Some employers may require new employees to enter into non-competition agreements before beginning work, and such agreements usually take effect after the employer-employee relationship has ended. Employers may require non-competition agreements for a variety of reasons, including protection of trade secrets or goodwill. However, courts generally disapprove of non-competition agreements as limitations on a former employee’s right to earn a living. Therefore, when made the subject of a legal dispute, non-competition agreements are closely scrutinized in the court system. Legal Requirements for Non-Competition AgreementsIn order to be considered valid, a non-competition agreement must: Non-competition agreements must generally be supported by valid consideration — the employee must receive something of value in exchange for the promise to refrain from competition. If an employee signs a non-competition agreement prior to beginning employment, the employment itself will be sufficient consideration for the promise not to compete. However, if an employee signs a non-competition agreement after beginning employment, the mere promise of continued employment will not be considered valid consideration for the promise. In this case, the employee must receive something else of value in exchange for the promise. Such additional consideration may consist of a promotion or other additional benefit that was not part of the original employment agreement. Protection of Legitimate Business InterestsThe goodwill developed by an employer in terms of customer relations is an asset, so an employer may use a non-competition agreement to prevent a former employee from capitalizing on that goodwill and competing with the original employer. Likewise, an employer may use a non-competition agreement to protect its confidential information. Generally, in order for the information to be entitled to protection, the employer must show that it took reasonable measures to keep the information secret, and that the information gives the employer a competitive advantage. Reasonableness is a Key to the AgreementIn deciding whether to enforce a non-competition agreement, the court will balance the need to protect the employer’s legitimate business interests with any burden that enforcement of the agreement would place on the employee. Non-competition agreements must be reasonable in duration and scope. The reasonableness of the duration of the agreement will depend on the specific facts of each case. For instance, if the non-competition agreement is designed to protect confidential information, the duration should be no longer than the time for which the information has value. The geographical area covered by the agreement must also be reasonable considering the circumstances. This will depend greatly on the services provided by the employee, and the importance of the services to the employer’s business. Generally, courts will not allow a non-competition agreement to prevent an employee from working in a geographical area where the employer does not do business. If a court finds that a non-competition agreement is overbroad, it may narrow the scope and duration of the agreement and enforce it as modified, or it may refuse to enforce the agreement entirely if it finds that it was clearly intended to prevent legitimate business competition by the former employee. Non Compete Lawyer Free ConsultationWhen you need legal help with non-compete Agreements in Utah, please call Ascent Law LLC 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
Employee Benefits And Executive Compensation Law via Michael Anderson https://www.ascentlawfirm.com/non-compete-agreements-and-the-law/
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With marriage rates declining, there is an increase in children being born to unwed couples. There is no “apparent” stigma and society seems to have embraced this as a norm. Indeed, in the past a child born out of wedlock was called “illegitimate”. However, now our society recognizes that there is nothing illegitimate about any human being and all children recognized rights of a person independent of whether or not their parents are married. This positive shift has however, resulted in questions being raised regarding the rights of parents, especially fathers, with respect to their offspring. In our firm we have handled over 15,000 cases over the years and we have seen all of the above situations. In fact, we are contacted regularly by men seeking answers to these questions. More specifically, how can any man know whether or not the child in another person’s (a woman) womb is his? The only way to determine this would be from a paternity test during the pregnancy, a procedure known as a “Pre-natal Paternity Testing”. Even though there are genetic marker tests and blood tests, whereby the fetus is undisturbed, (there is no intrusive or risky Amniocentesis, there is no testing of the amniotic fluid or the fetal tissues;) it is simply a pin prick test of the mother. The mother’s right to privacy together with the HIPAA Laws prevent ordering a woman to submit to pre-natal paternity tests. The law is confusing in this area because the new state law allows a specific law suit and it also states that the matter must be adjourned until the birth of the child. Nowhere in the article is there a provision for the testing of the fetus. The child must already be born even though the action for the genetic testing can be done while the woman is pregnant. Unfortunately, even though the scientific reliability of a pre-natal test is, for all reasonable purposes, conclusive, the Court does not have the statutory authority to order such testing. This is compounded by a woman’s right to control her own body within the parameters of Federal and State Law outside of Family Law. Accordingly, even if the Family Court Act in the local and State Law was to be amended to allow some pre-natal paternity testing after six months of pregnancy to deal with issues such as a pregnant mother’s recklessness; drug use or smoking; choice of delivery methods; circumcision’s remain selective. This would not be something that could effectively survive challenges under HIPAA Privacy Laws and Personal Privacy Laws under the United States Constitution.The reality of the situation is that a man who believes he is the father of a unborn child, has no rights until the child is born. It is our experience that 85% of the cases when a man is seeking to obtain pre-natal testing or otherwise interfere with a woman’s pregnancy it is because that man wants to set himself up as an exceptional father and therefore must be more involved and caring than the average man. Only 15% of the cases where the pre-natal testing is sought do we find a man is seeking our advice due to an ulterior motive such as control; options of fleeing the jurisdiction before the birth; and financial planning. The above being said, motherhood involves sacrifices that cannot be shared or understood of people who are not mothers. Motherhood and pregnancy are a very special time and children are not only our future, they will be our replacements. How parents treat each other during their children’s lives will affect not only this child, but it will have cumulative generational affect from one child to another. Families come in all different sizes and shapes in this day and age. It is important that people take care of themselves and each other especially when there is a child involved. Men’s Rights Lawyers Free ConsultationWhen you need legal help with child custody, divorce, separation, and family law for men, please call Ascent Law LLC 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
Mortgage Servicing Rules And Foreclosure Employee Benefits And Executive Compensation Law via Michael Anderson https://www.ascentlawfirm.com/what-rights-do-men-have/ Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively, this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the “intestate estate”. Intestacy law, also referred to as the law of descent and distribution, refers to the body of law (statutory and case law) that determines who is entitled to the property from the estate under the rules of inheritance.When a person dies without having a valid will in place, his or her property passes by what is called “intestate succession” to heirs according to state law. In other words, if you don’t have a will, the state will make one for you. The purpose of intestate succession statutes is to distribute the decedent’s wealth in a manner that closely represents how the average person would have designed his or her estate plan, had that person had a will. However, this default can differ dramatically from what the person really would have wanted. Even where it is known what the person intended, no exceptions are made where no valid will exists. Nor are there any exceptions made based on need or special circumstances. Will in UtahAdult residents of Utah may make a will disposing of their estate after death. The freedom to control where your property goes is subject to certain limitations if you are married or have children. Your spouse is entitled to one third of the estate as well as a $15,000 homestead allowance and $10,000 in furniture, furnishings and personal effects. If you have no surviving spouse, but have surviving children, they will be entitled to these benefits. The remainder of your property will pass according to your will, or according to the state’s laws of intestate succession if no valid will is present. Surviving SpouseIf you die without a valid will in Utah, the law directs that your estate be distributed to your relatives without regard to the quality of your relationships. If you leave a surviving spouse, but no children, or the children are also the children of your spouse, your spouse will be awarded the entire estate. If you leave a surviving spouse and children not of the surviving spouse, the spouse is entitled to $75,000 plus one-half of the estate. Surviving ChildrenIf you leave no surviving spouse, your surviving children will share equally in all of the estate in Utah. Likewise, if the children are not of the surviving spouse, they will share equally in one-half of the estate, minus the additional $75,000 award to the spouse. However, if some of your children are deceased but have living children, these grandchildren share equally in their parents’ share. For example, assume you have five children, each with three children of his own. If only four of your children survive you, each of the surviving children is entitled to one-fifth of the estate. The remaining one-fifth is then split equally among the children of your deceased child. 1990 Uniform Probate CodeThe 1990 Uniform Probate Code (the Code) serves as the starting point for many states’ laws. Nevertheless, the laws of different states can vary greatly from each other and from the Code itself. However, the Code represents the best reference for a general discussion.Under the Code, close relatives take property instead of distant relatives. The classes of relatives whose members receive property under the Code include the decedent’s surviving spouse, descendants (children, grandchildren, etc.), parents, descendants of decedent’s parents (siblings, nieces and nephews), grandparents, and descendants of grandparents (aunts and uncles and cousins). Adopted descendants are treated the same as biological descendants. If none of the above-named classes of relatives include any persons qualified to take the estate, the property “escheats” (goes by default) to the state. 