Estate planning and administration are subjects that can surface painful realities. Few people want to consider how to handle issues that will arise when they or a loved one dies. Careful preparation, sound advice and a commitment to work through issues beforehand can save you significant stress, family turmoil and pain later on. Following are some general information that individuals and families particularly those in Park City Utah should know about estate planning and administration. Estate planning is not only for the wealthy. Many people wrongly assume that only those who are very wealthy need estate planning. This is not true. Without a will and other necessary elements of estate planning the government often makes key decisions about your assets like homes, bank accounts, vehicles as well as who cares for your minor children and how you are treated when you are unable to decide for yourself. After an individual dies there are formal procedures to settle, or administer, the estate. If the individual resided in Park City Utah, the estate will be subject to requirements from both federal and state law. Personal representatives are charged with administering an estate, and he or she will work with attorneys to make sure all legal requirements are met. If estate planning included a will, that document will identify the personal representative – or executor. If the deceased has no will, an administrator will be appointed according to the guidelines set by state law. Typically, the estate will be administered by a spouse or a child over 18 years of age. How is an estate administered? Before doing anything, personal representatives or administrators need documentation to allow them to act on behalf of the deceased. In Park City Utah these documents are obtained through the Register of Wills in the county where the deceased person lived when they died. Once they obtain legal right to administer the estate the representative must resolve several issues including: After all of these steps are followed, then a personal representative may distribute the assets to heirs. Do you need a lawyer? As you can see, the process is complex. Not only are there federal and state laws to consider, but personal administrators often struggle with grief felt both personally and by other family members. In some unfortunate situations, heirs may dispute distribution of assets. For all these reasons, it is usually wise to consult an attorney for these matters. Working with an attorney experienced in Park City Utah estate planning can help you draft a will, a power of attorney, trusts and other documents that will protect your assets and make your wishes clear to those who survive you. Likewise, using an attorney for estate administration can assure that all legal requirements are met and that issues are resolved fairly and effectively. Protecting Estate Assets With a Revocable TrustSetting up a revocable trust is an easy and affordable estate planning strategy that offers multiple benefits. Along with safeguarding assets, the estate is exempt from probate; allowing inheritance gifts to easily transfer to heirs. People often prefer using a revocable trust because the document can be modified when needed. For example, modifications could occur when a person buys or sells titled property or if death or divorce from a spouse occurs. Trusts are an ideal way to pass along titled property to heirs. However, it’s advisable to get help from an estate attorney as different strategies are used for different life situations. One tactic that married couples often use to ensure their spouse receives titled property is establishing Joint Tenants of Survivorship. The downside of bequeathing real estate or motor vehicles with joint titles is the property could be subject to probate if other estate planning methods aren’t incorporated. All property which is not transferred to a trust or via assignment of beneficiaries has to pass through probate. The process typically takes several months as it involves settling every aspect of decedents’ estates. Not only does probate make heirs wait several months to acquire ownership of inheritance property, the estate is subject to probate costs, court and document recording fees, and legal expenses. One major concern associated with probate is there is potential for court-ordered sale of assets. Creditors can file claims against the estate to collect outstanding debts. Or, relatives might contest the Will and suspend estate settlement until the court makes a ruling. Whenever a Will is contested the estate pays for defense legal fees. This often causes serious financial harm to small estates. On the flip side, property that is protected by trusts can avoid all the complications and potential pitfalls of probate. In addition to making estate settlement proceedings simpler, revocable trusts provide benefits to the individual who creates it. As part of their estate plan, individuals will include power of attorney forms which authorize an agent to act on their behalf if emergencies arise. Power of attorney is a valuable component of estate planning. These documents let agents assume a wide range of duties such as handling personal finances or taking control of a family owned business. While preparing power of attorney forms is important for everyone, it is especially vital for small business owners. Small companies can quickly fall apart if owners are unable to handle daily operations. The easiest way to avoid loss of business is to designate a successor to take over business operations if the owner is unable to be there. Individuals ought to also prepare a healthcare proxy and designate a personal agent to make decisions on their behalf if they cannot communicate. Healthcare proxies let people oppose or accept lifesaving treatments and procedures such as life support and artificial nutrition. Last, but not least, individuals need to prepare a last will and testament. Wills provide instructions regarding property which is not included in trusts or assigned to beneficiaries. Putting together a comprehensive estate plan ensures that property can be passed along to heirs upon death without complication. Power of attorney privileges become ineffective after death, but offer many advantages during a person’s lifetime. These are just of the advantages of revocable trusts. Since everyone has unique circumstances it is best to seek advice from an estate attorney. Doing so can make settlement proceedings easier for loved ones and can aid in reducing inheritance and estate taxes. What Estate Planning CoversEstate planning accounts for the administration of various matters after death, including but not limited to: The plan for an estate is documented in a will. Again, this is much more preferable than leaving the decisions up to the regulations of probate law, which vary from state to state. Planning your Estate According to your AgeAs time passes, a person tends to accumulate property as well as responsibilities during life. Your estate may be constantly changing, and therefore estate planning will be different according to the various stages of life that you pass through. For example, if you plan an estate before you are married, you will need to adjust the plan if you become married and have children. The addition of a spouse and children will change the way that your estate will be administered. Here are some guidelines for estate planning during the major life periods: The Many Responsibilities That Are Included in the Key Job Roles of an Estate Settlement LawyerEstate settlement and estate planning are important parts of planning for the future and the security of one’s near and dear ones. These are part of an individual’s last will and testament. And in the preparation of all these, the role of a probate lawyer is important who are generally experts in executing the last will and testament of an individual as per his or her wishes. To help with estate administration duties, it is important to record and draft legal papers through the court and for this, the estate executors have full independence to hire lawyers who are experts in these documentation processes. There are generally two kinds of probate lawyers and they are probate litigators or transactional litigators. It is typically the transactional lawyers that handle duties which are related to the estate. On the other hand, when the heirs challenge the will or there are family disputes regarding the same the probate litigators are responsible for looking into the matter and coming up with an agreeable solution. Transactional lawyers are sought out when there is a need for submitting the death certificate and the last will and testament. If there is no will and there is confusion regarding the last wishes of the deceased, generally the estate settlement lawyers are required by the transactional attorneys to assist in the estate settlement procedures. There are some common estate duties like obtaining affidavits for real estate transfers; sending creditor notification letters; filing final tax returns, and drafting ‘consent to transfer’ forms for financial accounts. If and when the heirs contest the will or if there are any lawsuits regarding the same then probate litigators are hired to defend the estate during the probate process. When it comes to the distribution of assets or properties and mediating the disagreements or disputes that might arise in the process the probate litigators can come in handy to solve all of it in an amicable manner. There are even some probate lawyers who have the skills and the qualifications of handling both the litigation and transactional cases. But it is always wise to check out at least three or more attorneys when someone is thinking of seeking the services of an attorney. There is no point in hiring the first one that comes along if ultimately he or she is not suited to do the duties which are best suited for the interests of the estate. When a near one expires the whole family goes into mourning and it is a difficult time for them to say the least. It becomes a torture to think about estate planning and settlement when one is going through the process of grieving. Therefore, it is wise to seek the assistance of the estate lawyer who was involved in executing the will of the departed soul. But, it is also important that the estate settlement lawyer has the necessary attitude and personality for the proper administration of the estate. It is a sensitive matter and therefore the lawyer should be empathetic and should understand the dimensions of the family relationships so that the process is handled in a compassionate and gentle way, or otherwise the entire settlement process becomes a harassing experience. By engaging in estate planning strategies previous to death, individuals can avoid probate and all the disputes that result when there is no will and testament. It is a complex matter, to say the least when it comes to handing over the ownership of assets and properties and therefore all the documentation should be done in a proper manner so that there are no gaps while they are required to be filed at the court of law. Hence while appointing a lawyer many factors should be considered and then only the right attorney should be employed who can do justice to their roles. 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
Ascent Law LLC
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Estate Planning Attorney Nibley Utah Estate Planning Attorney North Logan Utah Estate Planning Attorney North Ogden Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficePark City, Utah
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Park City is a city in Summit County, Utah, United States. It is considered to be part of the Wasatch Back. The city is 32 miles (51 km) southeast of downtown Salt Lake City and 20 miles (32 km) from Salt Lake City’s east edge of Sugar House along Interstate 80. The population was 8,396 at the 2020 census. On average, the tourist population greatly exceeds the number of permanent residents. After a population decline following the shutdown of the area’s mining industry, the city rebounded during the 1980s and 1990s through an expansion of its tourism business. The city currently brings in a yearly average of $529.8 million to the Utah Economy as a tourist hot spot, $80 million of which is attributed to the Sundance Film Festival.[5] The city has two major ski resorts: Deer Valley Resort and Park City Mountain Resort (combined with Canyons Village at Park City) and one minor resort: Woodward Park City (an action sports training and fun center). Both Deer Valley and Park City Mountain Resorts were the major locations for ski and snowboarding events at the 2002 Winter Olympics. Although they receive less snow and have a shorter ski season than do their counterparts in Salt Lake County, such as Snowbird resort, they are much easier to access. In 2015, Park City Ski Resort and Canyons resorts merged, creating the largest ski area in the U.S. In all, the resort boasts 17 slopes, 14 bowls, 300 trails and 22 miles of lifts. The city is the main location of the United States’ largest independent film festival, the Sundance Film Festival; home of the United States Ski Team; training center for members of the Australian Freestyle Ski Team; the largest collection of factory outlet stores in northern Utah; the 2002 Olympic bobsled/skeleton/luge track at the Utah Olympic Park; and golf courses. Some scenes from the 1994 film Dumb and Dumber were shot in the city. Outdoor-oriented businesses such as backcountry.com, Rossignol USA, and Skullcandy have their headquarters in Park City. The city has many retailers, clubs, bars, and restaurants, and has nearby reservoirs, hot springs, forests, and hiking and biking trails. In the summertime, many valley residents of the Wasatch Front visit the town to escape high temperatures. Park City is usually cooler than Salt Lake City as it lies mostly higher than 7,000 feet (2,100 m) above sea level, while Salt Lake City is situated at an elevation of about 4,300 feet (1,300 m). In 2008, Park City was named by Forbes Traveler Magazine as one of the “20 prettiest towns” in the United States.[6] In 2011, the town was awarded a Gold-level Ride Center designation from the International Mountain Bicycling Association for its mountain bike trails, amenities and community.[7] [geocentric_weather id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_about id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_neighborhoods id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_thingstodo id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_busstops id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_mapembed id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_drivingdirections id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] [geocentric_reviews id=”bd3005de-d81c-44e2-9497-d24a84a3b2ba”] The post Estate Planning Attorney Park City Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-park-city-utah/
