Joint custody in divorce proceedings means that both parents will maintain joint authority over important decisions pertaining to the child’s upbringing. This means that they will be expected to work together in making key decisions regarding the child’s religious upbringing and general education. In most cases, both parents are considered equal in the eyes of the law and neither parent has more rights than the other. Remember there are 2 types of custody: Physical Custody and Legal Custody.The power of each parent to make decisions regarding their child is based on the best interest of the child standard. The one who stands to benefit from a certain decision will be permitted to make that decision, although this is subject to change if a new situation arises or if there are compelling reasons for making an exception. Many parents want joint custody of their children in a divorce. However, not all forms of joint custody are equal. In some circumstances, joint custody can be beneficial for the child and the parents. However, when a couple has marital problems or if there is violence in the home, joint custody may not be as good of an option as it seems. When deciding whether or not joint custody is right for you and your family, consider each of the following four types of joint custody to have an idea of what you’re getting into. Joint custody usually implies that the child will split time living with each of the parents. This allows both parents to be involved in the child’s life, which research has shown is beneficial for children. The parents need to decide between themselves how much time they’ll spend with the child and when it will occur. If they can’t agree, they can go to court for help. Trial courts hear cases in which no agreement can be reached, or when one parent is unfit or unwilling to assume joint custody. If one parent is unfit or unwilling to assume joint custody, the other parent receives sole custody of the child. Joint custody in divorce cases usually means that the children live with one parent most of the time, but every other week or so they switch to another house. If a child is old enough to have formed an independent relationship with either parent, this will be confusing. The child will be constantly switching alliances, or worse yet, feel like there’s no one for him or her to side with. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Who Is Entitled To Custody Of Child Or Children After A Divorce? Bankruptcy And Your Second Mortgage Custody Battle After Divorce Is Final Can I File For Child Custody Without A Divorce? Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post What Does Joint Custody Mean In A Divorce? first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/what-does-joint-custody-mean-in-a-divorce/
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The quick answer is no. You can’t. But sometimes people try to do things. Filing for child custody without a divorce might be possible but there are some risks involved. It can be difficult to prove that the marriage is over, especially if both parties are still living together. If you don’t want a divorce, that’s find, you can do a legal separation instead. But a legal separation is only for a 1 year time period in Utah and it’s not good if you’re still living together. Trying to get child custody without a divorce can also create some problems in the future if your ex-spouse should decide to file for a divorce. The court will have little evidence to support your claim of being an involved parent and may be more willing to give custody to your ex-spouse. Some states have special procedures for getting child custody without a divorce, such as mediation with the court. These procedures make it easier to prove that the marriage is over and that you have been an involved parent even though you are not married. However, these procedures can be lengthy and may not be available in all states. In which case, you will have to go through the regular divorce process and then try to get custody through that process as well. One of the parents must be willing to sign off on the child custody agreement, even if he/she isn’t getting custody of the kids. The other parent should be willing, too, because if he/she isn’t willing to sign off on it, it’s unlikely that any court would force him/her to abide by it. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
How Much Is Too Much For A Divorce Custody Lawyer? Who Is Entitled To Custody Of Child Or Children After A Divorce? Custody Battle After Divorce In Final Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Can I File For Child Custody Without A Divorce? first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/can-i-file-for-child-custody-without-a-divorce/ Custody battles are a very common and difficult problem after a divorce is final. In many cases, there is a lack of communication between the parents and this can create problems for the child. This is from someone who knows: I have been through a custody battle before and it was not fun for anyone. The parents fight over who will have custody of the children, but sometimes that does not work out well for either parent or the child. In my case, I had to go through months of court battles because neither of my parents wanted me. It was very stressful for me because I did not know what would happen to me. There were times when I felt like giving up. I did not want to go back and live with either parent, but I also did not really want to live with relatives either. After a while, it got better when my mom won custody over my dad. This was because she was willing to compromise more than my dad was. Compromising just means that you are willing to give in on some things so that you will get what you want in other areas.” Child Custody BattlesWe all