75-2-101 Intestate SuccessionAny part of a decedent’s estate not effectively disposed of by will passes by intestate succession to the decedent’s heirs as provided in this title, except as modified by the decedent’s will. A decedent by will may expressly exclude or limit the right of an individual or class to succeed to property of the decedent passing by intestate succession. If that individual or a member of that class survives the decedent, the share of the decedent’s intestate estate to which that individual or class would have succeeded passes as if that individual or each member of that class had disclaimed his intestate share. What Happens When Someone Dies Without HeirsWhen residents of Utah pass away without a valid will their estate is subject to the laws of intestacy. Intestate succession can be a complicated process. The way the court distributes property depends on the type of assets and the number of relatives. We’ll take a look at some of the major aspects of intestate succession in Utah. The Typical Intestate DistributionAs stated, all jurisdictions have intestacy laws that come in to play when a person dies without a will. It helps to understand how intestacy works when heirs do exist. Utah Codes 75-2-101, 75-2-102 and 75-2-103 work in conjunction to determine who should receive the property.First, the entire estate goes to a surviving spouse if no children outside of the marriage exist. If the decedent has descendants outside of the marriage, the spouse is only entitled to $50,000 of the estate plus half of anything that remains. Another code section, 75-2-206, states that the surviving spouse’s share can be charged for any death benefits (such as workers’ compensation) which are received. This would reduce the amount that the spouse can claim and preserve funds for the descendants.When an estate goes directly to surviving descendants, there is a particular order mandated by law. There will be a per capita distribution for each generation of the decedent’s lineal descendants. If no descendants exist, the estate may be given to the decedent’s parents. In a situation without parents, the descendants of the decedent’s parents may get the estate. This includes a parent’s children outside of the marriage that produced the decedent.In situations where neither parents nor descendants exist, the estate will go to any living grandparents of the decedent. The estate may then pass to equally to the paternal and maternal grandparents of the decedent. For further information on this ordering system, it is a wise idea to speak to an estate attorney. When There Is No OneIn Utah, if you leave no spouse and no descendants, your estate will pass to your parents. If you left no parents, your property will pass to any of your surviving siblings. If you have no surviving siblings, one-half of the estate will pass to your maternal grandparents or their descendants, and the other half will pass to your paternal grandparents or their descendants. If no living relatives can be found, the property escheats to the state to be placed in an education fund.However, this very rarely happens because the laws are designed to get your property to anyone who was even remotely related to you. For example, your property won’t go to the state if you leave a spouse, children, siblings, parents, grandparents, aunts or uncles, great uncles or aunts, nieces or nephews, cousins of any degree, or the descendants of a spouse who dies before you do. Property Subject To Intestacy LawsUnder Utah Code § 75-2-101 any property that would have been included in a will can be passed through intestate succession. In most cases this means any assets that are solely owned by the decedent. Most high value items are not subject to the rules of intestacy. This includes life insurance, 401k accounts, joint tenancies in real property and payable-on-death financial accounts. A probate lawyer is your best source of information regarding the types of property that are affected by intestacy. Divvying Up AssetsUtah Code § 75-2-102 provides the instructions on how to divide intestate property among living relatives. In the typical case where a spouse dies and the surviving spouse remains with children from the marriage the spouse will receive everything. If the neither spouse has children the estate will also pass to the surviving spouse.If the decedent is married and only has children outside the marriage (i.e. from a prior relationship) the surviving spouse will get 75% of the estate and half of the estate balance. The children will receive all the other property.In the situation where a person dies and has no spouse or children the court will look to his or her parents. The decedent’s parents will inherit the entire estate. It’s a similar situation for a person who dies without a spouse, children, or parents. In this case the decedent’s siblings will receive the estate.Of course it is possible for many other types of family relations to exist. The Utah code tries to account for each possible situation. Half-relatives will inherit as if they were full-blood relatives. Adopted children are entitled to a full share while stepchildren (not adopted) are not. Children of the decedent who were legally adopted by another family do not receive a share. Yet, a male decedent’s children born outside of marriage can inherit if paternity was recognized by the decedent. Which Assets Pass by Intestate SuccessionOnly assets that would have passed through your will are affected by intestate succession laws. Usually, that includes only assets that you own alone, in your own name.Many valuable assets don’t go through your will and aren’t affected by intestate succession laws. Here are some examples: Who Gets What in Utah?Under intestate succession, who gets what depends on whether or not you have living children, parents, or other close relatives when you die. Here’s a quick overview: Survivorship periodTo inherit under Utah’s intestate succession statutes, a person must outlive you by 120 hours. So, if you and your brother are in a car accident and he dies a few hours after you do, his estate would not receive any of your property. Half-relatives“Half” relatives inherit as if they were “whole.” That is, your sister with whom you share a father, but not a mother, has the same right to your property as she would if you had both parents in common. Posthumous relativesRelatives conceived before but born after you die inherit as if they had been born while you were alive, as long as they survive at least 120 hours after birth. Immigration statusRelatives entitled to an intestate share of your property will inherit whether or not they are citizens or legally in the United States. AdvancementsUtah considers non-probate transfers as advancements on a relative’s share. So, if your spouse receives life insurance proceeds or funds from a payable on death account, these amounts are included when calculating your spouse’s share. Additionally, if you make a gift during your lifetime to your relative and put in writing that this should be an advancement at the time of making the gift or your relative states this in writing, the value of the property is subtracted from your relative’s share. Utah Code 75-2-101 AttorneyWhen you need legal help with Utah Code 75-2-101, please call Ascent Law LLC 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
How Long Does Foreclosure Take? Remarriage And Alimony In Utah Qualify For The Protections Of The PACA Trust via Michael Anderson https://www.ascentlawfirm.com/utah-probate-code-75-2-101/ Executive Compensation and Employee Benefits looks at pay and compensation guideline influencing executives, employees and organizations in significant purviews around the world. Points secured include: normal arrangements of work understandings; corporate administration necessities; disallowed compensation; executive compensation exposure rules; impetus and value compensation; compulsory benefits; end cutoff points and prerequisites; post-business prohibitive contracts; annuities and retirement benefits and change in charge issues. Benefit projects run the typical range natural to salaried employees. They incorporate statutory benefits, for example, Social Security, Medicare, Workers Compensation, and Unemployment Insurance. Executives additionally take an interest in other organization benefits, for example, excursion, occasions, days off, severance pay, disaster protection, and restorative protection. Notwithstanding the benefits gave salaried employees, executives are regularly qualified to partake in extraordinary retirement plans. These plans, dissimilar to those that apply to all employees, are not ensured by government expense and benefits manages and are not normally verified by a trust. Rather, the sums in these plans are in danger, and if the organization is unfit to pay them, for example, in indebtedness or chapter 11, the executive would be in danger to lose such benefits. These exceptional plans incorporate the accompanying: • Supplemental Employee Retirement Plans (SERPs) which are intended to enhance conventional annuity plans, however are in danger Numerous nonqualified conceded compensation plans and SERPs are “rebuilding plans” intended to enable executives to spare a similar level of pay as different employees may spare in expense favored plans. Employee benefits ordinarily alludes to retirement plans, wellbeing extra security, disaster protection, incapacity protection, get-away, employee stock possession plans, and so forth. Benefits are progressively costly for organizations to give to employees, so the range and choices of benefits are changing quickly to incorporate, for instance, adaptable benefit plans. Benefits are types of significant worth, other than installment, that are given to the employee as a byproduct of their commitment to the association, that is, for carrying out their responsibility. A few benefits, for example, joblessness and specialist’s compensation, are governmentally required. (Specialist’s compensation is extremely a laborer’s correct, as opposed to a benefit.) Unmistakable instances of benefits are protection (therapeutic, life, dental, handicap, joblessness and laborer’s compensation), excursion pay, occasion pay, and maternity leave, commitment to retirement (annuity pay), benefit sharing, investment opportunities, and rewards. (A few people would consider benefit sharing, investment opportunities and rewards as types of compensation.) You may consider benefits being unmistakable or elusive. The benefits recorded already are unmistakable benefits. Impalpable benefits are less immediate, for instance, thankfulness from a supervisor, probability for advancement, pleasant office, and so forth. Individuals here and there discuss incidental advantages, more often than not alluding to substantial benefits, yet some of the time meaning the two sorts of benefits. You may likewise consider benefits organization paid and employee-paid. While the organization normally pays for most sorts of benefits (occasion pay, get-away pay, and so on.), a few benefits, for example, restorative protection, are frequently paid, in any event to a limited extent, by employees as a result of the mind-boggling expenses of medicinal protection. Compensation incorporates themes as to wage as well as pay projects and structures, for instance, pay ranges for sets of expectations, merit-based projects, reward based projects, commission-based projects, and so forth. (Additionally observe the Related Info (counting Benefits). Compensation is installment to an employee as a byproduct of their commitment to the association, that is, for carrying out their responsibility. The most widely recognized types of compensation are wages, pay rates and tips. Compensation is generally given as base pay as well as factor pay. Base pay depends on the job in the association and the market for the aptitude required to lead that job. Variable pay depends on the exhibition of the individual in that job, for instance, for how well that individual accomplished his or her objectives for the year. Motivator plans, for instance, extra plans, are a type of variable pay. (A few people should seriously think about rewards as a benefit, as opposed to a type of compensation.) Some projects incorporate a base pay and a variable pay. Associations generally partner compensation/pay ranges with sets of expectations in the association. The reaches incorporate the base and the greatest measure of cash that can be earned every year in that job. Employees have certain monies retained from their finance checks, normally including government personal expense, state annual duty, FICA (standardized savings) commitments, and employee commitments to the expenses of specific benefits (frequently therapeutic protection and retirement). Expert, the board and different sorts of talented occupations are named excluded. Absolved occupations get a compensation, that is, a fixed measure of cash per time interim, for the most part a fixed sum for every month. It’s normal for absolved positions to get higher compensation and benefits than non-excluded employments, despite the fact that non-absolved occupations frequently can get more cash-flow than excluded employments just by working more hours. Incompetent or section level occupations are normally delegated non-excluded. Non-absolved occupations generally get a compensation, or a measure of cash for each hour. Non-excluded occupations likewise get paid after some time, that is, additional compensation for quite a long time worked more than 40 hours per week or on certain days of the week or on siestas. Each activity must have a similar pay run for anybody playing out that activity, that is, one individual can’t have a higher most extreme pay than another person doing that equivalent employment. It is amazingly