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If you have several properties and assets under your name, it is best to consider planning and organizing them with the help of an estate planning lawyer. To you it may still be early to think of your family’s future, particularly your children. But no one really knows what will happen, so it is best to prepare ahead to prevent issues and possible parties to take advantage of the situation. Putting your assets, such as real estate properties, in place as early as now will ensure peace of mind for both you and your family. Establishing a will is also important if you have already stopped working and enjoying your retirement years. Your will can be prepared with the help of your attorney who can draft the necessary conditions and allocations based on your decisions. The tedious paperwork can be accomplished seamlessly by a professional lawyer who specializes in estate planning. By getting in touch with someone whose caliber is accounted for by many of his clients can surely help you in achieving your desired goals for the future. Handling of your personal property can be easily said than done. An estate planning lawyer can give you the best options on how to handle your money, estate, and other assets. In fact, you can make specific rules on how and who will handle your valuable assets during your golden years and beyond. You may have stored your property documents within a trust, but you will need to grant them to your beneficiaries. The early you plan and accomplish all of these, the better for your assets. In the case of divorce, an estate planning attorney can help draft the necessary actions as to where your money should go and who should benefit from it after the split. More often than not, some couples forget about the importance of keeping their assets for their children because all they want is to get their share of assets once the marriage is over. Preparing for your golden years and having a proper attorney at hand can make things easier for you, especially when the time comes when you are no longer around to specifically entrust and designate your properties and assets. This can also help your family, especially your children, during your absence and their vulnerability. This can give everyone peace of mind and clarity when the right time comes. While your relatives and closest family can offer help in these aspects, it is still ideal to let the professional and experienced lawyer handle it for you. You should talk to an attorney soon if you are already planning for your future and the security of your assets. An estate planning lawyer can better explain the importance of securing your assets as early as now. This will surely help your family and prevent disputes over your properties once you have passed away. Who Needs An Estate Planning Lawyer?An estate planning lawyer is a legal professional you can turn to for answers to your questions and guidance about your future. These professionals are a serious investment in making your wishes into reality. The problem is that when planning these final decisions of your life, you need to do so properly. Just one mistaken word or missing file can lead to all of your wishes in a will or other plan to be completely at risk. In order to plan these decisions effectively, you need a legal representative by your side. Through Your LifeOne of the mistakes some people make is to believe that they are too young or too healthy to worry about these types of decisions. When working with an estate planning attorney, you are talking your retirement years as well as the decisions regarding your assets. However, waiting until you are elderly means you have waited too long. Not only will this professional help you to form legal documents in regards to your decisions, but he or she may also help you to create a plan to achieve your goals. That takes time to do. Over the course of your life, your decisions will change, too. That is why it is critical to work with an attorney throughout your life. Managing State LawsWhen it comes to ensuring your wishes are possible, it helps to have someone by your side that understands state laws well. These professionals need to understand the intricacies of these laws. Laws regarding trusts, wills, financial power of attorney, medical power of attorney, trustees and health care surrogates change and differ significantly from one location to the next. Using Books and KitsOne mistake that people make is turning to third parties rather than lawyers for this task. There are various kits and many books on how to establish these plans and how to make them work. These are lesser expensive methods, but they are highly risky methods, too. Without the guidance and advice of your attorney, you may end up putting a lot of work into a process that does not pay off. Mistakes, as well as differences in laws can make a huge impact on how effective these products can really be. Instead, invest less time, hire a lawyer, and ensure your money is well spent on making your wishes reality. As you consider hiring an estate planning lawyer, realize the options are your own. Do not put off hiring someone. Find a professional you can trust to do a good job based on his or her experience. Additionally, it is a good idea to revisit this process several times throughout your life to update your decisions to reflect your current situation. Estate Planning Documents For Young FamiliesOne of the junctures in life when people get serious about estate planning is after they have their first child. Among other responsibilities comes one of the most difficult questions in estate planning: Who should raise my child if something happens to me and my spouse? Most young families don’t need extensive estate planning, but they do need four key documents. The first three are there in case you become incapacitated because of accident or illness. The fourth exists in case you die. 1. Vermont Advance Directive. This document allows you to name a person to make medical decisions on your behalf if you are unable to convey your health care wishes. In addition, this document also allows you to give guidance regarding the types of care you would want under various scenarios. What’s most important about this document is that it indicates what you want in writing. Absent a written document, it’s difficult for your family and doctors to know, and agree on, what care you would want under various conditions. What To Do With Personal Items In Your Estate PlanDeciding what to do with your personal items such as your favorite piece jewelry that has been handed down from six generations is what many people think of when they make an estate plan. Although most people should be worried about the big assets such as the house or the retirement accounts, there is an inordinate amount spent focusing on small assets. Many times it is not the big assets such as the house or bank accounts that cause fights among family members when an estate is divided. It is the smaller sentimental items that cause the most fights. These are the items that mean more to individual family members and the items that they are going to be more likely to fight about. This can be the piece of furniture promised to child years ago or a gift from a child to a parent that meant a lot to them that they would like back. To make sure that an item goes to a potential heir it is best to give that person the item as gift during lifetime, make sure that item is specifically named in the will, or better yet to have a personal property memorandum or separate list of who gets what. A personal property memorandum allows you to name a specific item and who gets it. It must be referenced in your will, but after that you can change or update without an attorney or notary. If an item is not gifted, mentioned in the will, or in the personal property memorandum it becomes part of the residuary of the estate and will go to the person named in the residuary regardless of who it was promised to. This is when a family fight is most likely to occur as a child will try to take a sentimental item that belongs in the residuary of the estate and the personal representative of the estate tries to get it back. Potential fights can be eliminated by planning ahead. To prevent this from occurring it is best to consult with an estate planning attorney so the plan or action that you take in making your estate plan will not have the unintended consequence of ripping the family apart and causing a lengthy probate proceeding and estate litigation. An estate planning attorney can come up with a plan that leaves everyone satisfied at best and at worst prevent a fight or misunderstanding amongst potential heirs. Does Your Estate Plan Meet Your Needs?If you’ve started creating an estate plan, then you probably know there’s more than one way to address all your concerns. Having an estate planning attorney in your corner is a good way to ensure that your plan is always up-to-date and includes all the tools you need to accomplish your goals. But if you haven’t scheduled a review with an attorney, now might be a good time to consider whether or not your plan still meets your needs. Your Will for example, is good for distributing your assets and can even name a guardian for your minor children. But maybe your life has changed and you now need more than what a Will can offer. Do you have a disabled dependent for example? You might want to set up a Special Needs Trust that will provide for them without affecting their ability to qualify for government assistance programs. Would you like your family to be able to avoid probate? If so, a Living Trust might be a good option for you. Advanced Directives can address incapacity concerns and ensure that you and your assets are protected if you become mentally disabled or are otherwise unable to speak on your own behalf. In fact, there are a number of ways to minimize taxes and even protect what your loved ones inherit from their creditors and lawsuits. But the only way to take advantage of these strategies is to schedule a review with a qualified estate planning attorney. How Often Should You Review Your Estate Plan?When you buy a new car, everything works perfectly. (At least, you hope it does.) But then in 3,000 miles, it’s time for an oil change. Also, you must keep your eye on the level of coolant in the radiator, your transmission fluid, and your power steering fluid. You must make sure your alternator works to keep the battery charged. What happens if you don’t maintain your car? Your engine could burn up. Your transmission could fail. Your car could overheat. Your battery could go dead. All of which mean you’re stuck on the side of the road trying to hitchhike to the nearest town. Your estate plan is like your car. When you set it up, everything is current and accurate. But you need to keep your eye on your assets, insurance, Powers of Attorney, gifting program, distribution plan, successor trustees, beneficiaries, and so much more. That’s why it’s important that you meet with your estate planning attorney every year. You wouldn’t think of going on a long trip without making sure that your car was in tip-top shape. Yet every day, people embark on the long trip we call life. And the problem with our “life trip” is that we’re never sure when that trip might end. It’s a good idea to review your estate plan with your lawyer every year or two to see if changes in your family’s circumstances need to be reflected in your estate plan. You paid good money for a comprehensive estate plan to protect your family and assets. So, when was the last time you reviewed it? An old, outdated plan is basically no good to you or your family, so take a little time to have your plan reviewed to make sure it will work the way you intend. If you pass away with an outdated plan, your current wishes will not be carried out. A well written plan should change and evolve as your family and life change and evolve. I recommend you review your estate plan if one of the following events occurs: Any one of these life changing events can affect your estate plan and require the addition, deletion, or revision of a provision or require you to rewrite your entire plan. Ask your attorney if he/she has an updating and maintenance program that you can participate in. That way, your estate plan will be regularly reviewed and up-to-date so it will work for you during your lifetime and when it is needed the most. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Nephi Utah Esate Planning Attorney Nibley Utah Estate Planning Attorney North Logan Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney North Ogden Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-north-ogden-utah/ There are many ‘do-it-yourself’ books and websites which purport to help with estate planning. While some of them are very informative, some are highly confusing and misleading. It’s okay to read through them for a fair understanding of the concept, but remember that estate planning is a complex matter, involving lot of valuations and intricate tax matters, and is subject to ever-changing laws, which many of us lesser mortals may not comprehend completely. Moreover, laws differ from state to state. Therefore, though there’s no compulsion to hire an attorney, make sure to take professional help to save yourself and your beneficiaries from complications. Finding an attorney specializing in estate planning is not that difficult. There are many free on-line databases which provide the names and addresses of attorneys. These are organized by state, county, city, and specialization. So, your attorney is just a mouse-click away. There are many lawyers who provide free on-line consultation and advice. If you simply give the details of your estate and beneficiaries, the experts will evaluate the case and tell you the probable tax incidence and the ways to minimize the tax. You can utilize these free services to understand your own legal and tax obligations and, after your death, those of the beneficiaries vis-à-vis the estate. Before approaching an attorney it’s prudent to do some investigative work on the credentials of the one you have chosen. Ensure that s/he is a certified specialist and is well experienced in estate planning. You can even ask the attorney to give references from the people who earlier availed his/her services. Also, check whether the professional fees fit within your budget. If you are satisfied with all these details and decide to hire his/her services, you’ll be offered a contract known as legal services agreement/retainer agreement. Understand the agreement before signing it so that you won’t end up paying more than you bargained for or forego certain services you took for granted. Essential Documents Needed to Set Up an Estate PlanEstate planning is something that one need to do yet isn’t such a welcoming thought for most people. Sickness, disease and death are topics that most people don’t like to discuss yet these are incidents that hold great significance in our existence as human beings. An estate plan is like a problem that people hate to deal with. It’s there and one needs to do it, but most people simply put it off for a while, with the thought that maybe they can do it much later when everything’s too late. However, with a rock solid estate plan, you not only give your family a secure future and less of a hassle, but most importantly give yourself a helping hand in the event of disability and incompetence. It’s like overseeing your affairs even when you’re no longer around or are physically or mentally impaired to handle your estate. You may have heard of stories about family squabbles over the death of a relative who did not leave behind a last will and testament. You may have also heard of very expensive tax bills that one needs to pay when claiming the properties of a departed loved one. All of these things can be avoided with proper estate planning. Here are 5 essential documents needed in setting up a good estate plan. 1. Last Will and Testament- This is perhaps the very basic and most important document of a good estate plan. The will contains the names of your beneficiaries or the names of the people who will be taking over your assets in the event of death. You decide who gets what in the will. Without a will, the state decides who gets your assets. Apart from the smooth transition of your assets, you can also assign the guardians for your children as well as many other clauses and stipulations. A will must be drafted by a trusted and competent attorney. Reasons for Estate Planning In North Logan UtahDo you know what happens if you die without a will? The courts will decide who will raise your children, manage your assets, inherit your possessions, and administer your estate. Heirs must usually agree on a court appointed administrator. If some of the heirs are mentally incapacitated, or under age, it gets unbelievably complicated. Add in children and spouses from previous marriages and it can become a seething pot of turmoil for your family. If your second spouse survives you, the children from your first marriage could end up with nothing. The courts may set aside assets to be given to the children when they come of age that makes it impossible for your spouse to afford your current home or lifestyle. When there is no will and a couple dies together, the state may have to “decide” who died first. If one outlives the other, even by a few minutes, the relatives of the first to die can loose out completely. Without proper organization your assets could go unnoticed or become lost and loved ones may not benefit from your years of hard work. Imagine your loved ones rummaging around your home and safety deposit box after you’ve died or become mentally incapacitated, gathering up all the papers they can find. They have no way of knowing if what they find is up-to-date, important, or complete. All they can really do is stuff the papers into plastic bags and go to an accountant or lawyer for help. This is a stressful and chaotic situation. An unorganized or improperly prepared estate plan can melt the glue that holds a family together. If you think you don’t have much, consider that the less you have the more your family needs a well written estate plan to see that it goes to them, not taxes and attorneys. Also, some of the biggest fights in estates can occur over personal items such as a sterling silver tray or a family heirloom. Planning ahead can avoid costly court actions and family rifts that may never be repaired. A will can’t help you and your family when you’re alive. If an accident or a stroke leaves you mentally incapacitated and you don’t have a Durable Power of Attorney for Property in place, there is no one to automatically step in and manage your financial affairs. A marriage license does not give your spouse authority to act for you if you become incapacitated. It’s false comfort to believe that it does. All your financial assets including bank accounts can become frozen. Your spouse may be unable to sell the house if she needs to. The courts will appoint someone to represent your best interests. You have sentenced your family to an ongoing financial nightmare. You also need a Durable Power of Attorney for Health Care and a Living Will. If you haven’t taken the responsibility to legally make your wishes known you may be kept alive and in pain as medical bills devour your estate because a family member is unable to let you go. Your loved ones can be racked with guilt if they have to decide to shut off life support or tube feedings. Why don’t we plan? We believe it will be cumbersome, time-consuming, and in most cases, very expensive. Prepaid legal provider companies offer various plans that allow members to call an 800 number to discuss any legal problem for a low monthly fee. The companies contract with law firms across the country to offer these services–similar to the way a health insurance company contracts with doctors. Legal service plans provide for legal benefits, including unlimited attorney consultation, will preparation and traffic violation defense. A legal service plan will provide a Will Worksheet to make it very easy for you. You fill it out in the comfort of your home, call your law firm, and send it in. You’ll receive back at no additional charge a comprehensive will ready to be notarized. Your Durable Power of Attorney for Health Care and a Living Will are also available. Take care of your family. Make those decisions now while you still can. 75 percent of people in North Logan Utah don’t have a will. Talk with your attorney about a Durable Power of Attorney for Property, Bank Power of Attorney, Revocable Living Trusts, Testamentary Trusts, and any other legal documents that could benefit your family. They must be written carefully so they don’t conflict and void each other out. Things a Real Estate Closing Attorney Can Do For YouIt doesn’t really matter whether you are buying a house or selling one, you still need our great real estate closing attorney. If you want to make sure that you get the best deal possible in any case, you really have to let professional real estate closing attorney help you out as you try to finalize your deal. If you’re planning to invest money into buying property, then such attorneys will be debates for you especially if they specialize in investment property. If you already decided that you do want to find and hire a real estate closing attorney, the next thing you have to do is you have to make sure you understand what their job is so that you know what to expect from them. Here is what they should do for you. Your real estate closing attorney should be a kind of protection for you if you are buying or selling a house. They will be your adviser and your counselor. They will provide you with information and everything you need to know so that you can sell your house for the best price or buy your house for the best price. Your real estate closing attorney will make sure that whenever the circumstances, you are happy with the money or the property you get out of the deal. He will make sure that the transaction will be finalized no matter what happens, so that you are always safe. When you are choosing our real estate closing attorney, there is a couple things you need to look out for and considered. Be sure that you know that they are certified at what they do. Those transactions can be very complicated, and there are very small things and little tidbits of law which you may not understand, but which are given a real estate closing attorney will be able to quickly indicate, and take care of. Remember that these people are professional and they know for sure what to do to make sure that the transaction goes as well as planned or even better. If you are not careful, without their help you can lose your property altogether. If you don’t want them to be too involved in this situation, at least lead then check the title on the home so that they can make sure that there is no surprise which you might be liable for. They will also be able to help you to transfer the money between clients and yourself so that everything is planned and well organized. If your choice is to work without a real estate closing attorney, you are at risk. If you consider that risk, it is very easy to decide whether or not you want to get one. Getting a good real estate closing attorney is a choice which you really don’t have. It is just plain smarter and safer to hire a person that will make sure that the transaction goes smooth, you receive your money or receive your house, and you will be able to sleep well every night without having to worry about losing anything at all. If you don’t want to pay money, maybe they will give you a free consultation or a few pieces of advice. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Morgan Utah Estate Planning Attorney Nephi Utah Estate Planning Attorney Nibley Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney North Logan Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-north-logan-utah/ Estate Planning is not simply the procedure by which you’re capable to look after your possessions and sovereignty for the duration of your life span in the occasion of a physical or psychological inability, but also is the procedure by which you’re capable to direct and defend your family subsequent to death. When speaking to your Estate Planning purposes it is very important that you check with a well-informed legal representative in order to defend your nearest and dearest. Decide on checklist when considering Estate Planning: underneath is a confirm list of certificates and purposes to assist get your Estate Plan in sequence and to appraisal with a well-informed elder law legal representative or estate planning legal representative: How Guardianship Lawyers Can Make The Estate Planning Process EasierEstate planning is a vital part of getting older. Although many people believe they only need to create a plan if they’re extremely wealthy, this isn’t the case. If you have children, retirement accounts such as a 401K or IRA, life insurance or other assets, you need an estate plan before you die. Many people think they can handle this process themselves; however this is an extremely bad decision. By trying to plan what happens after you die yourself, you could miss out on an important document or increase your loved one’s tax liability unnecessarily. Know What Documents You NeedDo you know what a power of attorney is? How about a will? What’s the difference between a will and a living will? An estate planning or guardianship attorney will know which documents are appropriate in your situation and will be able to help direct you toward the right ones. Recently, document preparation sites have popped up all over the Internet. While you might be tempted to use one of these, this is usually a bad idea. These document services are okay if you know exactly what you need, but most people can become easily confused by the different types of documents available and find that they need to consult an attorney anyway. Reduce Your Tax Liability — LegallyAfter you die, the taxes levied on your loved ones can be steep. An attorney will be able to help you disperse your wealth before you die, which minimizes the amount that your loved ones will need to pay upon your death. The laws and regulations that can allow you to reduce the tax liability can be confusing, so it’s a good idea to have an attorney help you with this process. After all, if you disperse your wealth incorrectly, your loved ones could be required to pay even more in taxes, which is the opposite of what you’re trying to do. Guardianship Lawyers Can Help With Both Children And AdultsGuardianship lawyers can also help with determining what happens to both minor children and dependent adults. It is always important for an owner to look after their worldly possessions and whilst some aspects such as money may be affected by some issues like tax and age, most of the time, an individual would want to make sure that these are properly maintained and protected both at the present time and in the future. This is the reason why some wealth manager experts recommend estate planning. This means that an individual should think about what they are going to do with everything they own in the future. It may mean that they formally or legally designate tasks to people that the owner trusts to be capable of managing their wealth well and distribute it accordingly to the people who deserve it. Estate planning involves several processes such as creating a will and a testament, setting up specific funeral arrangements in case the owner dies or setting up medical arrangements in case the