know that a child custody battle is painful. We’ve seen a client go through one for their son after the divorce was finalized. They did not want to fight over the custody of the son but the ex-spouse insisted on doing so. One of the parties was living with their parents at that time and was not earning much. The best advice is to hire a good custody lawyer and fight your case in court. It is always worth it because custody of your child or children is everything. And the truth is, until your children are no longer minors, custody battles can appear in court. From another custody battle survivor: My ex-wife and I got married at the age of 20 and had two kids. We were young, naive, and unprepared for marriage, so it didn’t take long before we realized that things weren’t going to work out between us. About four years after our wedding, we decided to file for a divorce. The divorce proceedings lasted almost one year. During that time, my ex-wife lived with her parents and I lived in an apartment not far from where she was staying. The distance wasn’t big enough for us not to see each other every week, without fail. We both knew that this was the last time we would see each other, so we used those meetings as an opportunity for closure. I truly believe that if we had talked about everything sooner and if she had shown interest in our marriage from the beginning instead of waiting until the end to try to work things out, our marriage wouldn’t have ended up in divorce court. But it’s too late to think about it now. Things To Consider in CustodyWell, custody battle after divorce is final. You have to be very careful when dealing with a nasty ex. Never try to talk to him or her, as you will be giving him/her all the ammunition he/she needs. The best way to deal with an ex is to get the best lawyer you can who will help you in this tough time of your life. No matter what happens, do not lose hope. I hope this helps, and remember to rely on friends and family who can help you out. If you are concerned about a custody battle after divorce is final, then you must understand the fact that the custody battle is no more. The custody battle starts when parents disagree on their child’s needs. If both of them are willing to compromise, then there won’t be any fight and they will settle out of court. Most of the time it becomes a war because one parent just wants to take full control of the child without thinking about what is best for the child. They don’t care if they win or lose in court, and they don’t care if they hurt their former spouse, as long as they get what they want. The court decision is not final until it is finalized and even then, circumstances can change and child custody modifications can happen later. This means that parents can at least try to come up with an agreement instead of going through a lengthy process in court. Parents who can’t agree even after mediation should file for “joint legal custody” and “sole physical custody.” This would mean that each parent has authority over decisions regarding medical treatments and school, but only one parent has primary physical custody (that is, the children live with them). Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
What To Have In Divorce Custody Docs Enforcing Grandparent Visitation With Contempt Of Court How Much Is Too Much For A Divorce Custody Lawyer? Salt Lake County Divorce Attorney Dirty Utah Custody Case Tricks To Watch Out For Who Is Entitled To Custody Of Child Or Children After A Divorce? Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Custody Battle After Divorce Is Final first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/custody-battle-after-divorce-is-final/ If you are living with a spouse and your marriage breaks down, the law says that you have to separate. If you can’t agree on who should have custody of the children, the court will decide. The judge will look at the “best interests” of both the children and the adults. The judge may ask a social worker to prepare a report. This is called a custody evaluation. These are very expensive. In most cases, judges say that it is in the best interest of children to spend as much time as possible with their mother and to have as much contact as possible with their father. Courts in Utah are moving more toward joint physical custody or something close to it. An important part of the decision about who gets custody is who has been caring for the child or children before divorce proceedings started. Usually this means that if one person has been mostly taking care of the child or children, that person will be given custody unless there are very good reasons not to do so. If both parents have been taking care of them, then whoever the judge thinks would be better able to continue doing so gets custody. In my opinion, no one is entitled to custody of a child (or children) except for the biological parents. I base my decision on the following: First, the best interest of a child should be considered. So, the first criteria that should be used should be whether or not it is in the child’s best interest to have custody with either parent. Second, if there are two or more people who are interested in having custody, the decision should be based on which parent can make sure that their home environment is one where the child will have a better chance of growing up safe and happy. This would mean that there should be no drugs, no alcohol, and no violence in the home of a potential custodial parent. Also, it would mean that there should be plenty of positive adult interaction as well as emotional support for the child from both parents and also from other members of the family unit such as grandparents and other relatives. With that said, a court can rule differently. If you need help with custody issues, please call Ascent Law for your free consultation. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Can You Divorce Without A Custody Agreement? What To Have In Divorce Custody Docs How Much Is Too Much For A Divorce Custody Lawyer Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Who Is Entitled To Custody Of Child or Children After A Divorce? first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/who-is-entitled-to-custody-of-child-or-children-after-a-divorce/ How Much Is Too Much For A Divorce Custody Lawyer?Though the question of how much a divorce custody lawyer costs is important, it’s not the only consideration you need to make when hiring one. The more important thing is to do your homework before you hire one. Learn about all the different types of lawyers and all the different types of law firms, and then figure out what you need based on your situation. After that, you can start your search for a divorce custody lawyer by checking online directories, newspaper ads and in yellow pages, as well as asking friends and family members for referrals or recommendations. You can also ask lawyers themselves for recommendations; many will be happy to provide some names of lawyers they know or have worked with in the past who are good at handling similar cases to yours. Once you’ve compiled a list of candidates that are practicing in your state, call them or email them online to set up an initial consultation. Divorce custody lawyer fees are based upon the complexity of your case. Your lawyer may be able to give you a rough estimate of costs once they’ve discussed your case with you, but this will only be an estimate. At Blah Lawyer, you can find affordable divorce custody lawyers who charge hourly rates as low as $100. But you don’t want Blah Lawyer do you? Not if its your case.The average divorce custody lawyer cost can range from $200-$1800 per hour depending on where you live and how complex your case is. The cost of hiring a divorce custody lawyer depends on how much work your case requires, as well as how many hours your lawyer will spend working on it. Now I’m going to show you the best way to NOT pay too much for a divorce custody lawyerAfter an initial consultation, your divorce custody lawyer can give you a better idea of what to expect in terms of timeline and overall cost. When you are preparing yourself for the divorce custody lawyer, there is no reason to be scared. The lawyer is supposed to help you, and the only way to prepare yourself is to make sure you know everything that’s going on. In order to do that, look up the lawyer in question. Make sure they have experience in the kind of cases you have. When you’re looking up their experience, ask them about their success rate and what kinds of cases they have handled before. Do not hire a lawyer who isn’t experienced with your kind of case.This can lead to paying for something that doesn’t work out for you at all. Look for a lawyer that couldn’t be more experienced than necessary in your case. A good divorce custody lawyer will have tons of experience with your kind of case, so look for this when choosing someone for your case. Look: Divorce custody lawyers are not cheap, so call Ascent Law to learn more and receive your free consultation. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Can DCFS Take My Child Without A Court Order? Change Of Circumstances And Grandparent Custody Can You Divorce Without A Custody Agreement? Child Sexual Abuse Investigation What To Have In Divorce Custody Docs Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post How Much Is Too Much For A Divorce Custody Lawyer? first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/how-much-is-too-much-for-a-divorce-custody-lawyer/ What to have in divorce custody docs1. Residency: Where will the children live? This is called physical custody. 2. Parent time: How much time will the non-resident parent have with the children? This used to be called visitation. 3. Decision-making: Who will make decisions regarding education, health care and religious upbringing? This is call legal custody. 4. Discipline: How will discipline be handled? 5. Travel out of state: If either parent takes the children to another state for more than two weeks, notification must be given to the other parent. 6. Extra-curricular activities: Both parents must approve all activity outside of school, including camps and extra-curricular activities. Sometimes you have have other items as well. The big advantage of a custody agreement is that it removes the element of surprise in child custody disputes. Rules are clear, and both sides are prepared to make their case. This avoids the situation in which one parent has been living with a child for a few years and suddenly the other parent shows up and says, “I want my child back now.” It’s also a good idea to have a custody agreement because it makes life easier for custodial parents who need to travel or take time off. They don’t have to get permission from the noncustodial parent; they just go ahead and do what they need to do. If you are getting divorced, talk with your spouse about drawing up a custody agreement before you ever go to court. If you don’t have children yet, it’s still a good idea to discuss what kind of custody arrangement you would like if you later do. In the past, property was mostly physical, and custody was mostly of children. These days, property is all digital and custody is of servers, data and intellectual property. As a result, much more care must be taken to define which server is which. Which data is whose. We are all affected by this shift. Consider a couple divorcing after many years of marriage. They both work in the software industry; they have several shared bank accounts; they own a few houses and cars; they have two children and numerous