valuable to reference compensation overviews when deciding pay rates. The overviews loan enormous believability and reasonableness to the way toward deciding compensation. Make certain that overviews are fairly current. Reference them to discover the pay rates for the activity jobs that are the nearest match to the jobs you are choosing the compensation for. The closer you can coordinate the job to the kind of administrations, area and employment title of the job you are choosing compensation for, the more helpful the overview is probably going to be to you, particularly if the review was produced in the previous five years or less. Utah has laws that give more noteworthy securities to employees than government law, including pregnancy settlement rights and human services continuation inclusion commitments for littler managers, however for the most part pursues administrative law regarding themes, for example, the lowest pay permitted by law and word related well being. Select Utah business necessities are abridged underneath to enable a business to comprehend the scope of work laws influencing the business employee relationship in the state. A business must conform to both government and state law. A business should likewise follow pertinent civil law commitments influencing the work relationship, notwithstanding conforming to state and government prerequisites. The Utah Antidiscrimination Act (UADA) restricts segregation and badgering dependent on ensured attributes, for example, The UADA, which applies to bosses with at least 15 employees, additionally precludes striking back against an employee since the person restricted illicit segregation, recorded a protest or partook in a procedure, examination or hearing. The UADA requires a business with at least 15 employees to give sensible facilities to pregnancy, labor, breastfeeding and related conditions. A business may expect employees to give confirmation enumerating the medicinal requirement for a sensible settlement, except if the employee has mentioned increasingly visit bathroom, nourishment or water breaks. Know that where there is cover between government, state or potentially nearby law, agreeing to the law that offers the best rights or benefits to the employee will for the most part apply. A business that tests candidates for medications and liquor must meet certain necessities, for example, • The business or potentially its administration must submit to comparative medication and liquor testing on an occasional premise; • Utah’s lowest pay permitted by law is $7.25 every hour, equivalent to the government the lowest pay permitted by law. The lowest pay permitted by law must be checked on at regular intervals and whenever the government the lowest pay permitted by law is changed. Utah’s lowest pay permitted by law may not surpass the government the lowest pay permitted by law. • The passing of the employee; A business may pay its employees with money or check, as long as the employees can money their checks at full assumed worth and the business does not assign a specific budgetary organization for the elite installment of checks. A business may pay compensation by direct store or electronic paycards if certain conditions are met. In Utah, a business may make wage conclusions whenever required by a court request or by state or government law (e.g., tyke bolster retaining, leaser garnishments, charge demands); whenever approved by the employee recorded as a hard copy; and for specific credits, deficiencies, misfortunes or harms. Utah has couple of laws identifying with required leaves for employees, which spread all businesses. These laws include: Executive Compensation LawyerWhen you need legal help with employee benefits in Utah or executive compensation, please call Ascent Law LLC 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 via Michael Anderson https://www.ascentlawfirm.com/employee-benefits-and-executive-compensation-law/ Sometimes a homeowner can make a defense to a foreclosure based on a mortgage servicer’s violation of rules governing this industry. They also may have rights that they can assert under the federal Fair Debt Collection Practices Act (FDCPA). These defenses may not defeat the foreclosure entirely, but they may delay it or give you some leverage in negotiations. They also provide requirements for communications between the lender and the homeowner. If the lender fails to give you proper notice of the foreclosure under the rules, you may be able to delay the foreclosure until you receive notice. Also, if you submit your loss mitigation application 38 days or more before the foreclosure sale, this will trigger additional steps that the lender must take before proceeding with the sale. If it proceeds with the sale anyway, you can ask a court to cancel the sale, which will delay the process and give you more time to move or explore alternatives. You can also report a mortgage servicer to the Consumer Financial Protection Bureau (CFPB) if it violates these rules. People usually think of the FDCPA as a debt collection law, but it can be relevant to foreclosures in some cases. The language of the law is ambiguous, but some courts have ruled that a person or entity that tries to collect a payment on a mortgage or pursue a foreclosure can be defined as a debt collector within the meaning of the law. (Often, this will be the attorney of the foreclosing party.) On the other hand, some courts believe that the FDCPA does not cover foreclosures because collecting a debt is a different activity from enforcing a security interest. The U.S. Supreme Court will decide a case in the 2018-19 terms that will address whether the FDCPA applies to a non-judicial foreclosure, so this area of the law may change dramatically. Even if the FDCPA does not cover foreclosures, debt collection laws in your state may cover foreclosures. You can consult an attorney to determine whether your state’s law may extend further than the federal law. Asserting Your Rights Under the FDCPAThe impact of the FDCPA on foreclosures often relates to the notice requirements under the law. A foreclosing entity that meets the definition of a debt collector must provide written notice within five days of first communicating with the debtor. This notice will identify the creditor, state the amount of the debt, and tell the consumer that they have 30 days to verify the debt. As a result, if you are at risk of foreclosure, you can dispute the existence or amount of the debt within 30 days of getting the notice. Continuing collection efforts before the debt is verified violates the FDCPA. Inappropriate charges that form part of the debt also violate the FDCPA, as does a failure to provide the homeowner with a verification of the debt. Moreover, failing to provide the homeowner with the required notice violates federal law. While identifying an FDCPA violation may not necessarily save your home, you can recover any monetary damages resulting from the violation, in addition to statutory damages up to $1,000. The Consumer Financial Protection Bureau is seeking comments through November 22, 2013 on an Interim Final Rule to address a small number of issues raised by mortgage servicers and others regarding the mortgage servicing and Home Owners Equity Protection Act (HOEPA) rules set to take effect January 2014. An Interim Final Rule is one that has already been approved and in this case, is scheduled to take effect January 10, 2014. However, the Bureau is nonetheless seeking comments on how stakeholders think they will be affected by the changes and further changes could be adopted to the Interim Final Rule before January. The Interim Final Rule would amend: Mortgage Servicing Rules for “Successors in Interest”Effective as of April 19, 2018, successors in interest to property secured by mortgage loans that are covered by the Real Estate Settlement Procedures Act (“RESPA”) and Truth in Lending Act (“TILA”) now have certain rights under those acts. These amendments are part of the Consumer Financial Protection Bureau’s 2016 Mortgage Servicing Rule amendments to RESPA and TILA. The CFPB issued the new rules because “it had received reports of servicers either refusing to speak to a successor in interest or demanding documents to prove the successor in interest’s claim to the property that either did not exist or were not reasonably available.” The rules are therefore designed to make it easier for potential successors in interest to communicate with servicers and establish that they are successors in interest. At the outset, the new rules define a “successor in interest” as anyone who obtains an ownership interest in a property secured by a mortgage loan, provided that the transfer occurs under one of the scenarios listed in the new rule. The scenarios range from a transfer resulting from the death of the borrower to a transfer from the borrower to a spouse or child. The person does not have to assume the loan in order to be a successor in interest. The amendments create several potential pitfalls for servicers because certain obligations are triggered when a servicer receives actual or inquiry notices that someone might be a successor in interest. The amendments require servicers to “promptly” communicate with anyone who may be a successor in interest. Servicers must also only request documents “reasonably” required to confirm whether that person is in fact a successor in interest. And a “confirmed” successor in interest now has the same rights as the original borrower under RESPA and TILA mortgage servicing rules. Litigation is also inevitable because the amendments contain broad and imprecise language – such as “reasonably” and “promptly” that opens the door for lawsuits and cries for judicial interpretation. A “successor in interest” is defined as “a person to whom an ownership interest in a property securing a mortgage loan subject to this subpart is transferred from a borrower, provided that the transfer is: What should a servicer do when it receives correspondence from a potential successor in interest?• Promptly respond and request documents: An aspect of the amendments that is bound to create headaches (and litigation) for servicers is that they have an obligation to respond when they receive correspondence providing actual notice that someone might be a successor in interest and when they receive a written request that puts them on inquiry notice that someone might be a successor in interest. • Actual notice: Servicers must have policies and procedures to ensure that they “promptly facilitate communication with any potential or confirmed successors in interest” upon receiving “notice of the death of a borrower or of any transfer of the property.” Upon receiving the foregoing notice, servicers must then “promptly” request documents, determine the status of the person, and notify the person “that the servicer has confirmed the person’s status, has determined that additional documents are required (and what those documents are), or has determined that the person is not a successor in interest.” While it is unclear what constitutes a “prompt” determination, a determination is not prompt “if it unreasonably interferes with a successor in interest’s ability to apply for loss mitigation options according to the procedures provided in § 1024.41.” If the written request from the potential successor in interest does not have the required information, the servicer “may” respond by requesting more information. Servicers should also be mindful of the deadlines for responding to written requests for information under 12 C.F.R. § 1024.36(c) and 1024.36(d), which require acknowledging receipt within five business days and a substantive response within thirty business days. • Request documents “reasonably” required to confirm the person is a successor in interest. A “potential” successor in interest becomes a “confirmed” successor in interest if the servicer confirms “the successor in interest’s identity and ownership interest in a property.” But a servicer may only request “documents the servicer reasonably requires to confirm that person’s identity and ownership interest in the property.” The requested documents “must be reasonable in light of the laws of the relevant jurisdiction, the specific situation of the potential successor in interest, and the documents already in the servicer’s possession.” The servicer can also require documents it believes are necessary to prevent fraud or other criminal activity, e.g. if the servicer believes that the documents are forged. Subject to the foregoing, requesting a death certificate, executed will or court order might be reasonable. But it would be unreasonable to request certain probate documents when “the applicable law of the relevant jurisdiction does not require a probate proceeding to establish that the potential successor in interest has sole interest in the property.” Because the reasonableness requirement depends heavily on the relevant jurisdiction, servicers must take into account local laws when requesting documents. How Do These Changes Impact RESPA And TILA?A “confirmed successor in interest” is now a “borrower” for purposes of RESPA’s mortgage servicing rules and 12 C.F.R. § 1024.17 and a “consumer” for TILA’s mortgage servicing rules. 