South Salt Lake estate planning is essential for residents of the Utah State. Basic strategies should encompass executing a last will and testament; establishing a healthcare proxy; and designating power of attorney rights. Dependent on estate value, establishing a trust can further protect inheritance assets. Probate is used within the South Salt Lake Utah to settle estates that are not protected by a trust. The process varies depending on if decedents engaged in estate planning procedures prior to death. When individuals die without leaving a Will, the estate settlement process requires additional time and exposes the estate to a higher level of creditor claims or the potential for heirs to contest the Will. Without these written directives, the estate must be settled according to South Salt Lake Utah probate code. The timeliness of estate settlement depends on various factors. One of the most prevalent is estate value. In South Salt Lake, estates appraised with values of less than $100,000 are usually exempt from probate if a legal Will has been executed and filed through court. The estate must undergo a 40-day waiting period to avoid probate. Afterward, the personal representative must present a legal affidavit to the court before distributing inheritance gifts to designated beneficiaries. When decedents do not leave a Will the estate is required to undergo a probate proceeding to determine rightful heirs. This is particularly important to understand if South Salt Lake residents do not want to bequeath gifts to direct lineage relatives. In order to disinherit relatives the Will must include a disinheritance clause which states the reason why heirs are not entitled to estate assets. The purpose of including the disinheritance statement is to minimize risks of heirs contesting the Will. It is not uncommon for disinherited relatives to claim the decedent was under the influence of another person or was of unsound mind. Contesting a Will can freeze assets in probate for months on end. This act can force personal representatives to sell inheritance assets to cover legal expenses. Defense fees can easily bankrupt small estates and leave nothing for designated beneficiaries. In addition to protecting assets, South Salt Lake estate planning is the most effective strategy for establishing healthcare proxies. This document allows individuals to document the type of medical treatment they do or do not want to have if they are incapable of making decisions due to illness or injury. Healthcare proxies include ‘Do Not Resuscitate’ (DNR) orders, as well as providing directives regarding life support and delivery of nutritional intravenous feedings. Estate planning is also used to grant Power of Attorney rights. POA is an important decision that should not be taken lightly. The person granted with POA powers should be someone who can be trusted to make smart financial decisions, and make difficult decisions on your behalf if you become incapacitated. Establishing South Salt Lake estate planning strategies is one of the best gifts to leave loved ones. Without written directives, decisions surrounding your estate will be left to the courts and chances are they won’t be what you would have wanted. Additionally, putting affairs in order can reduce family discord and allow for efficient distribution of inheritance gifts. Estate Planning Tips to Reduce Family Disputes Over InheritanceSadly, family disputes over inheritance are a common occurrence. As a probate liquidator I’ve watched countless feuds erupt in court rooms over personal belongings and valuable assets. One thing is certain. Death can unite or separate families and separation often occurs when decedents do not engage in estate planning. Executing a last will and testament is essential because it provides estate settlement directives, including how property should be distributed. Wills are also crucial for those who have minor children because they appoint legal guardianship. Other important directives can include burial preferences, charitable gifts and donations, and disinheritance of heirs. While most people do not desire to disinherit family members, if there is a need to do so the only legal way is to include a disinheritance clause. It is strongly recommended to consult with a lawyer to determine the appropriate manner for disinheriting heirs. Some states allow decedents to entirely write a person out of the Will, while others require a minimal gift of one dollar. Individuals who are concerned that heirs might contest the Will can insert a no-contest clause. This action declares that heirs who contest the Will relinquish rights to any estate assets. No-contest clauses can be a good preventative measure to reduce risk of family inheritance wars from erupting. If substantial family strife exists it is smart to work with a probate attorney. Lawyers can help individuals determine which options are best suited for protecting inheritance property. When estates are required to undergo probate a personal representative is appointed to settle the estate. Oftentimes, personal representatives are family members, but this can cause additional problems when family dysfunction exists. It can be beneficial to appoint a neutral party, such as a probate litigator or lawyer, to settle the estate. Although it is more costly to hire professionals, doing so could save the estate money if family disputes arise. If heirs contest a Will the legal defense fees can quickly bankrupt estates and force personal representatives to sell inheritance property. Most states require court authorization of the sale of probated assets. Establishing trusts offers additional protective measures and is a simpler process than probate. However, it is also more costly. It’s best to consult with an estate planner to determine which type of trust is best suited. The benefits of trusts are property is often exempt from inheritance taxation; gifts can be distributed quickly; and the last will and testament remains private and is not available through public records. With probated estates, the Will is a matter of public record and available to anyone who wishes to view it. Estate planning is essential for everyone, but especially when potential for family fighting over inheritance exists. Grief can cause irrational behavior and has tendency to magnify existing dysfunction. If possible, hold a family meeting and openly discuss inheritance gifting. Relatives can place claim on items they want and negotiate when multiple people want the same item. If meetings aren’t possible, talk to heirs privately. Once the Will is drafted, provide heirs with a copy so they know what they will receive ahead of time. While there is no ironclad protection method that can stop family disputes over inheritance from occurring, there are strategies that can diminish damage to relationships. Estate planning can lessen potential for arguments and provide peace of mind knowing final affairs are in order. Why Is Having an Estate Plan Important?Estate planning is important for a number of reasons. For instance the regulations about wills and estates where you live can mean that if you pass away without a valid will, your family will not be entitled to receive the benefit of your estate. It may pass to the government if there is nothing specified in your will. It is therefore important to look carefully at the structure of your estate to ensure that it creates the maximum benefit for your beneficiaries. Estate planning can be important from the perspective of taxation law. In many jurisdictions around the world, there are implications for both capital gains tax and income tax if the estate is not correctly planned. Not obtaining adequate professional advice about your estate can mean that your family is unnecessarily exposed to taxes which could be avoided if a proper estate plan was in place. Complex considerations in relation to the claiming of dividend imputation credits can also require the creation of testamentary trusts. Another often overlooked part of the estate planning procedure is the period prior to death which can involve incapacity and therefore the need for an enduring power of attorney, enduring guardianship, living will or advance health directive. These legal instruments can assist with arranging one’s affairs where there is a prolonged period of mental incapacity requiring palative care. Ensuring that your wishes are followed in relation to a period of mental incapacity can ensure that the end of your life is lived with dignity and in accordance with the wishes that you have previously expressed. In an increasingly global world, people often own assets in more than one jurisdiction. The reason that this can be an issue in estate planning is that it can result in an extremely complicated, expensive and time consuming process of estate administration if the executors of the estate are required to conduct a search for property which extends internationally. In some jurisdictions of the world there can also be issues of entitlement to recover property if the executor is not located in the jurisdiction where the assets are and this can mean that the person’s estate is consumed by the foreign jurisdiction rather than the jurisdiction in which they intended to leave their estate. There are also some jurisdictions of the world where taxation laws mean that when an asset passes to a foreign beneficiary it will be exposed to additional taxes. Estate Planning With Retirement PlansRetirement plans are one of the greatest tax breaks available. When you are making money and your income tax rate is high, you place pre-tax income into an account. The money compounds tax free for several decades, then in your elderly years when your personal tax rate is likely to be lower, you pay income tax only on annual distributions. The downside to retirement plans is that because they are treated differently than other financial accounts, you have to treat them differently in your estate planning too. There are three facts you should know about retirement accounts and estate plans. First, retirement plans are not easy to integrate into your estate plan. If you have a will-based plan, you must be aware that the beneficiary designation on the retirement account overrides your will. Suppose you get divorced and write a new will stating that your children, instead of your former spouse, should inherit your IRA. Unless you also update the IRA beneficiary designation, which probably names your former spouse, the money will not pass to your children. Rather, the account will pass to whoever is named on the beneficiary designation at the time of your death. In trust-based estate plans, you need to be careful to avoid retitling retirement accounts in the name of the trust, because that is considered a distribution and may prompt early taxes and penalties. Second, regulations governing retirement accounts have become more flexible recently, and children can now inherit an IRA and stretch out the annual distributions based on their life expectancy. Retirement plans have what are known as required minimum distributions, which require the account owner to withdraw account funds as they get older. The required minimum distributions are based on the owner’s life expectancy, such that a percentage of account funds are distributed every year until the account is exhausted when the account owner dies. But if the account owner dies unexpectedly with a sizable retirement account, the account can pass to their spouse, and the required minimum distribution schedule is reset to match the spouse’s life expectancy. Recent law changes extended this special spousal treatment to children. Today, if a child inherits an IRA, the required minimum distribution schedule is based on the child’s life expectancy, which might be 40-50 years, or longer. This allows for phenomenal tax-deferred growth of account funds. Third, many children (and their spouses) are too short-sighted to see the long-term value of an inherited retirement account. They take the money out, pay taxes now, take that well-deserved vacation and buy a new car, among other suddenly necessary expenditures. You can prevent this financial planning tragedy with a little foresight in your estate plan, but it requires planning ahead. Without a plan, your daughter-in-law might need a larger jewelry case. 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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South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. [geocentric_weather id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_about id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_neighborhoods id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_thingstodo id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_busstops id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_mapembed id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_drivingdirections id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] [geocentric_reviews id=”af8321d6-6f06-4e88-85d9-aee14b8f4ba1″] The post Estate Planning Attorney South Salt Lake Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-south-salt-lake-utah/
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Did you know that approximately 60% of American adults do not have a written estate plan? What is a Will?A Will is a legal document containing your written instructions for how your property/assets will be distributed and how your dependents will be cared for in your absence. Your assets may consist of bank accounts, brokerage funds, vehicles, real estate, items of sentimental value, and other personal property. If you have minor children, your Last Will and Testament will also cover who serves as guardian for your children. There are several types of Wills, including the following: Self-Proving/Testamentary WillA self-proving Will, also known as a testamentary Will, is the traditional type of Will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses. Holographic WillA holographic Will is one that is written by hand, not typed or created on a computer or word processor and without the presence of witnesses. These Wills are only valid in a few states. Oral WillOral wills are spoken testaments given before witnesses. These are not widely recognized by courts due to the strong possibility of fraud, misunderstandings, or mistakes. What Are the Legal Requirements?A Will is valid if: What Are the Advantages and Disadvantages of Wills?Potential Advantages1. A Will is good for individuals and families who do not have assets that would have to go through the court process called probate, or who are not concerned with avoiding probate. How Can I Change or Revoke My Will?You can always revoke or change your Will before you die. You can change your Will by executing a new Will or by an addition called a “Codicil.” Written changes, such as additions, deletions, comments or marks, on the Will itself may invalidate the Will. Therefore, once signed, a Will should not be altered in any way without the assistance of an estate planning attorney. Last Will and Testament – An Integral Part of Estate PlanningExecuting a Last Will and Testament is the greatest gift you can give your loved ones. When people do not take time to write out their will it creates additional grief for the family. Instead of having a say-so in how your assets are distributed, a judge will decide. The Last Will and Testament is used to appoint an estate administrator, designate beneficiaries to receive assets and personal belongings, express burial preferences, and establish guardianship for minor children. Overall, the last will is the package that ties up loose ends of your life. Without it, others will be left in charge of handling your affairs. Dying intestate (without a Will) creates a terrible burden for your loved ones. If you died today, would anyone know what to do? If not, it is time to create a will. Many options exist for establishing a last will. Several websites offer downloadable forms that can be filled out and notarized. Office supply stores sell preformatted forms which only require