When a divorce is finalized, both parties are given a final legal document detailing all settlements and arrangements agreed to during the divorce process, including child custody, child support, spousal support, and property division. This document is called a divorce decree, a dissolution decree, or divorce settlement agreement. Unfortunately, not everyone follows their divorce decree as they should. If your spouse fails to abide by the divorce decree after your divorce is final, you could wind up without your rightful properties, child support funds, or alimony payments. Not only is this inconvenient and frustrating, but it could lead to serious financial hardship or issues with your children. If your ex-spouse refuses to follow the divorce settlement agreement, find out what you can do to enforce the court order and protect your rights. A Divorce Decree Is A Legally Binding DocumentA divorce decree is a legal document that establishes all agreements set forth during your divorce. This can include your parenting plan, visitation schedule, child custody arrangement, child support payments, spousal support obligations, and property division. Once the agreement is entered into by the court, it becomes a court order, which is legally binding. By ignoring a court order, the negligent party could face serious repercussions. Disobeying A Divorce DecreeThere are several ways in which a person can disobey their divorce decree, including: Property Division IssuesWhen a couple divides their debts and assets, it’s not likely to happen overnight. Smaller possessions need to be sorted through, and properties may need to be sold or the deeds may need to be altered to reflect the new ownership. Distributing the assets can take time, and it may continue even after the decree is issued. If you still have unfinished business regarding your division of assets, your ex might refuse to give you assets that are rightly yours, or they may attempt to put it off as long as possible. Ultimately, you could wind up without some of the properties, assets, or funds promised to you in the divorce settlement. Problems With Child Custody And VisitationDisobeying child custody and visitation orders can be very troublesome and can take away some of the valuable time you have with your children. In more serious cases, your ex might forbid you from seeing your children, even if the court granted you visitation or joint custody. Even somewhat milder issues, like forgetting about scheduled visits or continually dropping off the children after the agreed-upon time, can be disruptive and problematic. Failure To Pay Spousal Support Or Child SupportManaging your finances after a divorce is usually difficult, especially if your ex fails to pay you the child support or alimony they are required. Even late payments could make it more difficult for you to pay your bills on time, which could affect your credit score, your living situation, and your ability to provide necessities for your children. When your ex continually delays or misses support payments, you have every right to ask the court to enforce the existing orders. Enforcing A Divorce DecreeWhile there isn’t much you can personally do to make your spouse follow the orders in the divorce decree, because it is a court order, you ask a judge to enforce the order on your behalf. (It is also important to note here that you should call the police immediately if your ex-spouse is engaging in criminal or threatening behavior, such as theft, property destruction, or even kidnapping.) First, discuss the issue with your attorney and consider your options. Sometimes, a strongly worded letter from your attorney to your spouse, explaining the legal ramifications of disobeying a divorce decree, is enough to move things along. If the situation doesn’t improve, work with your attorney on the next steps. If you plan to take the issue to court, your attorney will likely advise you to gather evidence of your ex-spouse’s behavior. Collect emails, text messages, account statements, or voicemails that include any amount of proof that your ex has refused to follow the terms set forth in your divorce settlement. Each of these sources can be used as evidence in court. When the judge reviews your case, he or she will decide how best to proceed in order to enforce the agreement. The judge may penalize your ex-spouse in the following ways: How to Enforce a Divorce Decree Through the CourtsA divorce decree is a legally executed document signed by a judge, and is enforceable through the courts. Failure to comply can lead to fines and even jail time. Depending on the facts of the case, the judge will either hold the defendant in contempt, determine a time frame to gain compliance, or amend the divorce decree. The judge may also award penalties and/or attorney costs to the petitioner. Unfortunately, there is no guarantee that a recalcitrant spouse won’t continuously lapse into non-compliance. In some cases, it takes several appearances to gain complete cooperation. What Steps Are Involved in Filing a Contempt Action?• Carefully review your divorce decree: Before you file a motion for contempt, it is important that you carefully reread your divorce decree in order to ensure a violation has actually occurred. You will need to be able to prove that your spouse has willfully violated the order. How to Enforce Court Orders in DivorceWhen a person receives an order in a divorce case, this order is backed up by the power of the court. If a spouse refuses to comply with the instructions included in the court order, there are usually ways to compel the spouse to follow the judge’s instructions. Information Included in Divorce DecreesThe divorce decree may provide a wealth of information regarding the dissolution of the marriage and other subjects. The divorce decree may include information regarding the couple’s children, such as custody, visitation and child support information. It may also include information about spousal maintenance or how certain marital property should be distributed. Reasons for Enforcement NeedsA spouse may need to enforce a court order if the other spouse is not complying with a material provision of the decree. For example, the other spouse may not be paying spousal support or child support. He or she may not be complying with the visitation schedule or parenting plan, such as by refusing visitation or failing to return the child according to the schedule. Consequences of Being Found in ContemptIf the spouse is found guilty of contempt, the judge can punish him or her for not following the decree’s directions. For the first offense, the judge may let the noncompliant spouse off with a warning. However, the judge usually has the discretion to order sanctions against the noncompliant spouse, such as being required to pay for the moving party’s court costs or attorney’s fees. The judge may also be able to order the noncompliant spouse to be subject to a new parenting plan or to provide additional time with the children that the moving spouse lost due to the noncompliance. The spouse may be ordered to serve time in jail in some cases. If the case involves money, the judge may order a lien against the noncompliant spouse’s property or the interception of business funds or a tax refund. This final order may Can I change the child support amount?You can try. Either parent can file a motion to change the child support amount if the case meets certain conditions, such as When should I get a lawyer?You may want one if either of these is true: Make sure you have the info you may need to take collection action if your ex does not pay. You may need: Common Reasons To Request Enforcement Of The Divorce DecreeOften divorcees are left not knowing what to do when their ex-spouse has failed to live up to their obligations defined within the divorce decree. The following are examples of things you can enforce against: Securing The Terms Of Your Divorce JudgmentPost-divorce, you may plan your life in reliance on the terms of your divorce decree. For example, dependent spouses rely on alimony, custodial parents rely on child support and non-custodial parents rely on compliance with their visitation schedules. So, when an obligated ex-spouse fails to fulfil the terms of the divorce decree, innocent parties suffer. If your ex-spouse is delinquent on payments or disruptive to your parenting time, you can petition the court for assistance. Enforcing child support and alimony orders in UtahAn ex-spouse, who is obligated to make child support or alimony payments, may mistakenly believe they can stop or reduce their payments unilaterally because their income has changed. However, this is not the case. A child support/alimony modification attorney can petition for a change, but the order remains binding until a court officially changes it. Meanwhile, the delinquent obligor is in violation a support order, which invites additional penalties, including fines and jail time. In Utah, a dependent spouse or custodial parent can enforce a support order by filing a motion for an order to show cause with the help of a post-divorce enforcement lawyer. The obligor must then appear before the court to explain the violation. In many cases, a delinquent obligor will quickly become compliant to avoid facing a judge. In other cases, your post-divorce enforcement lawyer may need to argue for you at the hearing. This is especially true if the obligor asserts an inability to pay or denies that a violation occurred. In these instances, an experienced attorney can present compelling evidence and a strong argument on your behalf. Enforcing A Divorce Decree LawyerWhen you need legal help to enforce a divorce decree in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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What Is The Income Limit For Chapter 13 In Utah? Why Moving Out Is The Biggest Mistake In Divorce? Estate Planning For Same Sex Couples Enforcing Electronically Signed Construction Contracts What Is An Exempt Offering Document? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/enforcing-a-divorce-decree/
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The disclosure document that provides financial and nonfinancial information related to the entity issuing the exempt offering (or in the case of a franchise offering, the franchisor) and the offering itself. Exempt offerings are made pursuant to federal or state securities laws and regulations or pursuant to federal or state franchise laws and regulations, including, in each case, the antifraud provisions thereof.1 Exempt offerings include, but are not limited to, the following: Exempt OfferingSecurities offering that does not require a registration statement to be filed with the Securities and Exchange Commission. Exempt offerings include Regulations A, D, and intrastate offerings. Exempt offerings differ from registered offerings, as typically there are no laws or regulations requiring auditors to undertake procedures related to an exempt offering document or prohibiting the issuer from including the auditor’s report without obtaining the auditor’s permission. In some cases, the engagement contract between the auditor and the entity will require the auditor’s permission to be obtained. Instead, an indirect system of regulation exists for exempt offerings. The SEC imposes certain regulatory requirements on the underwriters of exempt offerings, related to the entity’s disclosure at the time of issuance as well as after issuance. For example, municipal securities offerings are subject to primary market disclosures at the time of sale, which are made by issuing an official statement. In addition, the underwriter must obtain a covenant from the issuer that after issuance, the issuer will provide disclosures to the market throughout the life of the securities. Known as “continuing disclosures” or “secondary market disclosures” throughout the life of the securities, these disclosures include financial information—including audited financial statements—and material events notices. Official statements and continuing disclosure statements are filed electronically with the Electronic Municipal Market Access (EMMA) system maintained by the Municipal Securities Rulemaking Board. The investing public can obtain information free of charge through EMMA. SAS on Exempt OfferingsScope of This Statement on Auditing Standards o Securities, when either the transaction or the securities themselves are exempt from registration under the Securities Act of 1933, as amended (Securities Act of 1933) What Constitutes “Involvement”?The SAS outlines when the auditor is involved in an offering as well as the required procedures. The auditor is considered involved if both of the criteria below are met: Involvement RequirementsThe auditor is involved with an exempt offering document and should apply the requirements of this SAS in connection with an exempt offering document when both of the