12 C.F.R §§ 1024.30(d) and 1026.2(11). Thus, a confirmed successor in interest is entitled to the same rights as the original borrower or consumer. For reverse mortgages, the changes only impact the rules that apply to reverse mortgages. See 12 C.F.R. § 1024.30(b). For example, a confirmed successor in interest is still not subject to the loss mitigation procedures in 12 C.F.R. § 1024.41, but a confirmed successor in interest is now entitled to a payoff statement under 12 C.F.R. 1026.36(c). There is no private right of action for claims by potential successors. While confirmed successors in interest have the same private right of action to enforce the rules as borrowers and consumers, the rules do not “provide potential successors in interest a private right of action or a notice of error procedure for claims that a servicer made an inaccurate determination about successorship status or failed to comply with § 1024.36(i) or § 1024.38(b)(1)(vi).” This, however, will likely not deter potential successors in interest from trying to assert such claims. Moreover, a confirmed successor in interest who has allegedly been damaged by a servicer’s failure to request documents “reasonably” required for the determination or a determination that was not “promptly” made might be able to assert claims under the new rules. The Bureau is clarifying compliance requirements in relation to bankruptcy law and the Fair Debt Collection Practices Act (FDCPA) through this rule and through a compliance bulletin the Bureau has issued. According to the CFPB, it has received a large number of questions from servicers about how the servicing rules relate to bankruptcy law and the FDCPA for example on issues such as how to communicate effectively with borrowers in light of their status in bankruptcy. The Bureau believes further analysis is needed to resolve some issues and may be issuing further amendments. In the meantime, the CFPB has addressed several issues in its new bulletin and interested parties are encouraged to read the bulletin. More specifically the bulletin: • Confirms that servicers must comply with certain requirements of the Dodd-Frank Act and respond to certain borrower communications in accordance with the Bureau’s servicing rules even after a borrower has sent a cease communication request under the FDCPA. • Provides a safe harbor from liability under the FDCPA with regard to such communications. • In conjunction with the issuance of the bulletin, the Bureau is providing exemptions for other servicing communications that are not specifically required by the Dodd-Frank Act or other statutes. The exemptions will provide some relief for servicers in connection with the FDCPA and when the borrower has filed for bankruptcy. The exemptions are from: Who Regulates Mortgage Lenders?Mortgage lenders have to follow certain rules set forth by the federal government. These rules make sure lenders do everything they can to employ service that’s both fair and legal, and that they don’t take advantage of the general public. So, put simply, the federal government regulates the mortgage industry. It does this through a variety of agencies and a host of Congressional acts. The federal Truth in Lending Act (TILA) was designed to help protect consumers in their relationships with lenders. Regulation Z is the Federal Reserve Board regulation that implemented TILA. The act requires lenders to disclose information about their products and services to consumers, and aims to protect consumers from misleading practices by lenders. Another key component to mortgage regulation is the Real Estate Settlement Procedures Act (RESPA). This act was enacted by Congress so buyers and sellers are given disclosures about the full settlement costs related to home buying. Mortgage lending came under heavy scrutiny following the 2008 financial crisis. Prior to the housing market crash, demand for mortgage-backed securities (MBSs) rose as investors became hungry for higher returns from their investments. Hedge Banks began relaxing their lending requirements, advancing mortgages to people with low credit scores often without any down payments at high interest rates. When values peaked, rates began to increase, making payments more expensive. Many homeowners were unable to afford their homes, and ended up defaulting, causing the market to crash. Because of the problems after the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act piled on additional mortgage industry regulations to protect consumers, making regulations tougher against predatory lending and mortgage qualifying standards. Under changes signed into law in 2018, the act, escrow requirements for residential mortgages held by a depository institution or credit union are exempt under some conditions. Mortgage Foreclosure Lawyer In UtahWhen you need legal help with a mortgage or a foreclosure in Utah, call Ascent Law LLC 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
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Post Foreclosure Liability For Taxes via Michael Anderson https://www.ascentlawfirm.com/mortgage-servicing-rules-and-foreclosure/ Have you ever dreamed of obtaining your class 01 FFL license and wondered what the associated cost may be? If you wish to be in the business of selling and transferring firearms in Utah the FFL licensing requirements are very strict and a qualified attorney can tell you what it takes, and how to receive your FFL. Utah FFL attorneys can be of great assistance if you are in the process of obtaining your Federal Firearms License. Representing gun dealers in matters concerning the Bureau of Alcohol Tobacco Firearms and Explosives, an FFL compliance lawyer can be of great assistance for advice during the formation of your Class 01 FFL. Utah attorneys can also help you in matters concerning revocation of your Federal Firearms License and compliance inspections. Having the help of someone that has been through the process on multiple occasions limits your chances of being denied. How Much Does an FFL License CostFees vary depending upon the type of license you are wanting to obtain. Fees range from $30 for a C&R license up to $200 for other types of licenses. These fees are required to paid when you submit your application to the BATFE. The application fees in no way guarantee that your application will be approved. There may also be fees imposed by the State of Utah if you are wishing to start a business. Federal Firearms License TypesThere are 9 different types of licenses that are available and each one gives you different options when it comes to handling, importing, repairing, manufacturing and selling firearms in Utah. • Class 01 License: Dealer in Firearms Other Than Destructive Devices. The Type 1 FFL License allows you the ability to deal in Title 1 firearms, it also includes Gunsmiths that may take in and repair weapons. • Class 02 License: Pawnbroker in Firearms Other Than Destructive Devices The type 02 allows pawnbrokers the ability to take in and return to the person who holds the pawn ticket, firearms that they have loaned money on. • Class 03 License: Collector of Curios and Relics (C&R). The C&R license allows individuals the ability to collect C&R firearms. These firearms must be manufactured 50 years prior to the current date; this does not include newly manufactured replica firearms. With a C&R license you may purchase these collectible firearms and have them shipped directly to your home thus avoiding any FFL transfer fees and background checks. Please note that avoiding the background checks and FFL transfer fees only apply to those firearms that fall within the category of C&R firearms. You cannot purchase modern day firearms with a C&R license. • Class 06 License: Manufacturer of Ammunition for Firearms. The type 06 allows you to manufacture ammunition ( with the exception of armor piercing rounds) and sell to the general public. You do not need a 06 license if you reload as a hobby, however, you may not sell any ammunition you reload as a hobby to the general public without facing stiff fines and penalties including incarceration. • Class 07 License: Manufacturer of Firearms Other Than Destructive Devices: The type 07 license allows you to manufacture firearms. It does not however allow you to sell those firearms you have manufactured. It does not allow you to manufacture any firearm that may fall under the guidelines of the National Firearms Act. • Class 08 License: Importer of Firearms Other Than Destructive Devices. The type 08 license allows you to import title 1 ammunition and firearms from other countries. • Class 09 License: Dealer in Destructive Devices. The type 09 license allows you the ability to deal in title 1 firearms and those items which are considered destructive devices by the National Firearms Act. It does not include any other items that may be regulated by the act. • Class 10 License: Manufacturer of Destructive Devices. The type 10 License allows you the ability to manufacture Title 1 firearms, ammunition, ammunition components and destructive devices. It does not include armor piercing rounds or any other items that may be regulated by the National Firearms Act. • Class 11 License: Importer of Destructive Devices. The type 11 FFL License allows you the ability to import Title 1 firearms, regulated destructive devices and ammunition. FFL Dealer RequirementsAs an FFL holder you must keep strict records of all transactions. Each sale must be recorded and your paperwork will on occasion be audited by the BATFE. You also must be at least 21 years of age with a clean criminal history. A secure environment may also require as well as adhering to any State of Utah, local or community laws, including zoning requirements if required. You must be a legal resident of the United States. If you have served our country in any of the armed services, you must have had an honorable discharge. You must not have been a psychological patient or a user of controlled substances. Getting an FFL license in Utah may enable you to purchase firearms and ammo at dealer prices. This may enable you to start a great new business or hobby. Contact any of our Utah Federal Firearms License Attorneys today to find out what any associated legal cost may be. By law, a firearms dealer must obtain permission from the federal government to sell firearms. Each dealer needs a federal firearms license, or FFL, issued by the Bureau of Alcohol, Tobacco, Firearms and Explosives, or ATF. To get a license, you must be at least 21 years of age and pass a background check, which investigates your military, medical and criminal background. You must also meet the rules and regulations your state has established for firearm businesses, which includes getting a business license and a seller’s permit. • Submit written notification to your local police chief of your intentions to become a licensed firearms dealer. Some police departments may have an official notification form for you to complete. • Obtain a copy of ATF Form 7 (5310.12) • Complete ATF Form 7 by entering information about your business, including your business name, contact details, tax ID number and zoning description. You must also indicate the type of firearms you intend to sell. For instance, if you plan to sell basic firearms, such as rifles, shotguns, revolvers or pistols, you would select “Type 1.” • Take your application packet to a local law enforcement agency to get your fingerprints taken. The fee for fingerprinting services will vary by agency. • Mail your completed ATF form, fingerprints and the required processing fee to the address indicated on the form. The processing fee varies, depending upon the type of firearms you intend to sell. Higher-powered firearms have a higher processing fee. The processing fee for basic firearms was $200, as of November 2012. You must also include with the application a 2-inch by 2-inch front-view photograph taken within six months leading up to your application. • Wait for the ATF to contact you requesting an in-person interview. You will be notified of the exact interview date. During the interview, a field investigator will ask questions