filling in the blanks. Most credit unions, banks, and investment brokers offer estate planning services to their customers. Estate planning can range from executing a simple last will and testament to establishing revocable or irrevocable trusts. Fees range from under $100 to several thousand. Much depends on the value of the estate and services rendered. When individuals own businesses, real estate and valuable assets they should consider using the protection of trusts. The Will is placed inside the trust; keeping assets out of probate and exempt from inheritance tax. Wills must undergo the probate process when not protected through a trust. This process involves validating the will, court confirmation of the estate administrator, paying creditor debts, inventory and appraisal of assets, filing a final tax return, and distributing assets to heirs and beneficiaries. Trusts are generally reserved for estates valued over $100,000. Smaller estates can utilize techniques to keep assets out of probate. These include establishing beneficiaries on bank accounts, life insurance policies and investment accounts. The average probated estate takes six to nine months to process. Complex estates can take years to settle. Much depends on the court caseload, estate value, and how well family members get along. The probate process provides a platform where heirs can air grievances. If they feel slighted or were disinherited, they can contest the will. This act rarely accomplishes anything more than bankrupting the estate by overinflating legal expenses. Estate planning experts recommend hiring a probate lawyer to administer estates where family dysfunction exists. Family strife is less likely to occur when a lawyer or professional estate planner is involved. Pitfalls in Do-it-Yourself Estate PlanningWith the easy availability of do-it-yourself wills both in print and online, it’s tempting to consider skipping the costly process of working with a probate attorney and taking care of your estate planning needs on your own. It seems like a great deal – grab a cheap do-it-yourself kit off the internet, spend a little of your own time, and save yourself a lot of money overall. Unfortunately, there are several good reasons why estate planning should always be done with the aid of an experienced probate lawyer. Though the services of an attorney may seem expensive at the time, they are, in most cases, a worthwhile investment to make. The first pitfall with DIY estate planning or will drafting kits is their one size fits all approach. Although such a method greatly simplifies the drafting process, it also means that tailoring the resulting will to your individual needs may be difficult or impossible. In general, the task of estate planning is much more complicated than most people realize; the average man or woman today tends to have many different types and amounts of assets spread out over investments, bank accounts, real estate, trust funds, and more. Dealing with and knowing what to do with these different properties is something which probate attorneys – but not average people – are trained to do. Advice and Know-howAnother problem with over-the-counter estate planning kits is the lack of personal advice and industry know-how. Though a kit may be able to walk you through the basic steps, it will never have the experience that an attorney would. An experienced legal practitioner can do far more than simply help you write a valid will; he or she can show you ways to reduce the amount of taxes your heirs and beneficiaries have to pay, methods of avoiding costly probate paperwork and court proceedings, and explain the intricacies of using trust funds and exemptions in your asset protection strategy. Costly MistakesMany of the most useful estate planning structures and strategies are heavily regulated by both state and federal law. In some cases, particularly when taxes are involved, precise wording and use of language is required to make a document valid. A simple kit cannot ensure that these exacting documents are drafted correctly; an error now could cost you or your heirs thousands of dollars in the future. In fact, many people find that, by using a DIY estate planning kit, they spend more time and money fixing their mistakes with the help of an attorney than they saved by using the kit in the first place. The Rights of Heirs-at-LawAn heir-at-law is anyone who’s entitled to inherit from someone who dies without leaving a last will and testament or other estate plans. This status can be an important factor not only in settling an estate but in determining who might be entitled to challenge or contest a will when the deceased does leave one. Who Is an Heir-at-Law?Exactly who qualifies as an heir-at-law can depend on where the decedent died and what he owned. The rules are established individually by each state so they can differ a little. Most states’ laws are very similar, however. Heirs-at-law and their rights to inherit are typically decided in an order called “intestate succession.” The more closely related you are to a decedent, the more likely it becomes that you are an heir-at-law. Surviving Spouses and ChildrenA surviving spouse is invariably the first in line to inherit if the decedent was married. In most states, she shares the estate with his living children. His grandchildren would be heirs-at-law only if their parents are deceased because a parent’s share typically skips to his child rather than to his siblings—the decedent’s other children. This legal process is known by the legal term “per stirpes,” which literally means “by roots.” Per stirpes, bequests descend to the next generation. They do not move “sideways” to others of the same generation. Other Relatives—”Collateral Heirs”The deceased’s parents, siblings, grandparents and other next of kin would inherit only if he left no surviving spouse, children or grandchildren. Intestate succession usually occurs in that order. These people are considered “collateral heirs” because they would only inherit if no more immediate relatives are living. Finding Unknown HeirsWhen it appears that someone has died without any known heirs-at-law, some states require that a special notice be run in the newspaper, alerting individuals to come forward if they believe they are related to the decedent. These people can then file requests with the court for determinations of heirship which would give them a legal right to inherit. Some companies specialize in searching out and identifying next of kin and heirs-at-law, and sometimes a simple review of the decedent’s personal paperwork can impart clues. If no heirs-at-law can be identified, the decedent’s estate would typically “escheat” to the state.2 In other words, the state would receive his property. Probate Without a WillProbate is typically required even when someone dies without a will. He still has an estate if he owned any property or assets in his sole name, and probate is the legal process by which that property is transferred into the ownership of living beneficiaries. Which State’s Rules ApplyIn most cases, a deceased person’s heirs-at-law are determined by the intestacy laws of the state in which she lived at the time of her death. But the intestacy laws of another state might apply if she owned real estate or tangible personal property there. That state wouldn’t have jurisdiction over her entire estate, but rather just the particular property that’s located there. That state would determine how the property should be distributed. Sometimes this can result in a different set of beneficiaries or different shares among the same beneficiaries. Heirs-at-Law and Will ContestsWhen a decedent does leave a will but glaringly omits someone who would have inherited if he had died intestate, this individual has “standing” to challenge or contest the will in court. Not just anyone can do this—standing means the individual has some financial stake in the estate. This might be the case if the deceased left his entire estate to one child and omitted mention of his other child entirely in his will. An heir-in-law would qualify. Status as an heir-in-law does not necessarily mean that a lawsuit to overturn the will would be successful. The heir-at-law would also have to establish that the deceased didn’t intentionally omit him from the will, disowning him. An heir-in-law isn’t automatically entitled to inherit when there’s a will that doesn’t mention him, but only if the decedent had died without any will at all or if there are issues with the last will. A surviving spouse is an exception to this rule. All states prohibit a married individual from disowning his spouse and they have laws in place to make sure she receives her fair share of his estate. She’s always an heir-at-law, but she would not have to contest the will to claim her share. She would have to bring the omission to the attention of the probate court, however, usually by filing a claim. 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 Summit Utah How To Hire An Estate Planning Attorney? Estate Planning Attorney Snyderville Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney South Ogden Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-south-ogden-utah/ Estate Planning, put simply, is the process of arranging one’s affairs for when they pass away. This can usually be accomplished through the use of living trusts and wills. To most, the concept of estate planning sounds relatively straightforward. You probably feel that you should dictate how and to whom your assets are distributed after you pass away, with little concern for any other issues that may arise. The reality of estate planning, however, is not always so simple. There are a number of factors to consider when preparing an estate plan, including, but by no means limited to, the following: The most common estate planning instruments are wills and living trusts. There is a common misconception about the need to have a living trust. Many assume that they only need a simple will to best take care of their affairs when they pass away, and that only the wealthy need to have a trust. While this may be true in some instances, it often also leads to unexpected results. WillsA will is a document that lists how you would like your estate and affairs handled upon your death. The process by which this is accomplished is called probate, which is when a will is submitted to a court for administration after your death. The executor of the will, usually a person named in the will, is responsible for managing the affairs of the estate as it progresses through probate. The court will oversee your estate, payment of your outstanding obligations, and distribution of your assets according to the terms of your will. This process typically takes a number of months at a minimum to complete, usually involves your executor having to hire an attorney to handle the entire process, and is quite expensive for the estate. Further, since your will is submitted to the court, it becomes a public record for the entire world to see, which is problematic for those who desire a sense of privacy over their financial affairs. Living TrustsA living trust is also a document that details how you would like your estate and affairs handled after your death. However, unlike a will, a living trust does not require your heirs to submit to the probate process. The trustee of the trust, usually the person or company identified in the trust to handle the affairs of the trust, is responsible for managing the trust estate until the trust terminates pursuant to the terms of the trust. The terms of the living trust usually describe how one’s assets are to be distributed. Further, this distribution can occur over many years if you so desire, thereby allowing you to retain a measure of control over your assets even after your death. You may also be able to place other restrictions over your assets, which can help to protect the assets from the creditors of your heirs or to ensure that your goals and objectives are met. Moreover, since your living trust is not submitted to a court, the terms of your living trust are kept out of the public domain. Which Do You Need?The determination of whether to choose a living trust or a will depends on a number of factors. In general, in Nevada, the main factor to consider is the value of an estate. For persons who do not own any real property and have an estate worth less than $20,000.00, the entanglement of the probate process is minimal. In such a scenario, only an Affidavit of Entitlement is needed to transfer assets. For people in this category, it is usually recommended to have a simple will. For those who own real property or have an estate worth more than $20,000.00, probate can get more complicated and costly. In these situations, it is usually advantageous to have a living trust. While it is usually less expensive to prepare a will than it is to create a living trust, this minimal savings is more than offset by the expense and burden of probate. However, as with most things that deal with your legal rights, your unique present and future state of affairs will dictate how you should best plan your estate. In general, the main advantages of having a living trust instead of just a simple will are as follows: Tax and Legal Issues for Estate PlanningEstate planning refers to the process of transferring assets in anticipation of death. Typically, estate planning attempts to preserve a majority of an individual’s wealth for beneficiaries, while maintaining flexibility before the person dies. Tax and legal issues are major concerns of adequate estate planning. Generally, an estate is defined as real or personal property owned by an individual. Real property includes real estate such as a house or land. Personal property may include financial accounts, vehicles and household items. An individual’s beneficiaries receive the real and personal property through the estate plan. Trusts and WillsTrusts and wills have many similarities related to the distribution of a person’s wealth. However, there are distinct legal differences. A trust outlines a right to real and personal property. The assets are held by a trustee considered reliable and honest in administering the trust after a person’s death. A trust is not susceptible to probate court, which can become a costly legal battle over distribution of assets. A will is a written, legal declaration by an individual for distribution of his or her wealth. A will also includes real and/or personal property. However, some wills are susceptible to legal opposition in probate court. Relatives of the deceased may contest a will if certain legal standards are not met. Tax Issues for Estate PlansIn most cases, assets of a person’s estate are subject to an estate tax, a tax levied against real or personal property before transference occurs. Regardless of how property is distributed, an individual is subject to the estate tax. Another tax is an inheritance tax. This is paid by the beneficiaries who receive real or personal property from an individual. Typically, the taxes are higher after an individual dies. Therefore, many people choose to transfer the property before death. In an attempt to avoid lower taxes, transference before death is subject to gift tax laws. Gift tax laws attempt to prevent large estates from avoiding tax payments through lifetime giving. In addition to federal tax laws, some states may also have an estate tax. Legal Issues for Estate PlansUnless all beneficiaries agree to the distribution of a will, the estate plan is subject to probate court. This process can prove cumbersome and depending on the size of the estate, may cost more to contest than the estate’s value. Most probate cases are resolved within nine months; however, complicated taxes or other issues could prolong the process. Working With the Probate Office Is Simplified With Estate PlanningThe probate office is the place where people go when they need to settle a decedent’s estate; legally change their name; obtain a marriage license; or record adoption and guardianship. While many types of proceedings are performed