computers, phones, tablets and other digital devices; their family photos are on Facebook; their email exchanges are stored in a handful of services, including Gmail and Dropbox; their kids use iPad tablets for schoolwork; and so on. The details vary across families but not by that much. But divorce laws are still based on the antiquated notion of physical objects being divided between two homes. So what exactly do you need to define in your custody agreements? What documents do you need to prepare? What percentage of your property should be marked with your name or hers? If you are getting divorced, it is important to have custody documents that spell out what your rights and responsibilities are. The problem is, it is hard to write down in words everything you need to say. If you can’t trust your own judgment about whose turn it is to get the kids this weekend, how can you be trusted with a document that powerful? The standard way of dealing with this problem is to use a custody template. But templates have problems too. A custody template is a list of questions like “Who will pay for braces?” and “How much time will the paying parent have with the kids?” You try to answer them subjectively, and then the software spits out a custody order that looks pretty close to what you wanted. This seems great, but there are at least two ways it can go wrong. First, as soon as you get stuck on one question, you look up the answer in your state’s law. That answer becomes part of the template—and now if you stay married long enough to want a different custody order, you’ll probably have to pay someone else a lot of money to change it. Second, there’s no easy way to modify templates when the law changes or your circumstances change or science discovers something new. When two people divorce, the number one most important is who will have custody? Ideally, whoever is most likely to keep the children safe and healthy, and most likely to help them do well in school. If the parents agree on this, it can be as simple as “Jill will have custody” or “Jack will have custody.” In practice, this is harder than it seems. When you need help with custody, call Ascent Law LLC. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Estate Planning Attorney Clearfield Utah SEC Charges Pastor With Defrauding Retirees Business Lawyers In Utah For Gold And Silver Can DCFS Take My Child Without A Court Order? Financial Misconduct In Utah Divorce Cases Can You Divorce Without A Custody Agreement? Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post What To Have In Divorce Custody Docs first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/what-to-have-in-divorce-custody-docs/ Can You Divorce Without A Custody Agreement?Yes, under certain circumstances. First, if you don’t have any kids, not a problem. Second, if you do have minor children; then, you must bifurcate your divorce to get divorced prior to having a custody agreement or a custody order in place. If one parent moves away for a job, both parents might want to make a custody agreement. But if the parents are divorced, how can they do that? It is possible to write an agreement that works if one parent moves away. It just takes careful planning and effort on both sides. It’s also vital that the agreement is turned into a court order so that it can be enforced. In a relocation situation, the only legal way for the non-moving parent to get a parent-time order is to file a motion with the court asking for one. This motion has to be filed with the court and served on the moving parent, and it must give the moving parent enough notice to respond in court. If there is no custody agreement in court records, or if the moving parent doesn’t agree what should happen, it will be hard or impossible for the non-moving parent to get any parenting time at all. Utah Code 33-3-37 governs this type of situations. In order to provide the best answer for your case, we need to know more about your situation and specifics. So your next best step is to call Ascent Law LLC. Other Responses From Attorneys At Our OfficeCan you divorce without custody agreement? Yes, it can be done. If a couple divorces without a formal written custody agreement they can still request joint legal custody. This means that both parents will have legal decision making power over the child(ren). Can you divorce without custody agreement? Yes. I want to know what is the best way to get the parent with custody to agree to allow the other parent, who has no custody, to be able to use their vehicle (which they own) while they are at work. We don’t have a legal custody agreement. There is a lot of animosity between them and he doesn’t want her using his car anymore. Thank you for your time and advice. Free Initial ConsultationIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Experienced Bridge Loan Lawyer Surrender Your Home Or Foreclosure? Child Support And Parental Relocation Estate Planning Attorney Clearfield Utah Can DCFS Take My Child Without A Court Order? Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Can You Divorce Without A Custody Agreement? first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/can-you-divorce-without-a-custody-agreement/ Can DCFS take my child without a court order?This is a very common question. DCFS can only take your child if there is a court order or if you have abused or neglected your child. I’ve actually never seen it happen that DCFS took a child with out a court order. I’ve heard things like: “I know that DCFS is saying that they are moving to protect my child, and they mean well, but I don’t understand why they would make this decision without involving me in the process. I have been working with the DCFS agency for over a year now, and I have done everything that was asked of me.” What about my rights as a parent? Can the state come in and separate a family without going to court? What if I disagree with the decision? Is there any way I can stop them from taking my child? Your next best step is to get a DCFS attorney on your side. Free Initial ConsultationIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
