trustee is the CEO and the Beneficiaries are the shareholders. And it's not uncommon for Trustee to also be a Beneficiary, although it's advisable that a Co-Trustee be named as well.

A Living Trust should usually be accompanied by a Last Will and Testament, also known as a "pour-over will." The Will should say that property that is outside of the Trust is to be distributed to the Trustee of the Trust when the Testator dies. As long as the property outside of the Trust is valued at less than $100,000, probate can be avoided. The benefit is that property not previously placed in the Trust will get "poured" into it. Even if the property exceeds $100,000 and has to go through probate, it will eventually be distributed according to the instructions of the deceased instead of being distributed according to California law. It may also be a good idea to name the same person to be both the Executor of the Will and the Trustee of the Trust, since he or she will dealing with the same property.

WHAT DOES THIS ALL MEAN?

So what's the point of all of this mumbo jumbo? Well, just that it's easy to overlook the necessity of a proper estate plan. A Living Trust helps to protect you, your assets, and those people and/or entities who you want to leave your assets to when you're gone.

A good reason to create a Living Trust is to keep your estate plan private. Unlike a Will and probate, the Living Trust is a private contract between you (the Settlor) and the Trustee. It does not need to be filed with the county. The only way it can become public is if a dispute arises and someone files a lawsuit, which is possible.

Another major benefit of a Living Trust is that it has the ability to protect you in the event that you become disabled. The Trust can specify how your incapacity should be determined, how you should be taken care of if you're deemed disabled, and who will be able to manage your property if you can't. A Living Trust is written so that your Trustee can automatically jump into the driver's seat if you become ill or incapacitated. This will keep you and your property outside of court-supervised guardianship or conservatorship. The more you can keep the court out of your life and affairs, the better.

A Living Trust also allows you to dispense with your property in the manner that you choose. For example, many families have a child who has or had some problems in life. This may range from physical challenges to addiction to partying in Las Vegas with prostitutes every weekend. A Living Trust can provide for financial support to others without giving them direct control of the trust property.

Finally, a Living Trust makes it possible to avoid having to go through probate. How? It's simple - the property is titled in the name of the Trust when you die. Your Trust does not check out just because you do. Only those assets that are titled in your name at the time of death go through probate.

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Bluffdale Utah County UT estate planning 5 year lookback

Estate Planning Overview, 101

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If you're reading this article, it's probably not for entertainment value. And if you're reading for entertainment, then you're either a masochist or you're actually interested in what I have to say. It could be both, I guess. Whatever the reason, estate planning is an important topic, regardless of your station in life.

So what does it mean to have an estate plan? The better question is: why does it matter? This is not easy stuff. It deals with death and dying and the future. Of course, nobody wants to think about this stuff. But unfortunately, it's the pink elephant in the room. And it's not all that bad, actually.

Generally, an estate plan is a set of instructions that spell out how your property should be managed and distributed during your life and after death. The attorney (yours truly) is basically a conduit that channels your wishes onto paper in a way that make sense and have the most effect. Okay, maybe it's not that simple, but this should give you some idea. The estate plan should be a reflection of your life and vision. And don't confuse the word "estate" with a gated 8000 square foot villa with your initials on the entry gate. Your estate is all that you own in real estate and other assets.

At one point or another, most of us who own property think about what will happen to our property when we die. We think about stuff like, "Who will get my 1984 Honda Civic?" That's a legitimate concern. Nobody is going to want it, but the concern is no less legitimate. But what if you become disabled? And what happens when you get old and feeble minded? There may come a time where we will live out our lives without sufficient mental and/or physical capacity to manage our own affairs. Look, we all know or knew someone who started to "lose it." We can all remember thinking this or saying something like, "hey, is it me, or is Uncle Joe beginning to lose it?"

Enter the estate plan. The estate plan deals with the management of your property and financial affairs. There are two main types of estate plans: one is built around a Will and the other around a Revocable Living Trust. Each has it pros and cons. But as long as you have your wits about you, you can always make changes to the plan along the way. That being said, it's important to have an estate plan in place now because you don't know when you might become the "Uncle Joe."

THE WILL

A Will is the most common document used to specify how an estate should be handled after death. The person or entity designated to receive your property under the Will is called a Beneficiary. The person whose property is to be disposed by the Will is the Testator or Testatrix.