here, one of the more prevalent is settling probate estates. Dealing with the probate office can be made easier by undertaking estate planning strategies. In fact, estate planning can help people avoid probate or at least minimize the assets that have to be reported. It’s always best to talk with an estate planner or probate attorney to make certain assets are protected properly. However, most people find it helpful to spend time learning about the different kinds of strategies and available options before setting up consultations. The probate process tends to be perceived as a negative issue by most people. With proper planning probate isn’t that difficult. It can be a lengthy process, especially if court dockets are full, or if relatives fight over inheritance property. Another thing that slows down probate is when people die without writing a Will. Everyone of legal age can benefit from executing a last will and testament. This document provides a lot of helpful information about estate settlement procedures including appointing an estate agent and designating beneficiaries to receive inheritance gifts. The last Will is used to provide written instructions, while estate planning is needed to safeguard financial assets and personal belongings. Transferring property to other people upon death involves filling out beneficiary forms. Beneficiaries can be established for all types of financial accounts including checking, saving, retirement accounts, financial investments, and contents held in safety deposit boxes. Setting up beneficiaries to receive money in bank accounts is a very simple, but often overlooked estate planning strategy. Account holders only need to fill out a form to provide the name, address, birth date, social security number, of each beneficiary and the percentage of funds they are to receive. Funds that are placed in financial investments and retirement accounts can be gifted to beneficiaries as well. People that receive inheritance cash from these types of accounts can choose to open a new account and transfer funds or take lump sum cash. Titled property, such as real estate and cars, doesn’t have to endure probate if property owners establish joint titles. It’s always a good idea to speak with a lawyer when setting up beneficiaries for titled assets because required documents vary by state. In order for the estate to be legally closed, estate agents have to record the last Will and death certificate through the probate office, unless assets are protected by a trust. The process normally takes 4 to 6 months, but has been known to extend for years when lawsuits are filed against the estate. In most states, small estates receive exemption from the process as long as a Will is recorded through the probate office. Exempt estates typically are placed in a 45 day confirmation period before property is transferred to beneficiaries. Estate Planning Mistakes That You Must Avoid There are no guarantees in life. Every day, we read or hear stories about someone who dies young. Even if you are in the best of health, accidents happen. What are the consequences of having no estate plan?First, if you are young, and have a very small estate, you likely have children who are not yet grown. Who will care for them? Who will manage your estate and pay for your children’s education? Who will be responsible for their religious training and who will be encouraging them to go to college? If you have no estate plan, a judge will decide all these issues. A judge will pick your children’s legal guardian (managing their inheritance), and will choose the guardian of their persons, (raising them). A judge may well select someone that doesn’t match your desires. He could even appoint a lawyer, bank or professional trustee to manage the estate. These people must be paid and they don’t come cheap. Your parents or your spouse’s parents may have a strong influence over a court. Godparents are not automatic choices. The personal guardian he appoints may not share your beliefs or religion. The whole process will be in court, will also be very expensive and could take years. Even if you have a very small estate, this is a major reason to have some estate plan. Do not leave these decisions to others. Secondly, if you have your own business, having an estate plan is critical. With no estate plan, you will have no say as to what becomes of your business, who gets it, and all other decisions that would have to be made when you are no longer there. Also, without a living trust, every aspect of your business, including finances will become public and available to your competitors. Thirdly, depending on your State of residence, with no estate plan the probate judge will award your estate according to the laws of distribution in your state. Normally this is a part to your spouse and the rest to your children in equal shares. Is that your desire? Or would you rather give it all to your spouse while he or she lives? If you leave no instructions behind, you will have no say in the distribution. Finally, with no estate plan, you cannot avoid probate. The nightmare of probate should be avoided if at all possible. Probate is the court process for distribution of all estates except very small estates and those with Living Trusts. It is lengthy, public, expensive, and often devastating to families. For more information, review our website information. It’s really frightening. 2. Mistake 2 is trying to pass assets to heirs by using joint tenancy. Joint ownership is as bad as or worse than having no estate plan at all. Joint tenancy is most frequently used to pass on the family home. If you put your home into joint tenancy with others, your home becomes vulnerable to that person’s problems. If your joint tenant goes bankrupt, your property will be one of their assets. You could lose your home. If they get divorced, your home will be involved. If they have an auto accident without enough insurance, your home could be taken to satisfy a judgment. The biggest problem is that you lose control. You want to sell and move? You will need your joint tenant’s signature. Want to refinance? Signatures needed again. What if you change your mind? You can’t change anything without the joint tenant’s signature. Then there is the loss of the step up in tax basis that would normally occur on your death. What that means is that after you are gone and your joint tenant owns the property free and clear, their tax basis in the property will be the same as your tax basis, (Normally what you paid for the property years ago). When they sell, their gain on the property (taxable as a capital gain) will be based on your purchase price instead of the value of the property at the time of your death. If you have owned the property for a long time, the consequences could be financially catastrophic. 3. Mistake 3 is having a Will. Most of our lives, we hear that all we need to disburse our estate is a Will. For most people, this is a bad idea. A Will is a one way ticket to probate court. There is no way to disburse an estate left by a Will without going through probate. Your executor will have to hire an attorney. That attorney will likely charge a percentage of the estate as a fee, regardless of the time spent. Probate can drag on for years. Probate is public. That means that everyone who is interested can see your entire estate, including business competitors. Probate fees are expensive. Details must be published in the newspaper. A Will is easy to challenge, even if the challenger has no attorney. Selling real estate through probate is very difficult and nearly always results in the property being sold well below market prices. Lengthy probate often leads to resentment between heirs and your executor as heirs are usually anxious to get their share quickly. In probate court, your wishes are subject to a judges interpretation and a judges desire to consider the welfare of children over your written instructions. Your wishes may not always be followed. People believe that Wills are cheaper than Living Trusts. This is a misconception. Yes, a simple Will is relatively inexpensive. Most people need much more than a simple Will. By the time you include all the provisions that you need, it is going to cost just as much as a Living Trust. It is true that you can do almost everything in a Will that you can do in a Living Trust. But, if your will is as complete as your Trust, it will be no bargain and will still subject your estate to probate. A Living Trust will be disbursed in weeks instead of years, is completely private, assures that your wishes will be followed, requires no courts or attorneys and the costs of each, will allow for a quick and effective sale of real estate assets, and will ease the stress on family members. It is virtually always better than a Will. 4. Leaving large gifts to heirs who are not mature enough to handle the responsibility is mistake. This is a hugely common mistake. People assume that they will live to an old age and that children will be mature enough to handle their inheritance. Just when you think you have everything in order, something happens to upset your best laid plans. An unexpected illness or accident can escalate the distribution of your estate to a child who is 18 or 19. (Some children don’t mature until much later.) Even a 25 to 30 year old may not be equipped to handle a large disbursement. There’s nothing much worse than having the estate you worked so hard for be wasted in a couple of years or less by an immature heir. 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 Santaquin Utah Estate Planning Attorney Silver Summit Utah How To Hire An Estate Planning Attorney Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Snyderville Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-snyderville-utah/ When people think of estate planning, they tend to focus on the distribution of an individual’s assets and other property when he or she passes away. Although that’s certainly a component of estate planning, there’s much more that a person can do to ensure that his or her intentions and wishes are honored in the case of mental incapacity or upon passing away. This section provides resources related to estate planning, including a discussion of estate laws, tips for creating an estate plan, and an explanation of how probate works. Estate planning allows a person to make decisions that include medical treatment care options and the distribution of property when he or she passes away. Planning ahead provides time to carefully consider and review estate decisions and to create tailored plans that preempt any disputes. As a side benefit, a person who plans ahead will become knowledgeable about important issues such as estate taxes. Keep in mind that estate plans can generally be amended, so you needn’t fear being locked into a rough draft plan that’s created early on in life. A person who doesn’t plan his or her estate runs the risk of family members fighting over property and over difficult decisions such as end-of-life care. If a dispute over the estate goes to court, expenses can quickly add up, the process can be painfully slow, and in extreme cases, family relationships can be ruined. Land can be troublesome to divide, with the problem compounded if some family members want to sell, against the wishes of other family members. Types of Estate PlansAs many people know, planning an estate involves the distribution of real property, bank accounts, insurance policies, investments, and/or other assets a person owns when he or she passes away. However, estate planning also includes trusts, school tuition accounts, and other plans that can take effect during a person’s lifetime, and remember that medical care and end-of-life decisions are also forms of estate planning. This section provides an overview of common estate plans, and an attorney can help you to fully understand the plan options available to you. Factors to ConsiderThe various forms of estate plans have their unique features and benefits. For example, one type of plan may provide advantageous tax benefits compared to another plan, and certain requirements may apply to one type of plan but not to another. Along with the federal government, states have passed estate laws, and it’s important to understand the laws that apply as you begin planning. If you do so, you can minimize costs and tax payments while tailoring a plan that suits your needs and carries out your intentions. An attorney can help you to understand the basics of estate planning, and he or she can help you to create a plan that reflects your wishes. Common Estate Planning Mistakes to AvoidContrary to popular belief, estate plans are not just for the rich and famous. Most people have at least one thing of value such as money in bank account, a car, a home. The reality is that many people could benefit from having an estate plan in place. Not only can it help maximize the actual value of the estate you’ll pass on to your heirs and beneficiaries, you’ll have an opportunity to make informed decisions concerning how your assets should be handled while you are still alive. • Not having an estate plan at all. The most common estate planning mistake is not having an estate plan. Unfortunately, no one can escape death, but thoughtful planning for what may occur after your death is one of the most important things you can do to ensure your personal and financial affairs will be handled properly when the inevitable occurs. Steps to Create an Estate Plan• Gather your assets. Inventory everything you own, from cars to collectibles. A trust is a document in which someone (the trustee) manages and distributes assets on behalf of the individual who creates the trust. To establish a trust, the individual (called the grantor or settlor) signs a legal document that creates the trust and specifies the terms under which it will operate. In the document, the grantor names a trustee to manage the trust assets and distribute the trust property to the beneficiary (or beneficiaries) named in the trust document. The trustee is obligated to administer the trust and distribute the property according to the terms specified in the trust document and in compliance with applicable laws. A substantial body of law governs trusts. Types of TrustsTrusts can be characterized in several different ways. An inter vivo or living trust is one that takes effect during the grantor’s lifetime. In contrast, a testamentary trust takes effect on the grantor’s death (although the grantor executes the trust document during his or her lifetime). A trust also can be either revocable or irrevocable. A revocable trust can be changed or terminated by the grantor at any time. An irrevocable trust cannot be altered or terminated by the grantor after it is established, except by the terms of the trust or by a court. A revocable living trust is a special type of trust that is part of many estate plans. In most living trusts, the grantor is also the trustee and beneficiary of the trust during his or her lifetime. On the grantor’s incapacity or death, the trust becomes irrevocable. A successor trustee then manages the property according to the terms of the trust document. Typically, the successor trustee ultimately distributes the assets to the named beneficiaries following the grantor’s death. A trust is a valuable and flexible estate planning tool. It can accomplish many different purposes. Every trust is uniquely designed to address the goals of the grantor who creates it. Some of the common reasons for using a trust in an estate plan include: While trusts are the right approach for many situations, they are not the best solution for all circumstances. If you establish a trust without assistance from an experienced estate planning attorney or use a form or online service to create a trust, you may not accomplish what you intend. A do-it-yourself approach also can create legal problems that are extremely difficult to resolve or discovered too late to fix. Benefits of Including a Trust in Your Estate PlanIncluding a trust in an estate plan provides a number of benefits. One important advantage