How Do I Send A DMCA Take Down Notice? Experienced Bridge Loan Lawyer Estate Planning Attorney Clearfield Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Can DCFS take my child without a court order? first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/can-dcfs-take-my-child-without-a-court-order/ By definition, a real estate planning lawyer is an attorney who gives legal advice to clients who own assets that need to be managed during their incapacity or death. This includes the granting or release of these assets to heirs, and the payment of corresponding estate taxes to the state. Basic Responsibilities of Estate Law AttorneysEstate planning attorneys are responsible for the determination of specific distribution of their client’s estate to their heirs. They are also the most knowledgeable people who can give advice to clients who plan to set up a trust where assets are saved and reserved for a specific beneficiary. These law practitioners draft wills and other documents that revolve around trusts and estate planning. Aside from taking care of estate plans and trusts, estate planning lawyers are the best persons who can give insights regarding retirement plans and life insurance laws. They also settle trusts, real estate plans, wills, and related deeds that need court litigation. An effective estate law attorney is one who has a detailed knowledge of property, trust, wills, and state and federal tax laws. Actually, there are two kinds of estate law attorneys, the litigation real estate attorney and the transactional real estate attorney. Transactional attorneys work on the preparation of documents, review of the documents and negotiate terms, and perform other tasks to get things done on behalf of their clients. The litigation attorney on the other hand, works to resolve in the court of law, real estate transactions that have legal impediments. What is Real Estate?Real estate refers to a person’s assets, property or holdings. It is deemed as a person’s net worth at any given time, minus his liabilities. It is important to engage the services of an estate planning lawyer in the disposal or distribution of his estates because it makes the process more systematic and it helps to increase the estate value by way of reduced taxes and other expenses. What is Probate?Probate is the first and primary step in the legal procedure of managing a deceased person’s estate. It is the process of validating and approving a person’s will through the probate court. It makes the will a legal document which can be enforced. These are the most basic facts regarding real estate and estate planning lawyers. These will be your first step should you want to establish a trust or find a lawyer to work for the distribution of your estate. Levels of Estate Planning In Clearfield UtahThe 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 PlanThe 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. While there is a present lapse in the estate and generation-skipping transfer taxes, it’s likely that Congress will reinstate both taxes (perhaps even retroactively) sometime this year. Level Three: Family Limited PartnershipsThe 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 TrustsThe 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 PlanLevel 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. Recently, a colleague hired an estate planning lawyer to assist with her terminally-ill mother’s estate. Although her mother was not a wealthy woman, she owned a home, automobile and held financial portfolios and life insurance policies. The estate attorney was referred through her mother’s credit union. Considerable family strife existed within the family and her mother wanted to disinherit one of her sons. The estate planner executed a simple will and provided strategies to prevent assets from passing through probate. Due to the nature of illness, the woman’s daughter did not have time to consult with multiple probate law firms. Instead, she was forced to work with an asset protection attorney who had no prior knowledge of her mother, family dynamics, or how she intended to distribute inheritance assets. To make matters worse, the estate administrator resided in another state. She was forced to locate a new probate litigation attorney just days before returning home. During their meeting, the man expressed no interest in her mother’s estate and was unable to provide advice on how to protect her mother’s Will from being contested by the disinherited son. Fortunately, she was well-versed in estate planning and had taken steps to obtain asset protection. Because the remainder of the estate was small, the Administrator was able to avoid probate and settle her mother’s estate within a few months. This goes to show things can go dreadfully wrong when estate planning is put off until a person is terminally ill. Many unwanted issues can arise when trusts and estates are executed during the final weeks of a person’s life. This is of importance when executing a last will and testament and distributing assets amongst dysfunctional families. When probate estate planning is conducted in the final stages of life, disinherited heirs can contest the will by claiming the decedent was not of sound mine or under the influence of another’s persuasion. When Wills are contested, estates can be suspended in probate for months or years and potentially bankrupt the estate. Estate and trust planning should be initiated while you are in good health. Hiring an estate planning