following conditions exist: o Reading a draft of the exempt offering document at the entity’s request When are auditors ‘involved’?An auditor’s involvement with an exempt offering document is established under SAS No. 133 if both of the following occur: What if the Auditor Doesn’t Know about an Exempt Offering?In most exempt offerings, the entity making the offering may use the auditor’s report without discussing it with or obtaining permission from the auditor. Therefore, the SAS outlines triggering activities so that auditors would not unknowingly find themselves subject to this standard. The auditor has to take an action related to the offering to be involved (see paragraph 8(b) of the SAS). If a client issues an exempt security using the auditor’s report without making the auditor aware, the auditor would not have met any of the triggering activities, and therefore would not be considered involved. As part of their risk management process, some firms may include a requirement in the terms of their engagement for clients to alert them when they are going to market. This engagement clause would not in and of itself constitute involvement. However, if a client alerts the auditor about including their report in the offering and, for example, asks the auditor to give the offering document a read, issue a comfort letter or take part in any of the other stated triggering activities, the SAS’s requirements apply. Auditor’s responsibilitiesWhen the auditor is involved with an exempt offering document, the auditor should do the following: o Whether any events have occurred subsequent to the date of the auditor’s report that would require adjustment to, or disclosure in, the financial statements. Exempt Securities LawyerExempt securities are financial instruments sold by publicly-traded companies or the government to investors. The revenue from the sale of securities is used as a means of raising capital. Many of these instruments must be registered with the SEC and abide by the provisions of the Securities Act of 1933. In short, the Securities Act of 1933 does a couple of things. It requires that a publicly held company disclose full financial information and that the information is truthful. However, not every security issuance must register with the SEC. Certain types of securities can be granted an exemption from full filing requirements. Exempt securities, under Section 4 of the Securities Act of 1933, are financial instruments that carry government backing and typically have a government or tax-exempt status. Securities that do not need to be registered with the SEC under the Security Act of 1933 or the Securities Exchange Act of 1934. Examples of exempt securities include small issues, agency securities, most other debt instruments issued by the federal or a local government, and issues made only in a single state. Private placements are also usually exempt from registration. Securities Exempt from RegistrationThere are many securities which are exempt from the Securities Act of 1933—requiring neither registration nor a prospectus. There are several reasons why securities may be exempt from registration requirements: Exempt Transaction AttorneyAn exempt transaction is a type of securities transaction where a business does not need to file registrations with any regulatory bodies, provided the number of securities involved is relatively minor compared to the scope of the issuer’s operations and that no new securities are being issued. Exempt securities are the instruments used that the government backs, which have tax-exempt status. An exempt transaction is a securities exchange that would otherwise have to register with the Securities and Exchange Commission (SEC) but does not because of the nature of the transaction in question. Securities Lawyers In UtahWhen you need legal help with securities law 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
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How To Legally Get Out Of A Contract In Utah? What Is The Income Limit For Chapter 13 In Utah? What Do I Need To Bring To My Bankruptcy Hearing? Can A Parent Lose Custody Because of Drug Abuse? Why Moving Out Is The Biggest Mistake In Divorce? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-is-an-exempt-offering-document/ The gut reaction for many people who are going through divorce is to leave the home they share with their soon-to-be ex immediately. While the temptation is obviously great and no matter how easy it is to justify, convincing yourself that moving out will definitely cut down on conflict and should certainly make the divorce easier; be sure to stop, think of the ramifications and consult your attorney before you make such a major decision. In certain situations, leaving the home can severely hurt your case. There are several important factors to consider before you pack up and move out, on both the financial side and dealing with custody if you have children. For most marriages, the marital home is the largest asset. As long as the home was purchased while the couple was married, it is generally considered part of the marital estate and the value should be split. This may make it feel safe to leave, since so long as your name is also on the deed and mortgage, you don’t risk losing out on your share of the value in the home. However, moving out prematurely can lead to other financial complications. If the primary earner (or whoever pays most of the utilities, mortgage and bills) for a household is the one moving out early, some states can institute a “status quo order.” This requires the party to continue paying the marital bills as they did before the divorce, which could lead the person to pay two sets of bills on the same income as they did for one. On top of legal fees, this can be a devastating financial blow that is completely avoidable if you just find a way to continue living in the marital home while the divorce is under way. Additionally, problems are compounded significantly when children get involved. When you are living in the same home, you have daily interactions with you children, but when you move away, you inherently have less time with the kids. It is imperative that you have an agreed upon, and preferably court ordered, placement schedule established prior to either party moving from the residence. Without an official schedule, you could wind up in a situation where the first person to daycare or school gets the kids; which is a horrible position to put your kids. You are stooping down and playing dirty, but it becomes necessary just so you can see your kids. Lacking scheduled and evenly split time with children can also lead to expensive payments and issues gaining fair custody after the divorce. If the parties do not agree on a temporary parenting plan and one party moves out of the house, they risk being denied parenting time, which will end up being a costly battle. Additionally, they can frequently end up stuck with child support payments before the divorce is finalized because they have less overnight time with the kids. One of the very first steps guys make during the divorce process is often their biggest mistake. Your wife tells you she wants a divorce. You’ve been fighting constantly for months, and while you’d love for this to work, you’ve also reached your breaking point. It would probably be best for all parties involved, kids included, for you to pack your suitcase and go stay somewhere else for a few days, right? Even you agree it’d be healthy to get out of this environment. While common sense might tell you that this is a good idea, this decision can often do more to derail your divorce case than anything else. Custody ProblemsFirst and foremost, moving out can cripple your chances of gaining custody of your children. You need to know that having moved out, they may have limited the available strategies and increased the necessary effort and expense in pursuing custody. When determining custody, courts across the United States use some variation of the “best interests of the children” analysis. A court considers a number of factors when making this determination, including parental involvement. Generally, children remain in the marital home during the divorce process. So when you decide to leave, you’re immediately limiting the parenting time you’ll have with them. It also becomes easier for your soon-to-be ex to cut off access to your kids. Before long, a new status quo is established that could be transitioned into a temporary court order that will last until the divorce is settled and can potentially affect the final decree. At that point, the only way back in to the house is to prove that you are the primary caregiver of the kids or an equal partner with your wife in parenting, which can be difficult to prove in court. Since the divorce process can last months, or even a year or two, this “temporary” arrangement can last a lot longer than you might have anticipated. If the arrangement has been in place for some time when the judge goes to decide who gets the kids, they might decide that everything seems to be working and see no reason to change it. Even if you don’t have children, moving out during the divorce can have costly ramifications. A divorce in and of itself can be one of the most expensive decisions you ever make that can affect your finances for years to come. Before and during divorce, it is nearly impossible to estimate how much everything is going to cost you. By moving out of the marital home, you’re potentially adding even more to your financial burden. If you are the primary earner in your household and you decide to move out while the divorce is pending, the court might require you to continue covering your wife’s living expenses as well. Some states can authorize a “status quo order,” which requires the party to continue paying the marital expenses as they did before the divorce. If you move into a new home or apartment, that means you’re going to be doubling your living expenses by maintaining two households. And if your spouse has a lower paying job, you could be ordered to pay her temporary spousal support so she can maintain the comfortable lifestyle she is used to. Returning to the HomeWhile laws vary by state and jurisdiction, there is a chance that it might not be too late to return to the home if you’ve already left. In many states, once one party has filed for divorce and served the other party, the case is frozen and the people and property must stay in the same place until the case is settled. If you’ve yet to be served, however, then both parties are presumed to have equal access to the residence until the court says otherwise. That means you have the right to return to the home even if you already left. If this is the route you choose to take, be careful about reentering the home. Don’t barge back in like a king, but try to go back when no one else is around to avoid causing a scene. If at all possible, try to naturally resume the roles you each played before you left. There’s a chance your wife will have changed the locks on the house. In that case, you can call the police. They’ve likely dealt with issues like this and might help you back in like a homeowner who accidentally locked himself out of the house. Living with your SpouseUnfortunately, while it might benefit you legally, remaining in the home with your wife during divorce can be extremely unpleasant, particularly if the breakup is a contentious one. How do you coexist?If at all possible, try to have a calm and mature talk with your wife about the situation. Let her know that you intend to stay in the home until the divorce is final and that you want to do whatever you can to make the situation as comfortable as possible for you both. It’s in yours and hers best interest to avoid constantly fighting, especially if kids are in the house. Try to come up with a fair and balanced budget to determine who will pay for various household items and divide the bills up proportionally to your incomes. Respect each other’s personal space and try to establish a routine that you’re both comfortable with. This is only a temporary arrangement so you both should try to make the best of it. While attorneys recommend doing whatever you can to stay in the home, situations could arise where you feel it is worth the risk to leave. When a divorce turns ugly, a spouse will go to drastic measures to force the other out of the house. Your wife might start so many arguments that she finally pushes you past your breaking point and you feel you just have to leave. It also is not uncommon for one party to blatantly lie about domestic abuse. Emergency protection orders, which are used to forcibly remove one party from the home to avoid the risk of mental or physical abuse, require a very low burden of proof and are often utilized as a tactical weapon to get a leg up in the divorce proceedings. Rather than battle those false claims, you might feel it is best to leave and