is that a trust enables the grantor to control how property and assets are distributed to beneficiaries after the grantor’s death. That benefits contrasts with the lack of control over property distributed through a will, which goes immediately and entirely to named beneficiaries. A trust has a number of other important benefits as well, such as: 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 Santa Clara Utah Estate Planning Attorney Santaquin Utah Estate Planning Attorney Silver Summit Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post How To Hire An Estate Planning Attorney appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/how-to-hire-an-estate-planning-attorney-2/ Probate is a legal proceeding that has to do with managing an estate after someone dies, such as a family member or other relative. In Silver Summit, Utah, probate proceedings are conducted in the Superior Court in the county in which the decedent lived. Probate can take many months up to several years to complete. Probate laws are designed to ensure that creditors are appropriately paid and that heirs receive their inheritance. If you need help with legal matters associated with probate, contact a Silver Summit Utah estate planning attorney. The process of “probate” begins with a petition to open the estate and name a personal representative (person responsible for managing the estate) who will handle the decedent’s property and assets. Following this step, an official “Notice of Creditors” will be printed in a local newspaper and a Notice of Administration will be sent to the parties who are involved. The creditors will have a specified amount of time to file their claims against the estate. Once the personal representative pays the debt, they can move forward by distributing the remaining assets belonging to the estate. Upon completion, a petition for discharge will be filed with the court and the estate will be subsequently closed. Even small estates can go into probate. In the Silver Summit, Utah estates valued over $100,000 are typically entered into probate. However, if the decedent was survived by a spouse, there is a possibility that it may not go into probate, unless the property includes real property valued more than $30,000. Matters relating to estates can be volatile and contested amongst family members and other individuals involved. There is often times a lot at stake when a property goes into probate. If you anticipate encountering any sort of dispute with an estate entering probate, you should contact an estate planning attorney that you can trust. These are situations that will not only affect you, they will have a profound impact on your entire family. To ensure that this situation is carried out legally to make sure that all documents are binding, it is in your best interests to get the involvement of a knowledgeable lawyer from a local firm. When looking for such a firm, it is encouraged that you do your research and find a firm that has the experience, knowledge and reputation that you can rely on. This is not a situation that you can procrastinate so don’t wait – call a lawyer today! Reasons Why You Need Estate AttorneysIf you’ve never thought about what services estate attorneys can provide or you just don’t understand why they’re important, you probably don’t understand why it’s vital to have an attorney help you through the estate planning process. Many people mistakenly think that planning is only for the very rich or those who have a lot of family members to divide things between. Instead, consider these three situations that call for assistance from a lawyer. Call A Lawyer Before You Think You Need OneMany people wait until it’s absolutely necessary to have a will created — that is, they wait until they’re facing their own mortality. This is a wakeup call that urges someone to take action, but you shouldn’t wait! An accident or illness could hit you at any time, which could render you unable to express your wishes to your friends or family members. Professionally drafted legal documents can help make sure your friends and relatives understand what medical decisions you want made Use Estate Attorneys Even If You Don’t Have Any Direct Beneficiaries so they can follow your wishes exactly. If you don’t have any family members still living, you probably don’t know why it’s important to have a will. Without directly related family members, such as a mother, father, siblings, aunts, uncles or grandparents, your assets could be divided between relatives you don’t know, and in some cases, relatives you’ve never even met! When you write a will with a professional lawyer, he or she will be able to help you determine where your assets will end up. This means that you’ll be able to decide to leave your assets to a favorite charity of your choice or even to a friend. A friend has no legal rights to your estate so if you want them to receive anything, you’ll need to take legal steps to make this happen. Keep Your Family from Arguing after You’ve PassedIt’s an unfortunate truth that family members often argue and squabble over asset distribution after a loved one passes away. To help keep them from fighting amongst themselves, make sure that they understand what will happen with your belongings or your life insurance policy after you’re gone. Ask your estate attorneys to help you divide your holdings equally so that everyone is given an equal portion of your assets. It’s also important that your loved ones understand what should happen during your funeral services. If you want a specific type of service or have certain burial or cremation wishes, you should talk them over with your loved ones beforehand. This will help ensure that your wishes are followed and will reduce the stress on your family members when they’re already worried and feeling overwhelmed. Whether you have an extensive estate or you simply need a cut and dried will to protect your family, estate attorneys are an important part of this process. To find an experienced one in your local area, talk to your coworkers, friends and family members to receive a personal recommendation. FiduciaryA fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests. A fiduciary may be responsible for the general well-being of another (e.g. a child’s legal guardian), but often the task involves finances; managing the assets of another person, or a group of people, for example. Money managers, financial advisors, bankers, insurance agents, accountants, executors, board members, and corporate officers all have fiduciary responsibility. A fiduciary’s responsibilities and duties are both ethical and legal. When a party knowingly accepts a fiduciary duty on behalf of another party, they are required to act in the best interest of the principal, i.e. the client or party whose assets they are managing. This is what is known as a “prudent person standard of care;” a standard that originally stems from an 1830 court ruling. This formulation of the prudent-person rule required that a person acting as fiduciary was required to act first and foremost with the needs of beneficiaries in mind. Strict care must be taken to ensure no conflict of interest arises between the fiduciary and their principal. Fiduciary duties appear in a wide variety of common business relationships, including: Fiduciary Relationship Between Trustee and BeneficiaryEstate arrangements and implemented trusts involve both a trustee and a beneficiary. An individual named as a trust or estate trustee is the fiduciary, and the beneficiary is the principal. Under a trustee/beneficiary duty, the fiduciary has legal ownership of the property or assets and holds the power necessary to handle assets held in the name of the trust. In estate law, the trustee may also be known as the estate’s executor. Note that the trustee must make decisions that are in the best interest of the beneficiary as the latter holds equitable title to the property. The trustee/beneficiary relationship is an important aspect of comprehensive estate planning, and special care should be taken to determine who is designated as trustee. Politicians often set up blind trusts in order to avoid real or perceived conflict-of-interest scandals. A blind trust is a relationship in which a trustee is in charge of all of the investment of a beneficiary’s corpus (assets) without the beneficiary knowing how the corpus is being invested. Even while the beneficiary has no knowledge, the trustee has a fiduciary duty to invest the corpus according to the prudent person standard of conduct. Fiduciary Relationship Between Executor and LegateeFiduciary activities can also apply to specific or one-time transactions. For example, a fiduciary deed is used to transfer property rights in a sale when a fiduciary must act as an executor of the sale on behalf of the property owner. A fiduciary deed is useful when a property owner wishes to sell but is unable to handle their affairs due to illness, incompetence, or other circumstances, and needs someone to act in their stead. A fiduciary is required by law to disclose to the potential buyer the true condition of the property being sold, and they cannot receive any financial benefits from the sale. A fiduciary deed is also useful when the property owner is deceased and their property is part of an estate that needs oversight or management. Fiduciary Relationship Between Attorney and ClientThe attorney/client fiduciary relationship is arguably one of the most stringent. The Silver Summit, Utah Supreme Court states that the highest level of trust and confidence must exist between an attorney and client and that an attorney, as fiduciary, must act in complete fairness, loyalty, and fidelity in each representation of, and dealing with, clients. Attorneys are held liable for breaches of their fiduciary duties by the client and are accountable to the court in which that client is represented when a breach occurs. Fiduciary Relationship Between Principal and AgentA more generic example of fiduciary duty lies in the principal/agent relationship. Any individual person, corporation, partnership, or government agency can act as a principal or agent as long as the person or business has the legal capacity to do so. Under a principal/agent duty, an agent is legally appointed to act on behalf of the principal without conflict of interest. A common example of a principal/agent relationship that implies fiduciary duty is a group of shareholders as principals electing management or C-suite individuals to act as agents. Similarly, investors act as principals when selecting investment fund managers as agents to manage assets. Investment FiduciaryWhile it may seem as if an investment fiduciary would be a financial professional (money manager, banker, and so on), an “investment fiduciary” is actually any person who has the legal responsibility for managing somebody else’s money. That means if you volunteered to sit on the investment committee of the board of your local charity or other organization, you have a fiduciary responsibility. You have been placed in a position of trust, and there may be consequences for the betrayal of that trust. Also, hiring a financial or investment expert does not relieve the committee members of all of their duties. They still have an obligation to prudently select and monitor the activities of the expert. The Suitability RuleBroker-dealers, who are often compensated by commission, generally only have to fulfill a suitability obligation. This is defined as making recommendations that are consistent with the needs and preferences of the underlying customer. Broker-dealers are regulated by the Financial Industry Regulatory Authority (FINRA) under standards that require them to make suitable recommendations to their clients. Instead of having to place their interests below that of the client, the suitability standard only details that the broker-dealer has to reasonably believe that any recommendations made are suitable for the client, in terms of the client’s financial needs, objectives, and unique circumstances. A key distinction in terms of loyalty is also important: Also, the need to disclose potential conflicts of interest is not as strict a requirement for brokers; an investment only has to be suitable, it doesn’t necessarily have to be consistent with the individual investor’s objectives and profile. The suitability standard can end up causing conflicts between a broker-dealer and a client. The most obvious conflict has to do with compensation. Under a fiduciary standard, an investment advisor would be strictly prohibited from buying a mutual fund or other investment for a client because it would garner the broker a higher fee or commission than an option that would cost the client less or yield more for the client. Under the suitability requirement, as long as the investment is suitable for the client, it can be purchased for the client. This can also incentivize brokers to sell their own products ahead of competing for products that may cost less. Suitability vs. Fiduciary StandardIf your investment advisor is a Registered Investment Advisor (RIA), they share fiduciary responsibility with the investment committee. On the other hand, a broker, who works for a broker-dealer, may not. Some brokerage firms don’t want or allow their brokers to be fiduciaries. Investment advisors, who are usually fee-based, are bound to a fiduciary standard that was established as part of the Investment Advisers Act of 1940. They can be regulated by the SEC or state securities regulators. The act is pretty specific in defining what a fiduciary means, and it stipulates a duty of loyalty and care, which means that the advisor must put their client’s interests above their own. For example, the advisor cannot buy securities for their account prior to buying them for a client and is prohibited from making trades that may result in higher commissions for the advisor or their investment firm. It also means that the advisor must do their best to make sure investment advice is made using accurate and complete information basically, that the analysis is thorough and as accurate as possible. Avoiding conflicts of interest is important when acting as a fiduciary, and it means that an advisor must disclose any potential conflicts to placing the client’s interests ahead of the advisors. Additionally, the advisor needs to place trades under a “best execution” standard, meaning that they must strive to trade securities with the best combination of low cost and efficient execution. The Short-Lived Fiduciary RuleWhile the term “suitability” was the standard for transactional accounts or brokerage accounts, the Department of Labor Fiduciary Rule, proposed to toughen things up for brokers. Anyone with retirement money under management, who made recommendations or solicitations for an IRA or other tax-advantaged retirement accounts, would be considered a fiduciary required to adhere to that standard, rather than to the suitability standard that was otherwise in effect. The fiduciary rule has had a long and yet unclear implementation. Originally proposed in 2010, it was scheduled to go into effect between April 10, 2017, and Jan. 1, 2018. After President Trump took office it was postponed to June 9, 2017, including a transition period for certain exemptions extending through Jan. 1, 2018. Subsequently, the implementation of all elements of the rule was pushed back to July 1, 2019. Before that could happen, the rule was vacated following a June 2018 decision by the Fifth U.S. Circuit Court. In June 2020, a new proposal, Proposal 3.0, was released by the Department of Labor, which “reinstated the investment advice fiduciary definition in effect since 1975 accompanied by new interpretations that extended its reach in the rollover setting, and proposed a new exemption for conflicted investment advice and principal transactions.” It is yet to be seen if it will be approved under President Biden’s new administration. Risks of Being a FiduciaryThe possibility of a trustee/agent who is not optimally performing in the beneficiary’s best interests is referred to