Call Ascent Law LLC (801) 676-5506 When you need an estate planning attorney in West Jordan Utah. You’re a parent of course you want your children to thrive, to be as happy and successful as they can be. Along with parental love and practical advice, you may want to transfer some of your wealth to your children. To transfer wealth in the most protective and tax-efficient way possible, consider using a trust. The structure of your trust should reflect both your own and your children’s financial, professional and personal goals. But different generations have different perspectives. For example, surveys show that younger Americans tend to have a keener sensitivity to wealth inequality than their parents and grandparents. In other words, multigenerational understanding and dialogue are crucial to prudent trust and estate planning. To set up the most effective trust structure and strategy, you’ll want to understand the worldview of your children’s generation, whether Millennial (born 1981–1996) or Gen Z (born 1997–2012), and your own children’s passions and goals. Americans have long been known for an entrepreneurial spirit, but it may be especially pronounced among Millennial. One survey found that 66% of Millennial aspire to start their own businesses, and 61% of them feel they would have more job security by owning their own companies. Here are a few ways you might help your children make that dream come true: How Can A Trust Support Your Children’s Philanthropic Goals?Many times, trust documents are written to distribute funds to beneficiaries according to the ascertainable standard (to help pay for their health, education, maintenance and support). However, this standard provision wouldn’t allow your children to withdraw trust funds to support their philanthropic endeavors. An alternative structure, including a charitable beneficiary alongside your children, can give a trustee the power to distribute trust assets to charity. Instead of trying to finesse the language of a trust agreement, you may establish and fund either a private foundation or donor-advised fund account. One important benefit: Children can sit on the board of the foundation and influence its donation strategy. A private foundation or donor-advised fund account can exist in perpetuity, and help you to instill and inspire philanthropic values for many generations. Later-In-Life MarriageAs many aspiring grandparents know, children of Baby Boomers are getting married later in life. In fact, Pew Research found that Millennials are getting married on average four years later in life than their counterparts in 1987. Marrying later means that many members of the Millennial and Gen Z generations may have accrued a substantial pool of assets by the time they do tie the knot. That may strengthen the argument for a pre-nuptial agreement. If you do not want to broach this sensitive subject with your children, there are other ways to ensure that the wealth you intend for your children cannot be claimed by a potential ex-spouse: You want your wealth to best support your children’s ambitions and aspirations—and your trust should be structured accordingly. When establishing any type of trust structure, we recommend you involve the next generation early on—together, you’re building a family legacy. Your Estate planning attorney in West Jordan, Utah can work closely with you to help you make sure your trust works well for you and your children, and that it is well positioned to meet the challenges of the future. What Beneficiaries Need To Know To Optimize Their ResourcesTrusts are commonly used wealth planning vehicles. Yet many beneficiaries don’t anticipate how the structure of their trusts may impact their entire financial pictures, from what they spend and how they invest to meeting their expectations and making future plans. Moreover, because trusts do not have to conform to a single structure, beneficiaries of multiple trusts may well want to think carefully about how, when and in what order they receive distributions and if the distributions they receive might impact their non-trust resources. Irrevocable trust distributions can vary from being completely tax free to being taxable at the highest marginal tax rates, and in some cases, can be even higher. Grantors, too, should examine whether or not the characteristics of the trust(s) they have created are benefiting—or likely to benefit—their heirs (and their decision making) to the degree originally intended. Your estate planning attorney can help you gather and assess the information you need. How Irrevocable Trusts WorkThere are three distinct components to consider: First, understand how the trust operates Conversely, if the trustee has complete discretion over distribution timing and amounts, you may not have a predictable income stream, making planning more difficult. How A Trust Works May Affect Your GoalsYour relationship to a trust (grantor, beneficiary) can enhance your lifestyle and allow you to fund long-term goals, such as paying for a child’s college education or making charitable gifts. Consider: Withdrawal strategy: Minimize taxesTo minimize future transfer and income taxes to the extent possible, the widower worked with his advisors to implement a strategy for his spending, investing and gifting: Difference Between an Estate Plan, a Will, and a Trust In West Jordan. When telling your loved ones about your estate plan, it is important that each of you understand the difference between an estate plan, a will, and a trust. All these are important aspects of the estate planning process. The estate plan includes all of the documents that specify what happens to your assets after you pass away or are otherwise unable to care for yourself. This typically includes a will and/or trust, a power of attorney, an Advance Medical Directive, and more. A will is a legal document that takes effect after you pass away. A will identifies the assets each of your beneficiaries will receive from your estate after you pass away and your debts have been paid. We all take risks every day. Some of those risks can be avoided and some can be transferred through use of insurance. Proper planning can also minimize liability by the creation of legal entities recognized by the law to provide protection from lawsuits, creditors, etc. You spend your entire lifetime building up your assets. It is important to at least know what options you have when it comes to asset protection. If you are in a profession where lawsuits can happen, this is especially key. Business owners can minimize personal liability by incorporating or setting up an LLC. Selecting the appropriate legal entity is critical for managing your risk. Sometimes special types of irrevocable trusts may be appropriate to protect assets like real estate, brokerage accounts or other funds. It may also become necessary to protect your assets from nursing home costs. Proper planning can be advantageous to preserve assets. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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From Wikipedia, the free encyclopedia
West Jordan is a city in Salt Lake County, Utah, United States. It is a suburb of Salt Lake City and has a mixed economy. According to the 2020 Census, the city had a population of 116,961,[5] placing it as the third most populous in the state.[6] The city occupies the southwest end of the Salt Lake Valley at an elevation of 4,330 feet (1,320 m). Named after the nearby Jordan River, the limits of the city begin on the river’s western bank and end in the eastern foothills of the Oquirrh Mountains, where Kennecott Copper Mine, the world’s largest man-made excavation, is located. Settled in the mid-19th century, the city has developed into its own regional center. As of 2012, the city has four major retail centers; with Jordan Landing being one of the largest mixed-use planned developments in the Intermountain West.[7] Companies headquartered in West Jordan include Mountain America Credit Union, Lynco Sales & Service, SME Steel, and Cyprus Credit Union. The city has one major hospital, Jordan Valley Medical Center, and a campus of Salt Lake Community College. City landmarks include Gardner Village, established in 1850, and South Valley Regional Airport, formerly known as “Salt Lake Airport #2”. The airport serves general aviation operations as well as a base for the 211th Aviation Regiment of the Utah Army National Guard flying Apache and Black Hawk helicopters. [geocentric_weather id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_about id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_neighborhoods id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_thingstodo id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_busstops id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_mapembed id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_drivingdirections id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] [geocentric_reviews id=”bf1fdac4-631e-4310-8096-d8de33cc2323″] The post Estate Planning Attorney In West Jordan Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-west-jordan-utah/
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Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
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