avoid that situation entirely. (Although you should consult with your attorney before doing so). First and foremost, make sure you have copies of all financial documents that could be relevant to your case. This includes tax returns, pay stubs, credit card statements, mortgage documents, etc. If you lose access to those documents, they can still be recovered through the discovery process, but that will add to the cost of your case. You’ll also need to take an inventory of the contents of your home through photographs or video. Make sure all valuables her jewelry, your baseball card collection, etc. – are documented. Once you leave the house, your wife has possession of everything in it. You don’t want any of these items to suddenly disappear during the divorce process. Without photographic or video evidence, it can be hard to prevent your wife from taking whatever she wants before the marital assets are divided. Finally, when deciding where you are going to live in the coming months, keep your kids in mind and how that decision will affect your odds of getting custody. If you hope to remain in their lives, you’ll probably need to live nearby and in the same school district. If you want them to live with you, you need to be able to provide them with similar living conditions that they are used to. That means providing a stable, clean, and comfortable environment and not just crashing on your buddy’s couch. It’s understandable during this time that you just want to escape and start the next chapter of your life as soon as possible. But odds are you’ll be better in the long run staying in the marital home until your divorce is finalized. One reason many people give for not wanting to move out is that they fear that they will be “abandoning” any claim to the marital home. You do not give up your legal right to be awarded the marital home in the divorce if you move out beforehand. That said, courts are generally inclined to preserve the status quo in divorce cases. So if you want to live in your marital home, but you move out during the divorce, it’s somewhat less likely that the court will turn your spouse out of the home and reinstall you there. If you have kids, there is another reason to stay put if you can. Most of the time, the parent who stays in the marital home stays there with the children. If you leave, as a practical matter, you may end up seeing your children less during the divorce, and possibly in less comfortable circumstances. And, of course, if you are seeing your kids less during the divorce, there is a possibility that the court will continue whatever pattern you’ve established after the divorce. Last, but not least, is the financial burden of moving out of the house during your divorce. If you move out, you will probably need to spend money on housing, unless you move in with family members (which may be less-than-ideal). Just because you have to pay for a new place, however, doesn’t mean you are going to get out of paying for the old one. And if you are the primary breadwinner, you may wind up paying the mortgage and utilities on a place you don’t get to live in. If that seems like a bitter pill to swallow, you may want to dig in your heels and stay put. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Happens If You Don’t Probate A Will? How To Legally Get Out Of A Contract In Utah What Happens If My Bankruptcy Case Is Audited? What Is The Income Limit For Chapter 13 In Utah? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/why-moving-out-is-the-biggest-mistake-in-divorce/ When debts become overwhelming, many people seek one of two types of bankruptcy for relief, depending on their income and needs. For instance, people with little income remaining at the end of each month and minimal assets usually choose to file for Chapter 7 bankruptcy, the chapter that wipes out (discharges) qualifying debt in four to six months without the need to repay creditors. By contrast, people who earn a significant income or who want to protect valuable property will file for Chapter 13 bankruptcy. In exchange for debt relief, these filers pay their discretionary income to their creditors over the course of a three- to five-year repayment plan. In this article, you’ll learn about how the overall Chapter 13 process works. Chapter 13 Eligibility In UtahChapter 13 bankruptcy isn’t for everyone. Here are a few requirements you should know upfront. Mandatory Courses and Filing Fees In UtahWhen you file your official bankruptcy forms with the court clerk, you’ll pay a bankruptcy filing fee and present a certificate demonstrating that you received the mandatory credit counseling education from an agency approved by the United States Trustee’s office. The session helps evaluate whether you have sufficient income to repay your creditors. You’ll take a second “debtor education” course after filing your case. You should expect to pay a fee of between $25 and $35 per course because while providers must provide counseling for free or at reduced rates if you cannot afford to pay, Chapter 13 filers rarely qualify for the discount. You’ll find a list of approved credit counseling and debtor education agencies on the U.S. Trustee’s website. The Chapter 13 Repayment Plan In UtahThe central part of your Chapter 13 case is the repayment plan that you’ll propose to your creditors and the court. Amongst other things, the plan must take into account each of your debts. You’ll use either the official plan form or your court’s local form, depending on where you file. Your creditors and the bankruptcy trustee will have an opportunity to object to your plan. If you’re able to make changes to everyone’s satisfaction, the court will likely approve (confirm) your plan at the confirmation hearing. You won’t wait until plan confirmation to start paying your monthly payment, however. Your payments will begin the month after you file. The Bankruptcy Confirmation ProcessThe various bankruptcy chapters provide a filer with two types of bankruptcy relief: liquidation and reorganization. In a Chapter 7 bankruptcy, the bankruptcy trustee; the official tasked with overseeing the case—will sell nonexempt property (property that the debtor can’t keep) and distribute it to creditors. By contrast, in a Chapter 11 or Chapter 13 reorganization, the trustee doesn’t sell the debtor’s property. Instead, the debtor must develop a plan to repay creditors over a period of time. Most plans will include provisions that allow the debtor to pay creditors less than the amount owed. Before the plan goes into effect, the bankruptcy court must approve or confirm it at a confirmation hearing. Creditors will have an opportunity to object to the plan beforehand. Although the repayment length will depend on how much you earn, most filers will have a five-year plan. The only exception is that a three-year plan is available to people who qualify to file a Chapter 7 case but choose to file a Chapter 13 bankruptcy instead, perhaps to save a house or car, or to pay off a priority debt, such as child support arrearages or taxes. Even so, because the monthly payment will often be significantly lower over five years, it’s common for filers to opt for the more extended plan—primarily because it increases the likelihood that the court will confirm the plan. If You Can’t Make Plan PaymentsA lot of financial changes can occur over the course of your plan. But that doesn’t mean you’re out of the plan automatically. If, for example, your income decreases, you might be able to modify the amount being paid to your unsecured creditors. If, however, you can’t pay a required debt, the court might let you discharge your debts due to hardship. Examples of hardship would be a sudden plant closing in a one-factory town or a debilitating illness. If neither options are feasible, you might be able to convert (switch) to a Chapter 7 bankruptcy. Keep in mind, however, that there’s a good chance that you’d lose your nonexempt property. The other option is to dismiss your Chapter 13 bankruptcy case. The downside to this approach is that you would still owe your outstanding debt balance, plus any interest creditors didn’t charge during your Chapter 13 case. Required Information to Submit When Filing Chapter 13To complete your petition, you must collect the following information: Qualifying for Chapter 13 BankruptcyThe benefit of this chapter is that you repay some of your debts but usually not all over the course of a three- to five-year repayment plan. But before the court confirms (approves) your plan, you must fill out the official bankruptcy paperwork and prove that you are: Your Income Tax Filings Must Be CurrentTo file for Chapter 13, you will have to submit proof that you filed your federal and state income tax returns for the four tax years prior to your bankruptcy filing date. If you need some time to get current on your filings, the court can postpone the proceedings (but you don’t want to count on this). Ultimately, however, if you don’t produce your returns or transcripts of the returns for those four years, your Chapter 13 case will be dismissed. You Must Have Sufficient Disposable IncomeTo qualify for Chapter 13, you will have to show the bankruptcy court that you will have enough income, after subtracting certain allowed expenses and required payments on secured debts (such as a car loan or mortgage), to meet your repayment obligations. Your plan must pay back certain debts in full, or the judge will not confirm (approve) it and allow you to proceed. Why File for Chapter 13 Bankruptcy?It’s true that many people prefer to file for Chapter 7 bankruptcy because it doesn’t require the filer to pay back creditors. But some debtors simply don’t qualify. Others, however, choose to file for Chapter 13 bankruptcy because it provides options that Chapter 7 doesn’t offer, making a Chapter 13 case the better choice. You won’t qualify for Chapter 13 bankruptcy if your secured and unsecured debt exceeds certain amounts. A debt is secured if you stand to lose specific property if you don’t make your payments to the creditor. Home loans and car loans are the most common examples of secured debts. But a debt might also be secured if a creditor such as the IRS—has filed a lien (notice of claim) against your property. An unsecured debt doesn’t give the creditor a right to take a particular piece of property. Most debts are unsecured, including credit card debts, medical and legal bills, back utility bills, and department store charges. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Will Swinging Ruin My Marriage? What Happens If You Don’t Probate A Will? How Often Are Convictions On Appeal Overturned? Eviction Lawyers For Landlords How To Legally Get Out Of A Contract In Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-is-the-income-limit-for-chapter-13-in-utah/ The truth is most of the time you can’t get out of a contract. The court’s job is to enforce contracts. A contract is a legally binding agreement that places mutual obligations on the involved parties. It usually requires an offer and an acceptance of the offer by parties who are lawfully deemed competent to enter into this type of agreement. A contract is a serious promise, and there can be serious consequences if the contract is intentionally or unintentionally broken. Some of the most common cases in today’s small claims court likely involve some kind of contract breach. if you need to know how to get out of legally binding contracts, you need to know that there are legal ways to void contracts that you’ve signed. It just depends on how the contract was written because, contracts are written or oral agreements, they are typically enforceable by law. There are some circumstances where you can break a contract. These include actions (or lack of actions) in fulfilling the commitment and any statutes intended to protect consumers. There are many reasons you may want or need to terminate a contract. A contract may be terminated if certain conditions have changed since the contract was created. Some contracts may also be voided if the contract was never legal in the first place. If you decide to terminate a contract, you should make sure that the termination will result in the least amount of damages for you. Breaking out: How to legally end the contractUnconscionable agreementThe first step in getting out of a contract is to re-examine the initial agreement. Pull out a copy of your lease, membership agreement or loan paper work, and look closely at the language. In many cases, conditions for cancelation are included. Moreover, the legal system seriously frowns upon contracts that heavily favor one side and these agreements are called ‘unconscionable’ and contain terms so outrageous that they ‘shock the conscious. Misrepresentation or FraudFraudulent misrepresentation is a civil tort arising out of contract law. It is a false statement of fact that causes or induces someone to enter into a contract. A defendant