as “fiduciary risk.” This does not necessarily mean that the trustee is using the beneficiary’s resources for their own benefit; this could be the risk that the trustee is not achieving the best value for the beneficiary. For example, a situation where a fund manager (agent) is making more trades than necessary for a client’s portfolio is a source of fiduciary risk because the fund manager is slowly eroding the client’s gains by incurring higher transaction costs than are needed. In contrast, a situation in which an individual or entity who is legally appointed to manage another party’s assets uses their power in an unethical or illegal fashion to benefit financially, or serve their self-interest in some other way, is called “fiduciary abuse” or “fiduciary fraud.” Fiduciary InsuranceA business can insure the individuals who act as fiduciaries of a qualified retirement plan, such as the company’s directors, officers, employees, and other natural person trustees. Fiduciary liability insurance is meant to fill in the gaps existing in traditional coverage offered through employee benefits liability or director’s and officer’s policies. It provides financial protection when the need for litigation arises, due to scenarios such as purported mismanaging of funds or investments, administrative errors or delays in transfers or distributions, a change or reduction in benefits, or erroneous advice surrounding investment allocation within the plan. Investment Fiduciary GuidelinesIn response to the need for guidance for investment fiduciaries, the nonprofit Foundation for Fiduciary Studies was established to define the following prudent investment practices: Step 1: OrganizeThe process begins with fiduciaries educating themselves on the laws and rules that will apply to their situations. Once fiduciaries identify their governing rules, they then need to define the roles and responsibilities of all parties involved in the process. If investment service providers are used, then any service agreements should be in writing. Step 2: FormalizeFormalizing the investment process starts by creating the investment program’s goals and objectives. Fiduciaries should identify factors such as investment horizon, an acceptable level of risk, and expected return. By identifying these factors, fiduciaries create a framework for evaluating investment options. Fiduciaries then need to select appropriate asset classes that will enable them to create a diversified portfolio through some justifiable methodology. Most fiduciaries go about this by employing the modern portfolio theory (MPT) because MPT is one of the most accepted methods for creating investment portfolios that target a desired risk/return profile. Finally, the fiduciary should formalize these steps by creating an investment policy statement that provides the detail necessary to implement a specific investment strategy. Now the fiduciary is ready to proceed with the implementation of the investment program, as identified in the first two steps. Step 3: ImplementThe implementation phase is where specific investments or investment managers are selected to fulfill the requirements detailed in the investment policy statement. A due diligence process must be designed to evaluate potential investments. The due diligence process should identify criteria used to evaluate and filter through the pool of potential investment options. The implementation phase is usually performed with the assistance of an investment advisor because many fiduciaries lack the skill and/or resources to perform this step. When an advisor is used to assist in the implementation phase, fiduciaries and advisors must communicate to ensure that an agreed-upon due diligence process is being used in the selection of investments or managers. Step 4: MonitorThe final step can be the most time-consuming and also the most neglected part of the process. Some fiduciaries do not sense the urgency for monitoring if they got the first three steps correct. Fiduciaries should not neglect any of their responsibilities because they could be equally liable for negligence in each step. In order to properly monitor the investment process, fiduciaries must periodically review reports that benchmark their investments’ performance against the appropriate index and peer group, and determine whether the investment policy statement objectives are being met. Simply monitoring performance statistics is not enough. Fiduciaries must also monitor qualitative data, such as changes in the organizational structure of investment managers used in the portfolio. If the investment decision-makers in an organization have left, or if their level of authority has changed, investors must consider how this information may impact future performance. In addition to performance reviews, fiduciaries must review expenses incurred in the implementation of the process. Fiduciaries are responsible not only for how funds are invested but also for how funds are spent. Investment fees have a direct impact on performance, and fiduciaries must ensure that fees paid for investment management are fair and reasonable. Current Fiduciary Rules and RegulationsA Department of the Treasury agency, the Office of the Comptroller of the Currency, is in charge of regulating federal savings associations and their fiduciary activities in the Silver Summit, Utah. Multiple fiduciary duties may at times be in conflict with one another, a problem that often occurs with real estate agents and lawyers. Two opposing interests can at best be balanced; however, balancing interests is not the same as serving the best interest of a client. Fiduciary certifications are distributed at the state level and can be revoked by the courts if a person is found to neglect their duties. To become certified, a fiduciary is required to pass an examination that tests their knowledge of laws, practices, and security-related procedures, such as background checks and screening. While board volunteers do not require certification, due diligence includes making sure that professionals working in these areas have the appropriate certifications or licenses for the tasks they are performing. 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
Estae Planning Attorney Salt Lake City Utah Estate Planning Attorney Santa Clara Utah Estate Planning Attorney Santaquin Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeSummit County, Utah
From Wikipedia, the free encyclopedia
For counties with a similar name, see Summit County (disambiguation).
Not to be confused with Summit, Utah, a census-designated place in east central Iron County.
Summit County is a county in the U.S. state of Utah, occupying a rugged and mountainous area. As of the 2010 United States Census, the population was 36,324.[1] Its county seat is Coalville,[2] and the largest city is Park City. [geocentric_weather id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_about id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_neighborhoods id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_thingstodo id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_busstops id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_mapembed id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_drivingdirections id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] [geocentric_reviews id=”8aeb5e93-7518-4007-94b1-8f43ac4d3c58″] The post Estate Planning Attorney Silver Summit Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-silver-summit-utah/ Estate planning involves distributing your assets after death to such people or causes according to your wish with minimum legal complications and the least tax incidence. And estate planning is not just for the wealthy; nor is it something to be contemplated when you reach the ripe old age of eighty. Anybody, irrespective of age, with considerable assets and the desire to provide for dear ones even after death would be doing a great service by planning one’s estate. And the best time to plan your estate is now when you are still alive and have the requisite mental health to make rational decisions. An estate plan made during an illness affecting contracting capacity can be challenged, complicating matters for beneficiaries. Remember, death or a debilitating illness affecting your legal capacity to contract might strike you any day; therefore, you should prepare for that eventuality beforehand. The first step in planning your estate is to take stock of all your material possessions (technically referred to as ‘estate’), and then determine their value. Typical items comprising the estate include: house(s) and land; bikes, cars, planes and boats; cash-in-hand; savings accounts, pension accounts; certificates of deposits; stocks, bonds, and mutual funds; insurance and annuities; employee benefits; jewelry, furniture, art collections; ownership rights/interests in businesses; and claims against others. Mind you, the list is not exhaustive and your debts and obligations to others are also a part of your estate. Next, line up the details of your beneficiaries – names, addresses, and ages. In addition, you should determine who should be the trustees/guardians in case the beneficiaries are minors at the time of planning the estate. Also, you must identify an executor of the estate. It would be easy if you line up pre and post nuptial agreements, divorce decrees, previous wills, deeds of real estate property, and latest tax returns before you consult a professional estate planner. Though small estates might be easy to plan, it is advisable to take the help of professional estate planners, including attorneys and CPAs, to explore all the possibilities to reduce tax incidence. Remember, estate planning is not a one-time affair. Any change in your marital status, death of beneficiaries, a birth of a child, or changes in the law will require a review of the plan Is Estate Planning for Everyone?Many people think they don’t need an estate plan. They relate the term to tax planning and feel that their estate is not big enough to bother. They therefore think estate planning has nothing to do with them. But estate planning is more than a method to avoid or reduce estate taxes. Many young families might be surprised to learn they should think about estate planning now. Right now there is an effort to abolish or confine estate taxes to only the very wealthy. Of course, Congress changes the tax laws constantly, so there can be no guarantee that this trend will continue. Be even a normal working class couple with a home, two cars, money in retirement or 401K plans and maybe the start of a college for their children can have a surprisingly large estate. So even if estate taxes don’t apply today, they may in the future. Estate planning can be used to distribute your taxable estate in such a way that taxes are minimized. There are all sorts of ways to do this and, if you are wealthy enough, your financial planners and attorneys should be working together to do this for you. For the rest of us, estate planning is less involved with taxes and more with who inherits your estate; who cares for your minor children; how you feel about life support measures; or who will control your affairs if you are unable to. Your estate is all you possessions – savings, home, car, investments etc. If you have a will, your estate will be distributed according to your wishes. If you don’t, they will be distributed under state intestate laws. You would have to check the laws in your state, but there could be cases that if you die without a will, your parents would inherit your property, not your wife or your money could go to distant cousins and not to your lifelong companion. So the first reason for a will is to have your property distributed according to your wishes. If you want to leave your money to the Salvation Army and not your son, this is the way to do it. Many parents use estate planning to try to rein in their out-of-control children. They may provide for a bequest that starts at an age when the child has hopefully matured, say 35. Or they may make provisions that if their daughter is divorced, no money would pass to the ex-husband. More commonly, grandparents use estate planning tools to provide for all or part of their grandchildren’s’ college education or choose to bypass their family and leave their money to their favorite charity. Or a business owner could pass his business to his partners or employees in order to keep the business running. A common use of estate planning is to name subsequent beneficiaries. For example, your spouse would inherit your art collection on your death and on her death it would go to a museum. Another reason for estate planning through a will is to appoint guardians for minor children or disabled relatives you are now caring for. If you are leaving a bequest in your will or the proceeds of an insurance policy (which is generally not part of your estate) to a minor or person unable to look after his own affairs, you also need to appoint someone to manage, conserve, invest and dole out this money for the care of the minor or incapacitated person. If you are ill or facing the prospect of losing your ability to control your own affairs, you can use estate planning techniques like a durable power of attorney, property transfers or adding a trusted friend or relative as joint owner of your property and bank accounts. You can also provide for a living will, directing how far you want life support measures to go if you are terminally ill. So estate planning is more than leaving your grandmother’s watch to your daughter. The proceeds of most life insurance policies and jointly held property with rights of survivorship are not generally part of the probate estate. Many people believe that they can use these devices instead of a will. However, only the specific property held jointly is transferred to the surviving owner. For example your house would be transferred, but not any of your separately held investments. Also problems arise if there is concurrent death, e.g. an auto accident that kills the husband and wife. There can also be adverse tax consequences to passing your property this way. They are so many different situations and methods of estate planning, it is best left in the hands of a professional, in this case an estate lawyer working alone or in conjunction with your financial planner. Simple wills are not expensive and can be drawn with the help of advice books or computer software programs. But if you have to go beyond simple, hire the right professionals. Estate planning is a complex field. If you have more than a house, car and banking account that you want your wife to get on your death; you should consult a qualified estate planning attorney. Reasons Why You Should Have an Estate PlanThe last thing you want to think about right now is writing your will. It’s enough we have so many reminders of our mortality, but having to sit down and dictate who gets what after you die seems to create that final mark of inevitability. You might believe, too, that wills are only for rich people, and that since you aren’t wealthy there’s no reason why your family can’t amicably divide your possessions after you’re gone. In truth, it’s important to have your estate planning in order before you die so that your wishes are carried out. Whether you have two million dollars in the bank or just two hundred, you need to draft a last will and testament. You may be deceased, but what you leave behind will last a while longer, perhaps too long if you have not provided guidance for your survivors. • Estate planning ensures that your spouse and children, or whomever you appoint as your heirs, will have less difficulty taking control of your assets. If you were to die with property solely in your name, and no will to appoint a beneficiary, your estate could end up in probate. A court would then determine your estate’s assets and debts and disperse as seen fit. Working with an attorney specializing in estate planning will see that your real estate, cars, and other property are given to the heirs you choose. Questions To Ask Estate Planning Lawyers