Like a Trust, the Will can set out different instructions, such as who gets certain property or who will be the guardian of Testator's minor child in the event that no parent is alive. It can be used to disinherit someone. It can set conditions on inheritance, such as the requirement that the Beneficiary first reach the age or 25 or graduate from college.

And then there's the dreaded P word - PROBATE. There's no getting around it. When a person dies and leaves property in a Will, probate is the legal proceeding that is used to wind up his or her legal and financial affairs. It's best described as a court-supervised process by where assets are gathered, valued, and distributed according to the Testator's last wishes as stated in the Will.

Probate proceedings are held in Superior Court for the county in which the Testator lived. The Executor (the person who administers the estate) is responsible for protecting a deceased person's property until all debts and taxes have been paid, and seeing that what's left is transferred to those who are entitled to it. Their job includes making an inventory of the estate's assets, locating creditors, paying bills, filing tax returns, and managing the estate assets. Finally, when this is all done, a petition is filed with the court requesting a distribution to the Beneficiaries. The whole process can take many months and sometimes years to complete.

As you can imagine, probate can also be very expensive. The Probate Code sets the maximum amount that attorneys and personal representatives (i.e. executors, administrators, etc.) can charge. As of 2016, the fees are four percent of the first $100,000 of the estate, three percent of the next $100,000, two percent of the next $800,000, one percent of the next $9,000,000, and one-half percent of the next $15,000,000. On top of that, a probate referee is appointed to appraise all of the non-cash items. This person usually takes one percent of the total assets appraised. All of this can add up very quickly. Although it's safe to say that most of us will probably not die with an estate valued at $15 million, the probate process can easily reduce the size of the estate by tens of thousands of dollars.

And of course there's the privacy issue, or lack thereof. When a Will is admitted to probate it becomes a matter of public record, including the details of what your assets are and who's in line to get them. Some may have legitimate reasons for following the probate matter, like a beneficiary's creditor who's looking to collect. Other unscrupulous types may want to know who to bamboozle.

THE REVOCABLE LIVING TRUST

A Living Trust is established with a document, usually a Declaration of Trust or a Trust Agreement. It's basically a relationship whereby property (real or personal, tangible or intangible) is held by one party for the benefit of another. A Living Trust conventionally arises when property is transferred to a separate Trustee to hold for the Beneficiary. However, that's not always necessary.

The person creating the Living Trust is called the Settlor or Trustor (these are synonymous). The Settlor appoints a Trustee to manage the Trust assets. The Trusee holds legal title to property for the benefit of another, also known as the Beneficiary. Although the Beneficiary does not own legal title to the property, he or she is said to own beneficial title. So you can imagine that the Trustee cannot do anything with the property that does not benefit the Beneficiary, like sell some off and pocket the money. It may be easier to think about a Trust like a Corporation. The Trustee is the CEO and the Beneficiaries are the shareholders. And it's not uncommon for Trustee to also be a Beneficiary, although it's advisable that a Co-Trustee be named as well.

A Living Trust should usually be accompanied by a Last Will and Testament, also known as a "pour-over will." The Will should say that property that is outside of the Trust is to be distributed to the Trustee of the Trust when the Testator dies. As long as the property outside of the Trust is valued at less than $100,000, probate can be avoided. The benefit is that property not previously placed in the Trust will get "poured" into it. Even if the property exceeds $100,000 and has to go through probate, it will eventually be distributed according to the instructions of the deceased instead of being distributed according to California law. It may also be a good idea to name the same person to be both the Executor of the Will and the Trustee of the Trust, since he or she will dealing with the same property.

WHAT DOES THIS ALL MEAN?

So what's the point of all of this mumbo jumbo? Well, just that it's easy to overlook the necessity of a proper estate plan. A Living Trust helps to protect you, your assets, and those people and/or entities who you want to leave your assets to when you're gone.

A good reason to create a Living Trust is to keep your estate plan private. Unlike a Will and probate, the Living Trust is a private contract between you (the Settlor) and the Trustee. It does not need to be filed with the county. The only way it can become public is if a dispute arises and someone files a lawsuit, which is possible.

Another major benefit of a Living Trust is that it has the ability to protect you in the event that you become disabled. The Trust can specify how your incapacity should be determined, how you should be taken care of if you're deemed disabled, and who will be able to manage your property if you can't. A Living Trust is written so that your Trustee can automatically jump into the driver's seat if you become ill or incapacitated. This will keep you and your property outside of court-supervised guardianship or conservatorship. The more you can keep the court out of your life and affairs, the better.