commits fraudulent misrepresentation when he or she lies or misrepresents an important fact about in order to cause or induce the other party to enter into a contract. The misrepresentation can be in the form of anything that is designed to deceive the other party including innuendos, half-truths, or silence when there exists a duty to speak. Contracts depend on clear expectations, definite terms and a transparent subject that spells out all the details. Generally, in order for an action for misrepresentation to proceed, the statement at issue must be one of present or past fact. Although there are exceptions, statements of opinion and statements which are made about the intention of a party or occurrence of some event in the future do not constitute the tort of misrepresentation. So therefore, contracts can be terminated. Invalid ContractIn the first instance, a party who wishes to get out of a contract can do so if there is no valid contract—there was no offer, acceptance or consideration. Infirmed CapacityThere are various situations in which a contract can become invalid, void or enforceable. An example of such is a contract that does not follow any of the three requirements needed to be valid, which will cancel or declare them invalid in the name of the law. You want to also take caution against illegal agreements in business law. Other circumstances that can create an invalid contract include: Undue DuressAlso known as duress also encompasses the same harm, threats, or restraint exercised upon the affected individual. Duress is distinguishable from Undue Influence, a concept employed in the law of wills, in that the latter term involves a wrongdoer who is a fiduciary, one who occupies a position of trust and confidence in regard to the testator, the creator of the will. Duress also exists where a person is coerced by the wrongful conduct or threat of another to enter into a contract under circumstances that deprive the individual of his or her volition. ImpossibilityThe parties typically enter into an agreement because they believe they can fulfill the promises contained in the agreement. However, if something beyond the control of the parties makes it impossible to complete, then the contract may be voided by the court. A contract can be ended early in the case of impossibility. This situation arises when one party’s duties have become impossible to fulfill, not from any action on the person’s part If property necessary for the fulfillment of the contract is stolen and can’t be replaced, then the contract is impossible to perform. However, if you destroyed the necessary piece of property yourself so you can get out of the contract, then impossibility doesn’t apply and you’ll still be liable in a lawsuit. Termination ClauseMany types of long-term and automatically renewing contracts have a termination clause. This gives you the steps you need to take if you want to terminate the contract. If you know you want to terminate a contract, contact the other person involved in the contract. Attempt to negotiate an end to the contract. You and the others involved can cancel the contract by mutual agreement at any time. A common termination clause says that the person who wants out of the contract must notify the others involved of his intent to do so. This must be in writing and within a certain number of days from when they want to end the contract or when it will be automatically renewed. Termination clauses may include fees for early termination. Be sure you are willing to pay the penalty before using the clause and terminating the contract. Frustration or ImpracticabilityContracts can also be terminated on the basis of frustration or impracticability, but these conditions can sometimes be tougher to prove in court. Impracticability is a situation when fulfilling the contract is completely unreasonable. Frustration means that the contract’s overall purpose has been shot down. This means the contract’s lost all its value due to something that happened outside of either party’s control. If any of the events that causes the impracticability or frustration were foreseeable, meaning one of the parties could predict they would happen with reasonable certainty, then these may not be grounds for ending the contract without liability. Frustration of purpose occurs when the reason behind entering a contract goes away. To be able to terminate a contract based on frustration of purpose, the purpose of the contract must be known by all parties involved. You may be able to terminate the sub-lease contract if the other party involved was aware that your purpose for the sub-lease was right. Identify a failure of conditionIf one party fails to fulfill his end of a contract, that lack of performance may allow the second party to terminate his end of a contract. Completion of the contractA contract is essentially terminated once the obligations outlined in the contract are completed. Parties should keep documentation showing that they fulfilled their contract duties. Documentation is helpful if the other party tries to later dispute the fulfillment of your contract obligations. A court of law will require proof of contract fulfillment if a dispute occurs. Rescission of the ContractA rescission of a contract is when a contract is terminated because an individual misrepresented themselves, acted illegally or made a mistake A contract rescission may take place if one party is not old enough to enter a contract or if a elderly person is not able to make legal decisions because of incapacity. UnconscionabilityIf you find yourself in court, this could be used as a defense if you can show the court that one of the parties maintained significant bargaining power over the other, so the weaker party was unable to effectively bargain or negotiate the terms of a contract or otherwise have a choice. Lack of SpecificityVague or ambiguous contracts are very dangerous. In Utah, the general rule is that extrinsic evidence may not be introduced to prove terms of a contract (this is called the “parole” in contracts). However there are many exceptions to this rule, and if a contract lacks any specific terms a court may declare the contract void unless extrinsic evidence can help the court obtain the true intention of the parties. Right of RescissionSome contracts allow you to opt out without any consequences if you do it within three days of signing. In Utah, for instance, you can rescind a contract for the sale of more than in goods you purchased somewhere other than in the seller’s place of business. If you want to get out of a contract, don’t despair. These are various number of potential ways to extricate yourself from an unwanted contract. This will take some time and effort, but a good contract lawyer can guide you on all of the above points. Contract LawyerWhen you need a contract lawyer on your side, 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
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What Is The Income Limit For Chapter 7? How Long Does It Take To Fill Out Bankruptcy Papaerwork? Will Swinging Ruin My Marriage? What Happens If You Don’t Probate A Will? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/how-to-legally-get-out-of-a-contract-in-utah/ Probate is the court-supervised process of authenticating a last will and testament if the deceased made one. It includes locating and determining the value of the person’s assets, paying their final bills and taxes, and distributing the remainder of the estate to their rightful beneficiaries. When a person dies with a will, they typically name a person to serve as their executor. The executor is responsible for making sure that the deceased’s debts are paid and that any remaining money or property is distributed according to their wishes. It’s not uncommon for wills to be written years before a person die. Once death occurs, the executor should file the will in court to begin the probate process. But it’s not always that simple. Sometimes an executor dies first. Or an executor can decide they no longer want the job. So, what happens if you do not probate a will? State Probate Filing LawsYou aren’t required to serve as the executor of a will, even if you made a promise to the deceased that you would. This doesn’t mean you can stick the deceased’s will in a drawer and forget about it. Most state require any person in possession of an original signed will to deposit it at the court of the county where the deceased resided. Filing deadlines vary by state, range from 30 days to 3 months. Probate Penalties to the Personal RepresentativeFailing to file a will within the time required by the state can have serious consequences. Although failure to file by itself is not a criminal violation, in most states this subjects the person to a lawsuit by someone who was financially hurt by the failure to file. For example, in Utah the law says that anyone who willfully failed to file a will with the court is liable to any injured party for the damages resulting from the violation. Criminal liability could occur if the failure to file a will is coupled with intent to conceal the existence of the will for financial gain. For example, your father decided to leave his entire estate to a favorite charity and left you nothing. You decide not to file his will. The laws of intestate succession allow you to inherit your father’s entire estate. In this instance, a failure to file the will would likely expose you to criminal liability. Probate Creditors’ Claims and Insolvent EstatesWhen people die, it’s common to have unpaid bills. Opening probate cuts short the amount of time a creditor has to claim against the estate. A creditor must file their claim within four months from the date an executor or personal representative is officially appointed. A creditor’s claim may be rejected by the executor if it is filed late. When probate is not opened, a creditor has one year to file suit against the estate. It is common for a will not to get filed when the deceased’s estate is insolvent, meaning there are more bills that money. In general, relatives and friends have no legal obligation to do anything to pay the debts, to communicate with creditors, or open a probate. So, the simplest solution is to file the will and walk away from the problem by not opening probate. Transferring Title to Property In ProbateImagine if a friend passed away leaving a prized classic car in her will. Your friends had few other assets. Since the estate is small, it’s likely exempt from probate. Remember, probate is processes that transfer legal title of property from the estate of the person who has died to their beneficiaries. Fortunately for you, most states have a streamline processes for transferring title in small estates. The process is generally referred to as “transfer by affidavit” and may be used to collect personal property of the deceased without probate. State law will set the maximum fair market value of the deceased’s entire estate that can pass in this manner. You will still likely need to produce the will to show your legal right to inherit the car. A Will May Not Require ProbateProbate isn’t always necessary. People frequently don’t bother to file a will if there is no apparent need to open probate because the person left nothing of the value or because all items of value were put into a trust, a joint account or some other form designed to avoid probate. Remember, there is a difference between filing a will and opening probate. Even probate seems unnecessary, the will must be filed. It’s not that unusual to discover property belonging to the deceased years after their death. And some states, allow probate to be opened decades after a person has passed. In such an instance, the will would allow the newly discovered assets to be distributed. Each state has specific laws in place to determine what’s required to probate an estate. These laws are included in the estate’s “probate codes,” as well as laws for “intestate succession,” when someone dies without a will. In cases where there is no will, probate is still required to pay the decedent’s final bills and distribute their estate. Authenticating the Last Will and TestamentMost states have laws in place that require anyone who is in possession of the deceased’s will to file it with the probate court as soon as is reasonably possible. An application or petition to open probate of the estate is usually done at the same time. Sometimes it’s necessary to file the death certificate as well, along with the will and the petition. Completing and submitting the petition doesn’t have to be a daunting challenge. Many state courts provide forms for this. If the decedent left a will, the probate judge will confirm it is valid. This may involve a court hearing, and notice of the hearing must be given to all the beneficiaries listed in the will as well as the heirs, those who would inherit by law if no will exist. The hearing gives all concerned an