In Saratoga Utah.Planning the distribution of your assets can be a daunting task if handled alone. It’s hardly surprising that many individuals seek legal assistance to face the challenge. Choosing estate planning lawyers is not always simple, but it can make an otherwise difficult experience much easier. Working with estate planning attorneys can reduce the time spent considering your options and may lead to a better result. In order to allow things to proceed as smoothly as possible, experts recommend that you ask some targeted questions that may help shape the plan you choose. Question 1: What Hassles Could My Assets Cause For My Heirs?Although the idea of a will is to provide a clear and concise vision for how you would like your assets to be distributed, the actual process of distribution is rarely as straightforward as we would like. In fact, the process of probate is notoriously difficult, and can be much more so in any family that has a lot at stake or severe family differences. There are stories of major legal battles when one member of the family disagreed with how the will had been interpreted. Estate planning lawyers can advise you of any potential problems that might arise, and what legal grounds might exist to support or deny such claims. By considering this question, you’ll be helping your heirs later on. Question 2: Is My Will Clearly Written And Reflective Of My Wishes?If you’ve given the matter much forethought, you probably already wrote a will. Most people do choose to write their testament before visiting estate planning attorneys. However, by the time you are considering your actual assets, it is high time to revisit that testament written years earlier. During that time, you may have changed your mind about how your assets should be administered. You might also find that your assets themselves have changed substantially, necessitating an update of the document. Finally, your estate planning lawyers should be able to indicate whether the language of the document itself is sufficiently clear. In many cases, an older document may leave too much ambiguity, possibly leading to a disagreement during probate. Question 3: Is My Current Plan The Best Way To Provide For My Heirs?Estate planning attorneys can show you many ways to leave things for your heirs. In some cases, your assets need not be dealt with during probate, or can be dealt with in different ways from what you might expect. You should think outside the box during this time, because it can create a substantial benefit for your heirs. The law provides many different ways in which one person may leave a sum of money, piece of property, or any other asset to children or another heir. Your estate planning lawyers can advise you on unknown ways that might provide a bigger benefit or less hassle. By considering these simple questions, you can help your legal representative craft a plan that most closely conforms to your wishes. Your heirs will receive the benefit you wish them to, with minimal lost time due to probate and minimal confusion from the last will and testament. There are many options to consider and many questions to ask beyond these, but this is a starting point. 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 Salt Lake City Utah Estate Planning Attorney Santa Clara Utah Estate Planning Attorney Santaquin Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Saratoga Springs Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-saratoga-springs-utah/ There is no question that advanced planning of your estate and belonging’s is a good idea. If everything is spelled out to your family and it is fair, there will be no reason for them to have a conflict when you leave. Far too often this preparation is delayed, however, and families allow greed and selfishness to tear their family apart. People do not realize what happens to a person’s estate once the owner is gone. The first process is probate, where estate planning attorneys determine who gets what. This process can take years and years, especially if all benefiting parties are not in agreement. On the other hand, if the owner had taken the time to prepare for this event, he could have spelled everything out and the attorneys would simply follow the instructions left. If a son knows what his inheritance will be, and everything is stated in a will and/or trust, there is nothing for him to argue about with his siblings about what he deserves. Even if he doesn’t get as much as another sibling, there will be no question as to what the intention of the owner was. Another scenario that is common involves the home of the deceased. If no legal actions are taken beforehand, this home will be a hotbed of emotion and argument. One sibling may want to keep the property in the family for sentimental reasons. Another sibling may want to sell it and receive their portion in cash. A third may think they deserve a larger portion because he was the one to maintain the property. According to estate law in Santaquin, Utah an estate plan must spell out exactly what is to be done with all assets, including the home. Use a Lawyer for Your Will and Estate PlanningOne common mistake is putting property into joint names with an adult child so that it automatically passes to the child when you die and “saves” you attorney fees. This idea has many pitfalls. If the child dies before you, you’re back to square one. Perhaps not a problem if you have time to fix that, but what if you’re in an accident together and you never get a chance to change things? Or what if you just never get around to it? Now your heirs will have to probate your assets, which will cost them far more than it would have cost for you to see an estate planning attorney. Creditors are also a consideration. Did you know that your child’s creditors could use your property to collect on the child’s debts? If your child is on title, the child is an owner. Creditors can lien real estate for collection of a judgment. They can garnish bank accounts. When that happens, it’s up to you to try to undo it. Proving something is really all yours, recovering funds, releasing a frozen bank account, or removing a lien can be very difficult and does not always work. It usually requires help from a lawyer – costing more than you would have spent on an estate planning attorney. Another popular idea is to leave everything to one adult child because that child “knows what you want to do with it” and will divvy things up when you pass on. This can take many forms, including joint title, naming just the one child in a self-made Will, or simply telling that child what you want without discussing it with anyone else or taking any formal steps. What could possibly go wrong? Plenty! For one thing, as with the prior example, the child could die before you or at the same time as you. You’re also putting your child in a difficult position if there is any dissension at all between your children. You may not think that your little darlings would behave that way, but money and grief do strange things to people tempers flare, siblings don’t get along, and sometimes the child who was supposed to divide the property decides to keep everything instead. Stories of feuding among children abound, ultimately costing expensive legal fees and leaving behind broken relationships. Even if you’re certain this won’t happen to you (famous last words), consider the other extreme: Will your child feel so guilt-ridden or self-effacing that your child gives everything to the siblings and keeps nothing? Writing your own Will or Trust can also spell trouble. If you fail to follow required formalities, the document will be invalid. If there is anything ambiguous in what you wrote, a court will decide what you meant. That is expensive and like rolling a dice. If you think it’s easy to be clear, think again. Take the case of the man whose Will directed that his daughter receive a large monetary gift if she survived him by 30 days, and that his second wife receives everything else. Daughter died on day 28. Who gets her share? The Will said wife gets everything “else.” The Will did not say what to do if daughter did not survive. Does the second wife get it or does it go to the man’s children from his prior marriage? Where do you think those children think it should go? A court will probably have to get involved and this is going to cost a whole lot more than having a lawyer write the Will! Choosing The Estate Plan You Want Or The Estate Plan You NeedThere comes a time when you must decide what your estate plan will ultimately look like. Plans for your estate come an many different forms, but one key distinction to make between choices is the plan you want versus the plan you need. The plan that you want may not always be the plan that you need. Most people that decide that it is time to make a plan for their estate already have a general idea of how they want to give away their assets and who they want to give them to before they even speak with an attorney. These people consider the lawyer as just the person that makes sure everything is done properly and legally. When they speak with an attorney they already have an idea in their mind how things will play out. This is the estate plan that they want. This idea may be perfectly fine and work out wonderfully for all involved and the estate attorney just has to put it on paper to carry it out. Oftentimes this is not the case. The estate strategy that a client wants may cause trouble in the form of family fighting or a lengthy probate proceeding. The strategy they want may cause the family to fall apart because they did not plan ahead. The client did not ask the estate lawyer if their plan had any adverse consequences or would cause family strife. The estate lawyer has no duty to speak up and suggest a different plan and it is up to the client to ask if the plan they choose is going to the best for everyone involved. The estate attorney has experience and expertise in these matters and will present you with the estate plan that best suits you and your goals. This is the estate plan that you need. The strategy you need may be different from the one you want and have some factors in it that you would not have originally thought of or wanted, but it is the plan that will potentially keep the family together and prevent fighting. The strategy you need may be tough to choose short term, but it is long term thinking that is smart thinking when making a strategy. Balancing the estate plan that you want versus the estate plan can be difficult because it is the client that must ultimately make the decision as to what estate plan they want. Before deciding on a plan it is important to look at the big picture and long term goals. The Importance of Estate PlanningMany people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death. A successful estate plan also includes provisions allowing your family members to access or control your assets should you become unable to do so yourself. Wills and TrustsA will or a trust may sound complicated or expensive—something only rich people have. That is an incorrect assessment. A will or trust should be one of the main components of every estate plan, even if you don’t have substantial assets. Wills ensure property is distributed according to an individual’s wishes (if drafted according to state laws). Some trusts help limit estate taxes or legal challenges. However, simply having a will or trust isn’t enough. The wording of the document is critically important. A will or trust should be written in a manner that is consistent with the way you’ve bequeathed the assets that pass outside of the will. For example, if you’ve already named your sister as a beneficiary on a retirement account or insurance policy (assets that typically pass outside of a will to a named beneficiary), you don’t want to bequeath the same asset to a second cousin in the will because it could lead to a will contest. Not to mention that both individuals could become bitter toward each other (and you) during a legal battle. Durable Power of AttorneyIt’s important to draft a durable power of attorney (POA), so an agent or a person you assign will act on your behalf when you are unable to do so yourself. Absent a power of attorney, a court may be left to decide what happens to your assets if you are found to be mentally incompetent, and the court’s decision may not be what you wanted. This document can give your agent the power to transact real estate, enter into financial transactions, and make other legal decisions as if they were you. This type of POA is revocable by the principal at a time of their choosing, typically a time when the principal is deemed to be physically able, or mentally competent, or upon death. In many families, it makes sense for spouses to set up reciprocal powers of attorney. However, in some cases, it might make more sense to have another family member, friend, or a trusted advisor who is more financially savvy act as the agent. Beneficiary DesignationsAs noted earlier, a number of your possessions can pass to your heirs without being dictated in the will (e.g., 401(k) plan assets). This is why it is important to maintain a beneficiary and a contingent beneficiary on such an account. Insurance plans should contain a beneficiary and a contingent beneficiary as well because they might also pass outside of a will. If you don’t name a beneficiary, or if the beneficiary is deceased or unable to serve, a court could be left to decide the fate of your funds. And frankly, a judge who is unaware of your situation, beliefs, or intent is unlikely to make the same decision you would have made. Note: Named beneficiaries should be over the age of 21 and mentally competent. If they aren’t, a court may end up getting involved in the matter. Letter of IntentA letter of intent is simply a document left to your executor or a beneficiary. The purpose is to define what you want to be done with a particular asset after your death or incapacitation. Some letters of intent also provide funeral details or other special requests. While such a document may not be valid in the eyes of the law, it helps inform a probate judge of your intentions and may help in the distribution of your assets if the will is deemed invalid for some reason. Healthcare Power of AttorneyA healthcare power of attorney (HCPA) designates another individual (typically a spouse or family member) to make important healthcare decisions on your behalf in the event of incapacity. If you are considering executing such a document, you should pick someone you trust, who shares your views, and who would likely recommend a course of action you would agree with. After all, this person could literally have your life in their hands. Finally, a backup agent should also be identified, in case your initial pick is unavailable or unable to act at the time needed. Guardianship DesignationsWhile many wills or trusts incorporate this clause, some don’t. If you have minor children or are considering having kids, picking a guardian is incredibly important and sometimes overlooked. Make sure the individual or couple you choose shares your views, is financially sound, and is genuinely willing to raise children. As with all designations, a backup or contingent guardian should be named as well. Absent these designations; a court could rule that your children live with a family member you wouldn’t have selected. And in extreme cases, the court could mandate that your children become wards of the state. ConclusionThere is more to estate planning than deciding how to divvy up your assets when you die. It’s also about making certain your family members and other beneficiaries are provided for and have access to your assets upon your temporary or permanent incapacity. A will is a great place to start, but it’s only the beginning. 