about your business and your intentions as a firearms dealer. The field investigator will notify the ATF of his interview findings and give the red light or green light on issuing you a firearms dealer license. If the investigator approves, you will receive your official dealer’s license in the mail. You should receive your license within 60 days from the date the ATF receives your initial application for licensing. Minimum Age to Purchase & Possess• Individuals under age 18 may not possess a handgun, sawed-off rifle or shotgun, or fully automatic weapon Background check• There must be a background check given to anyone transferring firearms Multiple Purchases & Sales of Firearms• There is no legal limit on the number of firearms that can be purchased at a time Retention of Sales & Background Check Records Waiting Periods• No amount of time is required before purchasing firearms Dealer Regulations• There is no law stating that dealers need a state license Gun Shows• There are no regulations for gun shows Assault Weapons• There are no regulations against assault weapons Fifty Caliber Rifles• There are no regulations against fifty caliber rifles Utah’s law prohibits “qualified civil liability actions,” which are defined as civil or administrative proceedings which “result from the criminal or lawful misuse” of firearms or ammunition. Utah’s law contains the same six exceptions provided by the PLCAA: • an action brought against someone convicted of “knowingly transfer[ing] a firearm, knowing that such firearm will be used to commit a crime of violence” by someone directly harmed by such unlawful conduct; A firearms manufacturer or licensed dealer is subject only to liability regarding unlawful misuse of a firearm or of ammunition if injury or death results from an act that constitutes gross negligence, recklessness, or intentional misconduct. In addition, Utah law provides that a person who lawfully designs, manufactures, markets, advertises, transports, or sells firearms or ammunition to the public may not be sued by the state or any of its political subdivisions for the subsequent use, whether lawfully or unlawfully, of the firearm or ammunition, unless the suit is based on the breach of a contract or warranty for a firearm or ammunition purchased by the state or political subdivision. FFL License Attorney in UtahWhen you need legal help with gun law and FFL licensing in Utah, please call Ascent Law LLC 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
What Happens If A Married Couple Divorces And Neither Wants Custody Of The Child? Post Foreclosure Liability For Taxes How Do I File For Divorce In Utah? via Michael Anderson https://www.ascentlawfirm.com/how-to-obtain-an-ffl-license/ A “Disclaimer” means any writing which declines, refuses, renounces, or disclaims any interest that would otherwise be taken by a beneficiary. As part of the Utah Uniform Probate Code, the beneficiary of an interest in property may renounce the gift, either in part or in full. Note that the option to disclaim is only available to beneficiaries who have not acted in any way to indicate acceptance or ownership of the interest. The disclaimer must be in writing and include a description of the interest, a declaration of intent to disclaim all or a defined portion of the interest, and be signed by the disclaimant. File the disclaimer within nine months of the transfer (e.g., the death of the creator of the interest) with the district court of the county that has jurisdiction over proceedings regarding the estate of the deceased donor. In addition, deliver a copy of the disclaimer in person or send it by registered mail to the personal representative of the decedent’s estate. If the transfer is enacted by an instrument other than a will, deliver a copy of the disclaimer to the person who has legal title to or possession of the property. If real property is involved, record a copy of the disclaimer in the office of the county recorder in the county in which the property or interest disclaimed is located. A disclaimer is irrevocable and binding for the disclaiming party and his or her creditors, so be sure to consult an attorney when in doubt about the drawbacks and benefits of disclaiming inherited property. If the disclaimed interest arises out of jointly-owned property, seek legal advice as well. Usually a disclaimer is made by giving timely written notice in proper form to the person who is in control of the inherited asset (using the word “inherited” in a broad non-technical sense) within the time allowed by statute. You cannot disclaim once you have taken actions consistent with ownership or you have waived the right to disclaim in writing. The theory behind this harsh rule is to prevent people from “having it both ways.” You either inherit something or you decline to accept the inheritance. Once you have taken any action that reveals intent to do on or the other of these things, you aren’t allowed to change your mind. What is a Probate Disclaimer?A probate disclaimer is a document that is signed by someone entitled to receive an inheritance disclaiming (giving up) that inheritance. When this is done the person who disclaims is treated as having predeceased (i.e. died before) the person who has just died and whose estate is being probated. There are a couple of important rules to remember when it comes to disclaimers: • It must be irrevocable and unqualified (i.e. there can be no conditions set on the disclaimer); • It must be in writing; • The writing must be delivered to delivered to the Personal Representative within 9 months of the later of: (1) the date on which the transfer creating the interest in the disclaimant is made (i.e. date of death); or (2) the day on which the disclaimant turns 21 years of age. • The disclaimant must not have accepted the interest disclaimed or any of its benefits; and • The interest disclaimed must pass either to the spouse of the decedent or to a person other than the disclaimant without any direction on the part of the person making the disclaimer. There is ONE important thing to remember before you disclaim any assets. Make sure you know who is next in line for the assets if you disclaim. You don’t get to choose where the assets go, so it’s important to know all of the consequences of disclaiming before you do so. Disclaiming an Inheritance – How to Do It• A person in ill health and with an estate already likely to be taxed heavily who does not need the inheritance realizes that the person next in line in the Will or Trust can use the money and will not likely face large estate taxes in the near future. • A person who wishes to claim a community property interest in a property is given twenty percent of it in the Will and, instead, will insist on taking fifty percent of the property due to its community property nature. • A person facing personal bankruptcy, thus likely to lose the inheritance in any event, wishes the money to pass directly to his or her children, next in line in the Trust, and never to vest in him or her. Procedure for Creating a Disclaimer• Form Requirements: The disclaimer shall be in writing, and shall be signed by the disclaimant, and shall: Identify the creator of the interest, describe the interest to be disclaimed, State the disclaimer and the extent of the disclaimer. • Time Requirements: In order to be effective, a disclaimer must be filed within a reasonable time after the person able to disclaim acquires knowledge of the interest. In the case of any of the following interest, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after the death of the creator of the interest or within nine months after the interest becomes indefeasibly vested, whichever occurs later: An interest created under a will, An interest created by interstate succession, An interest created pursuant to the exercise or non-exercise of a testamentary power or appointment, An interest created by surviving the death of a depositor of a Totten trust account or P.O.D. account, An interest created under a life insurance of annuity contract, An interest created by surviving the death of another joint contract, An interest created under am employee benefit plan, An interest created under an individual retirement account, annuity or bond. • In the case of an interest created by a living trust, an interest created by the exercise of a presently exercisable power of appointment, an outright inter vivo gift, a power of appointment, or an interest created or increased by succession to a disclaimed interest, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after whichever of the following times occur latest: the time of the creation of the trust, the exercise of the power of appointment, the making of the gift, the creation of the power of appointment, or the disclaimer of the disclaimed property. The time of the first knowledge of the interest is acquired by the person able to disclaim. The time the interest becomes indefeasibly vested, a disclaimer is conclusively presumed to have been filed within a reasonable time if it is filed within nine months after whichever of the following times occur later: Nine months after the time the interest becomes an estate in possession. A disclaimer, when effective, is irrevocable and binding upon the beneficiary and all persons claiming by, through, or under the beneficiary, including creditors of the beneficiary. Keep this in mind: one cannot change one’s mind once the disclaimer is achieved and once it is achieved, the effect is usually equivalent to the person who otherwise would have received the asset never having received the asset in any manner. Whatever the purpose, it is absolutely vital for a person considering use of such a tool to both act with alacrity and seek experienced legal and tax advice before disclaiming any interest. Since they are irrevocable, this can be a decision that could very well alter one’s well being significantly and should only be undertaken with care and appropriate input. How Do You Disclaim A Gift?If a person chooses not to accept an inheritance, they are said to be disclaiming it. However, the disclaimer would have to be made after the death; if it was made before the testator’s death, it is not effective. If a gift is left to more than one person as joint tenants, a disclaimer can only be made by all of them acting together. A person disclaiming a gift cannot decide who receives the gift instead. If they want the gift to go to a specific alternative person, this should be done by a deed of variation. When a gift is disclaimed, the estate is distributed as if the will had not included the gift at all. A disclaimer cannot be revoked if any other person has acted on the basis of it: once a gift is disclaimed, the beneficiary cannot change their mind, except in very specific circumstances. Once a gift has been accepted, it cannot later be disclaimed. A disclaimer should be formal and made in writing, and the best way of doing this is by a deed of disclaimer. It will simply say, in legal language, that the beneficiary disclaims the gift – i.e. has decided not to accept it. A disclaimer made by deed cannot be revoked. As a deed, it will need to be signed by two competent witnesses. Good practice is that the witnesses should not be people mentioned in the will, or members of the family. A transfer of property from a donor to the receive is a gift, whether the transfer occurs during the donor’s lifetime (inter vivo gift) or after the donor’s death. There are 3 recognized elements to any gift: • the intention to give a gift, • its delivery, • acceptance. A disclaimer is a refusal to accept a gift of inheritance. When an heir or beneficiary disclaims an inheritance, it has the legal effect of the disclaimant predeceasing the decedent or before the property is distributed; the title to the property never passes to the disclaimant. There are 2 primary benefits to a disclaimer: to avoid or reduce taxes and to avoid the claims of creditors. If an heir first took title to the property then gave it to another, the heir may have to claim the inheritance as income and may also be liable for gift taxes after giving the inheritance to someone else. Furthermore, if the next in line after the disclaimant earns less income than the disclaimant and the property earns an income, then income taxes will be reduced for the recipient of the disclaimed property. Hence, disclaimers may reduce tax liability for both parties. Under common law, a disclaimer only applies to probate property, but the modern trend is to extend disclaimers to non-probate property as well. To avoid gift tax liability, the Internal Revenue Service also requires that the disclaimer be a qualified disclaimer, which must satisfy