opportunity to object to the will being admitted for probate, maybe because it’s not drafted properly or because someone is in possession of a more recent will. Someone might also object to the appointment of the executor nominated in the will to handle the estate. To determine if the submitted will is the real deal, the court relies on witnesses. Many wills include so-called “self-proving affidavits” in which the decedent and witnesses sign an affidavit at the same time the will is signed and witnessed. This is good enough for the court. Lacking this, however, one or more of the will’s witnesses might be required to sign a sworn statement or testify in court that they watched the decedent sign the will and that the will in question is indeed the one they saw signed. Appointing the Executor or a Personal RepresentativeThe judge will appoint an executor as well, also sometimes called a personal representative or administrator. This individual will oversee the probate process and settle the estate. The decedent’s choice for an executor is typically included in the will. The court will appoint next of kin if they didn’t leave a will—typically the surviving spouse or an adult child. This individual isn’t obligated to serve. They can decline and the court will then appoint someone else. The appointed executor will receive “letters testamentary” from the court—a fancy, legal way of saying they’ll receive documentation allowing them to act and enter into transactions on behalf of the estate. This documentation is sometimes referred to as “letters of authority” or “letters of administration.” Posting BondIt might be necessary for the executor to post bond before they can accept the letters and act for the estate, although some wills include provisions stating this isn’t necessary. Bond acts as an insurance policy that will kick in to reimburse the estate in the event the executor commits some grievous error, either intentionally or unintentionally—that financially damages the estate, and, by extension, its beneficiaries. Beneficiaries can elect to unanimously reject the bond requirement in some states, but it’s an ironclad rule in others, particularly if the executor ends up being someone other than the individual nominated in the will or if they live out of state. Locating the Decedent’s AssetsThe executor’s first task involves locating and taking possession of all the decedent’s assets so they can protect them during the probate process. This can involve a fair bit of time and sleuthing. Some people own assets they’ve told no one about, even their spouses, and these assets might not be delineated in their wills. The executor must hunt for any hidden assets, typically through a review of insurance policies, tax returns, and other documentation. In the case of real estate, the executor is not expected to move into the residence or the building and remain there throughout the probate process to “protect” it. But they must ensure property taxes are paid, insurance is kept current, and any mortgage payments are made to prevent foreclosure so the property isn’t lost. The executor might literally take possession of other assets, however, such as collectibles or even vehicles, placing them in a safe location. They’ll collect all statements and other documentation concerning bank and investment accounts, as well as stocks and bonds. Determining Date of Death ValuesDate of death values for the decedent’s assets must be determined and this is generally accomplished through account statements and appraisals. The court will appoint appraisers in some states, but in others, the executor can choose someone. Many states require that the executor submit a written report to the court, listing everything the decedent owned along with each asset’s value, as well as a notation as to how that value was arrived at. Identifying and Notifying CreditorsThe decedent’s creditors must be identified and notified of the death. Most states require the executor to publish notice of the death in a local newspaper to alert unknown creditors. Creditors typically have a limited period of time after receiving the notice to make claims against the estate for any money owed. The exact time period can vary by state. The executor can reject claims if they have reason to believe they’re not valid. The creditor might then petition the court to have a probate judge decide whether the claim should be paid. Paying the Decedent’s DebtsValid creditor claims are then paid. The executor will use estate funds to pay all the decedent’s debts and final bills, including those that might have been incurred during the final illness. Preparing and Filing Tax ReturnsThe executor will file the decedent’s final personal income tax returns for the year they died. They’ll determine if the estate is liable for any estate taxes, and, if so, file these tax returns as well. Any taxes due are also paid from estate funds. This can sometimes require liquidating assets to raise the money. Estate taxes are usually due within nine months of the decedent’s date of death. Distributing the EstateWhen all these steps have been completed, the executor can petition the court for permission to distribute what is left of the decedent’s assets to the beneficiaries named in the will. This usually requires the court’s permission, which is typically only granted after the executor has submitted a complete accounting of every financial transaction they’ve engaged in throughout the probate process. Some states allow the estate’s beneficiaries to collectively waive this accounting requirement if they’re all in agreement that it’s not necessary. Otherwise, the executor will have to list and explain each and every expense paid and all income earned by the estate. Some states provide forms to make this process a little easier. If the will includes bequests to minors, the executor might also be responsible for setting up a trust to accept possession of these bequests because minors can’t own their own property. In other cases and with adult beneficiaries, deeds and other transfer documents must be drawn up and filed with the appropriate state or county officials to finalize the bequests. Intestate EstatesAn intestate estate is one where the decedent did not leave a valid will—either they never made one or the will is not accepted as valid by the probate court due to an error in the document or because an heir successfully contested it. The most significant difference is that in the absence of a will that makes their wishes known, the decedent’s property will pass to the closest relatives in an order determined by state law. Common Assets That Go Through ProbateBasically, probate is necessary only for property that was: This property is commonly called the probate estate. If there are assets that require probate court proceedings, it’s the responsibility of the executor named in the will to open a case in probate court and shepherd it to its conclusion. If there’s no will, or the will doesn’t name an executor, the probate court will appoint someone to serve. Either way, the person in charge can hire a lawyer to help with the court proceeding, and pay the lawyer’s fee from money in the estate. Assets That Don’t Need to Go Through ProbateTypically, many of the assets in an estate don’t need to go through probate. If the deceased person was married and owned most everything jointly, or did some planning to avoid probate, a probate court proceeding may not be necessary. Probate LawyerWhen you need to probate a will in Utah, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Is The Number One Cause Of Divorce? What Is The Income Limit For Chapter 7? How To Probate An Estate In Utah? Can You Make The Doctor See Me Again After Bankruptcy? Will Swinging Ruin My Marriage? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-happens-if-you-dont-probate-a-will/ The truth is, it probably will. Overall, we’d recommend you not engage in this folly – but if you do, you’ll likely need to hire us to get a divorce. You know, relationships are like a great pair of vintage jeans: If they don’t fit, they won’t make you happy. One thing we know for sure is that, also like amazing denim, there are lots of different types of relationships. Love is definitely not one-size-fits-all. One type of relationship getting a lot of buzz lately is an open one, but what does that really mean? Should You Have An Open Relationship?An open relationship is one in which both parties aren’t exclusively dating each other. In other words, both people are openly allowed to have other sexual and/or romantic partners. Basically, if you’re in an open relationship, you’re cool with you and your partner having other love interests. Look, all relationships are different, but the one thing that defines them is whether or not both parties are exclusively seeing each other or not. The whole point of being in a relationship is to enjoy yourself and your partner in whatever context works for you. If you both feel like your relationship would do better if you open it up, go for it. If you’ve spent your whole life in monogamous relationships, an open one may feel a little strange, but don’t worry, you’ll get used to it (and might even wonder why you never tried this earlier!) You may feel a little guilty the first time you hook up with someone who isn’t your main man or lady, but try to let those feelings go because you’re not doing anything wrong. Is Honesty Really Is the Best Policy?The only way an open relationship will work is if you’re both totally honest with each other. Like a monogamous relationship, you’ll discuss what you’re both comfortable with when you define the relationship. People who don’t really understand the concept of open relationships may make you feel like you’re just getting permission to cheat on your partner, but here’s why they’re wrong: Open relationships grant both of you the freedom to pursue other people in a way that’s based on mutual respect, open communication, and total honesty. In other words, you fully trust each other. While you still have strong feelings for your primary partner, you’re still able to have different sexual needs met with different people, all while being completely truthful and open with one another. We truly believe that the hallmark of a successful relationship is being able to tell each other anything. Should You Clear Your Schedule?No matter how many or few partners you have, you’ll need to be able to make time for all of them. Regardless of whether you’re going out for a long and leisurely dinner or just heading to their apartment for a quick hookup, you will probably need to keep a few nights open every week. Just like any other relationship, an open one requires time and effort. For some couples, it means one main partner and other less significant partners, and for other couples, it means that both parties can have other full-blown relationships. Take some time to figure out what works for you, but either way, open relationships are a time commitment. Make Sure You Feel Your FeelingsEven if you’re super open-minded, accepting, and trusting, you may still feel a pang of jealousy when your partner comes home after a night spent with one of their other lovers. Jealousy is a strong feeling that may be hard to ignore, so don’t try to pretend you’re fine if you’re not. Believe it or not, it’s not uncommon for people in an open relationship to feel a bit threatened or intimidated by the different people their partner may pursue. Some of us might aspire to be successful at consensual non-monogamy and that, too, requires certain personality dispositions and interpersonal skills like overcoming jealousy and insecurity about consensual partner sharing Don’t Expect a Quick-FixWhether it was on television or in real life, we’ve all seen a couple have a baby in the hopes of repairing their relationship, but that never works. If a relationship is doomed to fail, nothing will be able to fix it because it’s simply not meant to be. Like a baby, an open relationship can’t save a failing connection. In fact, opening up a weak relationship will probably destroy it. If you want an open relationship to have any chance of succeeding, you need to establish a strong and sturdy foundation first. If you’re already feeling pretty insecure about where your connection stands, hooking up with other people won’t help. Although the majority of swinging will end up involving lovemaking and getting frisky with each other’s partners, it isn’t all about just that. Swinging is about building up the atmosphere of warmth and belonging. Whether you are at a party with another couple or with another person for a threesome, you will be having a great time eating, drinking and chatting. To get into the comfort zone, building camaraderie with someone is essential to get down on the knees later. Swingers can differentiate between fun and friendship. The love and companionship provided by their existing relationship is bare