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 Salem Utah Estate Planning Attorney Salt Lake City Utah Estate Planning Attorney Santa Clara Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Santaquin Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-santaquin-utah/ When someone dies, often there is a person named as the executor of their estate. Being named the executor of (or the personal representative to) someone’s estate is a serious matter, and one has to be responsible with each of the assets in the dead person’s estate. Usually, being named an executor (if you are a man, or an executrix if you are a lady) is not a surprise; usually one is named and accepts the role, long before the time of the passing of the person who died. Usually, executor paperwork is notarized. While you might earn and receive a fee or other compensation for being the executor and handling the estate, the assets and money in the estate is not yours. If you spend or use any assets in the estate, without first getting written permission from everyone named as a beneficiary in the estate and the court documents, you can expect serious legal trouble, including the possibility of jail time; so do not have a party with any funds that are not yours. While some executors must post bonds, if you are well-known and trusted, being named and acting as an executor to an estate will not require you to post a bond. Subject to a judge’s order, you can be paid from the deceased’s estate. Being an executor has many responsibilities including securing all assets of the deceased, determining who are the heirs, and paying the debts of the estate, including court judgments. As an executor, make sure you comply with all laws, whatever the judge orders, and the specific instructions detailed in the decedent’s will or other estate plan directions. Do not ignore a judge’s or a court’s order. Stay polite to everyone, especially in court. Sometimes relatives may want something that belonged to the deceased. Some relatives may claim they are entitled to an asset, contrary to what was specified in the will or estate plan. Anything with actual or imagined significant value should be transferred out of the estate, only after first getting the permission of the court and all the heirs. Expensive assets might have to be sold at an auction. The deceased’s property must be protected until it is sold or transferred. Unless the estate is simple, consider retaining a probate attorney to help you do things correctly, and meet the obligations owed to all parties. Figuring out who is a qualified and legitimate heir might require an attorney’s help; because sometimes previously unknown potential relatives might appear and want a payment in large estate situations. Being an executor to an estate is not easy, however the reward knows you helped to complete the final wishes of the deceased. Estate taxes are imposed by the federal government and some state governments on the transfer of a person’s property upon death. Estate taxes can apply when the decedent has an estate plan such as a will in place, and they can also apply if the decedent dies intestate (meaning without a will or other form of estate plan). A number of states have passed laws requiring the recipients of real estate or personal property to pay taxes on the property that’s being inherited. Although these taxes focus on recipients, rather than on the decedent, they are nonetheless considered a form of estate tax. This section contains information and resources on estate taxes as they relate to estate planning and administration. For example, you’ll find a discussion about how to minimize the estate taxes a person pays, an article explaining gift tax laws, an overview of using life insurance to avoid estate taxes, and a link for consulting with an experienced estate planning attorney in your area. Arguments For and Against Estate TaxesPhilosophically, some estate tax opponents question why property that belonged to you during life, and which presumably has already been taxed at the time of purchase, should again be taxed when you pass away. Estate tax opponents also ask why property that is obtained through a person’s efforts and hard work during life should be taxed simply because he or she passes away. On the other hand, supporters of estate taxes argue that these taxes help to reduce economic inequality, and that the revenue they generate help governments at various levels to pay for necessary public services. The Basics of Estate TaxesNote that some forms of estate tax are imposed directly on the decedent’s estate, while others focus on the recipients of the property. For example, in some states, estate taxes are imposed upon a person who receives property from the decedent, and the amount imposed can depend on both the value of the property being transferred and on the recipient’s relationship to the decedent. As you begin to plan your estate, it’s important for you to know the basics about the federal and your state’s estate taxes, so that you make decisions that minimize the amount of tax that’s paid either by your estate or by your inheritors. Depending on the purpose or type of estate plan you create, you may be able to transfer money and other property while avoiding taxes such as the gift tax. For example, one type of estate plan allows a person to create an account dedicated to providing school tuition to another person. This type of account generally avoids gift taxes. Ways to Reduce Estate TaxesThe Federal estate tax can be reduced through various legitimate estate planning techniques. Following is a list of ten methods you should think about as ways to reduce your estate taxes. There are a few ways that you could potentially avoid the estate tax, or lessen your estate tax liability. Here are some of the most popular options: Generally speaking, you probably cannot give away all your property before you die. Under current federal laws, you can only give away up to $14,000 per calendar year, per recipient (a person or a non-charitable trust). If you give away more than this limit, that gift will have a federal gift tax imposed on it. This gift tax applies at the same time the estate tax is imposed. However, if you can give away several $14,000 gifts every year, you can substantially reduce your estate. For example, if you give away $14,000 to each of your 30 relatives each year for the 5 years before you die, you will have reduced your estate by a whopping $2,100,000. However, there are some gifts that are completely exempt from the federal gift and estate taxes. For example, if you are married and your spouse is Santa Clara Utah citizen, you are free to give an unlimited amount of property each year, all free from the gift tax. In addition, you are allowed to give substantially to tax-exempt charities. The same is true if the gift is in the form of paying tuition (not room and board or other expenses related to schooling) or someone’s medical bills. Are There Any States That Have Their Own Estate Taxes?Yes. In addition to the federal estate tax, there are some situations in which a state will impose an estate tax even if your estate is not large enough to be taxed by the federal government. 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 Roy Utah Estate Planning Attorney Salem Utah Estate Planning Attorney Salt Lake City Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Santa Clara Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-santa-clara-utah/ No matter what level of net worth you have, it is important to have a plan in place to ensure that your family and financial goals are secure once you have passed away. Such a plan may include estate planning, establishing a trust, drafting a will, preparing an assignment of power of attorney, or a living will or healthcare proxy (medical power of attorney). The attorneys in Salt lake City, Utah have experience in analyzing each of client’s particular circumstances and advising them on the type of legal instruments that will help achieve their individual goals. The main aim is to assist clients to prepare for the future so they can live their life with the peace of mind that a plan is in place to care for their loved ones. The proper preparation and construction of your estate plan can bring you peace of mind knowing that your wishes for your family will be fulfilled. Estate planning also helps to protect you and your family from creditors and liabilities. There are attorneys in Salt Lake City, Utah and the surrounding area that may be able to assist you with your estate planning needs. It is never too early to begin planning your estate. With current world events changing family incomes and financial situations, now might be a good time to review your current will and trust, and determine whether your estate plan is up to date. If your loved one has recently passed away, you have our deepest condolences. Families often face immense stress as they navigate the probate process, but the inheritance lawyers will be able to help your family navigate your legal needs during this time. You don’t have to do it all alone. Estate planning can involve the writing of a will, the formation of a trust, and the creation of living wills that outline your wishes regarding end-of-life care. Properly performed, estate planning can help your beneficiaries reduce burdens on them, and in some cases, even allow certain assets to avoid the probate process. A will can make clear who you want to care for your children should you pass away and make clear your wishes for how you want your children to be raised. These are not small matters and many families find that they are helped with an estate planning lawyer who can carefully and cautiously create these documents. Estate Planning Essentials in Salt Lake City, UtahWhat are the essentials when it comes to estate planning in Salt Lake City, Utah? Most individuals will begin by drafting a will that takes inventory of major possessions and takes into account the needs of beneficiaries. Your will should also account for your savings and checking accounts, retirement accounts, stocks, bonds, health accounts, and other investments. Wills should include a list of beneficiaries and clearly state which property and assets go to whom. Once an inventory is made and a list of beneficiaries is drawn out, the estate attorney can help you find an estate plan that is right for you and your family. In some cases, a will alone will be sufficient, while in other cases, establishing a trust can have certain tax savings and other benefits. The attorney will discuss with you what assets will be governed by beneficiary contacts you have already created, and may wish to modify, and which will be governed by your Last Will and Testament. A will may also include instructions regarding who will be a guardian for your minor children, and, just as important, who you do not want to be their guardian. When making end-of-life planning, individuals may also include a living will as part of their estate plan, which establishes your wishes regarding end-of-life medical care or decisions regarding health care should you become too ill to make those decisions yourself. While many people are often tempted to draft a will themselves or use a template from the internet, it is important to keep in mind the law and understand that templates do not take into account your financial situation or family arrangements. If you have questions or concerns, aren’t sure whether you should have a will or use a trust, or have concerns that family members might dispute the will after you pass away, you may especially want to consult with an estate planning lawyer in Salt Lake City. If you already have a will in place, but would like to have it reviewed by a lawyer, the estate attorney in Salt Lake City, Utah may be able to help you. The choices you make with your estate plan can impact your legacy. If a loved one has passed away and left behind a will, no will, or has left behind a trust and you have questions about your inheritance, the inheritance lawyer, can review the will, review the trust, and help you navigate the probate process. Because wills can sometimes be contested during the probate process, it is important to make these documents legally sound, and to periodically update them. The estate planning attorney in Salt Lake City, Utah may be able to help you with contesting a will or with updating a will if you have concerns that it may be contested in court. The full-service dedicated estate planning law practice employs a full array of comprehensive estate planning legal instruments on behalf of the clients, including: In all estate planning matters, the attorneys understand the importance of spending time listening to the clients to assess their goals and help them establish their legacy. They will take into account a wide variety of factors, including an inventory of all assets, business valuation, clients’ needs while still living, and specific intentions with regard to individual family members, including special circumstances such as: What is Probate?Probate is the process by which a writing that is a last will is validated by the court. Typically, a last will is filed with the court for probate where a person who dies owns assets or property in his or her name alone. Utah decedent’s estate lawyers know that preparing an effective estate plan is an important step to facilitate the probate process. A Will in Utah must be signed and witnessed according to the provisions of the Estates, Powers and Trusts Law. Wills are typically in writing and are signed by the testator at the end and are witnessed by at least two attesting witnesses. When a Will is prepared by a lawyer and the signing is supervised by an attorney, the law provides certain presumptions as to its validity. The witnesses customarily sign an affidavit at the signing that the will was properly executed. This self-proving affidavit helps expedite and simplify the probate process, Probate proceedings can become complicated and subject to contests when a person does not follow the proper will execution procedure. Once the probate process is completed the decedent’s affairs or his estate can be administered by the Executor appointed by the court in the probate proceeding. Decedent’s estates typically involve the collection of assets and the payment of bills and taxes. The probate process and the administration of the decedent’s estate can take many months or years and can involve complex tax, financial and other issues. In most instances, probating a Will does not involve estate litigation. The typical situation concerns close family members such as a spouse and children all of whom cooperate with each to obtain the appointment of the Executor and the distribution of estate assets. It should be pointed out that a decedent’s probate estate is different from his gross estate. The gross estate, which is used for estate tax purposes, includes assets that are held with others as joint tenant or are payable to designated beneficiaries such as life insurance or retirement funds. These assets that pass by operation of law are not part of the probate proceeding. There may be occasions when a person’s estate plan indicates that it would be advisable to try and avoid the probate process. For example, if a person wants to disinherit a distributee such as a child, it is preferable not to subject a Last Will to a possible contest. In a probate case the decedent’s children must be given Court notice of the probate. However, no notification is required to distribute assets held in a living trust which does not have to go through probate. Thus, an estate plan might benefit from a living trust whereby all of the persons assets are transferred to the trust during the person’s lifetime. These living trusts are revocable and as the trustee, the creator can remain in full control of the trust until death. Trust/Probate AdministrationEstate planning attorneys also advise individuals, personal representatives and corporate trustees on issues arising in the administration of trust and/or will. They also assist individual beneficiaries in helping them understand their rights as a beneficiary of a will and/or trust. Trusts and probate administration practice helps personal representative, individuals, and bank/trust depart with; Trust And Probate LitigationIn an ideal world, trust and will planning would