A Living Trust also allows you to dispense with your property in the manner that you choose. For example, many families have a child who has or had some problems in life. This may range from physical challenges to addiction to partying in Las Vegas with prostitutes every weekend. A Living Trust can provide for financial support to others without giving them direct control of the trust property.

Finally, a Living Trust makes it possible to avoid having to go through probate. How? It's simple - the property is titled in the name of the Trust when you die. Your Trust does not check out just because you do. Only those assets that are titled in your name at the time of death go through probate.

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Bluffdale Utah estate planning lawyer

Estate Planning: What to Think About Before Meeting Your Lawyer

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The five levels of estate planning is a systematic approach for explaining estate planning in a way that you can easily follow. Which of the five levels you need to complete is based on your particular objectives and circumstances.

Level One: The Basic Plan

The situation for level one planning is that you have no will or living trust in place, or your existing will or living trust is outdated or inadequate. The objectives for this type of planning are to:

reduce or eliminate estate taxes;
avoid the cost, delays and publicity associated with probate in the event of death or incapacity; and
protect heirs from their inability, their disability, their creditors and their predators, including ex-spouses.

To accomplish these objectives, you would use a pour-over will, a revocable living trust that allocates a married person's estate between a credit shelter trust and a marital trust, general powers of attorney for financial matters and durable powers of attorney for health care and living wills.

Level Two: The Irrevocable Life Insurance Trust (ILIT)

The situation for level two planning is that your estate is projected to be greater than the estate-tax exemption. In any event, you can make cash gifts to an ILIT using your $13,000/$26,000 annual gift-tax exclusion per beneficiary.

Level Three: Family Limited Partnerships

The situation for level three planning is that you have a projected estate-tax liability that exceeds the life insurance purchased in level two. If your $1 million gift-tax exemption ($2 million for married couples) is used to make lifetime gifts, the gifted property and all future appreciation and income on that property are removed from your estate.

More people would be willing to make gifts to their children if they could continue to manage the gifted property. A family limited partnership (FLP) or a family limited liability company (FLLC) can play a valuable role in this situation. You would typically be the general partner or manager and in that capacity, continue to manage the FLP or FLLC's assets. You can even take a reasonable management fee for your services as the general partner or manager. Moreover, by gifting FLP or FLLC interests to an ILIT, the FLP or FLLC's income can be used to pay premiums, thereby freeing up your $13,000 / $26,000 annual gift-tax exclusion for other types of gifts.

Level Four: Qualified Personal Residence Trusts and Grantor Retained Annuity Trusts

The situation for level four planning is the additional need to reduce your estate after your $1 million/$2 million gift-tax exemption has been used. Although paying gift taxes is less expensive than paying estate taxes, most people do not want to pay gift taxes. There are several techniques to make substantial gifts to children and grandchildren without paying significant gift taxes.

One technique is a qualified personal residence trust (QPRT). A QPRT allows you to transfer a residence or vacation home to a trust for the benefit of your children, while retaining the right to use the residence for a term of years. By retaining the right to occupy the residence, the value of the remainder interest is reduced, along with the taxable gift.

Another technique is a grantor retained annuity (GRAT). A GRAT is similar to a QPRT. The typical GRAT is funded with income-producing property such as subchapter S stock or FLP or FLLC interests. The GRAT pays you a fixed annuity for a specified term of years. Because of the retained annuity, the gift to the remaindermen (your children) is substantially less than the current value of the property.

Both QPRTs and GRATs can be designed with terms long enough to reduce the value of the remainder interest passing to your children to a nominal amount or even to zero. However, if you do not survive the stated term, the property is included in your estate. Therefore, it is recommended that an ILIT be funded as a "hedge" against your death prior to the end of the stated term.

Level Five: The Zero Estate-Tax Plan

Level five planning is a desire to "disinherit" the IRS. The strategy combines gifts of life insurance with gifts to charity. For example, take a married couple, both age 55, with a $20 million estate. Assume that there is neither growth nor depletion of the assets and that both spouses die in a year when the estate-tax exemption is $3.5 million, and the top estate-tax rate is 45%.

With the typical marital credit shelter trust, when the first spouse dies, $3.5 million is allocated to the credit shelter trust and $16.5 million to the marital trust. No federal estate tax is due. However, at the surviving spouse's death, the estate tax due is $5.85 million. The net result is that the children inherit only $14.15 million.