and transparent. There are no rough edges anywhere and they make sure of that or there may be trouble. Thus, though swingers may have many sexual relationships, only a single emotional relationship exists. Although close friendships are formed within the community, swingers often feel nothing is more important than their own partner. The friendships and companionship among swingers strengthen the primary stem of the relationship rather than damage it. How can Swinging help your Relationship?Swingers lay claim that lovemaking is more intimate because they are with a partner who encourages their fantasies. The partner is so confident that jealousy is not an issue. Swingers also vouch that swinging makes infidelity less likely, as they know they can have physical contact with others with their partner’s consent. Various responses exist to those who object to swinging on the basis of faith. Many swingers feel their activities in their own homes or private clubs are not for others’ justification. Others believe that as long as they consider their relationships sacred, playing does not contradict the sanctity and is consistent with spiritual values. Two additional considerations should be made when it comes to swinging. The first is that the couple defines cheating. As long as the couple have a definition and stay within their boundaries, no cheating would occur. Secondly, some argue that adultery is incongruent with the original definition. Another common response to moral and philosophical objections is that there is a difference between physical intimacy and love. Contradictorily, this is one of the objections that religious groups have, that this distinction should not exist, meaning both physical intimacy and love should be the same physical agenda. Tell The TruthBe truthful and honest when you talk to your partner about your feelings. If you feel jealous of your partner, or have any other uncomfortable feelings about the whole sexual step, tell your partner. If you don’t, they will only come out later and be much more awkward and damaging. Once you get to the swingers’ joint, be yourself and don’t pretend to be someone else. Being friendly, good-natured and exuding a warm aura has a positive effect on everyone. Leaving your inhibitions at home, both physical and social is a must as it can interfere with your swinging pleasure. You can’t expect to get much out of a swingers’ party if you aren’t prepared to put much in. Stay close to your partner but not in a clingy way as it may ward off others from approaching either of you. Know your needs, interests and desires and let everyone know about them. Practice safe sex and don’t go beyond limits, even if you intend to try new things. Don’t take a TicketDon’t take a ‘ticket’ to a swingers’ party (a ticket is the one who goes just to get you in and not to take part). Don’t disturb the swinging pleasures of others. Don’t be rude and try to cheat or lie. Don’t give personal details to anyone at the party if you aren’t comfortable. Don’t be vague about your desires. Don’t cross other people’s limits. Swinging isn’t for everyone. People need to discuss between themselves, the different factors including jealousy, self-esteem, or any relationship problems, prior to entering into the swinging lifestyle. If any of these areas are of major concern to either person, then chances are, you aren’t ready to enjoy the swinging lifestyle and all of its benefits. It is to be noted that swinging is to enhance your relationship, not to repair or rebuild it. A couple receptive to new and different sexual experiences will begin to explore different avenues of shared sexual fulfillment to continue to grow together. Couples who want to find a way to reconnect physically and emotionally are more likely to make it through a swingers’ party together. It provides sexual variety, adventure, and the opportunity to live out fantasies as a couple without secrecy and deceit. But never ever join a swinging community and use that as an excuse to cheat on your partner. Swinging, if done respectfully, can enhance your relationship by can enhance your relationship by a mile. But then again, it is wicked ideas like these that make sentences like the next one appear. Do it if you want, stay away if you want, because indulgences like these really are to each their own! Dissolution of Marriage In UtahIn most states, “dissolution of marriage” is just another way of saying “divorce,” and it refers to the process by which a couple can end their marriage permanently. In a few states, however, a dissolution of marriage is not the same as a divorce, because it does not permanently terminate marital status or because it can only be used for certain cases, such as where a couple agrees to the dissolution and agrees on how everything will be resolved (for example, alimony and division of property). Couples can dissolve their marriages by choosing a “no-fault” or “fault” divorce. A “no-fault” divorce is one where spouses seek to end their marriage without assessing any blame or fault. In other words, the spouse that requests the divorce (the “filing” spouse) doesn’t need to accuse the other spouse of bad behavior, which led to the separation. Instead, the filing spouse can list a “no-fault” reason for the divorce, such as “irreconcilable differences,” which is just a fancy way of saying the couple can’t get along anymore, and there is no real chance that they will get back together. A no-fault divorce is easier and quicker to obtain than a “fault” divorce, but spouses may be required to live apart for a certain amount of time. The specific requirements for a no-fault divorce will depend on the laws of the state where the divorce action is filed. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Is The Number One Cause Of Divorce? Downtown Development Brings Lawsuit What Is The Income Limit For Chapter 7? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/will-swinging-ruin-my-marriage/ Chapter 7 bankruptcy provides relief from debt by wiping out most unsecured debt and giving the debtor a fresh start. But not everyone qualifies for Chapter 7 bankruptcy. To prevent consumers from abusing the system, filers must meet eligibility requirements before receiving a debt discharge in a Chapter 7 case. You can wipe out debts only so often, so if you’ve filed for bankruptcy before, you’ll need to determine whether enough time has passed to file again. If you filed a previous Chapter 7 petition and received a discharge, you must wait eight years from the filing date of the prior bankruptcy before filing another one. If you filed a previous Chapter 7 case but didn’t complete it and didn’t receive a discharge, you can file a new Chapter 7 at any time, provided the court in the previous case didn’t bar you from filing again (and you otherwise qualify for Chapter 7). If you previously filed and received a discharge in a Chapter 13 bankruptcy case, you must wait six years from the date you filed the Chapter 13 before filing for Chapter 7. If you did not complete or receive a discharge in the previous Chapter 13 case, you can file a Chapter 7 case at any time assuming you otherwise qualified for Chapter 7. Chapter 7 Pre-bankruptcy Credit CounselingBefore you file for Chapter 7 bankruptcy, you must complete a pre-bankruptcy credit counseling course conducted by an approved agency. You must complete this course within six months before the date you file for bankruptcy. Once the counseling is complete, you will receive a certificate that you must file with the court. You must also complete a debtor’s education course after you file your case. Qualifying for Chapter 7 Bankruptcy by Passing the Means TestBankruptcy debtors must pass a Chapter 7 “means test” to qualify for Chapter 7 bankruptcy. To pass the means test, you must have little or no disposable income. The means test compares your average monthly income for the six months preceding your bankruptcy against the median income of a similar household in your state. If your income is below the median, you automatically qualify. The median income figures vary from state to state. In most cases, people who are having financial difficulties are making little or no income qualify, so the means test does not pose a problem. Keep in mind that not everyone has to take the means test. Find out if you can assert an exception to the means test requirement. If Your Income Is Above the Chapter 7 Bankruptcy MedianMany debtors worry that they won’t qualify if their income is above the median allowed by their state. It isn’t necessarily true. You’ll have a second chance to qualify. If your income is above the median, you’ll take the second portion of the means test and deduct expenses from your income to determine whether you have any income remaining to repay creditors. But keep in mind that you can only use your actual expenses for particular items. For many expenses, the means test only allows you to deduct the national or local standard living allowance. You’ll find the national and local expense figures on the U.S. Trustee Program website in the means test area. If deducting all allowable expenses from your income results in little or no disposable income, you can receive a bankruptcy discharge in Chapter 7 bankruptcy. If your expenses are less than your net income, you probably won’t be entitled to a Chapter 7 discharge because the “presumption of abuse” will arise–the presumption that you have funds to repay creditors. While this might seem simple enough, the best way to get an accurate determination of your qualification chances is to speak with an experienced bankruptcy attorney. The bankruptcy “means test” determines whether your income is low enough for you to file for Chapter 7 bankruptcy. It’s a formula designed to keep high wage earners from filing for Chapter 7 bankruptcy. High-income filers who fail the means test can use Chapter 13 bankruptcy to repay a portion of their debts, but won’t be able to use Chapter 7 bankruptcy to wipe out their debts altogether. However, having to take the Chapter 7 means test doesn’t mean that you must be penniless to use Chapter 7 bankruptcy. You can earn significant monthly income and still qualify for Chapter 7 bankruptcy if you have a lot of expenses, such as a high mortgage and car loan payments (although they must be reasonable), taxes, and other expenses. Read on to determine if you can pass the means test and file for Chapter 7 bankruptcy. How Does the Chapter 7 Means Test Work?The means test was designed to limit the use of Chapter 7 bankruptcy to those who can’t pay their debts. It does this by deducting specific monthly expenses from your “current monthly income” (your average income over the six calendar months before you file for bankruptcy) to arrive at your monthly “disposable income.” The higher your disposable income, the more likely you won’t be allowed to use Chapter 7 bankruptcy. Instead, you’re expected to use your disposable income to repay creditors. Only bankruptcy filers with primarily consumer debts not business debts need to take the means test. The first step of the means test is to determine whether your income is more or less than the median income in your state. If you earn more than the median, you must figure out whether you would have enough left over, after subtracting certain expenses, to repay some of your debt. If your current monthly income is less than the median income for a household of your size in your state, you pass. You’re done. You do not need to complete the rest of the means test. You can file for Chapter 7. Do You Have Enough Disposable Income to Repay Some Debts?For those whose household income exceeds the state median, the means test computations become more complicated. You must determine whether you have enough income left over (called “disposable income”), after paying your allowed monthly expenses, to pay off at least a portion of your unsecured debts (such as credit card bills). If your disposable income adds up to more than a certain amount, you fail the means test and cannot get a discharge by filing for Chapter 7 bankruptcy. Median income levels vary by state and household size. Also, each county and metropolitan region have different allowed amounts for categories of expenses, such as necessities, housing, and transportation. Should I File A Business or Consumer Bankruptcy Case?Why does it matter whether the bankruptcy is a consumer or business bankruptcy? If you file a Chapter 7 bankruptcy, and your debt is primarily consumer debt, you have to pass the means test to receive a discharge (get your qualifying debts wiped out). However, if your bankruptcy is a business bankruptcy, you get to skip this step. You don’t have to take the means test. A business bankruptcy is one in which the majority of the filer’s debt is business debt. It’s evident that if a business entity—such as a partnership, limited liability company, or corporation—files for bankruptcy, categorizing