owner become severely ill. It may also include identifying the direct beneficiaries and an executor to the estate. At first, planning about what is going to happen to an estate may seem just as easy as jotting down a plans on a piece of paper. But it is not. There are actually a lot of things that an individual would need to consider in estate planning. The first thing that they have to consider are the elements that are involved in effective estate planning such as If they would like to write a will. It may also require having to assign the power of attorney and a living will or a health care proxy. The planner would also have to consider the federal laws and estate laws that affect the estate. The owner should also be mindful about what rights the government may have in case they prove that a will is invalid or if they have not paid the right taxes. One suitable way to start estate planning is perhaps by making an inventory of everything that the owner owns including any taxes from their biggest investment, any retirement savings and business interests. It’s important to remember that everything has to be documented. The estate owner should also consider discussing their plans to their heirs or beneficiaries in order to avoid conflicts after the individual has died. They should discuss the responsibilities they have and the reasoning for giving them that amount. Then the owner would also have to consider the federal tax exemption because it changes regularly and it could have an effect on the estate planning process. They would also have to choose a lawyer and other officials’ professionals that would make sure that any documents produced are legally binding and that the wishes of the deceased are carried out once they have passed away. Estate Planning Mistake to AvoidEstate planning at its core is a simple idea. Yes, there are tactics that might seem complicated. However, when you boil down estate planning, it is planning for how the things you own pass on after your death. What is the number one mistake you can make relating to your estate? Failing to have a plan. There are many important issues to consider when developing a plan. The least of which is how your assets (your property) will pass on after your death and who will receive them. The goal of a plan is control. Without a plan, you give up control how your property will be distributed. Without a Will, you shift the decision how your estate will transfer from you to the state. What can you do to ensure this does not happen? Takes steps today and start a conversation with you and family. There are professionals who make up a typical estate planning team. • Insurance Agent: An agent might seem an odd place to start. However, your insurance agent is commonly the person who starts the conversation. An agent can also help if products such as life insurance, long-term care or annuities could benefit your plan. Next is involving the other members of the estate planning team. The cost to develop a plan will depend on the level of planning needed. Having a will drafted is the simplest estate plan you can have. A living trust or advanced legal documents will likely increase the cost. Cost is often the concern that impedes individuals from starting the estate planning process. However, when you consider the cost and complication to your family. A plan can be complicated or simple. Conversing with a professional can help evaluate potential issues and start the process. Making a Will for Your Family – Why Every Parent Should Make Estate Planning a PriorityMortgage payments. Groceries. Holiday expenses. Preschool tuition. It is easy to see why many parents of young children do not have “writing an estate plan” at the top of their to-do list. However, have you ever stopped to think about what could happen if you don’t have one? Many parents think the process of creating an estate plan is too complicated or costly. In reality, the process can be simple. Recently, several law firms have expanded their services to include virtual law practices through which, it is possible to create a customized estate plan, written especially for you and reviewed by a licensed attorney. Through a virtual law office, you can create an attorney-reviewed estate plan, at your convenience, without leaving your home, and without taking valuable time off work to visit an attorney’s office. Virtual law firms also make the estate planning process affordable to families. Such firms have no need to maintain an expensive, physical office space. Therefore, the firms are able to pass the savings on to you. Although making an estate plan may seem inconvenient and costly, if you suddenly pass away without one, it will be even more inconvenient and costly to your children. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Moab Utah Estae Planning Attorney Morgan Utah Estate Planning Attorney Nephi Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Nibley Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-nibley-utah/ Do you know how your life will be divided after your death? Who will your estate go to? Who will look after your children? With an estate plan you decide. You are in control of your family’s security in the event that something tragic should happen. Now perhaps you are a little foggy with some of the fundamental ideas associated with estate planning. Let’s start at the beginning. According to Merriam-Webster’s Dictionary of Law estate planning is: You don’t want to let this happen to you and your family. You need an estate plan. Now, in order to start estates planning you are going to need to look into the following options: living wills, revocable living trusts. A living will is a document in which you can spell out where all of your assets will be going. You may also modify this document at anytime. You are the one in control. This is a great way to avoid probate court. A living trust allows you to name a person who will handle all of your legal affairs after you pass away. Your trust may either be revocable or irrevocable. Revocable means that, just like a living will, you can modify it at any time. However, in an irrevocable living trust you do not have the ability to change it. Having an estate plan can help your family avoid many hardships after your passing. Don’t let your whole life fall into the wrong hands. Take control. Make an estate plan today. Why Estate Planning Is Crucial for Your Heirs?The need for estate plan in Nephi, Utah is becoming necessary with the passing years. It is essential to update your estate plan annually. If you cannot upgrade your will or terms of your trust, then your heirs may get into the situation where certain assets fall under Nephi Utah intestate laws. This can result in the distribution of wealth against one’s wish. By consulting a Real Estate Litigation, you can ensure that the issue does not arise in the family. There are many types of pre-prepared documents which can be easily purchased at different stores or through websites. These documents include a pre-formatted trust, will, or power of attorney. Many people prefer having blank form overpaying the cost to an attorney. Sometimes using forms without consulting any authority can give you wrong results. The incorrect knowledge may lead to issues in your family. The first issue related to these forms is they don’t cover each category. You might miss the point you want to add in your will. This will result in the arising of different conflict issues. For example, you are running of a business, and you are involved in other valued transactions too then these pre-prepared forms are not meant for you, as they don’t cover your every aspect. This could result in not describing your will correctly or passing on your business, in your real estate that is tied up in litigation or any other issues. By retaining a lawyer, you can ensure that your will covers all the specific points and circumstances. Another important issue regarding self-help forms is one cannot receive legal advice about his situation. While filling out a pre-prepared form a person may not have any idea about specific laws related to their issues which can create problems in the near future. An experienced estate planning attorney will have a discussion to understand your situation. Then the process of estate planning begins keeping the focus on your situation, and things are handled as efficiently as possible. Nephi, Utah law provides a Statutory Will Form. It should be filled and appropriately executed to be valid in Nephi. While filling a form, it is highly recommended to take legal advice. Many factors should be focused on while doing estate planning and all these factors should be given legal guidance. With medical, legal and financial issues comes to the forefront, it’s better to have a plan to avoid these troubles for the individual and his family. Even if you don’t believe that estate planning is a priority then too you should have its in-depth knowledge. Always there should be a plan to come out from the unfavorable situations. How You Can Prepare for Your Estate Planning MeetingWhile meeting with an estate planning attorney may not be on your bucket list of items to accomplish during your lifetime or among your New Year’s resolutions, it is not something that you should put off until you are on your death bed. Many individuals are intimidated by the prospect of planning their estate; however, in most cases it is much easier if you come prepared. A typical Nephi, Utah estate plan consists of the following important documents: Last Will and Testament; Revocable Trust (for many individuals); Power of Attorney; Health Care Surrogate; Living Will; and Pre-Need Guardian Declaration. The Revocable Trust (if one is created), Power of Attorney, Health Care Surrogate, Living Will, and Pre-Need Guardian Declaration are all designed to operate during your lifetime and provide guidance in how your personal and financial affairs are handled during your lifetime. In contrast, the Revocable Trust and Last Will and Testament control how your property is distributed after your death. When you meet with your estate planning attorney, they will guide you through the various choices and planning options available to you, so that your legal documents reflect your intentions. In order to make your time with your attorney most productive, the following is a list of things that you should discuss and prepare in advance of the meeting: Dissolving a Marriage – Estate Planning and DivorceSeparation allows for the end of accumulation of community property, so each spouse can acquire property separately. However, it does not terminate the duty of highest good faith and fair dealing that every person owes to their spouse. This applies to all marital assets of whatever general character. However, there are several tools an estate planner can use as a means to protect a spouses property while making sure they do not violate their fiduciary duties. A Temporary or Conditional WillThis type of will is a sound idea, it can either change an existing will or republish an existing will due to a section that revokes an existing will on dissolving a marriage, unless the will provides otherwise. Postnuptial AgreementA postnuptial agreement is a written agreement executed after a couple gets married, or have entered into a civil union, to settle the couple’s affairs and assets in the event of a separation or divorce. Creation of a Separate Property TrustSeparate trusts hold each spouse’s separate property estate. This includes property received as a gift or an inheritance, obtained before the marriage, and property purchased with those assets. During Divorce ProceedingsDuring divorce proceedings it is good to get standard or automatic temporary restraining orders. These orders preclude transfers, or disposal of community or separate property without the written consent of the other party or from a court of law. However, it is key to note there are certain changes that a spouse can make despite the restraining orders. A spouse may create, modify or revoke a will; revoke a living trust as long as the notice of change is filed and served on the other party; eliminate a right of survivorship to property; and create an unfunded revocable or irrevocable trust. When a person is in the process of divorce he or she needs to consider revoking and creating a new will as soon as one files the petition for divorce. He or she also needs to consider trusts, joint tenancies, and payable-on-death accounts. One other option a party has during a divorce is to create an unfunded trust. This serves as a recipient for property subsequently received that is subject to pour over provisions in a new will. After the Dissolution of the MarriageThe entry of a marriage dissolution judgment automatically revokes all testamentary distributions regarding the former spouse. Although a newly divorced person may feel secure in their knowledge that the dissolution will ensure that the former spouse will be disinherited in an existing trust or will, the judgment also can create concerns in a person’s estate plan. For example one should revise all beneficiary designations in retirement plans (IRAs, Roth, SEPs, 401k, etc.) and life insurance. An estate planning attorney can help newly divorced spouses create all the appropriate documents such as a new revocable separate property living trust, pour over will, trust transfer deed, if needed, assignment of assets, power of attorney, and advance healthcare directives. By doing this, the newly divorced person will now have provided for a current estate plan, post marriage. In addition, if the newly divorced spouse has a new spouse or domestic partner in the wings, it is a perfect time for them to seriously consider the preparation of a premarital agreement. This agreement will preserve the separate character or their assets, determine the character of new earnings, and handle matters such as spousal support and succession to property on death. It also may be important for the person to consider provisions in the living trust for the new mate. Preparing for the complexities surrounding the intersection of divorce, death and disposition of property are essential and necessary to enable an estate plan to remain effective. If you are considering divorce, or are recently divorced, you should seek advice from an attorney knowledgeable in these issues. It is imperative that you address these matters especially changing beneficiaries on various investments, retirements’ plans, and insurance policies. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Midway Utah Estate Planning Attorney Moab Utah Estate Planning Attorney Morgan Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Nephi Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-nephi-utah/ Brokers and salespeople are in the unique position of being the first to know the property is for sale. There are certain questions that can be asked and documents that can be obtained which can disclose potential problems. Each type of property is different. Each has its own set of issues that must be considered when taking a listing. Below are issues dealing with the three most common residential property types. This list is not exhaustive just a guide. Again each property will have its own unique set of concerns. It is the seasoned and well trained real estate salesperson who will be able to predetermine these issues and resolve them so they will not interfere with a smooth transaction. The first type of property is the Condominium Unit. A Condominium owner holds “fee simple” title. This is the highest form of ownership under the law and entitles the property owner to full enjoyment of the property, limited only by zoning laws, deed or subdivision restrictions or covenants, and in the case of Condominiums, the ownership is subject to the Condominium Declaration. The Declaration is a recorded document which legally establishes the structure as a condominium. The Declaration will refer to the offering plan. • Obtain A Copy Of The Offering Plan: The offering plan sets forth all information concerning the condominium building including each unit interest and the percentage of the “common elements” associated with each unit. The Offering Plan will also set forth the rules and regulations governing the Condominium. The Offering Plan will be amended from time to time and you must obtain a copy of all amendments. In addition you should obtain at least two years of the buildings financial statements. The buyer’s attorney will want to review these documents before the deal proceeds. In order to avoid any delay in getting the deal to contract you must insure that these documents are ready for immediate review. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Midvale Utah Estate Planning Attorney Midway Utah Estate Planning Attorney Moab Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeMorgan, Utah
From Wikipedia, the free encyclopedia
Morgan is a city in the U.S. state of Utah and the county seat of Morgan County. It is part of the Ogden-Clearfield metropolitan area. It is named after Jedediah Morgan Grant, a leader in The Church of Jesus Christ of Latter-day Saints who served as an apostle and as a member of the LDS First Presidency under Brigham Young in the mid-1850s. As of the 2010 census, the city population was 3,687 people and estimated at 4,260 in 2018.[5] Morgan is also a location where some of the movie Troll 2 was filmed in 1989. [geocentric_weather id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_about id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_neighborhoods id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_thingstodo id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_busstops id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_mapembed id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_drivingdirections id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] [geocentric_reviews id=”b018fd65-6ccf-464f-bbff-4556f3e7674a”] The post Estate Planning Attorney Morgan Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-morgan-utah/ Your asset protection plan is an important component of your overall wealth management plan. It is designed to ensure that the wealth you have accumulated remains yours. It is built to protect your assets from suits and creditors. However, before you hire an attorney in Moab Utah to put together a complicated asset protection structure make sure you have a sound financial and estate plan in place that will compliment a smart protection structure. A well thought out financial and estate plan can be rendered worthless if your assets are taken by a creditor. Likewise a sound financial and estate plan can strengthen your protection plan. Let’s first start with determining what is asset protection planning and what it is not. Asset protection planning is a process of using legal methods to organize your affairs, assets and business structures at a time when there are no legal actions pending, threatened, or expected, with the goals of: The benefits of a good asset protection plan include: Real Estate Appraisal ProcessWhen you talk of home buying or selling, one of the vital steps is the property appraisal. This is one way of establishing the property value of a house and its corresponding selling price to position itself in the real estate market. Applying a home mortgage or simply getting involved in any lending procedure, you are required to do an appraisal of your house if you would use it as collateral. This will ensure the lender that you have the capacity to pay off the amount that you owe. If you are new to home selling or buying, you might want to know how this real estate appraisal process is done. Reading the rest of the paragraphs will tell you relevant details of the said procedure as well as giving you other related facts which can enlighten you about this. In appraising a property, you will be given related facts about the subject property as well as the comparisons of other similar houses. Then you will know the assessment of the actual real estate market of the place where the subject property is situated. The rough estimate of the sales turnover that occurs in such place will also be provided for additional data. Facts that the appraiser has about the house which can greatly affect the market value of the house are all gathered and presented to the home buyer. Existing damages and other related issues which the house is currently dealing with. The last one would be the type of neighborhood that the home has as well as the potential development projects for such community. All these data are gathered into one and collaborated to come up with reasonable figures for the subject property. The amount stated is very important in getting the lender’s approval as well as influencing the status of your mortgage plan. This is sometimes used to measure your financial ability to settle loans and other payable you have. Since every house is unique, the person who will be appraising the subject property will have to make the necessary adjustments to end up with the proper amount for the actual condition of the house. On the other hand, if you have plans on selling your home, home appraisal is very important. This will help you determine the right market value for your house and will tell you if you need to improve it or not. If you wish to have a higher selling price, then you must know your appraised value first so you will determine how far you can go for the home renovation project. Therefore, real estate appraisal process should not be taken for granted by either the home seller or home buyer. This is an important procedure both in home buying and selling. Moab Utah Estate Planning LawyersAs defined under Moab Utah law, estate planning is planning the management and the disposition of your assets while you are alive and after your death. It also includes planning for your healthcare in case you become incapable of taking care of yourself. With the help of Moab Utah estate planning lawyer, you can rest assured that your life’s work will be well taken care of. In Moab Utah, if you die without a will, you may not have proper representation, and your family might be left fighting over your assets. If this is the case, Moab Utah will decide the successor to your property. It is best to hire a lawyer to get your affairs in order before it is too late. A good lawyer can interpret the maze of laws on property rights, taxes, probate and trusts. Moab Utah estate planning lawyers can help you decide how to transfer property and resolve other financial and personal matters including retirement funding and tax planning. Most importantly, they can guide you through the process of making a will. They can help you set up a trust naming who will hold your property until your death and disperse the property according to your will. Before hiring an estate-planning lawyer, you should verify his/her expertise and credentials because estate planning is a very important process in your life. To find an estate-planning lawyer, you can check with the State Bar Association of Utah, or you can search on the Internet. There are a variety of links and resources about lawyers and law firms in Utah. What An Estate Planning Law Firm Can Do For YouMost folks know that a last will and testament is the centerpiece of any solid estate plan — but it isn’t the only piece. The are many other steps you should take to ensure that your family is taken care of after your passing. Failure to do so could put your legacy in jeopardy and leave a major mess for those you leave behind. With that in mind, here’s what you can expect from estate planning services. ObjectivesIt might not be able to pass on your memories, but a well-thought-out arrangement can reflect your hopes and values. Although its overarching aim is to take care of your family after you’re gone, there are other, more specific goals an estate planning law firm can help you achieve, including: Proper PreparationOne of the most common mistakes people make is failure to make short-term arrangements. Death seems like something that will happen in decades. As such, some people are not prepared when an unexpected accident results in disability or death. Of course, the expenses associated with either event could alter any long-term financial goals. That is why estate attorneys must always consider both short and long-term options. They may advise purchasing life and long-term care insurance. These policies will protect your assets in the unlikely event that you are cut down in the prime of your life. Common StrategiesAnother aim of estate planning is to help your heirs avoid unnecessary taxes. Although transferring wealth in American almost always involves assorted charges and fees, there are ways to limit them. Trusts and annual gifting, for example, are common strategies an estate planning law firm may employ to avoid unnecessary expenses. The ProcessAlthough they don’t manage money, attorneys often work closely with their clients’ financial advisers. For obvious reasons, the attorney needs to know the size of the estate before he can recommend short and long-term objectives. These plans may and often do change based on input from financial experts. If, for example, the client loses one-quarter of his assets in a stock market collapse, the attorney would have to make the necessary adjustments in the short-term. An estate planning law firm can help you prepare for the inevitable with a strategy that ensures your legacy. Understanding Estate Planning and Trusts – Ways to Protect Your Assets and Your FamilyEstate planning and trusts is a step that is not just for the wealthy anymore. If you are an individual that has worked hard and saved for your retirement and plan to live out your days in your home and in your community, you are not alone. Baby boomers have spoken loud and clear. That is what they want. They also plan to leave their hard earned money to their children. Think again, we are living longer and healthier than ever before. The care we are going to need is going to require finances and we are going to have to pay for it. Medicare and health insurance does not pay for the services that an aging elderly person needs. Most services are considered custodial or unskilled needs. There are many family members that give up their jobs and provide care for an aging family member. Sometimes, moving their entire family from across the country and into what was once the family home. Many make this move to help an aging family member that absolutely refuses to move from the old neighborhood. In this economy today, it is not uncommon for the family to expect to inherit the family home in return for their care giving duties. The problem is, that sometimes the stress and care of taking care of another takes its toll. Many caregivers health suffers from not paying attention to themselves and they end up ill and unable to care for their family member or in the hospital. Or the unthinkable happens and the family member they are providing care for becomes unmanageable. So a time comes when money has to come from out of pocket or private pay. Often times, the aging family member ends up in assisted living or a nursing home. This brings us back to the home everyone is living in. Because the home is in the aging family member s name and there are rules, there is a strong possibility the house will be used to pay for those services. The family home, at some time will be lost. So it is important that the aging population take advantage of the laws that have been put in place to help them protect their assets, their home, and their savings, and, for some their business. Yes, there are laws that are on the books that are available to us that can save us lots of money and help us to pass those savings on to our children or use those savings for other purposes. There are many different interpretations of the Medicaid laws, which is a federal program that is run by each state. So it is important that you develop an estate planning checklist and educate yourself on the inheritance tax laws in your area. The best way to do that is to do some simple research and learn some of the terms and understand what it is you want to accomplish before you get started. It is important to plan for your future care needs before you need them. Here are a few tips that may help to get you started on your way. Understand the difference between Medicare, Medicaid and Medigap policies. If you are a Veteran, you really want to know what benefits may be available to you and your spouse. Part of estate planning and trusts is more than just having a will in place. It is so much more. It really is a planning process that includes a will and a trust and several other legal documents that could save you thousands of dollars. Do not wait until it is too late to take action. Take a proactive approach and make sure that you take care of your spouse or children, if that is a concern for you. Do not take anything for granted. Estate planning and trusts are a form of Medicaid asset protection planning information in disguise. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Mapleton Utah Estate Planning Attorney Midvale Utah Estate Planning Attorney Midway Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Moab Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-moab-utah/ Estate planning is the process of planning how a person will divide their estate; including property and money assets, upon their death. The planning usually involves deciding who in the family will receive what piece of property and who in the family will receive what sum of money left in the will. A will is a legal document that defines who in the family of a deceased person receives that person’s earthly possessions including their money and their property. A beneficiary is the person that is named in a will and receives the money or property from the holder of the will or the recently deceased person. A beneficiary can be a sibling of the deceased, offspring of the deceased, a parent of the deceased, a cousin, aunt or uncle of the deceased or a friend of the deceased. A beneficiary can be anyone that is named in the will of a person. A power of attorney is someone given legal power over another person’s estate if the holder of the estate ever becomes mentally or physically incapacitated and cannot make competent decisions on their own. A living will is a legal document that defines what a person wants to have happen regarding their healthcare if they should become seriously ill during their lifetime and cannot make the decisions regarding their life following the illness on their own. Joint tenancy is when two people share the ownership of a piece of property. When one of the owners dies, their share of the property is handed over to the other owner involved in joint tenancy and cannot be sold to another person without the second owner’s approval. An attorney is a person that has gone through years of legal schooling, training, has passed their state’s legal bar, and has a license to practice law in a certain state or states. An attorney can help people planning their estate figure out who they want to leave their earthly possessions to upon their death. Estate planning is legally binding. Terms of a will cannot be violated and if they are violated the beneficiaries named in the will might not be able to receive the property and money left in their name if they violate the will. All wills, after signed, are legally binding in a court of law. An executor is the person who is put in charge of the will or estate of a deceased person and is responsible for carrying out the terms of the will upon the holder’s death. The executor’s responsibilities also include the distribution of the property, collection and paying debts of the will’s holder, filing necessary tax forms and making sure that the estate’ taxes are in proper order. How Estate Planning Law Firms Can Help You Put Your Finances In OrderNo one likes to think about his or her mortality, let alone plan for it. That’s why most of us procrastinate when it comes to all things funereal. We don’t want to confront our inevitable end. But if we pass away when we are financially unprepared, our friends and loved ones will pay for our inaction. What HappensWhen you die without a will (intestate), the courts decide how your money and assets will be divided. How? Apportionment is always based on legal and blood relationships. In most states, when a married person dies intestate, one-half of the estate automatically goes to his spouse, and his living descendants share the other half. Friends and distant relatives are not entitled to anything no matter how close they were to the departed. For these reasons and more, prudent estate planning is necessary to ensure your family and loved ones are taken care of after you’re gone. It also gives you the opportunity to set something aside for friends and relatives who are not provided for under state law. It should be noted that the state charges administrative fees when tasked with the disposition of personal assets. When to Contact Law FirmsBecause it is such a gloomy, uncomfortable subject, most people wait until the last minute to plan their estate. But the fact remains that accidents happen every day. Even if you are in the prime of your life, it is important to prepare for the inevitable as soon as possible. Furthermore, estate planning isn’t only about money and assets and who gets what. It also includes medical directives that explain how you want to be cared for if you are ever incapacitated and cannot care for yourself. We know that it’s not a pleasant subject. But family members and loved ones invariably feel a lot better if they know they’re following your wishes. Failure to get them down in writing could force people to make hard decisions they might come to regret. Worse yet, these decisions could cause friction in your family and lead to a rift. To avoid the unthinkable, a person must endure a little unpleasantness with the help of estate planning law firms. The Dangers of InactionThe number one mistake most people make is not doing anything. Dying without a will or getting sick without any medical directives in writing is a recipe for disaster for everyone who cares about you. Feuds over money and assets can and sometimes do destroy families, both socially and financially. It is not at all uncommon for siblings and even parents to sue each other when a patriarch or matriarch dies without a valid will. Who to ContactBecause the laws are constantly changing, it is always a good idea to have an experienced estate lawyer draft your will and document your medical directives. As macabre as it may be, at least the process is cheap. A full estate planning package from most of the top law firms typically starts at only around one thousand dollars. That’s not much to ensure your family’s future! Do I Need Estate Planning? – Preserving Your Children’s InheritanceEstate Administration is the process by which, with or without court supervision, the assets of an estate are distributed among beneficiaries, heirs and creditors. Even if you don’t become incapacitated, you still have to pass your assets on after your death. Some of the issues that require decisions are the handling of Probate, why you should use an attorney, Joint Tenancy, Powers of Attorney for Asset Management and Health Care, Living Wills, Living Trusts, etc.. If these decisions are not made ahead of time and your heirs need help settling the estate, expenses may average 4% to 5% of the typical estate. Additionally, distribution of those assets can take 6 months and sometimes 2 years or more! So where do you go from here? What you need is an Access Plan. An Access Plan is similar in concept to that of a medical plan. However, instead of having access to doctors for free and discounted rates, an Access Plan provides access to lawyers, financial planners and many valuable services for free and discounted rates. Knowing this, whenever you think there is a problem, you can talk to professionals without fear of the cost. There are many challenges families must face today; incapacity, nursing home and medical costs, safeguarding assets for the benefit of heirs, reducing financial risk and taxation, excessive legal fees, and out-of-pocket expenses. Some of the major illnesses that affect the elderly today are Alzheimer’s Disease, stroke, diabetes, cancer or a heart attack. Nursing home costs can exceed $70,000 per year and become a heavy financial burden to the well-spouse at home. The U.S. Department of Health & Human Services says that people who reach age 65 have a 40% chance of entering a nursing home. About 10% will stay there five years or more. If that wasn’t scary enough, Medicare does not pay for Long-Term Care. Some of the common excuses you hear for not planning for Long-Term Care are: my kids say they will take care of me or I’ll use my savings since it will happen at the end of my life, and the list goes on. So what do you do? The answer is simple. Find a company that provides a membership giving you access to the experts in all of the areas discussed above and let them show you how it is done. A company that provides access to knowledgeable attorneys to discuss how loved ones may avoid stress and anxiety associated with Medicaid and incapacity. To show you techniques for reducing nursing home costs. A comprehensive legal plan to access attorneys at any time about any issue you may have. Attorneys who can help you decide what estate plan is best suited for your given situation. This type of Estate Planning is utilized by more than 10 million Americans nationwide, including 4,000 unions, corporations and organizations. Let the experts, with all of the appropriate forms and documents; take care of these issues for you all under one package. An Attorney Represents Peace of Mind When Estate PlanningEstate planning can help ensure that your assets are secure after death. Living clients who become incapacitated due to illness or injury can also benefit from estate planning. The process prevents familial legal disputes, lowers taxes, ensures the payment of assets to any beneficiaries, and ensures the collection of money. A lawyer can protect assets by scheduling certain plans to be set in motion at an appointed time. These plans include a trust, a pour-over will, and a power of attorney. A TrustA trust arranges for a third party, the trustee, to control assets on behalf of a beneficiary. A beneficiary inherits assets whether or not an asset is meant to go to a beneficiary. Another commonly used term is “heir,” which designates relatives who inherit in the absence of a will. The client chooses the third party for the beneficiary. A Pour-Over WillA pour-over will is often used in conjunction with a trust and ensures that all property that passes through the will upon death transfers to a trust, i.e. pours over into that trust. From there, the property is divided and distributed to the beneficiary as designated by the client. Power of AttorneyA power of attorney is a legal document that designates a third party to step in to make decisions for you, should you become mentally incapacitated. This third party is called an agent. A power of attorney is vital because, without it, your family members may have to go to court to obtain control of your estate. Agents Appointed TimeEach state follows its own laws about when the appointed third party begins making decisions as a legal agent. Midway Utah law stipulates that a person can draft control that is enacted as soon as the agreement is signed or wait until incapacitation for it to go into effect. If the client arranges for the power to begin upon signing, the client must clarify that the agreement is durable. Otherwise, the agreement automatically ceases if the person suffers incapacitation. If a client doesn’t want the power to immediately transfer, a springing durable power of attorney must be enacted. This makes clear that the power remains untransferable until a doctor certifies incapacitation. Duties of an AgentThe duties of the agent include paying ongoing fees or outstanding bills, depositing money into bank accounts, monitoring investments, collecting benefits from the government or insurance company, and handling other estate planning matters. The agent will know what to do because he or she will have a clear lawyer-assisted plan to follow that prevents having to guess about the timing of these important financial matters. The Planning ProcessThere is a lot to digest in today’s marketplace, and investing can be confusing to anybody, especially considering the more than 15,000 mutual funds to choose from as well as options, ETFs (exchange-traded funds), fund of funds, closed end funds, fee-based or commission-based funds, managed money, hedge funds, bonds, annuities, and estate planning. So with all these choices, how do you become and stay a winner as an individual investor? How do you keep track of it all? You need a plan (in writing), knowledge, common sense, and research. You also need to define your goals and stay on top of your investments. If you understand how an investment works, you can then figure out how to invest or make sure somebody else invests the right way for you. Developing your estate plan and understanding wills and trusts will help protect you and your family (self-employed individuals also need a succession plan). The reality is that it’s never too soon or too late to develop an estate plan, start an investment savings plan, set up a budget, and establish a retirement plan to help guide you and your family toward achieving your goals. You need to take the following steps: The first step in meeting your life goals is to develop or review your personal budget. Most individuals (and companies) are surprised when they actually complete a budget. A budget allows you to identify areas that you can adjust in your spending habits, as outlined in step 3 (your personal/business budget) and step 6a (your retirement budget). By defining your normal expenses in relation to your current net income, you can develop a good foundation for your financial plan. Your plan should include provisions for savings, your children’s education, mortgage protection, charitable gifting plans, emergency funding, educational costs, income protection, asset protection, funds for retirement, and succession (death) and other expenses. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Magna Utah Estate Planning Attorney Mapleton Utah Estate Planning Attorney Midvale Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeMidway, Utah
From Wikipedia, the free encyclopedia