all the following conditions: • a refusal to accept the disclaimed property by the disclaimant must be: irrevocable and unqualified; be in writing: • the disclaimant has never accepted the disclaimed property or any of its benefits, and • The disclaimer causes the disclaimed property to pass—without any direction from the disclaimant—to someone else. • Without a disclaimer, an heir’s creditors could attach the estate property after a default by the heir, and if the heir transferred the property before the creditors attached it, the creditors could have the transfer reversed under fraudulent conveyance laws. Because the disclaimant never takes legal title to the property, the disclaimant incurs no gift tax liability nor can most creditors of the disclaimant reach the property. However, there is an exception when the state or federal government is the creditor, either for taxes or for reimbursement for Medicaid, which is a state-federal cooperative program providing payment for required medical services for poor people. In Troy v. Hart, a Medicaid recipient disclaimed his inheritance, allowing it to pass to his sisters, so that he could continue to qualify for Medicaid. However, the court ruled that it was against public policy to allow such a disclaimer, so it created a constructive trust so that the state can file any claims for reimbursement of Medicaid benefits. A minority of states do not allow an insolvent debtor to disclaim property. Under federal bankruptcy law, a disclaimer is usually effective before the disclaimant files for bankruptcy, but after the filing of bankruptcy and within 180 days of the filing, any inherited property or rights thereof or any other received benefit because of the death of another, such as the proceeds of life insurance, belongs to the bankruptcy estate and not to the heir, and, thus, cannot be disclaimed. Disclaimers and VariationsA beneficiary of an estate, whether by Will or the laws of intestacy is perfectly within their rights to reject their inheritance? Beneficiaries may wish to vary dispositions of property following death in order to redirect benefits to other family members who are more in need or less well provided for and to save tax. In order to do this there are three options: • By Gift: A gift by a beneficiary has taxed consequences if the item has increased in value since the date of death and if the beneficiary dies within 7 years of making the gift. • By Disclaimer: A Disclaimer is a simple deed in which the beneficiary gives up all rights to their inheritance. The inheritance then passes to the next person entitled under the will or on intestacy. With a disclaimer the original beneficiary has no control over who receives the asset. • By Variation: A Variation is often preferred to a disclaimer because it allows the original beneficiary to choose who inherits. Reasons for Disclaiming Property or InterestProperty may be disclaimed for several reasons: because it is unwanted, because it carries heavy liabilities, because of tax reasons or because the intended beneficiary wants to pass the property to another beneficiary. A disclaiming trust may be used as part of estate planning; for example, a married couple may set up a disclaiming trust so that the first spouse to die can pass on his or her assets to his or her originally selected beneficiaries, and not to the new spouse of the surviving spouse, while still providing for the livelihood of the surviving spouse. An heir may disclaim an inheritance in order to pass the bequest on to his or her children, or because he or she does not want the responsibilities of caring for the property, or to avoid paying creditors’ claims on an estate. Utah Probate Code Disclaimer LawyerWhen you need legal help with estate administration, estate planning, probate, or a disclaimer, please call Ascent Law LLC 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
Parental Rights And Responsibilities In Utah Utah Uncontested Divorce Process How Often Can You File Bankruptcy? What Happens If A Married Couple Divorces And Neither Wants Custody Of The Child? via Michael Anderson https://www.ascentlawfirm.com/utah-probate-code-disclaimer/ Utah foreclosures tend to be non-judicial, which means they happen outside of court. Judicial foreclosures, which go through the court system, are also possible. Because foreclosures in Utah are typically non-judicial, this article focuses on that process. Before the bank or servicer (the company that handles mortgage accounts on behalf of the bank) can officially start the foreclosure, it must mail the borrower a notice of intent to file a notice of default. In most cases, under federal law, a servicer must wait until the borrower is over 120 days’ delinquent before officially starting the foreclosure process. To officially start the foreclosure, the trustee (the third party that administers non judicial foreclosures) records a notice of default in the county recorder’s office at least three months before giving a notice of sale. The trustee mails a copy of the notice of default within ten days after the recording date to anyone who requested a copy. (Most deeds of trust in Utah include a request for notice, so borrowers typically get this notification.) “Reinstating” is when the borrower catches up on the defaulted mortgage’s missed payments, plus fees and costs, to stop a foreclosure. Utah law provides the borrower with a three-month reinstatement period after the bank or trustee records the notice of default. Also, the loan contract might give you more time for completing a reinstatement. Check the paperwork you signed when you took out the loan to find out if you get more time to bring the loan current and if so, the deadline to reinstate. When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the foreclosing bank to seek a personal judgment, which is called a “deficiency judgment,” against the borrower for this amount. Other states prohibit deficiency judgments with what are called anti-deficiency laws. In Utah, the foreclosing bank may obtain a deficiency judgment following a non-judicial foreclosure by filing a lawsuit within three months after the foreclosure sale. In order to fully grasp the information in this post, it’s important to understand the basics of a mortgage. Most people say “I’m paying my mortgage.” What they actually mean is that they’re paying their note. The mortgage is the legal instrument that gives your lender the right to foreclose when you don’t pay the note, which is the instrument that evidences the debt. Mortgage and note are two separate things. This is an important distinction because in many jurisdictions, lenders have two ways of getting their money back from a homeowner who has fallen behind: they can either foreclose and sell the property OR try to enforce the note by suing the borrower personally. Sometimes they’ll try doing both at the same time, but not in Utah thanks to the one action rule. In Utah, lenders are prohibited from simultaneously suing for the outstanding mortgage balance and foreclosing at the same time. A judicial foreclosure must take place in the same action as the pursuit of a deficiency judgment. Only after the proceeds from the foreclosure sale have been applied to what owed can a lender is seeking a judgment on the remaining debt. To put it in plain English, when you get behind on your mortgage, your lender must foreclose first; they cannot sue you personally or attach money in your bank accounts before they have foreclosed on your home. Known as the “security first” rule, the law is intended to shield Utahans from multiple harassing lawsuits by lenders. Be aware that the one action rule does not apply in cases where a second mortgage lender’s security interest has been wiped out due to the first mortgage lender foreclosing. The first requirement, that you live in your home, is easy to understand and satisfy. The Utah anti-deficiency law is meant to shield homeowners from deficiency judgments, not investors. If you are the owner of a 100 unit apartment building and live in one of the units, your lender will still be able to seek a deficiency after foreclosure. In this example, you’re obviously a real estate investor. If, on the other hand, you live in your home and rent out an apartment upstairs, your lender cannot seek a deficiency because your home only constitutes two units. The mortgage is the legal instrument that gives your lender the right to foreclose when you don’t pay the note, which is the instrument that evidences the debt. Mortgage and note are two separate things. This is an important distinction because in many jurisdictions, lenders have two ways of getting their money back from a homeowner who has fallen behind: they can either foreclose and sell the property or try to enforce the note by suing the borrower personally. Sometimes they’ll try do both at the same time, but not in Utah thanks to the one action rule. First and foremost, a lender cannot sue a borrower for a deficiency judgment where the foreclosure sale price is high enough to satisfy the outstanding mortgage balance. By definition, a deficiency judgment arises when a home is underwater, the bank forecloses and the sale price is insufficient to pay back the mortgage balance. If your home sells at foreclosure for more than what you owe, there is no deficiency and can therefore be no deficiency judgment. As a practical matter, the scenario where a foreclosure sale completely satisfies the mortgage debt simply won’t apply to most Utah homeowners who are underwater on their property thanks to the national housing downturn. Assuming your home is underwater and you’re facing foreclosure in Utah, we’ll move on to the next important set of facts, which deal with the type of mortgage you have and the size of your property. If a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is limited to and utilized for either a single one-family or single two-family dwelling, the lien of judgment in an action to foreclose such mortgage shall not extend to any other property of the judgment debtor, nor may general execution be issued against the judgment debtor to enforce such judgment, and if the proceeds of the mortgaged real property sold under special execution are insufficient to satisfy the judgment, the judgment may not otherwise be satisfied out of other property of the judgment debtor, notwithstanding any agreement to the contrary. What does this legalese mean? Well, a mortgage is given to “secure the balance of the purchase price” of a home when you take out a mortgage to finance your property. If you’re like most of us and couldn’t afford to buy your home in cash, you relied on mortgage financing to buy your house. If you did, the Utah legislature believes that your lender shouldn’t be permitted to sue you for a deficiency and come after your personal assets after they’ve foreclosed on you. As long as your property is 2.5 acres or less in size and you used mortgage financing to purchase the property, you’re protected from a deficiency judgment. This provision adds an additional layer to the Utah anti-deficiency laws. Foreclosure by power of sale is a quick, inexpensive way for lenders to take back property; however, because there is no judicial oversight, the process is more highly scrutinized by the court. In this regard, Utah law says that a bank can foreclose by power of sale, but if they do they will not be permitted to seek a deficiency judgment. How do you know whether your home is subject to power-of-sale foreclosure? Although Utah allows both judicial foreclosure and power of sale foreclosure, power of sale is the most common. Look at your mortgage documents: If you have a Deed of Trust, your lender is entitled to foreclose by power of sale. It should be noted that the 2.5-acre requirement applies in the power of sale legislation just as it does in other areas. It is important to keep in mind that while Utah’s anti-deficiency laws are consumer-friendly, they are not uniform in application. There are limits to the protections from deficiency a judgment not only to purchase money mortgages and properties that are smaller than 2.5 acres in size, but also requires that the number of dwelling units not exceed two. This limitation was put in place to protect homeowners from deficiency judgments while classifying real estate investors separately from homeowners. A non-recourse loan is one where the borrower isn’t personally liable for repayment of the loan. In other words, the loan is considered satisfied and the lender can’t pursue the borrower for further repayment if and when it repossesses the property. The figure used as the sales price is the outstanding loan balance immediately before the foreclosure