probate lawyer ensures your final wishes will be followed when you die. It also eliminates stress from the appointed probate personal representative. To find estate planning probate lawyers visit the American Bar Association website, seek out lawyer referral networks, or browse local telephone directories. Interview a minimum of four lawyers. Ask for referrals and follow-up. With the repeal of the estate tax (and generation skipping tax or “GST”), you may have put your estate plan on hold. This could be a serious mistake and put your family’s (and business’) financial future in jeopardy! You need an estate plan whether or not the estate tax (and GST) applies to you. Tax avoidance (or more accurately, minimizing the estate tax) is not the only reason to establish your estate plan. Do Not Let the State Distribute Your Estate!The primary focus of most estate plans is to determine how to distribute your assets. If you do not have an estate plan, the state imposes its plan on you, and the state’s succession statutes will determine how your assets are distributed. To avoid having the state decide who is entitled to your assets and how much they will receive you need to have an estate plan. Rule From the GravePerhaps one of the most powerful tools an estate plan can provide is the peace of mind that your hopes and goals for your children will be relevant after you are gone. By transferring your assets through a trust, rather than outright, you can provide substantial limitations on the distributions from the trust. Your lawyer can help craft provisions that link distributions from the trust to certain requirements or goals you wish to impose. For example, a trust could prohibit or limit distributions to a beneficiary until they reach a certain age or obtain a college degree. On the other hand, the trust can also provide a beneficiary with the right to withdraw funds from to help them with their education, pay for a wedding a house or open a business. With an estate plan, you can also provide substantial protections to your surviving spouse, your children and the other beneficiaries of your trust. In general, debts and judgments against a trust beneficiary may not be satisfied from trust assets and a beneficiary cannot be forced to demand a distribution. The use of a trust is also effective in keeping the assets separate from a beneficiary’s spouse; this reduces the likelihood of your assets ending up in the hands of a divorcing spouse. Do Not Delay Your Estate PlanIf you have children who are minors, you need to establish who will care for them if you pass away. This may especially important if your child’s other parent is remarried, absent, or otherwise ill-prepared to handle the responsibility of raising your children. Again, if you do not name guardians for your children, the state could appoint someone for them, particularly if your child receives an inheritance. A properly drafted estate plan will address who will be the guardian for your children. You can assign the responsibilities to one or more persons – i.e., one person can be responsible for the general welfare of your child, while another guardian can be solely responsible for their finances. Plot Your Own Fate and Avoid Probate!Probate – the administration and distribution of your estate through the probate courts- can be an expensive, time-consuming process. However, with the proper planning it can be easily avoided. Estate planning is especially important to avoid probate when you own real estate in more than one state. You probably have taken certain steps that can help you avoid probate, such as placing your home and bank accounts in joint ownership or providing for rights of survivor ship, and completing beneficiary designations for your 401K/IRA and insurance policies. These steps help avoid probate, but only to a certain degree. These steps often do not allow for more complex distributions. In addition, these steps only provide for limited distribution/access on your death, but do not address or offer any instruction on how you wish to be treated and cared for if you become disabled, incapacitated, or temporarily unable to make decisions for yourself. Worse yet, these steps may not offer your loved ones the access to your funds, accounts and other assets to pay for your care if you become incapacitated. To avoid probate, you need to need to ensure your property, 401Ks, bank accounts are titled properly and your wishes are properly documented. Free Initial Consultation with Estate Planning LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Estate Planning Attorney Heber Utah Are Out Of State Court Decisions Good In Utah Divorce Cases Moves And Relocation In Divorce Tips For Effectively Using Your Business Lawyer Experienced Bridge Loan Lawyer Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Clearfield Utah first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/estate-planning-attorney-clearfield-utah/ A bridging loan is a temporary short term financing option normally with a maturity of less than 18 months secured against a property. Bridging finance provides fast access to cash ordinarily used by a borrower purchasing a property to bridge the finance gap between the sale date of the current property and the completion date of the new property. However, bridging loans are ordinarily a financing means of last resort given that they come with much higher interest rates than traditional mortgages and are typically offered by advisers, specialist bridging finance companies and mortgage brokers and are not normally offered by high street banks. Failure to repay a bridge loan will likely lead to repossession and very significant adverse costs consequences. Bridging loans are typically used by landlords, property developers and individuals as additional finance to buy