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!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In ST. George Utah/a> Estate Planning Attorney In Taylorsville Utah Estate Planning Attorney In Wellsville Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeWest Jordan, Utah
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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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Anything that can be legally owned may be called property. All property can be grouped into two main categories: real property and personal property. Personal property can be further classified as chattels and intangibles. Real property: Land and buildingsReal property describes land and things that are attached to the land, which is why land is sometimes called real estate or realty. Even though wood, steel, and other building materials aren’t land themselves, when they’re built into structures attached to the land, they become real property, too. Trees and other plants naturally growing on the land are also part of the real property. But plants that require regular human cultivation and labor, such as grains and vegetables, sometimes aren’t treated as part of the real property. Personal propertyPersonal property is all property that isn’t real property. That’s a big category. It can be further divided into two subgroups: chattels and intangibles. Personal property: ChattelsThe term chattel sometimes refers to all kinds of personal property, but often it refers only to tangible personal property (such as nose flutes and toenail clippers) as opposed to intangible property. A chattel, such as a furnace, can be affixed to land and become part of the real property. Such chattels are called fixtures. However, fixtures may retain their quality as separate personal property for certain purposes. For example, at the end of a lease term, the tenant generally has the right to remove fixtures she installed even though she doesn’t have any more right to the real property when the lease ends. Personal property: IntangiblesIntangibles are all kinds of personal property that aren’t tangible, that can’t be seen or touched. So you can say this kind of property doesn’t involve a thing at all; it involves only a legal right. The mere existence of such a category of property is a reminder that, in the law, property most accurately refers to legal rights, not to things. A person can own all sorts of intangible things, including the following: Property rights: Things that can’t be ownedSome things can’t be owned at all and therefore can’t be private property. Some of these things, such as light, air, and the high seas, can’t be owned because they naturally seem communal. Other things, such as rivers and coastal waters, can’t be owned because they belong to the public. And some things can’t be owned because they’re illegal, like heroin. Much of business law deals with property. There are actually two different types of property: personal property and real property. This lesson explains the differences between these two types of property. Personal property is movable property. It’s anything that can be subject to ownership, except land. Real property is immovable property – its land and anything attached to the land. Normally, a piece of property can be easily classified as either personal property or real property. The difference between the two is usually fairly straightforward. However, sometimes it’s a little harder to categorize property. Let’s look at one example. Personal property includes possessions, of really any kind, as long as those possessions are movable and owned by someone. Personal property isn’t affixed to or associated with land. These moveable items are sometimes known as chattels. The law regarding chattels includes those laws covering possession, gifts, lost property, abandoned property, and stolen property. It’s helpful to note that personal property includes both tangible and intangible items. A tangible item is an item that can be felt or touched. For a business, tangible personal property includes items the business owns such as: Real estate and real property certainly sound very similar, and the two concepts have a lot to do with each other, but there are subtle differences between them. Understanding those differences can help you understand the subtleties of the land you own and how you own it. While real estate often refers to land, the term real property takes things a little further and examines the rights related to that land. Real Estate• Real estate is simply a piece of land plus any natural or artificial man-made improvements that are attached or have been added. Natural attachments are part of the land and include trees, water, valuable mineral deposits, and oil. Artificial improvements include buildings, sidewalks, and fences. Real estate can be split into two broad categories: residential and commercial. Real property is a less commonly used term and as such, is a less commonly understood concept. Real property is a broader term and includes the land itself and also any buildings and other improvements attached to the land. It also encompasses the rights of use and enjoyment of certain land, as well as any of its improvements. Renters and leaseholders may have the right to inhabit land or buildings, a real property consideration, but those things are not considered real estate. Real property includes real estate, and it adds a bundle of rights. This bundle of rights is a broad term used to organize property rights as they relate to real estate. In a nutshell, it grants property owners the ability to use their property as they see fit. A bundle of rights is composed of five different rights of the property owner: There are some other complex exceptions and restrictions to these rights and legal treatments. In general, the difference between real estate