Midway is a city in northwestern Wasatch County, Utah, United States. It is located in the Heber Valley, approximately 3 miles (4.8 km) west of Heber City and 28 miles (45 km) southeast of Salt Lake City, on the opposite side of the Wasatch Mountains. The population was 3,845 at the 2010 census. [geocentric_weather id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_about id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_neighborhoods id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_thingstodo id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_busstops id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_mapembed id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_drivingdirections id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] [geocentric_reviews id=”118b7cc9-6a28-4e55-9670-fe769ed06316″] The post Estate Planning Attorney Midway Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-midway-utah/ This article is for you if you need an estate planning attorney in Midvale Utah. It’s difficult for parents to become dependent on their adult children as they age. The role reversal from caregiver to patient isn’t an easy one. Instead of leaving everything to chance, take advantage of estate planning attorneys who specialize in elder law. These firms are well versed in protecting seniors and their families, and can help ensure a smooth transition for adult children and aging parents. First, Find A Will Attorney Who Specializes In Elder LawNot all firms are the same. While it’s possible for a lawyer to help with elder law issues, it’s best to find one that specializes in creating a will and other legal documents such as a medical directive. An attorney with this experience will know what documents are needed and will be able to help preserve a client’s assets and manage estates and trusts. It’s a wise idea to interview a few firms before choosing one to work with. Ask if they’re a member of professional organizations such as The National Academy of Elder Law Attorneys, Inc, or the Special Needs Alliance. Lawyers in these organizations have proven their commitment to seniors and their families. Second, Plan For Long-Term IllnessNo one wants to think about a long-term illness, but the reality is that by 2020, 12 million older Americans will need some type of care for a long-term illness. The U.S. Department of Health and Human Services recently released a study that found that people over age 65 have a 40% chance of entering a nursing home. It’s expected that 10% of these people may stay more than five years. Long-term care is expensive and no one wants to be a burden on their family. There’s a gap between Medicaid eligibility thresholds and being able to pay for long-term care completely out of pocket – even wealthy families can have problems paying up to $130,000 a year for a long-term care facility. Estate planning attorneys can help you distribute your assets appropriately and legally in case you need professional care. Third, Spell Things Out With The Help Of Estate Planning AttorneysNo parent wants to think of their children fighting over medical directives or assets. To ensure this doesn’t happen, parents should sit down with their children before meeting with a lawyer to draw up a will. An attorney may suggest other legal documents, including a durable power of attorney, a medical directive, trusts, and more. The important thing is to keep children and their spouses informed about your choices so there’s no surprise when these documents become necessary. Getting older is a fact of life and isn’t easy. However, a little advanced planning of your medical directives and how your assets should be distributed before it’s needed can help your family know all about your wishes if you’re unable to tell them. Estate planning is one of the greatest gifts you can leave for your family. Contact a Midvale Utah will attorney today. As its name suggests, general procuration (General Power of Attorney) permits your agent to perform a variety of acts such as paying bills, managing your business and personal affairs, as well as estate planning. An Attorney or family member is often appointed, depending on the individual’s preferences and personal situation. There are several reasons to relinquish power of attorney to a lawyer or a trusted relation, but one of the most common reasons is convenience. General procuration gives an individual the freedom to travel, relocate, or focus on other responsibilities while having a capable person handle necessary affairs in their absence or stead. You simply supply the instructions to your agent who then has the power to legally perform the tasks required. A protection that you may want from your general procuration is the “disability clause”. This clause provides that the general procuration goes into effect only when your general physician certifies that you are unable to handle your affairs. This certification is an affidavit signed by the doctor in front of a notary. This limits the use of the power of attorney until a time when your general physician agrees that you are unable to handle your affairs. This can be temporary or continue onto your passing away, in which case an estate planning attorney is often assigned the role as agent. Remember, if and when you regain your abilities, you will once again regain control after proper legal process is followed. Be aware that the general procuration does not include making health care decisions. That power is granted in a Special Limited Medical Power of Attorney. Americans are living longer these days and are at more risk for times of incapacity. The time to protect yourself is now while you are still of sound mind, so you can specify how you would like your business and personal issues handled in case there is a time when you are not able to deal with those matters. In these cases, it is common to appoint your estate planning attorney as your agent. There are many benefits to choosing a qualified professional over a personal relation such as a family member. While you may trust a family and friend, often times they are not equipped to handle the complexities of tasks such as amending wills and monitoring trust funds. Improperly prepared wills or financial gifts can lead to heavy taxes and inappropriately distributed funds, which can be potentially devastating to your loved ones. An estate planning attorney has the necessary skills as well as your best interest in mind, as they have no personal or emotional investment in how your affairs are to be handled. If you are considering appointing an agent for general procuration, carefully review your options and discuss the details with a qualified lawyer, such as an estate planning attorney. They can help guide you in the right direction and ensure that you have all of the information you need to appoint an agent that will best serve your needs. Many a time’s even well prepared estate planning processes might not be as beneficial as some of their viable alternatives. Benefits of correct advice on estate planning are immense. Clients looking for planning and managing their estates often consult the Estate Planning Attorney for such objectives. Coming across failure in achievement of the objective would never be the nicest of the feelings for any client. Yet such things do happen and when they happen they take their toll from such clients. Ordinarily when someone gets the trust book salesman services from their trusted attorneys, such situation could take place. Neither appreciating the true requirements of the clients nor studying the situation and environment properly such boilerplate trusts are doomed to failure. Ignorance of law is perhaps one of the greatest reasons for the failure of many estate planning processes. Besides the Federal laws, almost every state has put in place their own set of legislations for regulating the estates of its citizens and those that are within the geographical limits of the state. Changing circumstances have induced most of such authorities to make frequent changes in their legislation. An addition to the fray is the ever changing executive instructions that are modeled on the real time requirements and are mostly time and circumstances specific. State laws vary from each other largely and what could be perfectly legal and in order in one state could be completely a violation of law in another. Appreciating the legal aspects of managing estate is therefore essential for any client. At the same time it is better for the professionals taking over such issues since they are better equipped to deal with the intricacies of law and judicial processes. Whether it is Midvale or Oregon , a good attorney having experience in the field could be the real solution for your needs in such cases. Finding one such attorney won’t be a difficult task as one could easily approach the bar association, resort to law publications and trade circle magazines, and above all can log on to the Internet for finding out the best attorney available to accomplish the task. Choosing the Right Estate Planning AttorneyWith the help of a qualified estate planning attorney, you can handle the business of making sure your money, belongings, and-most importantly-your loved ones are properly cared for after you are gone. You can make a will that will be legally binding, give over power of attorney to a trusted friend or associate, make your own funeral arrangements, and much more. There are ways to accomplish these things on your own, but you are far better off contacting someone who has the knowledge and experience to help you. Here are some things you should look for when choosing a lawyer. AffordabilityHiring an estate planning attorney shouldn’t cost you everything you’re trying to pass on. Lawyers are never cheap (and you probably shouldn’t hire someone who is), but that doesn’t mean you can’t find someone with affordable rates. Charging an arm and a leg isn’t a sign of a better lawyer; it’s a sign that he caters to rich clientele and can get away with it. While you certainly shouldn’t look for bargain basement deals, there’s no harm in shopping around a bit before you commit. ExperienceExperience makes all the difference between a good lawyer and a poor one. An estate planning attorney can have a degree from the finest university in the country and they may still not be appropriate for your purposes. Make sure that they are. You can do this by determining not only how long they have been practicing, but also how long they have been working in this field of the law. Attention and AvailabilityYou need someone with whom you can consult, not a rubber stamp. If you just want a lawyer to put their signature to a piece of paper, you can find one for a lot cheaper than you’ll find an estate planning attorney. Yet this doesn’t stop many such lawyers from charging a hefty amount, meeting for an afternoon, and then rarely being available from that point forward. Don’t stand for this. If you’re paying for legal counsel, make sure you receive it. FlexibilityEven if you are retired, you may have a busy schedule. It can be difficult to make time for appointments. If this describes your situation, look for an estate planning attorney who can make the time to meet with you, even if that involves staying late one afternoon or rescheduling another appointment. This is the sign of a lawyer who cares, which is exactly what you want when moving forward with what, can be some very delicate decisions. Payable on Death Accounts and How an Estate Planning Attorney Can HelpOne of the easiest ways to pass assets to an heir is to set up a payable on death (POD) account. All you have to do is name a beneficiary who will receive the funds when you die. There is absolutely no probate or legal rigmarole. The beneficiary need only show a death certificate and personal identification to claim the money at the financial institution where the account was opened. When set up by an experienced estate planning attorney, payable on death arrangements are also quite flexible. They can be used to pass certificates of deposit, bank accounts, and even large stock portfolios to heirs. With that said, POD arrangements aren’t perfect. The ConsThe most common complaint about them is that they always take a backseat to a legal will. If there are any contradictions or discrepancies between the documents, what is written in the will takes precedence. As such, a beneficiary can never be completely confident that he or she will receive an inheritance. Any change to the primary document by an estate planning attorney could, quite conceivably, invalidate the POD arrangement. It is also important to note that these accounts are based on the expectation that their owner will pass before the intended recipient. But if the heir happens to expire before the owner, the assets in the POD arrangement will revert back to the estate, where they would be subject to probate proceedings. Because these accounts do not allow owners to name alternate beneficiaries, this outcome would be unavoidable if the named party were to die before his predecessor. The ProsEven with those weaknesses, payable on death accounts can be quite useful if they are carefully coordinated with the rest of your estate plan. They can make it much easier to pass assets to specific heirs. Perhaps even more importantly, POD arrangements do not legally require the beneficiary to do anything after he/she has claimed the funds. So if the beneficiary were asked to further distribute the money in the account to other heirs, he/she would have no legal obligation to do so. Offered for free at most banks, brokerages, and other financial institutions, POD arrangements give owners the ability to pass an unlimited amount of money to their heirs. They also allow them to avoid the sundry charges and fees associated with the probate process. Not to mention the fact that they may prevent family in-fighting over inheritance. The VerdictThey may not be perfect, but POD arrangements are a valuable estate planning tool. They allow owners to easily pass monetary assets to whomever they choose. With that said, it is strongly recommended that you hire a Midvale Utah estate planning attorney to set them up. Failure to do so could result in conflicts with other, more important legal documents, such as your will. These discrepancies could result in confusion, even legal battles, over your estate. For these reasons, it is always a good idea to have a lawyer handle the planning for you. 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