the bankruptcy will be straightforward. The filing will be a business bankruptcy. But it isn’t always that simple. An individual who files a personal case yet operates a business can and probably will have business debt and another type, too consumer debt. If the filer’s debt is primarily consumer in nature, the bankruptcy will be a consumer bankruptcy even if the filer has some business debt, as well. Whichever type the filer has more of will determine the classification. Business debt and a profit motive go hand-in-hand. Simply put, you incur business debt while trying to make money. For instance, if you borrow money to buy a food truck, the loan would be of a business nature. The same would hold true if you purchased tools for your construction business. By contrast, goods and services of a personal nature that you purchased on credit are consumer in nature. For instance, housing expenses, clothing, school supplies for your children, and costs for a gardener, housekeeper, or pool services are all examples of consumer debt. If you’re looking for a way to determine your eligibility under the Chapter 7 means test, try filling out the means test forms. Fillable, downloadable forms are available online on the U.S. Bankruptcy Court’s website. Follow the instructions: they’ve been updated to be more user-friendly. Here’s where you’ll start: • Form 122A-2. If your income is above the state median, you still might qualify. You’ll find out by completing the Chapter 7 Means Test Calculation (Form 122A-2). On this form, you’ll deduct allowed expenses and determine whether you have sufficient disposable income to pay into a Chapter 13 bankruptcy plan. • Form 122A-1Supp. Some people—such as certain members of the military—don’t have to take the means test at all. You’ll fill out Statement of Exemption from Presumption of Abuse Under § 707(b)(2) (Form 122A-1Supp) to determine whether you’re exempt from the means test. If You Don’t Pass the Chapter 7 Means Test Call Ascent Law to Discuss Your OptionsIf you don’t pass the means test, you’re limited to using Chapter 13 bankruptcy, which requires you to make monthly payments over a three- to five-year period according to a strict budget monitored by the court. Most people who file for bankruptcy prefer Chapter 7, which requires no repayment. However, Chapter 13 bankruptcy is still the best way to handle specific types of problems, like curing a default on a mortgage and repaying debts that won’t go away in bankruptcy, such as most taxes and support arrearages. But before you settle on Chapter 13 bankruptcy, be sure to talk to a lawyer. With expert legal advice, you might find that you’re able to pass the means test after all. How to Calculate Income for the Chapter 7 Means TestThe first step is to gather proof of income for the past six months. Income for the Chapter 7 means test is based on income for the six months before you file your Chapter 7 cases. Therefore, if you file your Chapter 7 bankruptcy petition on March 15, you need to report all income from January 1 through March 30. Income includes income earned and income received from all other sources, except income from the Social Security Act. Income received from Social Security retirement income, SSDI, and SSI are not included in income for the Chapter 7 Means Test. Bankruptcy LawyerWhen you need legal help with a chapter 7, 13, 11, or 12 bankruptcy 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
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How Much Will My Monthly Payment Be For Chapter 13? Civil Attorney In Salt Lake City Utah Can I List My Speeding Ticket In Bankruptcy? What Is The Number One Cause Of Divorce? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-is-the-income-limit-for-chapter-7/ When you think of common reasons for divorce in Utah, USA, what comes to mind? Infidelity? Money problems? Family conflicts? A loss of attraction from one or both partners? When it comes to the top reason for divorce, the answer may surprise you. While the dissolution of a marriage is usually a complicated situation, the top reason is related to most other problems that arise. If you’re concerned about the state of your relationship, knowing the most common reasons for divorce can allow you to identify areas that you and your spouse may need to work on. The Number One Reason For DivorceAccording to recent research, ongoing communication difficulties are the number one reason that couples divorce in the United States. According to one study, 67.5% of marriages that ended did so primarily due to communication problems. Communication is the foundation of a successful relationship. It allows for a strong bond that encourages the growth of your bond over time. If your communication is impaired, it can severely stunt that growth and cause unnecessary arguments, resentment, and hostility. While the early days of a relationship can feel like magic, once the butterflies disappear, a mature relationship takes work. This is especially true when you hit a rough patch. Instead of arguing and taking sides against each other, both of you need to view each other as partners instead of enemies. Communication problems usually persist for a long time before the marriage ends. If you and your spouse are always arguing, even over small matters, or constantly disagreeing with one another, or have a tendency not to speak to each other at all out of fear of conflict, it’s crucial to recognize the problem and proactively find better ways to communicate. Research has supported the theory that each of us develops an attachment style shaped by the way our primary caregiver raised us. The four types of attachment styles are secure, anxious-preoccupied, dismissive-avoidant, and fearful-avoidant. People with a secure style are more likely to communicate healthily with their spouse. Those with an anxious-preoccupied style are hyperaware of signs of rejection and need validation often. An offhand comment may activate a person with anxious-preoccupied attachment to worry that the relationship is in jeopardy. Those with dismissive-avoidant or fearful-avoidant attachment styles may be less comfortable talking about their feelings and may avoid conflict whenever possible. This often leads to the tendency to ignore their partner’s complaints and bids for attention. This can become a vicious cycle that eventually tears the couple apart. A lack of empathy simply causes many communication problems and not taking the time to listen to one another. This can be due to defensiveness or “mind-reading,” where we interpret what another person is saying through the lens of our feelings and beliefs. Communication Warning SignsUsually, there are many warning signs before marriage falls apart. Reasons to get a divorce normally don’t just pop up overnight. Unfortunately, you or your partner may not realize these ongoing problems unless you step back and evaluate your relationship and ways of communicating with each other. It can be uncomfortable to acknowledge marital difficulties, leading many couples to stay in denial. However, that only leads to deeper cracks in the marriage over time. The first step is, to be honest with each other and admit that there is a real problem. Read over this list of common communication problems and see if you recognize any at play in your relationship: Preventing Communication Breakdown Before DivorceCouples that regularly make time to talk to one another, not just about trivial matters but about their feelings, dreams, and hardships, are more likely to have a successful marriage. Those who let other matters get in the way will likely drift apart over time. It’s vital that you truly listen to your partner when they’re speaking and focus on what they’re saying, not on crafting your reply in your head. This may sound simple, but many people don’t take the time to listen to one another truly. This can quickly lead to conflict when people feel misunderstood or unheard. It’s also crucial that there’s give-and-take in your communication. If one partner tends to only talk about their struggles or achievements, without expressing interest in what their partner is experiencing, that can make the other partner feel. Process Of Filing For Divorce In UtahStep One: Filing the Divorce Petition• Whether both spouses agree to the divorce or not, before any couple can begin the divorce process, one spouse must file a legal petition asking the court to terminate the marriage. The filing spouse must include the following information: Step Two: Asking for Temporary OrdersCourts understand that the waiting period for divorce may not be possible for all couples. For example, if you are a stay-at-home parent that is raising your children and dependent on your spouse for financial support, waiting for 6-months for the judge to finalize your divorce probably seems impossible. When you file for divorce, the court allows you to ask the court for temporary court orders for child custody, child support, and spousal support. If you request a temporary order, the court will hold a hearing and request information from each spouse before deciding how to rule on the application. The judge will usually grant the temporary order quickly, and it will remain valid until the court orders otherwise or until the judge finalizes the divorce. Other temporary orders may include a request for status quo payments or temporary property restraining orders. Status quo orders typically require the breadwinner to continue paying marital debts throughout the divorce process. Temporary property restraining orders protect the marital estate from either spouse selling, giving away, or otherwise disposing of marital property during the divorce process. Restraining orders are usually mutual, meaning both spouses must follow it or risk being penalized by the court. If you need a temporary order but didn’t file your request at the time you filed for divorce, you’ll need to apply for temporary orders as quickly as possible. When you file for divorce, the court allows you to ask the court for temporary court orders for child custody, child support, and spousal support. Step Three: Serve Your Spouse and Wait for a ResponseAfter you file the petition for divorce and request for temporary orders, you need to provide a copy of the paperwork to your spouse and file proof of service with the court. Proof of service is a document that tells the court that you met the statutory requirements for giving a copy of the petition to your spouse. If you don’t properly serve your spouse, or if you neglect to file a proof of service with the court, the judge will be unable to proceed with your divorce case. Service of process can be easy, especially if your spouse agrees with the divorce and is willing to sign an acknowledgment of service. However, some spouses, especially ones that want to stay married or make the process complicated, can be evasive or try anything to frustrate the process. The easiest way to ensure proper service is for the filing spouse to hire a professional who is licensed and experienced in delivering legal documents to difficult parties. The cost is usually minimal and can help prevent a delay in your case. If your spouse retained an attorney, you could arrange to have the paperwork delivered to the attorney’s office. The party who receives the paperwork (usually titled “defendant” or “respondent”) must file an answer or reply to the divorce petition within a prescribed amount of time. Failure to respond could result in a “default” judgment against the non-responding spouse, which can be complicated and expensive to reverse. The responding party has the option to dispute the grounds for divorce (if a fault divorce), the allegations in the petition, or assert any disagreements as to property, support, custody, or any other divorce-related issues. Step Four: Negotiate a SettlementIn cases where the parties have differing opinions on important topics, like child custody, support, or property division, both spouses will need to work together to reach an agreement. Sometimes the court will schedule a settlement conference, which is where the parties and their attorneys will meet to discuss the status of the case. The court may schedule mediation, which is where a neutral third-party will help facilitate discussion between the spouses in hopes to resolve lingering issues. Some states require participation in mediation, while others do not. However, mediation often saves significant time and money during the divorce process, so it’s often a good route for many divorcing couples. Step Five: Divorce TrialSometimes negotiations fail despite each spouse’s best efforts. If there are still issues that remain unresolved after mediation and other talks, the parties will need to ask the court for help, which means going to trial. A divorce trial is costly and time-consuming, plus it takes all the power away from the spouses and puts it in the hands of the judge. Negotiations