and real property boils down to the inclusion of the bundle of rights. The real property consists of both physical objects and common law rights whereas real estate consists only of physical objects. Real estate is a great investment for many reasons. You can enjoy an excellent rate of returns, amazing tax advantages and leverage real estate to build your wealth. Here are the top five reasons why real estate is a great investment. Real estate provides better returns than the stock market without as much volatility. Historically in real estate, your risk of loss is minimized by the length of time you hold on to your property. When the market improves, so does the value of your home, and as a result, you build equity. The risk never changes in the stock market and there are numerous factors beyond your control that can negatively impact your investment. Real estate gives you more control of your investment because your property is a tangible asset that you can leverage to capitalize on numerous revenue streams, while enjoying capital appreciation. Real estate has a high tangible asset value. There will always be value in your land, and value in your home. Other investments can leave you with little to no tangible asset value such as a stock which can dip to zero, or a new car which decreases in value over time. Home owners insurance will protect your investment in real estate, so be sure to get the best policy available so your asset is protected in the worst-case scenario. History continues to prove that the longer you hold onto your real estate, the more money you will make. The housing market has always recovered from past bubbles that caused home appreciation to slip, and for those who held on to their investments during those uncertain times, prices have returned to normal, and appreciation is back on track. Now, real estate investors in the top performing markets are enjoying a windfall. You can get tax deductions on mortgage interest, cash flow from investment properties, operating expenses and costs, property taxes, insurance and depreciation (even if the property gains value) and other benefits. The end of the year is a very busy time for real estate because people want to take advantage of the numerous tax benefits before the end of the year! An investment in real estate is not only a safe financial investment; it is also an investment that can provide years of fun, happiness and priceless memories that will last a lifetime. Most times, real estate owners like to know the current price of their properties before they sell the properties to prospective buyers. Similarly, those who are planning to buy land or properties would like to know if the price is right and if they are getting what they are paying for. Real estate analysis is important and useful for both the seller and the buyer and it will serve as a guide to the investors and real estate agents. Real estate analysis is prepared by real estate agents in order to provide correct information regarding the current price of land or property. This property, including its improvements such as buildings and fences is assessed or appraised to determine its market value and how much it should be advertised or how much it is more likely to sell. For buyers, on the other hand, it is an assurance that the property they are buying is worth the amount they are paying. Real estate analysis is applied by taking into consideration the location or site, the size, which includes the land area and the floor area, the community or the locality where the land or real estate property is situated, building structure or its architectural designs, trees, minerals, and other immovable assets found within the land premises. This process is needed in buying or purchasing commercial and income properties – and preferably before selling. It is needed in order to evaluate the sale price of land or property and to appraise a building’s worth. It helps provide the seller with calculations on different ratios, indicators as well as reports concerning residential real estate value. It explains, describes, and predicts supply and demand in the real estate industry. It includes the internal rate of return on the down payment after capitalization; also including the net present value, and other facts and figures about the properties. If you are selling your property, it is preferable to have an appraisal from the real estate agent because real estate values change depending on the current market. The prices can move upward or downward according to the condition of the economy. An analysis can provide a portrait of your investment if you are buying land or properties because while some properties may have had low value once, in due time, this market value can increase once considering other real estate factors. The difference between the legal definitions of real vs. personal property can be seen in many areas of law. For instance, in contract law, sales of real property must always be in writing, whereas not all personal property sales contracts need to be written. Some other legal implications of real and personal property may involve: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Spanish Fork Utah Estate Planning Attorney In George Utah Estae Planning Attorney In Taylorsville Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney In Wellsville Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-wellsville-utah/ Estate planning generally involves preparations for our inevitable demise, which is something people often have a difficult time facing without apprehension or flat-out denial but it’s extremely important. Avoiding Unnecessary Probate Costs in Taylorsville UtahEach year, millions of dollars are spent on soaring attorney and court fees associated with probate proceedings upon the death of a loved one. Avoiding probate in estate planning allows the decedent’s