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney Lindon Utah Estate Planning Attorney Magna Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeMidvale, Utah
From Wikipedia, the free encyclopedia
Midvale is a city in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. Midvale’s population was 34,124 according to 2019 estimates from the U.S. Census Bureau.[4] Midvale is home to the Shops at Fort Union, located on the East side of the city and the Bingham Junction economic center, located on the west side of the city. Midvale is centrally located in the most populous county in Utah, with the direct interchange between I-15 and I-215 located in the middle of the city. Midvale is one of the few cities in Utah to be home to two direct TRAX lines. [geocentric_weather id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_about id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_neighborhoods id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_thingstodo id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_busstops id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_mapembed id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_drivingdirections id=”b2561a35-1a77-4638-a052-e59a0945ce58″] [geocentric_reviews id=”b2561a35-1a77-4638-a052-e59a0945ce58″] The post Estate Planning Attorney Midvale Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-midvale-utah/ Here’s what happens if you have no Estate Plan and Living Trust: people you love will likely have to go to what’s called “probate court” to fight over their rights not just to your house, but your bank accounts, your investments, and maybe even guardianship of your minor children and other dependents. If you’re still alive, but incapacitated, they may be forced to stand by your bedside and fight over who will take control of all those parts of your life, and about who will make health and end-of-life decisions for you as well. When any of your loved ones go to court for any of these reasons, it usually ends up costing a lot of money. Really a lot of money. Often along with months, even years, of everyone’s time. Not to mention that somewhere along the road, even the closest family relationships may be destroyed. Can My Children Make an Estate Plan for Me After I Die?After you get very sick or you die, it’s too late to make an Estate Plan. Your children cannot create a plan after you are gone or incapacitated. Far too often, our office gets calls from children asking what to do if their parents made a plan but didn’t sign it—or left no documents at all. Sadly, we have to tell them they’re probably headed to court. Only you can make an Estate Plan and create your Living Trust, and only when you are alive and coherent. Without the carefully designed, fully signed and witnessed documents in a complete Estate Plan, your wishes, which you assumed “everyone understood” will likely carry no legal weight. You need to do this, and you need to do it now. What Does a Good Mapleton Estate Planning Lawyer Do?Even for an experienced estate planning attorney, Mapleton presents a special challenge, including specific strategies to keep Proposition 13 tax caps, deal with Medi-Cal issues, and much more. Simply searching “estate planning lawyer Mapleton” is not enough. The best kind of Estate Lawyer will have specific Mapleton Utah experience, and they will sit down to really understand your family makeup and concerns. They’ll dig deep to clarify the specific issues, in your particular situation, which you and your loved ones will face when the inevitable occurs. Complete estate planning in Mapleton Utah must also include getting a full picture of your assets to do serious tax planning for you and your heirs. Every good Estate Plan is a custom event, taking into account your current family structure, along with up-to-the-minute tax law and recent court decisions. A good Estate Lawyer will also work with you as the years go by to keep your plan and Living Trust up-to-date and relevant. No automated Estate Planning Tool or “Mapleton Utah Living Trust Template” can do this right. Googling “estate planning Mapleton Utah” and trying to do it yourself may well lead to disasters for your loved ones, decades in the future. Is a Last Will and Testament Enough for an Estate Plan?In Mapleton Utah, a Last Will and Testament is not an Estate Plan—in fact, it’s not really a legally binding document! In practice, a Will is little more than a letter you write to a probate judge expressing your desires. That judge, whom you will never meet, will actually decide. And a Will does nothing to clarify what happens if you are merely incapacitated. With just a Will, perhaps created by downloading some kind of Mapleton Utah Last Will and Testament Template, your heirs will probably need to spend a lot of money on lawyers, court fees, and likely 6-18 months in probate. No tax planning will have occurred, which may in itself create a disaster for your heirs. What Are the Parts of a Mapleton Utah Estate Plan?A complete Mapleton Utah Estate Plan is a highly customized set of documents which generally includes a Living Trust, a Pour-Over Will, Durable Powers of Attorney for Property and Healthcare, a “HIPAA” authorization, a Living Will/Advance Healthcare Directive, Deeds to your properties, Beneficiary Designations on life insurance, annuities, IRAs, 401(k)s, Guardian Nominations for your minor children and incapacitated dependents, and perhaps more. All of these documents must be signed and carefully archived so they can be found when you die or become incapacitated. Some of these will be standard Mapleton Utah estate planning forms, but most will be specially drafted for your circumstances. After the documents are signed, the Living Trust must be funded, and forms must be updated at your financial institutions. Mapleton Utah Living TrustFor most people, a Mapleton Living Trust lies at the heart of their Estate Plan. Sometimes, attorneys will create separate Living Trusts for spouses, and sometimes joint trusts, depending on their circumstances. This type of trust is called “living,” because it goes into effect and protects you even while you are alive. It also lives on past your own death, and in some cases, beyond the death of your immediate heirs. A Living Trust is a legally defined “box” into which you place certain kinds of assets so that you and your “successor trustees” have control over those assets. A Living Trust anticipates your incapacity and death and puts into place your long-term wishes. A Living Trust is not a legal fiction, but a well-recognized mechanism in American society which has proven itself as the best way to plan your estate and protect your legacy for the people and causes you care about. A Living Trust anticipates your incapacity and death and puts into place your long-term wishes. During your lifetime, you have complete control over this box, and you can change it because it is a “Revocable Living Trust.” Crucially, however, when you become incapacitated or die, a Living Trust can be easily handed to the next generation—usually with no involvement of a court or a judge. Mapleton Utah Durable Powers of Attorney for Property“Powers of Attorney” have nothing to do with actual “attorneys” or lawyers. Rather, these vital documents say, “If I get sick, such-and-such persons have a continuing (durable) power to take care of things that aren’t in my Living Trust. This person can collect a registered letter from the post office on my behalf, pay my bills, and choose a nursing home for me. This other person can make decisions for my business and my financial holdings. This third person can deal with my IRA, 401(k), 403(b), digital assets, Facebook page, Twitter feed, blog, Instagram, Dropbox, and other social media accounts.” In Mapleton Utah, these people are called an “attorney-in-fact.” Again, nothing to do with actual lawyers. What Are Mapleton Utah Durable Powers of Attorney for Healthcare (Healthcare Agent)?Another key document in your Estate Plan will designate “durable powers of attorney for healthcare decisions” for when you are unable to make those decisions for yourself. Should the doctor try that new operation? Continue chemotherapy? These documents can have different names in different states, like “advance healthcare directive” or “physician’s directive.” In Mapleton Utah, the person you give this power is sometimes called your “healthcare agent.” But if you don’t decide whom to entrust with these decisions, someone else will. Why? Because the decisions will have to be made, even if you are just out of action for a few hours on the operating table. Wouldn’t you rather choose who makes these decisions, rather than leaving it to a doctor, a “hospitalist,” or a judge? What Is a Living Will in Mapleton Utah?A Mapleton Utah Living Will (not to be confused with a Living Trust) states your desires in case of truly extreme medical situations, and your attorney can discuss specific issues with you in detail—including how the scenarios usually play out in real life. You can think of a Living Will as a permission slip that you give your loved ones to let you go when it’s your time. But it gives you the opportunity to say a lot more than, “If I’m a goner, pull the plug.” It allows you to say, for example, whether you want breathing and feeding tubes – all decisions you may care deeply about. Dying “intestate” means dying without a Will – an often disastrous situation for everyone you leave behind. Without a Living Will, you are likely setting your loved ones up for even more excruciating decisions, and possible guilt—as well as your own possible suffering. How Do I Designate a Guardian for My Children in?Most people care deeply about the future of their minor (under the age of eighteen) children. If you have minor children, it is part of your fundamental responsibility as a parent to create documents that nominate a guardian (and backups!) if you are dead or are otherwise disabled. If you have nominated a guardian in your estate plan, it’s very likely (though not guaranteed) that the court will follow your wishes. Importantly, guardianship comes in two flavors: Physical custody is one kind of guardianship. This is a guardianship of a person. The other is guardianship of the estate. This is a guardian in charge of the money. Courts generally separate these two responsibilities, and you may wish to separate them in your estate plan. What Is a Mapleton Utah Pour-Over Will?Part of a Mapleton Utah Estate Plan is a Pour-Over Will that leaves everything that may not be in your Living Trust at death (but should be) to your trust. For example, if a lender requires you to take your home out of your trust to refinance the mortgage and you forget to transfer the property back into the trust by deed, your Pour-Over Will is there to make sure that the home is distributed under the terms of the trust, rather than your state’s laws of intestacy. Dying “intestate” means dying without a Will – an often disastrous situation for everyone you leave behind. What is a Mapleton Utah HIPAA Document?A HIPAA (Health Insurance Portability and Accountability Act) authorization allows designees access to your healthcare documents. Think about how important such a document might be: You might not want a home health worker making medical decisions for you, but you might want him or her to be able to pick up a lab report and talk to a nurse about your care. If no such authorization exists, you are definitely creating an unnecessary problem for your own well-being. What Other Documents Might Your Mapleton Utah Estate Plan Need?More documents will be created by your Mapleton Utah Estate Planning Attorney, depending on your specific circumstances. This may include asset protections for people anticipating divorce, bankruptcy, or lawsuits involving themselves or their heirs. Special Trusts and strategies will be required to protect special-needs and disabled beneficiaries. The important thing to remember is that an “estate plan” is not one document, but a collection of appointments, nominations, and directives that determine who will do what, and how your stuff will move from point A to point B. Once again, this is not a simple or static collection of documents, but one that must be properly created, archived, maintained, and updated over time. Tasks An Estate Planning Attorney Can Help WithEstate planning attorneys, also referred to as estate law attorneys or probate attorneys, are experienced and licensed law professionals with a thorough understanding of the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed after your death. In addition to educating you about the probate process, an estate planning attorney can assist you with the following tasks: Estate planning attorneys often charge a flat fee to help you craft binding legal documents such as wills and durable power of attorney, but they can also be employed on an hourly basis to help you maintain your estate, act on your behalf to handle disputes when called upon, and ensure that your will is carried out according to plan when required. An estate planning attorney can also be called upon to guide anyone with power of attorney over a recently deceased person’s estate through the process of probate court. In fact, a good estate planning attorney may be able to help you avoid probate court altogether, but that largely depends on the type of assets in the deceased’s estate and how they are legally allowed to be transferred. In the event that a beneficiary (or even an individual not designated as a beneficiary) announces that he or she plans to contest the will and sue the estate of a deceased family member or loved one that you also stand to benefit from, it might be in your best interest to consult an estate planning attorney immediately. Such lawsuits can quickly drain the estate’s funds and leave all beneficiaries a little worse for the wear. 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!
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