With the zero estate-tax plan, the ILIT (with generation-skipping provisions) is funded with a $13 million second-to-die life insurance policy. These gifts reduce the estate value to $18 million. In addition, the couple's living trusts each leave $3.5 million (the amount exempt from estate taxes) to their children upon the surviving spouse's death. The balance of their estate ($11 million) passes to a public charity or private foundation-estate-tax free. To summarize, the zero estate-tax plan delivers $20 million (i.e., $13 million from the ILIT and $7 million from the living trusts) to the children instead of $14.15 million; the charity receives $11 million instead of nothing; and the IRS receives nothing, instead of $5.85 million.

In summary, with some advanced planning, it is possible to reduce estate taxes, avoid probate, set forth your wishes, and protect your heirs from creditors, ex-spouses and estate taxes. Remember, every year taxes change so if you need estate tax help, call us today to speak with an estate attorney.

TO THE EXTENT THIS WEBSITE CONTAINS TAX MATTERS, IT IS NOT INTENDED OR WRITTEN TO BE USED AND CANNOT BE USED BY A TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER, ACCORDING TO CIRCULAR 230.

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Bluffdale Salt Lake County UT subchapter s estate planning

Estate Planning: What to Think About Before Meeting Your Lawyer

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The five levels of estate planning is a systematic approach for explaining estate planning in a way that you can easily follow. Which of the five levels you need to complete is based on your particular objectives and circumstances.

Level One: The Basic Plan

The situation for level one planning is that you have no will or living trust in place, or your existing will or living trust is outdated or inadequate. The objectives for this type of planning are to:

reduce or eliminate estate taxes;
avoid the cost, delays and publicity associated with probate in the event of death or incapacity; and
protect heirs from their inability, their disability, their creditors and their predators, including ex-spouses.

To accomplish these objectives, you would use a pour-over will, a revocable living trust that allocates a married person's estate between a credit shelter trust and a marital trust, general powers of attorney for financial matters and durable powers of attorney for health care and living wills.

Level Two: The Irrevocable Life Insurance Trust (ILIT)

The situation for level two planning is that your estate is projected to be greater than the estate-tax exemption. In any event, you can make cash gifts to an ILIT using your $13,000/$26,000 annual gift-tax exclusion per beneficiary.

Level Three: Family Limited Partnerships

The situation for level three planning is that you have a projected estate-tax liability that exceeds the life insurance purchased in level two. If your $1 million gift-tax exemption ($2 million for married couples) is used to make lifetime gifts, the gifted property and all future appreciation and income on that property are removed from your estate.

More people would be willing to make gifts to their children if they could continue to manage the gifted property. A family limited partnership (FLP) or a family limited liability company (FLLC) can play a valuable role in this situation. You would typically be the general partner or manager and in that capacity, continue to manage the FLP or FLLC's assets. You can even take a reasonable management fee for your services as the general partner or manager. Moreover, by gifting FLP or FLLC interests to an ILIT, the FLP or FLLC's income can be used to pay premiums, thereby freeing up your $13,000 / $26,000 annual gift-tax exclusion for other types of gifts.

Level Four: Qualified Personal Residence Trusts and Grantor Retained Annuity Trusts

The situation for level four planning is the additional need to reduce your estate after your $1 million/$2 million gift-tax exemption has been used. Although paying gift taxes is less expensive than paying estate taxes, most people do not want to pay gift taxes. There are several techniques to make substantial gifts to children and grandchildren without paying significant gift taxes.

One technique is a qualified personal residence trust (QPRT). A QPRT allows you to transfer a residence or vacation home to a trust for the benefit of your children, while retaining the right to use the residence for a term of years. By retaining the right to occupy the residence, the value of the remainder interest is reduced, along with the taxable gift.

Another technique is a grantor retained annuity (GRAT). A GRAT is similar to a QPRT. The typical GRAT is funded with income-producing property such as subchapter S stock or FLP or FLLC interests. The GRAT pays you a fixed annuity for a specified term of years. Because of the retained annuity, the gift to the remaindermen (your children) is substantially less than the current value of the property.

Both QPRTs and GRATs can be designed with terms long enough to reduce the value of the remainder interest passing to your children to a nominal amount or even to zero. However, if you do not survive the stated term, the property is included in your estate. Therefore, it is recommended that an ILIT be funded as a "hedge" against your death prior to the end of the stated term.