property to be distributed to the designated person at a designated time without substantial costs. • Avoiding probate can help allow the distribution of the estate with fewer costs. Probate ProcessProbate is the process of proving the will is, in fact, the last will, and there are no challenges to it and of adjudicating any claims against the estate under court supervision. Probate usually occurs in the appropriate court in the state and county where the deceased permanently resided at the time of his or her death. If there is no valid will (called intestacy), the title to the property will pass under state intestacy laws to “heirs at law,” normally giving one half to the surviving spouse and dividing the remainder equally among the children. With or without a will, the property must go through the probate proceedings. Even if a person dies with a will, a court generally must allow others the opportunity to contest the will. Creditors are allowed to step forward; the validity of the will can be scrutinized, and the deceased’s mental capacity at the time the will was drafted can be questioned. These proceedings take time and money, and your heirs are the ones who will have to pay. Since probate proceedings can take up to a year or two, the assets are typically “frozen” until the courts decide on the distribution of the property. Probate can easily cost from 3% to 7% or more of the total estate value. Simplifying or Avoiding Probate AltogetherEven though probate takes place regardless of whether you made a will, you can look to other tools that help your inheritors. Transfer Property to a TrustRevocable living trusts or inter-vivo trusts were invented to help people bypass the probate process. Unlike the property listed in your will, the property in a trust is not probated, so it passes directly to your inheritors. You simply create a trust document and then transfer the property title to the trust. Many people name themselves as the trustee to keep total control of the trust property. A trust also allows you to name alternate beneficiaries; it does not require a waiting period after death and is much harder to attack in court. Set up Payable-on-Death RegistrationsAlso known as transfer-on-death accounts, these allow you to name one or more beneficiaries of the account to avoid the probate process. It’s simple to create and usually free, and the beneficiary can easily claim the money after the owner dies. The ability to name a beneficiary, however, is a feature that you must add to the account, but most banks, savings and loans, credit unions, and brokerage firms allow you to do so. It requires some extra paperwork and time, so you’ll need to be persistent and ask your institution for the required forms. Make Tax-Free GiftsMaking gifts helps you avoid probate for a very simple reason: you no longer own the property when you die. For tax years 2020 and 2021, you can give your heirs up to $15,000 per person each year without a gift tax penalty. Giving before you die helps lower your probate costs because, typically, the higher the monetary value of assets going through probate, the higher the probate costs. Revisit the Beneficiary Designations on Your StuffDust off that old life insurance policy and make sure your beneficiaries are up to date. Too many times, individuals forget to change their beneficiary after their second marriage, and then the ex-spouse gets everything. Call your custodians and update the beneficiaries on your IRAs, 401(k), life insurance policies, annuity contracts, and other retirement accounts. These types of accounts pass at your death by contractual beneficiary designation, meaning whoever you name in your will is irrelevant to these accounts; beneficiary designation will take precedence in court. Avoid naming your estate as the beneficiary, which will cause your property to go through probate. Use Joint OwnershipJoint tenancy with right of survivorship, tenancy by the entirety, and community property with right of survivorship is the types of joint ownership that allow your property to bypass the probate process. If you hold your stocks, vehicles, home, and bank accounts in joint ownership, the title of the property automatically passes to the joint survivor upon your death. Remember, once you title your property jointly, you’ll be giving up half ownership in the property. However, you’ll want to draft a will to cover property acquired shortly before you die or anything that might have been overlooked. A good estate plan should distribute a decedent’s property when and to whomever the person desired, and with a minimum amount of income, estate, and inheritance taxes, as well as attorney and court fees. Avoiding probate is an important part of achieving these goals. How Does the New Tax Law Affect Your Estate Plan?In December 2017, President Donald Trump signed a new tax bill into law. Known previously as the “Tax Cuts and Jobs Act,” the reform will have far-reaching impacts on many areas of tax and financial planning. One significant area of impact is estate planning. The tax reform legislation raised the estate tax exemption to $11.18 million per person and $22.36 million per married couple for 2018. That was a significant increase over prior limits. The estate tax exemption for an individual is $11.58 million in 2020, according to the IRS. This eliminates any federal estate taxes on amounts under those limits gifted to heirs during your lifetime or left to them upon your death. The new legislation effectively eliminates the federal estate tax for all but the wealthiest individuals. One caveat is worth noting: as with most of the provisions of the act, these rules are set to expire at the end of 2025. At that time, the exemption amounts will revert back to previous levels, adjusted for inflation. Generation-Skipping TaxThe generation-skipping tax (GST) rate exemption also increased