of a non-recourse loan. The IRS takes the position that you’re effectively selling the house back to the lender for full consideration of the outstanding debt, so there’s generally no capital gain. The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA) provided that taxpayers could exclude from their taxable incomes up to $2 million in discharged mortgage debt due to foreclosure a nice tax break indeed. Prior to 2007, discharged debt was included in taxable income. Then the MFDRA expired at the end of 2017, so discharged debt was once again considered to be taxable income by the IRS. Fortunately, this provision of the tax code is back again, at least for foreclosures that occur from Jan. 1, 2018 through Dec. 31, 2020. Title I, Subtitle A, Section 101 of the Further Consolidation Appropriations Act of 2020, signed into law by President Trump in December 2019, extends this provision through the end of 2020.5. If you’ve lost your home through foreclosure, you may still be on the hook for taxes. This can happen if the foreclosure sale price is less than the amount you owed on your mortgage or other liens against your home. The extra amount you owe is called the deficiency. If the deficiency amount is forgiven or cancelled by the mortgage lender, then the IRS or state taxing authority might treat the forgiven debt as income, and then you’ll have to pay taxes on it. The same principles apply with short sales. Fortunately, at least through 2013, most people who lost their homes through foreclosure will not face income tax liability. This is thanks to the federal Mortgage Forgiveness Debt Relief Act of 2007. But there are some exceptions, and some people might face capital gains tax. When your foreclosure includes a cancellation of debt, you only have an obligation to report it as ordinary income if you were personally liable for the entire mortgage, despite the security interest your lender takes in the home. This amount will be reported in Box 2 of a 1099-C that the lender will send you. You also need to calculate the capital gain that results from the foreclosure. To calculate the gain, subtract your tax basis in the home generally the purchase price plus the cost of home improvements you make from the home’s fair market value. However, if you’re not personally liable for debt that remains, use the outstanding mortgage balance at the time of foreclosure instead of the home’s fair market value. Similar to a foreclosure, any debt that your mortgage lender cancels because of a short sale is taxable only if the terms of your mortgage hold you personally liable for the full amount of the loan. Regardless of the tax consequences, your lender will report the debt cancellation on a 1099-C form. Through the end of 2019 you may have been eligible to exclude canceled debt from your tax return if it related to qualified principal residence indebtedness and met the requirements of the Mortgage Forgiveness Debt Relief Act. This could have also been applicable to debt that was discharged in 2020 provided that there was a written agreement entered into in 2019. Mortgages include those you obtained to buy, build or substantially improve a home and for which the lender retains an interest in the home until it’s paid off. A longstanding principle of tax law treats any type of debt forgiveness as a financial benefit, even if it comes at the expense of your home. This means that even if you are facing foreclosure you may incur an additional debt to the government, either in the form of Cancellation of Debt Income, or in the form of Gain from Foreclosure. It is up to you to know what exceptions can eliminate the burden of Cancellation of Debt income. For example, debt forgiveness is not taxable if you’re insolvent. If you’re filing for bankruptcy and going through home foreclosure at the same time, you may not need to worry about additional tax liability. There is a distinction between those who can’t avoid foreclosure and those who choose foreclosure as an escape from a bad investment. “The only people I see getting burned by this have significant other investments “They are making a decision to let it go instead of paying for a bad asset.” Goold says there is another, lesser-known exception. The reason it is lesser known, perhaps, is that it is hard to take advantage of. In some circumstances, your bank may be willing to restructure your loan to reduce the principal. The government does not consider this taxable debt forgiveness, and it may just allow you to keep your home. The problem, of course, is that banks might have difficulty seeing the benefit of writing off part of your debt. You may be in a good position to enter this kind of negotiation if your mortgage is with a local community bank where you have personal relationships. If you choose to “short sell” for less than your home is worth, you should be aware that banks will not likely process the transaction immediately. Foreclosure Lawyer Free ConsultationIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Asset Protection For Real Estate What Happens If A Married Couple Divorces And Neither Wants Custody Of The Child? via Michael Anderson https://www.ascentlawfirm.com/post-foreclosure-liability-for-taxes/ They have to share custody or one of them will receive custody. These parents have a child and they are going to be held to care for their child under the laws of the State of Utah. When a married couple makes the decision to pursue a legal separation, they are looking to have a legally recognized transition in their marriage…one that involves similar characteristics and considerations seen in divorce (e.g., custody, visitation, support, property, debt, etc.). Child Custody During SeparationIf the decision to legally separate has been made and the couple has minor children from their marriage, separated parents rights, child custody, visitation rights, and support will have to be addressed. As with divorce, neither parent has the right to deny visitation rights of the other parent from their children, unless a court determines otherwise. When married couples with children separate, they usually fall into one of two scenarios…the first involving separation prior to filing for the legal separation and separation after filing for legal separation. When the spouses decide to separate prior to the filing, both parents have equal visitation rights to visit and spend time with the children without legal restrictions. Even when one spouse moves out and makes no efforts to continue to care for the children in the other spouse’s care, the spouse caring for the children must still afford the same rights and provide better child support while separated, as if the moving spouse was providing continued care. Thus, to change the structure and address parental rights to custody, visitation, and support, a petition for child support and custody will need to be filed. As with divorce, there are times when emergency or temporary order for child custody and visitation as well as support is necessary. When this is necessary, the court can issue orders to address these needs. If you are seeking an emergency court order, you will generally be required to demonstrate that any contact from the other spouse will result in serious risk or harm to the children. Temporary orders, on the other hand, involves establishing child custody and visitation rights and terms until the court has the opportunity to hear the matter and issue subsequent orders. Different types of custody in Utah: • Legal custody • Physical Custody • Sole Custody • Joint Custody When it comes to making the decisions about and for the minor child, the court will assign legal rights child custody to one or both of the parents. These are decisions impacting the child’s environment such as where they will go to school, their religious activities, and medical care. If the court wants both parents to be involved in this decision making process, they will most likely order joint legal custody. On the other hand, if the court feels that one parent should be the decision maker, they will likely order sole legal custody to that parent. When it comes to making decisions about with whom the child will live with, this is known as physical custody. This is distinguishable from legal custody as it focuses on the day to day responsibility of caring for your child. Like legal custody, the court may order joint or sole physical custody and visitation rights for both. In many states, the laws are intended to ensure that both parents are involved with their children after divorce. Thus, absent certain reasons (e.g., criminal history, violence, drug and alcohol abuse, etc.) that may place the child in danger, courts will often look towards a joint physical custody model. If sole physical custody is ordered, the parent with physical custody will be referred to as the custodial parent, while the other parent will be the noncustodial parent. In these situations, the noncustodial parent will have visitation rights. So, in the event of separation and child custody, there will be an agreed to schedule where the noncustodial parent will be able to spend time with their child. Visitation rights in a legal separationIn some visitation schedules, if the noncustodial parent has a history of violence, abuse, or drug and alcohol abuse, there will be some restrictions added to their visitation rights such as they may be required to have someone else present during their visitation time. This is referred to as supervised visitation. The individual overseeing the visitation will generally be appointed by the court or in some situations, be decided by the parents with the court’s approval. If possible, it is generally beneficial if the spouses can decide who gets custody during a separation; negotiate a separation and child custody as well as visitation rights agreement without requiring a court hearing. If both spouses agree to the terms, the court can review the plan, and if accepted, will be incorporated into a custody order and separation legal rights for the estranged parents. Ultimately, the plan will need to be created in the best interest of the children. It is important to understand that every legal separation is different, but that the above information is a general overview of child custody and visitation rights in a legal separation. Laws for child custody and visitation will vary from state to state, so it is recommended that you seek the guidance of a qualified family attorney to ensure that you take the appropriate steps, understand the parental rights during separation and get proper visitation rights so as to protect yourself during the process. While we can’t say that most judges are enthusiastic about granting custody to a parent who is part of an unmarried couple, judges will not necessarily deny custody to a parent solely because the parent lives with someone else, especially when the new relationship is stable and nurturing. Therefore, the decision to live or not live with someone (other than a platonic roommate) while fighting over custody should be decided situation by situation, state by state. Especially if your former spouse is likely to make an issue of it, you should consult with a family law attorney to find out about local practices and prejudices. In all states, child custody and visitation issues are decided according to “the best interests of the child.” This means that the judge who hears the case will consider all evidence before deciding who will provide the better home. Although mothers are more often granted physical custody than are fathers, particularly for young children, there is no longer an automatic preference in favor of women. Today, many men win physical custody of their children. Frequently asked questions about custody and visitation include: • If I live with a man, can my children be taken from me? • If my husband is an alcoholic (or a recently recovering alcoholic), will he be able to get custody of (or visitation with) the children? • I was once arrested for possession of marijuana; does this mean I can’t get custody? • My income comes from Social Security disability and other public programs, while my husband has a well-paying job. Does this mean he’ll get custody of the kids? The answer to all of those questions is, “It depends.” The law doesn’t say that adultery, smoking marijuana, or even being involved in antisocial conduct means you can’t win, or will lose, custody. In addition, the fact that one parent’s income is much larger than the other’s isn’t necessarily a reason the court will use to award the more affluent parent custody. Many factors not just whether or not you’re living with someone else are related to what is in a child’s best