Level Five: The Zero Estate-Tax Plan

Level five planning is a desire to "disinherit" the IRS. The strategy combines gifts of life insurance with gifts to charity. For example, take a married couple, both age 55, with a $20 million estate. Assume that there is neither growth nor depletion of the assets and that both spouses die in a year when the estate-tax exemption is $3.5 million, and the top estate-tax rate is 45%.

With the typical marital credit shelter trust, when the first spouse dies, $3.5 million is allocated to the credit shelter trust and $16.5 million to the marital trust. No federal estate tax is due. However, at the surviving spouse's death, the estate tax due is $5.85 million. The net result is that the children inherit only $14.15 million.

With the zero estate-tax plan, the ILIT (with generation-skipping provisions) is funded with a $13 million second-to-die life insurance policy. These gifts reduce the estate value to $18 million. In addition, the couple's living trusts each leave $3.5 million (the amount exempt from estate taxes) to their children upon the surviving spouse's death. The balance of their estate ($11 million) passes to a public charity or private foundation-estate-tax free. To summarize, the zero estate-tax plan delivers $20 million (i.e., $13 million from the ILIT and $7 million from the living trusts) to the children instead of $14.15 million; the charity receives $11 million instead of nothing; and the IRS receives nothing, instead of $5.85 million.

In summary, with some advanced planning, it is possible to reduce estate taxes, avoid probate, set forth your wishes, and protect your heirs from creditors, ex-spouses and estate taxes. Remember, every year taxes change so if you need estate tax help, call us today to speak with an estate attorney.

TO THE EXTENT THIS WEBSITE CONTAINS TAX MATTERS, IT IS NOT INTENDED OR WRITTEN TO BE USED AND CANNOT BE USED BY A TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER, ACCORDING TO CIRCULAR 230.

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Blanding San Juan County UT estate planning 2nd marriage

Levels of Estate Planning

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There are numerous estate planning issues that arise during a separation or divorce. If you're considering divorce, make sure you've adequately addressed these issues and avoid significant consequences.

The first issue is to immediately revoke any powers of attorney that grant your spouse powers over your health care or financial decisions. If you do not revoke these powers of attorney, your ex-spouse will remain your agent despite your divorce. Just imagine your ex-spouse making your health care decisions or continuing to have access to your financial accounts even after your divorce.

If you do not have a health care power of attorney or financial power of attorney, or after you revoke your existing power of attorney, you should create a new one. You may do this before, during, or after your divorce. If your divorce is pending, you probably do not want your soon to be ex-spouse having any type of decision making power over you or your assets. However, if you do not appoint someone else, your spouse will likely serve as the "default" agent if one is needed.

The next thing to consider is your Will. If you already have a Will, revise it. Chances are that your current Will provides for everything to go to your spouse. Once your divorce is final, any bequests to your spouse are nullified. Still, if you do not change your Will, such bequests will be granted if you die before your divorce is final. You cannot completely disinherit your spouse through a Will because State law provides for minimum amounts to a spouse, which is called "taking against the Will". Still you can limit what your spouse receives to the statutory amounts.

Also, there is a good chance that your spouse is named as your Personal Representative (or Executor). Even after your divorce is final, this designation will remain valid. Finally, any bequests made to in-laws will remain valid despite your divorce. Often there is a provision in Wills that provides that in the event your spouse does not survive you and there are no other beneficiaries under your Will, your assets are divided evenly between your heirs at law and your spouse's heirs at law. So, you may have a bequest to your in-laws and not even realize it.

You may also want to consider appointing a guardian for any minor children. In almost all cases, your spouse will continue to have parental rights and will receive full custody of your children upon your death. However, if there is a valid reason, such as abuse or drug addiction, why your spouse should not receive custody you should identify those reasons in your Will and name the person(s) you wish to have custody. Also, if your ex-spouse predeceases you, your Will should control who receives custody.

Also, you should establish a trust through your Will (called a testamentary trust) to control assets left to minor or disabled children. That way, you can decide who makes the decisions over those assets until your children are old enough to receive them outright. If you do not establish a trust and appoint a trustee, your ex-spouse will likely have control over any assets left to your children. And, although the assets are supposed to be used for the children's benefit, there is no practical way of controlling or checking that that is what really happens.

You should also consider a Revocable Trust. If you have one already, revise it to remove powers and gifts given to ex-spouse. Unlike a Will, any gifts given to an ex-spouse through a trust remain valid despite your divorce. Likewise, if your spouse is named as your successor trustee, that appointment remains valid despite your divorce.