to the same amount as above for individuals and married couples. This increase also expires at the end of 2025. Finally, the method used to calculate inflation on these exemptions and other related areas has been changed. Now, instead of the traditional Consumer Price Index, which was previously used, inflation and exemptions will be calculated based on the Chained-CPI, a modified measure of inflation that adjusts for “situation bias,” or accounts for the shifting purchasing behaviors of consumers. The Chained-CPI generally yields a lower rate of inflation. The temporary increase in the exemptions for the federal estate tax and the GST means that until the end of 2025 (unless Congress repeals or extends these rules), many will be able to give away more of their estate to their heirs without paying estate taxes. For beneficiaries, the new law has obvious benefits, but its introduction doesn’t eliminate the need for estate and tax planning. Consider These IssuesThe most recent tax reform did not repeal the estate tax for those states that assess one. If you live in one of the following states, your assets will still be subject to the appropriate level of any state-imposed estate tax: Individuals facing state-level estate taxes should consider tactics such as a disclaimer and a bypass trust, or a qualified terminable interest property (QTIP) trust, both of which allow a degree of flexibility in the allocation of the assets in your estate, in order to minimize the impact of taxes on their estate. With the increased exemption limits, lifetime gifts of estate assets can be made without concern of triggering federal gift and estate taxes, except for those with estates in excess of the exemption amounts. Gifting can also be done with an eye toward shifting assets likely to experience high levels of appreciation. This can shield the appreciation of those assets from future estate taxation in your estate once the current exemption limits expire after 2025. It’s worth noting that lifetime gifts are not entitled to a step-up in cost basis as with assets transferred to heirs upon your death. This means that before gifting appreciated assets like shares of stock, be sure to consider the tax impact upon the recipient of the gift. A Strategy to Protect a SpouseOne tactic to consider in some cases is the spousal lifetime access trust (SLAT). The SLAT is an irrevocable trust that removes the assets from an individual’s estate but transfers the assets to an irrevocable trust for the benefit of their spouse. The benefit is that those assets are out of the individual’s estate, allowing them to take advantage of the increased estate tax exemption prior to the 2025 deadline, while still retaining a degree of control over those assets via their spouse during their lifetime. SLATs do have downsides. Should the couple divorce, the grantee has no claim to the assets in the SLAT. It is also critical to ensure that, should both spouses use a SLAT, the trusts are not identical. This helps to avoid the risk that the trusts will be deemed to be substantially identical, in violation of the “reciprocal trust doctrine,” which could invalidate the trust. Accidental DisinheritanceOne potential unintended consequence of the higher exemption limits is that some heirs may unintentionally be disinherited. Many estate plans are set up to use a bypass trust, which directs a trustee to use any remaining estate tax exemption amount to fund the bypass trust. This would be done before distributing the remaining assets in the estate to the intended heirs. The size of the bypass trust in a case like this could cause some heirs to be unintentionally disinherited. Those with this type of provision should review their estate planning documents. The Life Insurance OptionLife insurance policies have been a popular way to help heirs cover any estate taxes that might be due in conjunction with a large estate in excess of the exemption limits. With the increase in the exemption, the prevalence of these exemptions may wane. These policies can now serve as a backstop for the estate, allowing grantors to pass assets in a tax-efficient manner and providing liquidity in cases where some of the estate assets are illiquid, such as real estate or an interest in a business. When Does an Estate Plan Become Necessary in Taylorsville, UtahMany financial advisors would recommend starting an Estate Plan the moment you become a legal adult, and updating it every three to five years after that. The reason for this is because at 18, you are newly responsible for your finances, healthcare (in some states), and power of attorney; and you want to consistently make sure everything is accounted for. However, for most young adults an estate plan is the furthest thing from mind which is normal. But there are a few common life events that warrant prioritizing your Estate Plan that one should never ignore. No matter what your age, consider the following life occurrences as signs to start (or update) your Estate Plan: ConclusionTax reform has resulted in many changes for taxpayers, beginning with the 2018 tax season. Estate planning is one area that has been impacted, but like most of the tax reform legislation, the impact is temporary and will largely revert to the prior rules after 2025. Especially for those with larger estates, it is wise to review your current estate planning documents to ensure that they still do what you intended for them to do and to ensure that you are taking full advantage of any opportunities under tax reform. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In South Jordan Utah Estate Planning Attorney In Spanish Fork Utah Estate Planning Attorney in ST. George Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeTaylorsville, Utah