interest. The court’s decision will normally favor the parent who will best maintain stability in the child’s life. The way each parent lives can be an important factor when a court decides custody issues. In any given case, the judge may consider one person’s lifestyle to be more in the best interest of the child than the others. In a few states, a judge can use a parent’s cohabitation to deny custody. Courts in a few other states have similarly disapproved of cohabitation and have forced a change in custody, especially where the children were aware of their custodial parents’ intimate conduct. In general, however, the bottom line is that the judge, as a human being, will apply his or her own standards and prejudices when deciding which parent gets custody. Some judges don’t like unmarried persons living together, even though society no longer considers living together the “no-no” it was 30 years ago. Custody Issues If You Have Been Divorced for Some TimeNow suppose you have been divorced for some time and have custody of your children. You want to move in with a new partner, but want to be sure this won’t give your former spouse legal grounds to challenge your custody of your children. The question of child custody can always be reexamined by the court. If a judge finds that it’s in the best interest of your children to change the custody of your kids to the other parent, then the judge can order this. State law varies as to whether a judge can consider your living with someone to be a negative factor in deciding whether or not custody arrangements should be modified. Anatomy of a Contested Custody CaseIn many places, fighting over custody is no longer as simple as going into court with your arguments at the ready. Now, parents with custody disputes usually must attend court-ordered mediation sessions to try to work out a parenting plan, before they’ll be allowed to see a judge. In some places, the mediator will make a report to the judge with a recommendation of how custody should be decided. In others, the mediator simply works with the parents, but doesn’t report to the court afterwards. Some courts may also order an evaluation of the family, which might be performed by a social worker employed by the county or by a private social worker or therapist with training in child custody evaluation. A child custody evaluation will include interviews with parents and the children, background checks, and sometimes psychological testing. Once all the mediation and evaluations are completed, you’ll then have your day in court. The judge isn’t compelled to follow the recommendations of the mediator or evaluator, but as a practical matter most do. If the social worker or mediator recommends that you get custody, you’ve won more than half the battle. If not, you’re at a serious disadvantage, but you can still proceed to the trial, and you may ask the social worker or mediator to come to court to be cross-examined about the report. This is especially important if the report contains factual inaccuracies. At the trial, the judge may ask your children where they want to live. Some judges ask only older children; other judges never ask any children. Most judges will pay little if any attention to the opinion of a child under seven, but will probably respect the wishes of a teenager if the chosen parent is otherwise suitable. Judges also tend to keep brothers and sisters together unless there is a strong reason not to. Keep in mind that a judge has the power to deny custody to both parents. During a divorce proceeding, a judge need not award custody of the children to either the mother or the father if he or she finds them unfit. Instead, the judge can award custody to a relative, a friend, or even the local juvenile court. How to Create a Custody AgreementEven though you may never want to speak to your former spouse or partner again, it is vital for you both to sit down and decide how you will continue to raise your children. Because the two of you know your children best, forming a parenting plan or custody agreement together makes the most sense. Also, it will save you from the risk of a drawn-out court battle. It is common for custody agreements to be much more detailed, covering when parents will spend time with the children, how to handle holidays, vacations, and birthdays, the role of each parent in the children’s education, health care and more. This agreement may serve as a placeholder while you work out the details of a more thorough one. While some parents can make agreements on their own without outside help, many turn to mediators or family law counselors to help them resolve one or more problem areas. Negotiating a Custody AgreementNegotiating a custody agreement that is fair to both you and your former spouse makes great sense. While it may seem impossible, try to put aside your anger and hostility to create a parenting plan that puts your children’s best interests first. Choose a setting that is neutral and prepare yourself by writing a list of all the important factors you want to discuss regarding the custody of your children. Obviously, this will include your children’s living arrangements, education, medical care, and emotional needs. Listen to all the requests your ex makes and be willing to compromise. If you strongly disagree on a particular issue, set it aside and concentrate on the things you can work out. Often, if a spirit of compromise develops over the course of your negotiations, it will extend to solving even your most difficult problems. Some factors are common in the best interest analysis used by the individual states, including: • Wishes of the child (if old enough to capably express a reasonable preference); • Mental and physical health of the parents; • Religion and/or cultural considerations; • Need for continuation of stable home environment; • Support and opportunity for interaction with members of extended family of either parent; • Interaction and interrelationship with other members of household; • Adjustment to school and community; • Age and sex of child; • Parental use of excessive discipline or emotional abuse; and • Evidence of parental drug, alcohol or sex abuse. Divorce Attorney In Utah Free ConsultationIf you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (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
Deficiencies In Utah Foreclosures via Michael Anderson https://www.ascentlawfirm.com/what-happens-if-a-married-couple-divorces-and-neither-wants-custody-of-the-child/ Probate records are those records and files kept by a probate court. The word probate comes from Latin and means “to prove,” in this case to prove in court the authenticity of a last will and testament of someone who has died. In the absence of a will, inheritance laws have provided for the passing on of property, belongings, and assets. Probate courts are under state purview. State probate laws have changed throughout the hundreds of years. The sorts of records to be found in probate documents have changed likewise. Probate laws can differ from state to state however will in general pursue certain general practices. The probate of the home of somebody who has kicked the bucket and has left a will is called testate. The probate of the domain of somebody who has kicked the bucket however has not leave a will is called intestate. Toward the finish of the twentieth century, almost all deaths are followed by probate, if just to set up that there is no requirement for probate procedures. In the event that there is a will, at that point there is an agent of the will. In the event that there is no will, at that point three is a chairman of the bequest. Documents You Might Find in Probate FilesThe documents found in a probate file will vary radically. They may range from a single letter to a sheaf of court and family documents. • a will, if there was one • Most people who are called upon to probate a will have never done the task before. If you have been named the executor or administrator of an estate, you now have a legal duty to the estate’s heirs and beneficiaries. You can be held personally liable for errors and underpayments in the estate. By working with a Utah probate attorney at Ascent Law LLC you will have the guidance and support of experienced legal professionals on your side from the filing of the Petition for Letters Testamentary, which begins the process to the distribution of the assets to the named beneficiaries which ends the process. Probate Law Information1.Identification of Executor/Administrator: After a demise, a nearby relative will more often than not approach with a will. The will more often than not names the individual who is to be the agent of the domain. In the event that there is no will, ordinarily a relative petitions the Register of Wills to turn into the Estate’s Administrator. 2.Filing of Will with the Court: The agent or individual delegate will record a Petition for Grant of Letters Testamentary if there is a Will or Grant of Letters of Administration if there is no Will. 3.Notice of Probate Proceeding: The open must be advised of the passing with the goal that loan bosses can demand installment for obligations. This is finished by promoting the award of letters in a paper of general flow at or close to where the decedent lived, and in a lawful periodical. 4.Inventory and Appraisal of the Estate: The most tedious piece of the procedure for most agents is documentation of the home. This incorporates valuation and gathering of monetary resources, for example, ledgers, venture accounts, last checks and retirement accounts. It additionally incorporates archiving extraordinary obligations. 5.Payment of Outstanding Debts: It’s the activity of the agent to pay any exceptional bills out of the advantages of the bequest. This incorporates the expense of directing the home, memorial service costs, exceptional family unit and restorative costs, loan bosses and charges. 6.Preparation of the Pennsylvania Inheritance Tax Return: The Inheritance Tax Return must be documented and the duty paid inside 9 months from the decedent’s passing. 7.Transfer of property: Once the bills have been paid, and the legacy government form is affirmed and, on the off chance that vital, a bureaucratic Estate expense form documented and endorsed, at that point the rest of the benefits can be moved to the beneficiaries and recipients. A deed to a home might be moved to another proprietor, or a home might be sold. Probate Notices in NewspapersThink about the notification of probate activities. One of my companions was looking into her granddad who had kicked the bucket and left a will. Issue was, the province town hall serving the region where he kicked the bucket required installment for a pursuit of the probate record—and afterward, after she paid, reacted by advising her there was no court case. She knew there was a probate case since her dad had been the agent of the will. So what do you do when an official lets you know there isn’t a case? I recommended she go to papers and search in the lawful notification area. Sure enough, she had the option to discover the probate case—and with a duplicate of that lawful notice, returned to the court assistants who were then ready to furnish her with the document. Probate sees in papers can give you names, dates, and data that you can catch up with at the town hall. On account of these notification from 1908 in Minnesota, the name of the expired, the individual regulating the probate, the judge, and the following court date are recorded. That a few resources, quite grain and steers were underestimated in Swedish inventories is a sign, yet to decide whether the all out estimation of the home was underestimated in the probates, we have to discover a strategy to look at the market costs of the benefits in the probate. The motivation behind why grain and cows have been examined is that it is similarly simple to discover appraisals of market costs for steers and grain individually, while it is significantly more hard for different sorts of things, which in any case could make up an extensive extent of the complete resources of the perished. We along these lines propose to utilize a similar technique found in investigations of US inventories, for example contrasting the probate esteem and the closeout deals cost of the extremely same thing. Probate Lawyer Free ConsultationWhen you need legal help with a probate in Utah, please call Ascent Law LLC 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
Deficiencies In Utah Foreclosures via Michael Anderson https://www.ascentlawfirm.com/how-do-probate-records-show/ |
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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