There is also a benefit to having a Revocable Trust rather than a Will. In some states, you can completely disinherit a spouse through a revocable trust. The reasoning is that the statutes that grant your spouse a minimum amount of your assets only apply to your probate estate. However, any assets that are placed in trust during your lifetime are not subject to probate. Therefore, if you title all of your individual assets in your trust, you can keep your spouse from receiving anything of yours even if you die before your divorce is final. It can also serve as an ongoing trust after your death to hold assets for your children without your spouse having control or decision making ability.

Additionally, you should review and update any beneficiary designations on life insurance policies, retirement plans, etc. You may not be able to make some of these changes until your divorce is final. For most retirement accounts, your spouse has to sign an authorization for you to appoint someone else as your beneficiary. You may also be prohibited by the court from making changes while your divorce is pending. Just don't forget to make the changes once your divorce is final.

Finally, you should re-title any assets held jointly with your spouse. For many assets (such as house, car, joint investments, etc.), this may need to be done after your divorce is final. However, you can open your own bank and investment accounts at any time.

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Blanding Utah estate planning expert

Estate Planning - How to Preserve Your Wealth

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An estate plan is a document consisting of multiple trivial elements such as the living will or healthcare proxy or also known as medical power of attorney and assignment of power of attorney. Some people also include trust into their wills. Once you merge all these things together, you have to get it certified under the legal laws of both the federal and state governments. Basically everyone needs to have a will, to inform the world where you wish to allocate your assets to after you leave the world. In fact, it is the best way to consign guardians for your children.

Those dying without a proper estate planning, having no will to display upon their deaths are known to be dying intestate. However, this implies that your heirs need to struggle through several legal procedures in order to take over the assets. Having a trust does not guarantee the ownership transfer; it is insufficient because you still need a will to be in charge of your trust to inherit them to your beneficiaries. In addition, it is advisable that you discuss the plan with your children to avoid future discord, especially if you know your heirs may come in strong disagreement with one another.

To begin with your estate plan, you have to garner all appropriate information such as insurance policies, investments, real estate or business interests, financial condition, and any retirement savings. Then ponder to yourself several questions like who you wish to assign to the job of handling your financial affairs if you happen to be incapacitated. Then consider whom you intend to inherit your assets to and give thoughts into plotting the responsibility of your medical decisions should you be bedridden and unconscious.

Some people think that having infinite amount of money indicates a good estate planning but this is not always the case. Leaving all your properties and cash to your spouse does not imply it will be exempted from estate tax because you will instead increase his or her taxable estate. Subsequently, if your spouse leaves the money to your children upon his or her death, they will end up paying higher estate taxes. At all cases, having a will is the best item to solve all hassles.

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Big Water Kane County Utah power estate planning

Estate Planning: What to Think About Before Meeting Your Lawyer

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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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Big Water Utah estate planning in your 30s

Estate Planning - It's Just As Much Life As It Is Death Planning

Go Back

An estate plan is a document consisting of multiple trivial elements such as the living will or healthcare proxy or also known as medical power of attorney and assignment of power of attorney. Some people also include trust into their wills. Once you merge all these things together, you have to get it certified under the legal laws of both the federal and state governments. Basically everyone needs to have a will, to inform the world where you wish to allocate your assets to after you leave the world. In fact, it is the best way to consign guardians for your children.

Those dying without a proper estate planning, having no will to display upon their deaths are known to be dying intestate. However, this implies that your heirs need to struggle through several legal procedures in order to take over the assets. Having a trust does not guarantee the ownership transfer; it is insufficient because you still need a will to be in charge of your trust to inherit them to your beneficiaries. In addition, it is advisable that you discuss the plan with your children to avoid future discord, especially if you know your heirs may come in strong disagreement with one another.

To begin with your estate plan, you have to garner all appropriate information such as insurance policies, investments, real estate or business interests, financial condition, and any retirement savings. Then ponder to yourself several questions like who you wish to assign to the job of handling your financial affairs if you happen to be incapacitated. Then consider whom you intend to inherit your assets to and give thoughts into plotting the responsibility of your medical decisions should you be bedridden and unconscious.

Some people think that having infinite amount of money indicates a good estate planning but this is not always the case. Leaving all your properties and cash to your spouse does not imply it will be exempted from estate tax because you will instead increase his or her taxable estate. Subsequently, if your spouse leaves the money to your children upon his or her death, they will end up paying higher estate taxes. At all cases, having a will is the best item to solve all hassles.