and mediation sessions allow the couple to maintain control and have more predictable results than a divorce trial, so it’s best to avoid a trial if possible. Step Six: Finalizing the JudgmentWhether you and your spouse negotiated throughout the divorce process, or a judge decided the significant issues for you, the final step of divorce comes when the judge signs the judgment of divorce. The judgment of divorce (or “order of dissolution”) ends the marriage and spells out the specifics about how the couple will allocate custodial responsibility and parenting time, child and spousal support, and how the couple will divide assets and debts. If the parties negotiated a settlement, the filing spouse’s attorney typically drafts the judgment. However, if the couple went through a divorce trial, the judge will issue the final order. Uncontested Divorce in UtahDivorce can be devastating; however, uncontested divorces are often less devastating to your finances and sanity than contested ones. Your divorce does not have to become a soap opera. Instead, Utah’s uncontested divorce process allows spouses to reach an agreement on their own and avoid the stress and anxiety associated with attending a trial before a judge. The uncontested process can be relatively quick, and certainly less expensive than taking a divorce to trial. Uncontested divorces are an option available to divorcing Utah couples with or without children. These types of divorces are generally less expensive and faster than traditional divorces because you avoid the expense of attorneys, custody evaluations and hiring experts for trial. If you and your spouse are able to agree on all issues regarding your divorce, including child custody, visitation and support, then an uncontested divorce is a real option. However, if you and your spouse cannot reach an agreement on any issue in your divorce, then your divorce becomes contested and you will be required to attend a trial where a judge will decide the remaining issues in your divorce case. #1 Cause of Divorce LawyerWhen you need a lawyer to help you with divorce 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
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How Many Years Do You Have To Be Married To Get Your Spouse’s 401k? How Much Will My Monthly Payment Be For Chapter 13 Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-is-the-number-one-cause-of-divorce/ An individual retirement account or annuity (IRA) is a retirement savings account or annuity established by an individual taxpayer. The rules governing IRAs are found in Internal Revenue Code Section 408. An individual may contribute 100% of his or her compensation to the IRA up to a set annual maximum dollar amount (which is subject to adjustment for inflation). Contributions to a traditional IRA may be tax deductible depending on the taxpayer’s income, tax filing status and coverage by an employer-sponsored retirement plan. Distributions from a traditional IRA (other than the portions allocable to any nondeductible contributions) are generally taxable. There are several different types of IRAs, each of which may have different tax benefits. An individual retirement account (IRA) is an investment account that allows you to save for retirement in a tax-advantaged way. There are several types of IRAs, such as traditional, Roth, SEP or SIMPLE. Contributions to some IRAs may be tax-deductible or withdrawals may be tax-free. Types of IRAs• Traditional IRA: Contributions to traditional IRAs are often tax-deductible. For example, contributing $6,000 to a traditional IRA could reduce the amount of your taxable income by $6,000. However, withdrawals from traditional IRAs in retirement are taxable as ordinary income. The contribution limit for traditional IRAs in 2020 and 2021 is $6,000 per year. People 50 and older can contribute up to $7,000 per year. If you or your spouse has a retirement plan at work, the amount of your traditional IRA contribution that you can deduct is reduced, or eliminated altogether, once you hit a certain income. You can still make contributions, but they won’t be tax-deductible. If you, and your spouse if you’re married, don’t have retirement plans at work, then you can deduct your IRA contribution no matter how much your income. • Roth IRA: Contributions to Roth IRAs are not tax-deductible, but withdrawals from Roth IRAs are tax-free and there are no taxes on investment gains. Roth IRAs do not have RMDs. Also, you can contribute to a Roth IRA at any age as long as you have earned income. However, there are income limits on who can contribute to a Roth IRA. The Pros of Roth IRAs Your savings grow tax-free: “Once you pay for the privilege by paying the tax upfront, all the earnings build income-tax-free.” When you hit retirement age, you won’t have to pay taxes on withdrawals. That can give your savings a powerful boost, especially if your tax rate is higher in retirement. There’s no need for required minimum distributions: Traditional IRAs force you to pull out money beginning at age 72. Not so with a Roth. You can withdraw your contributions: Unlike most retirement accounts, it’s easy to withdraw your Roth contributions not your earnings, mind you without penalty, at any time. That makes Roths a nice backup emergency fund, as long as you have the discipline not to abuse yours. SEP IRA LawGenerally, SEP IRAs are IRAs for self-employed people or small-business owners with few or no employees. Similar to traditional IRAs, the contributions are tax-deductible. Investments grow tax-deferred until retirement, when distributions are taxed as income. SEP IRA advantages for small companies Low maintenance: With little paperwork and low start-up costs, SEP IRAs allow you to contribute for you and your employees and these contributions are generally tax-deductible to the business. The ability to contribute generously: The maximum contribution limit for 2020 is $57,000 ($58,000 for 2021) or 25% of your employees’ eligible compensation (or, for your own contribution, 20% of your net earnings from self-employment, as determined under the SEP IRA rules), whichever is less. Footnote. Employees cannot make salary deferral contributions to a SEP IRA. Only you as the employer can make contributions on behalf of you and your employees (if applicable), which are generally tax-deductible for your business. Depending on your circumstances, you may be able to contribute significantly more to a SEP IRA than a Traditional IRA. Adjustable contributions and employee requirements: SEP IRAs offer the flexibility to contribute more when business is strong and cut back when things are tighter. When it comes to deciding which employees are eligible, you can adhere to the IRS’s standard requirements or set your own less restrictive rules. It helps your workers plan for the long-term: SEP IRAs offer a wide range of possible investments, and employees can generally transfer or roll over funds to and from a SEP IRA into or from other retirement accounts, consolidating their savings. Potential tax benefits: A newly expanded tax credit of up to $5,000 annually for three years (previously capped at $500 annually) is aimed at small business owners who want to help their employees prepare for retirement, but who may have hesitated due to the perceived expense. Eligible employers can claim a tax credit equal to 50% of the eligible start-up costs up to the applicable limit for the first three years of the plan. SIMPLE IRA LAWSIMPLE IRAs (Savings Incentive Match Plan for Employees Individual Retirement Accounts) are for small businesses with fewer than 100 employees. Similar to traditional IRAs, the contributions are tax-deductible. Investments grow tax-deferred until retirement, when distributions are taxed as income. Employee contribution limits for a SIMPLE IRA in 2020 and 2021 are $13,500 per year for those under age 50. People age 50 and older can make an additional $3,000 catch-up contribution. Employer contributions are mandatory. Why invest in an IRA?Many financial experts estimate that you may need up to 85% of your pre-retirement income in retirement. An employer-sponsored savings plan, such as a 401(k), might not be enough to accumulate the savings you need. Fortunately, you can contribute to both a 401(k) and an IRA. A Fidelity IRA can help you: Retirement Law And BenefitRetirement is becoming more and more of a pipe dream for many workers. A troubled global economy paired with longer life expectancies is forcing many to continue to work far past the age they imagined because of a lack of sufficient savings. This shortfall has spurred many governments to increase the age when citizens can receive money from social security plans in an effort to minimize the number of people in the system. However, not every country has been proactive enough to provide its inhabitants with an adequate retirement income. The age at which Utah, USA, citizens are eligible for full retirement benefits ranges from 66 to 67, depending on their year of birth. Early retirement begins at 62 when people can begin receiving a fraction of their full retirement payout. The Retirement Confidence Survey (RCS) for 2020 finds only 27% of retirees very confident in their ability to live comfortably throughout retirement, and this is following record lows from 2009 to 2013. Unfortunately, 32% of respondents still described themselves as not at all confident in their savings. What Can You Do With an IRA After Retirement?When you retire at 60 years of age or older with an individual retirement arrangement in place, you will have to decide what to do with the IRA. You have two basic options that apply to all types of IRA accounts. If yours is a tax-deferred traditional, SEP or SIMPLE IRA, you have an additional option. Leave Your IRA AloneYour first basic option with any IRA is to leave the money in the account. If you don’t need to take money out of your IRA because you are getting enough retirement income from work or other sources, your account will continue to accumulate earnings that won’t be taxed while they remain in the IRA. In the case of tax-deferred IRAs, you must start taking taxable required minimum distributions when you reach 70 1/2 years of age. You figure your required distribution by dividing the account balance by your life expectancy as figured in IRS longevity tables. If yours is a Roth IRA, you can leave the money in the account to accumulate tax-free earnings for as long as you live. Keep Contributing To Your IRAIf you continue to work, you can continue to contribute to a tax-deferred IRA until age 70 1/2 years. As of 2019, you can keep on adding $5,000 in tax deductible contributions per year. If you reached retirement age at 66 but kept on working, you could add another $20,000 to your tax-deferred IRA by the time you reach 70 1/2 years. With a Roth IRA, you can contribute $5,000 per year of after-tax earnings from work to your account for as long as you live. When It’s Time To Take the Money From Your IRAYour other basic option is to take the money and use it for living expenses in retirement. You can take your distribution as a lump sum, take varying amounts as you need the money or set up a series of equal periodic payments over your remaining life expectancy. If you take retirement distributions from any type of tax-deferred IRA, you will owe income tax on the money you withdraw in the year you take it out. The withdrawal will be taxed at your ordinary-income rate, not the lower capital gains rate. If you take retirement distributions from a Roth IRA, you won’t owe any income taxes on the withdrawn amount. But the money you take out of any IRA will cease generating earnings for you, and each distribution reduces the size of your retirement nest egg. You Can Convert to Roth IRAIf yours is any type of tax-deferred IRA, you can convert it to a Roth IRA. You will pay income taxes on the amount you convert, but there are some Roth features that may make paying the taxes on the conversion worthwhile. If you don’t need the money from your IRA to live on, you will avoid having to take required minimum distributions at age 70 1/2 if you convert to a Roth. You won’t have to take anything from the Roth account for as long as you live, but your heirs will be required to take out the money. If you convert to a Roth, you can leave your heirs a tax-free legacy. Beneficiaries who inherit a traditional IRA will owe income taxes on their legacy while those who inherit a Roth IRA wont. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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What Things Have To Go Through Probate? Child Support Garnishment In Bankruptcy Utah Securities Lawyer On Omnicare How Many Years Do You Have To Be Married To Get Your Spouses 401k? How Much Will My Monthly Payment Be For Chapter 13? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/ira-and-retirement-law/ |
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