allow trustees and personal representatives (executors) to carry out the desires of the decedent (including transfers of cash, real estate and investments, as well as business succession plans,) however that is not always possible. Many people include charitable intentions when they draft wills and trusts and pass on specific assets to spouses, children, and other friends and family members. The reality is disputes often arise when trustees, personal representatives, beneficiaries, and heirs are at odds over the disposition of an estate. It is not uncommon for this type of situation to develop when the second parent dies, and disagreements between children arise over the money and property left behind. One party may allege that another had undue influence over the decedent or claim that a trustee or personal representative is abusing power or favoring another beneficiary. Estate planning attorneys have experience in these matters and can assist you in navigating these sensitive situations. Guardianships/ConservatorshipsThey work with the clients on several types of guardianship matters and also advise clients on understanding the guardianship/conservatorship process. The process includes establishing guardianship and conservatorships for relatives and loved ones in need of supervised health and financial care. By combining a skilled team of lawyers they evaluate the best legal approach to each guardianship and conservatorship matter. They equally advise clients on defending or pursuing guardianship matters with sensitivity and professionalism. Asset ProtectionThe practice of asset protection involves preserving your individual wealth or the assets of your business by minimizing the risk that various creditors can find and take your hard earned assets. Estate Planning attorneys work with the clients to create different types of wealth preservation strategies based upon their needs, protecting them, their families, and their businesses from financial crisis, catastrophic judgments and future creditors. Without creating the right strategy and safeguards, years of your hard work and success can be at risk. The lawyers are committed to protecting clients, whether business or individuals, from potential financial crisis. ReceivershipWhether a government regulator appoints a receiver, a privately appointed receiver is selected, or a court-appointed receiver is designated; they will have custodial responsibility for any property including tangible and intangible assets and rights. If you are appointed as the receiver, you may need legal counsel to help you navigate relevant laws and prepare documents. If someone else is appointed receiver, especially where your assets are in question, you should meet with an attorney to understand your rights and possible claims. Tax ConsiderationsSpecial tax considerations may apply for larger estates. Working with an experienced attorney is important for individuals and couples to understand how to work within the law to ensure the greatest possible percentage of the estate will be preserved for the family, for an ongoing business, or for designated charities. A Full Range Of Tax MattersTaxation lawyers handle tax planning for new business start-ups and non-profit organizations including charitable and religious organizations. They represent clients in tax controversies involving liens and levies from the IRS, including appeals, collections, offers in compromise, audit reconsideration appeals, as well as bankruptcy strategies connected with tax controversies. They assist in all areas of taxation and tax planning, including sales tax issues, property tax issues, tax planning for same-sex couples, and tax considerations after divorce, adoption, marriage or the birth of children. The attorneys can advise you about a wide range of other business and personal tax and ownership options such as joint tenancy. 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 Roosevelt Utah Estate Planning Attorney Roy Utah Estate Planning Attorney Salem Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Salt Lake City Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-salt-lake-city-utah-2/ A Trust is a legal fiduciary arrangement that allows you to set up your assets to be held and managed by a third party. This party is known as a Trustee, and the person or firm you appoint to this role will be responsible for ensuring that your estate is handled in the manner you’ve outlined. Despite what many people think, Trusts can be beneficial for all sized-estates, not just very large ones. There is a common misconception that an Estate Planning Trust is only suitable for the extremely wealthy. But the reality is, there are many benefits to a Trust, including: What is the Purpose of a Trust?There are several purposes of an Estate Planning Trust, but one of the more common reasons people choose to use them is to better-ensure their assets are handled exactly as they wish, from the moment the Trust goes into effect, until long after passing. They can also be used as a means to manage tax consequences on an estate. And, they’re a way to potentially protect your wealth while still qualifying for Medicaid in your later years. Trusts are often used in cases where someone wants or needs to set up financial care for young children or long-term planning and care for dependents with disabilities. Who Should Have a Trust?Trusts aren’t necessarily the best solution for everyone. There are several reasons a Trust might make sense, but that doesn’t mean absolutely everybody needs one. A Trust may be beneficial for those in specific situations, such as: Types of TrustsAs noted, there are several types of Trusts, each with its own nuance and purpose. Before establishing a Trust, be sure to have a clear idea of your goals so you can use the type of Trust best-suited to accomplish them. Living TrustA Living Trust is created during your lifetime and it designates a trustee who will manage assets for your Beneficiary or Beneficiaries after your passing. Revocable Living TrustsA Revocable Living Trust is created during your lifetime and can be altered or revoked while you’re alive. It is used to avoid probate, but while you’re alive, it’s not an ironclad technique for asset protection. Any assets in your Revocable Living Trust will still be available to creditors during your lifetime, although it will be more difficult for them to gain access. Irrevocable TrustsAn Irrevocable Trust means you cannot change or alter anything in the Trust once it’s established. You have legally removed any rights to ownership to anything you put in the Trust. In some cases, an Irrevocable Trust may be used as a way to protect assets from creditors or bypass estate tax, as you will have effectively removed yourself as owner for any of the assets inside the Trust. Irrevocable Trusts can be beneficial for those in professions that are vulnerable to lawsuits, such as attorneys or doctors. Joint TrustsA Joint Trust is a Trust established for two people, like husband and wife. While both parties are alive, they maintain total control over any and all assets that are in the Trust. They can change the Trust at any time, and after one partner passes, the surviving partner becomes Trustee. Testamentary TrustsA Testamentary Trust is a Trust that’s created within a Will, and it only goes into effect upon your passing. Also known as a “Trust Under Will” or a “Will Trust,” the Last Will and Testament instructs how the actual Trust should be established. Because the Trust isn’t truly created until after you pass, it’s not considered a Living Trust. It’s important to note that this option results in the Will going through probate. And, there’s also diminished privacy protection that some Trusts offer, as the Trust terms are described in the Will. Revocable vs. Irrevocable TrustA Revocable Trust can be changed at any point during your life as long as you’re of sound mind. By contrast, an Irrevocable Trust is the exact opposite. It cannot be changed, and furthermore, you no longer own assets once you place them into an Irrevocable Trust. It may seem like an Irrevocable Trust is never a good idea, but under certain circumstances, it actually can be beneficial. For example, if you are at risk for lawsuits due to your profession, an Irrevocable Trust can protect and preserve your assets from judgments, creditors and liens. What to Add to a TrustThere are certain assets that are appropriate to fund your Trust. To accomplish this part of the process, you will retitle assets with the Trust as the owner. The types of assets a Trust can hold include: How to Name a TrustChoosing a name for your Trust is the easy, but important part. Most people name a Trust something logical and representative of their family. This makes sense, as it makes it easy to remember, so when you’re renaming all the assets the Trust will hold, it’s a logical process. Your family name (and possibly the date the Trust is established), along with the words “Family Trust” at the end, is a simple formula that’s commonly used. Using this format or something similar to it leaves very little room for any misinterpretation as to what the Trust document is. Date can be used as an organizational tool, or it can be left off entirely. How to Fund a TrustOnce you have created and named your Trust, the next step is funding your Trust. Funding a Trust simply means you are moving assets into the Trust, making the Trust the new owner. Keep in mind, your Trust is a vehicle designed to hold and protect your assets. Until you put said assets into it, it really holds no value or has any purpose. There is a pretty straightforward process to move appropriate assets into a Trust. Much of it just involves renaming an asset to be Trust-owned. Individual assets can have slightly different processes, so be sure to check each one. For example, to put real estate into your Trust, you will need the deed, and if you have a mortgage on the property, it’s possible, but not likely, that you might need permission from your lender. If you’re transferring bank accounts into your Trust, you should check with your bank for the specifics on paperwork. Differences Between a Will and a TrustThe biggest difference between a Trust and a Will is that a Trust goes into effect as soon as it’s created, whereas a Will only becomes effective after you pass. There are also tax implications specific to each, and Trusts can remain private and avoid probate, whereas the process of passing property per the terms of a Will will be both public and go through probate. What is a Trust Fund?A Trust Fund is an effective tool that’s often used in Estate Planning wherein a Grantor (you) sets up a plan that will ensure financial stability and security of a Beneficiary, often a child or grandchild. A Trust Fund can hold investments, cash, real estate and other assets to be distributed in the future. What is a Trustee?A Trustee is the person you name to be responsible for your Trust assets. In essence, the Trustee is the legal owner of everything in the Trust. He or she is charged with administering (distributing) assets or property for the benefit of your named Beneficiaries, as defined in the Trust. The Trustee is also responsible for handling the Trust’s tax filings. Can a Trustee Be Removed From a Trust?A Trustee can be removed from a Trust under certain conditions. For example, if they have not lived up to the responsibilities outlined in the Trust, if they no longer wish to perform or are incapable of the duties, or as specified in the Trust. You can outline ways to remove a Trustee, such as stating all Beneficiaries must agree they want to change who is appointed. Can a Trustee Use Money From the Trust?Trustees can only use the money or assets in the Trust to provide for Beneficiaries or to accomplish other Trust-related responsibilities. A Trustee cannot use Trust money for personal use or benefit. What Is An A-B Trust?An A-B Trust is used to minimize estate taxes. Also known as a Credit Shelter Trust or a Bypass Trust, it’s a Joint Trust that a husband and wife create together. A-B Trusts will divide into two separate Trusts once the first partner passes. At that time, Trust A becomes what’s referred to as the Survivor’s Trust, and Trust B is the Decedent’s Trust. This type of Trust can be tax beneficial for those with very large estates ($11.58m or larger) to avoid heavy estate taxes for Beneficiaries. A-B Trusts allow a surviving spouse to use and benefit from Trust assets, but prevents them from changing any distribution plans. They’re often used in circumstances with blended families or remarriages so that surviving spouses cannot leave assets to only their own children. Can I Put My Vehicles In My Trust?You can transfer cars to your Trust, but one concern is insurance. Some insurance companies don’t have a great system for handling Trusts. That could mean you would need to name the Trust, Trustees and/or Beneficiaries as “Additional Insured,” or get special riders from your insurance carrier, which can be a hassle. Because of this, some people choose not to put their personal vehicles in their Trust. Instead, they rely on the Pour-Over Will to say any vehicles go into their Trust at death. Letting assets pass under the Will might mean the Will has to go through probate, but the values of the cars are usually low enough that it’s just a simplified probate process. Note that this is true for daily driver cars, but collector or valuable cars might be different. Setting up your Trust is beneficial on many levels. It’s one of several layers of your Estate Plan, and it’s yet another safeguard against things happening against your wishes once you no longer have a say. Providing security, passing on your hard-earned personal wealth and assets, and setting up a tax-beneficial estate is one of the best gifts you can leave your heirs. Knowing and trusting that they will be taken care of, even when you’re not there to do it, is priceless. What’s So Bad About Probate?• It can be expensive. Legal fees, executor fees, and other costs must be paid before your assets can be fully distributed to your heirs. If you own property in other states, your family could face multiple probates, each one according to the laws in that state. These costs can vary widely; it would be a good idea to find out what they are now. Doesn’t Joint Ownership Avoid Probate?Not really. Using joint ownership usually just postpones probate. With most jointly owned assets, when one owner dies, full ownership does transfer to the surviving owner without probate. But if that owner dies without adding a new joint owner, or if both owners die at the same time, the asset must be probated before it can go to the heirs. Watch out for other problems. When you add a co-owner, you lose control. Your chances of being named in a lawsuit and of losing the asset to a creditor are increased. There could be gift and/or income tax problems. And since a will does not control most jointly owned assets, you could disinherit your family. With some assets, especially real estate, all owners must sign to sell or refinance. So if a co-owner becomes incapacitated, you could find yourself with a new “co-owner”—the court—even if the incapacitated owner is your spouse. A durable power of attorney lets you name someone to manage your financial affairs if you are unable to do so. However, many financial institutions will not honor one unless it is on their form. And, if accepted, it may work too well, giving someone a “blank check” to do whatever he/she wants with your assets. It can be very effective when used with a living trust, but risky when used alone. Living Trust Benefits• Avoids probate at death, including multiple probates if you own property in other states 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 Riverdale Utah Estate Planning Attorney Roosevelt Utah Estae Planning Attorney Roy Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Salem Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-salem-utah/ |
Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
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