a new property whilst the sale of another property has yet to be completed. However, there has been a trend for lenders to offer bridging finance for alternate purposes including by borrowers: • purchasing a property quickly for example at an auction; • renovating or converting a property (which now represents the largest market share of bridging finance); • covering unexpected business expenses; • preventing a repossession; • plugging the finance gap during mortgage delays; • getting capital investment for a new business start-up; • needing short term capital investment for business use; or • purchasing stock or machinery for a business. Whilst personal bridging loans are regulated by the FCA, commercial loans secured against properties for investment are not. Therefore, commercial bridging is unregulated. Unscrupulous lenders may make incorporation of a company a condition precedent of a bridging loan, which on its’ face would means that the loan is unregulated and can lead to hidden charges. Given the short term focus of bridging finance, bridging loans will also be more expensive and have higher interest rates than a traditional mortgage, typically alongside additional legal and administration costs. Why use a Specialist Bridging Loan Solicitor?Bridging finance is a niche and complex subject matter which most generalist lawyers simply will not be familiar with or understand to a level adequate enough to be able to recognize and formulate a mis-selling claim. Bridging loans (also called bridge loans) are useful if: • You’re buying a new house but the buyer for your old house has pulled out • You need to buy a new house quick e.g. if it’s a rare property find • You’ve bought a house at auction and need to pay for it immediately. Bridging loans work much like other kinds of loans, but the process is a little different: • You borrow the amount you need to buy your new property. • The lender usually asks for information on the property you want e.g. the sale price. • They’ll want proof that you’ll be able to repay them. This will be either through selling your old house or with a mortgage. • The loan is secured against your new property. If you can’t repay it, the lender could repossess the house. There are two kinds of bridging loans – open and closed.You have to pay off a closed bridging loan within a specific timeframe. Open bridging loans have no definite timeframe to be repaid. It’s usually within a year. The ‘charge’ tells lenders which debts are paid first when you sell your old house. If you have a mortgage to repay, that’ll take priority. This would make the bridging loan a second-charge loan, because it gets paid off second. First-charge bridging loans are when you’ve no bigger debts to pay off. The money from selling your old house goes straight to paying off the bridging loan. The typical smallest amount you can borrow is £25,000. But there’s no fixed upper limit. These are set by the lenders and are often a percentage of the new house’s sale price. Bridging loans are short term. This means that interest is usually higher than what you’d get with a personal loan or mortgage. Lenders charge interest on bridging loans monthly rather than annually. This bumps up the interest rate even more. If you don’t sell your old house in time, you might not have the money you need to make your repayments in time. Since the lender has secured the loan against the property, there’s a risk of losing your home as fast as you got it. There are a couple of ways to get the money you need that could be less risky than a bridging loan: • Get a mortgage on the second property – this means you have a longer loan term, but it might work out to be not as expensive. You could use the money from the sale to make mild over payments to the mortgage. Be sure to not overpay too much or there may be a charge. • Take out an unsecured personal loan. You can borrow up to $50,000, so this may be useful if you need to bridge a smaller amount. Exit strategiesSince bridging loans are not intended to be used as long term methods of finance, it is very important to have a reliable exit strategy in place in order to be able to repay any bridging loan at, or before, the end of its term. This is because bridging loans usually have a high monthly rate of interest making them expensive if used for anything other than short term finance. In addition, many bridging lenders will charge additional fees, such as renewal fees, if you go over the agreed bridging loan term. Your exit strategy should therefore be a ‘sure thing’ and if it is not you need to make sure that you also have a backup exit strategy ready. Sale of propertyA common exit strategy is to clear the bridging loan following the sale of a property, in which case do your homework with regards to pricing and what price you can realistically expect for the property. It would also be worthwhile investigating what price maybe achieved if the property had to be sold quickly. RefinancingAnother option used as an exit strategy is refinancing, which would typically be used if the bridging loan was taken out to help finance restoration, renovation, other building work and new developments. Once the property is finished, and in a condition that it can be used as security for a more traditional mortgage, then a buy to let mortgage, commercial mortgage or other long-term facility can be used to repay the bridging finance. If you intend to clear your bridging loan by refinancing, it is very important to ensure that you are able to obtain the required finance facility. Remember that since the credit crunch lending criteria is less forgiving as lenders have more regulation/guidelines and limited funds, so are therefore more selective. CommercialFor businesses that use commercial bridging loans to fund large orders or to cover