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Bicknell Wayne County Utah estate planning tax deductible

Estate Planning - The Benefits of Peace of Mind

Go Back

There are numerous estate planning issues that arise during a separation or divorce. If you're considering divorce, make sure you've adequately addressed these issues and avoid significant consequences.

The first issue is to immediately revoke any powers of attorney that grant your spouse powers over your health care or financial decisions. If you do not revoke these powers of attorney, your ex-spouse will remain your agent despite your divorce. Just imagine your ex-spouse making your health care decisions or continuing to have access to your financial accounts even after your divorce.

If you do not have a health care power of attorney or financial power of attorney, or after you revoke your existing power of attorney, you should create a new one. You may do this before, during, or after your divorce. If your divorce is pending, you probably do not want your soon to be ex-spouse having any type of decision making power over you or your assets. However, if you do not appoint someone else, your spouse will likely serve as the "default" agent if one is needed.

The next thing to consider is your Will. If you already have a Will, revise it. Chances are that your current Will provides for everything to go to your spouse. Once your divorce is final, any bequests to your spouse are nullified. Still, if you do not change your Will, such bequests will be granted if you die before your divorce is final. You cannot completely disinherit your spouse through a Will because State law provides for minimum amounts to a spouse, which is called "taking against the Will". Still you can limit what your spouse receives to the statutory amounts.

Also, there is a good chance that your spouse is named as your Personal Representative (or Executor). Even after your divorce is final, this designation will remain valid. Finally, any bequests made to in-laws will remain valid despite your divorce. Often there is a provision in Wills that provides that in the event your spouse does not survive you and there are no other beneficiaries under your Will, your assets are divided evenly between your heirs at law and your spouse's heirs at law. So, you may have a bequest to your in-laws and not even realize it.

You may also want to consider appointing a guardian for any minor children. In almost all cases, your spouse will continue to have parental rights and will receive full custody of your children upon your death. However, if there is a valid reason, such as abuse or drug addiction, why your spouse should not receive custody you should identify those reasons in your Will and name the person(s) you wish to have custody. Also, if your ex-spouse predeceases you, your Will should control who receives custody.

Also, you should establish a trust through your Will (called a testamentary trust) to control assets left to minor or disabled children. That way, you can decide who makes the decisions over those assets until your children are old enough to receive them outright. If you do not establish a trust and appoint a trustee, your ex-spouse will likely have control over any assets left to your children. And, although the assets are supposed to be used for the children's benefit, there is no practical way of controlling or checking that that is what really happens.

You should also consider a Revocable Trust. If you have one already, revise it to remove powers and gifts given to ex-spouse. Unlike a Will, any gifts given to an ex-spouse through a trust remain valid despite your divorce. Likewise, if your spouse is named as your successor trustee, that appointment remains valid despite your divorce.

There is also a benefit to having a Revocable Trust rather than a Will. In some states, you can completely disinherit a spouse through a revocable trust. The reasoning is that the statutes that grant your spouse a minimum amount of your assets only apply to your probate estate. However, any assets that are placed in trust during your lifetime are not subject to probate. Therefore, if you title all of your individual assets in your trust, you can keep your spouse from receiving anything of yours even if you die before your divorce is final. It can also serve as an ongoing trust after your death to hold assets for your children without your spouse having control or decision making ability.

Additionally, you should review and update any beneficiary designations on life insurance policies, retirement plans, etc. You may not be able to make some of these changes until your divorce is final. For most retirement accounts, your spouse has to sign an authorization for you to appoint someone else as your beneficiary. You may also be prohibited by the court from making changes while your divorce is pending. Just don't forget to make the changes once your divorce is final.

Finally, you should re-title any assets held jointly with your spouse. For many assets (such as house, car, joint investments, etc.), this may need to be done after your divorce is final. However, you can open your own bank and investment accounts at any time.

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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.

 

http://www.Guardian-Law.com

 

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

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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
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/

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
http://slcestateplanning.com/2016/10/14/estate-planning-lawyer-north-salt-lake-utah-801-676-5506-estate-planning-attorneys-murray-ut/

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
http://slcestateplanning.com/2016/08/07/is-an-estate-plan-right-for-me-utah-attorney-explains/

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

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

from
http://slcestateplanning.com/2016/08/01/estate-planning-salt-lake-city/