short term cash flow problems, their exit strategy could be to clear their loan when they receive payment from customers who owe them money. In these circumstances it is probably a good idea to have a backup plan in place in the event that their customers are unable to pay their invoices. Property purchaseSometimes bridging loans are just taken out to enable the purchase of an absolute bargain which will then be sold for a quick profit. In these circumstances make sure that you are certain that the bargain item is exactly that, and if it doesn’t sell for a profit ensure that you have alternative funds that you can use to repay the bridging loan. Risks Involved With Bridging Finance• Payment Arrears: As with any loan, become unable to keep up to date with repayments is perhaps the most serious risk. This is especially the case with bridging as the interest rates are relatively high, as befits the short-term nature of the finance. • Defaulting: Since all bridging finance is secured, defaulting on the loan is going to put your asset at risk. Creditors have a variety of legal options are their disposal to compel you to pay which include county court judgements, statutory demand letters and ultimately a winding up petition which could force your company into liquidation. • Exit Strategy Failure: Since bridging finance is a loan intended to cover the space between two clear points, the exit strategy is an essential part of the process. Usually this is the selling of a property and, where the sale falls through for whatever reason bridging lenders can find themselves caught between a rock and a hard place. The failure of the exit strategy is also worth considering because selling a property depends upon factors outside of your control, such as the state of the housing market. Whatever your exit strategy is, it would be wise to consider a contingency plan should that situation arise, which may involve extending the finance. Correctly planned finance always factors in enough financial space for whatever eventuality arises. Breaching the Terms of Your Bridging LoanIt’s worth stating that commercial bridging finance is, as yet, unregulated in the Utah and this means that lenders are at liberty to insert their own terms and conditions. You need to read the fine print very carefully before signing on the dotted line to understand what the fees, payments and charges are, and when they’re due. You also need to understand what the agreed terms of the loan are ensure you do not breach them. Many lenders prohibit the renting of a property while it is waiting to be sold for example, so borrowers who choose to rent their property without realizing this might risk property repossession. Credit scores are affected by the number of recent applications, so if you were to apply unsuccessfully for a loan it would be indicated on a subsequent credit check, unless a period of time elapses. Bridging loan providers are less concerned by particular credit ‘scores’, however, as compared with mortgage lenders. Obviously, companies with good credit are more attractive to lenders but it is certainly possible to obtain bridging with credit issues in place. To Minimize Risks, Check the Fine PrintPerhaps the biggest risk with bridging finance is to enter into an agreement that may hold surprises for you. Since many people seek bridging loans in a state of urgency, perhaps chasing a particular property deal, it can be too easy to race through the process without doing your due diligence. Pros of bridge loansAside from being able to secure the home you want when you want it, there are other perks to bridge loans. Interest ratesIf interest rates are low when you get the bridge loan and you’re ready to buy your new house right away, then you can lock in that low rate on your new home’s mortgage without waiting for your existing place to sell. Multiple movesMoving is one of the most stressful life events; who wants to go through it twice? “Sometimes what you have to do is sell your house, move to an apartment, buy another house, and then move again. A bridge loan helps avoid that.” With a bridge loan, you can buy your next home and move immediately. If you have to wait to sell your current home before buying your next home, there’s a chance you’ll end up having to move into a temporary spot and put your stuff in storage. That’s just an extra headache. SpeedBecause bridge loans are secured with real estate, they usually get approved and funded very quickly. AppealHaving a bridge loan can make your offer more attractive to a seller; it is one less sales contingency they have to worry about. Cons of bridge loansAs appealing as bridge loans may sound, there are some negative factors to consider. Credit scoreIn order to secure a bridge loan, you need to have good credit and a low debt-to-income ratio; there is little wiggle room here. FeesMost bridge loans come with origination fees such as administration fees, escrow fees, wiring fees, notary fees, and title policy fees. Those fees can be high and are usually a percentage of the loan. DefaultIf your current house doesn’t sell, you still have to pay the bridge loan. That means you’re on the hook for three payments: your current home, your new home, and your bridge loan. Having these three huge financial obligations increases your likelihood of defaulting on one of those loans. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Is Private Placement Debt or Equity? Utah Divorce Mediation Attorney Estate Planning Attorney Heber Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Experienced Bridge Loan Lawyer first appeared on Michael Anderson.via Michael Anderson https://www.ascentlawfirm.com/experienced-bridge-loan-lawyer/ |
Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
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