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Taylorsville is a city in Salt Lake County, Utah. It is part of the Salt Lake City metropolitan area. The population was 60,448 at the time of the 2020 census. Taylorsville was incorporated from the Taylorsville–Bennion CDP and portions of the Kearns metro township on July 1, 1996. The city is located adjacent to Interstate 215 and Bangerter Highway. It is located in the middle of the Salt Lake Valley. [geocentric_weather id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_about id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_neighborhoods id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_thingstodo id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_busstops id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_mapembed id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_drivingdirections id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] [geocentric_reviews id=”ae7d9be7-8fc3-453f-9c25-0ba7410d98f8″] The post Estate Planning Attorney In Taylorsville Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-taylorsville-utah/ Wills and trusts are both estate planning tools that can help ensure your assets are protected and bequeathed to your heirs, besides your spouse, which is generally not an issue. This is because the unlimited marital deduction provision within the St. George Utah Estate and Gift Tax Law allows the passing of wealth to a surviving spouse without incurring gift or estate tax liabilities. However, the transfer process becomes much more involved when wealth is passed to a subsequent generation. It is possible to have both a will and a trust. A will is a written document expressing a deceased person’s wishes, from naming guardians of minor children to bequeathing objects and cash assets to friends, relatives, or charities. A will becomes active only after one’s death. A trust is active the day you create it, and a grantor may list the distribution of assets before their death in it, unlike a will. There are irrevocable trusts, often created for tax purposes, which cannot be altered after their creation, and living trusts, which can be changed by the grantor. All wills must go through a legal process called probate, where an authorized court administrator examines them. This process can be lengthy and potentially contentious if family members contest the will. Trusts are not required to go through probate when the grantor dies, and they cannot be contested. • Whether you choose a will or a trust, you should seek professional advisors’ advice (tax, investment, and legal). WillsThe most common type of will is called a testamentary will. It is a legally enforceable document stating how you want your affairs handled and assets distributed after you die. It can also include a directive of how you want your funeral or memorial held. A will is an important component of estate planning, and a number of online will makers offer tools for generating legal forms and documents. Experts suggest seeking legal counsel from an attorney that can take into account your individual estate planning needs. Other less frequently used types of wills include holographic wills, oral wills, and pour-over wills. This is what you can find in a will: a list of assets and debts, including any family heirlooms, the contents of safe deposit boxes, property, and vehicles. You can leave your possessions to heirs, friends, or charities. A will can be effective in an estate transfer and other legal proceedings after death, but there are drawbacks that you should be aware of. Your estate will become part of the public record, for example, and anything left by a will must go through probate court. Also, probate attorneys can be expensive and cannot be avoided except in California and other specific states.2 Retirement accounts and life insurance policies that pass straight to named beneficiaries do not go through the probate process. If you die intestate (without a will), what happens to your property, bank accounts, securities, assets, and even the guardianship of your minor children will be determined based on the intestacy laws in your state. It can lead to long court battles and financial hardship for your loved ones. Guardianship of Minor ChildrenIf you have minor-aged children at home, it’s important to have a will that appoints guardianship of your children. If a guardian is not appointed at the time of death, your surviving family will have to seek help in a probate court to have a guardian appointed for your children. The person appointed may not be one whom you would have wanted to care for your kids. It would be best to consider how you will pass a portion of your estate to a minor child through a will. A will places your decisions in the hands of the judge presiding over your estate transfer. Your testamentary will carry out your wishes from beyond the grave. A will also allows you to give insight and direction over the handling of assets your beneficiaries will receive. Within reason, you can address how you would like them to use what you have left them. DisinheritanceWhile children (natural or adopted) have a statutory right to inherit, a will allows you to disinherit a child if you choose to do so (check your state laws for the specific details about this). A person can disinherit a spouse as well, under certain circumstances. However, you will need to be aware of the laws governing your state—whether it is a common-law state, a community property state, or an equitable distribution state; a person may only disinherit a spouse in a community property state. Each has a different set of stipulations on what and how much can be disinherited. Note, too, that a person can only disinherit a spouse or child through a will. What If I Die Without a Will?If you die without a will, called intestate, the state gets involved, and it will oversee the distribution of your assets. If you have minor children and die intestate, the court will appoint a guardian. Besides, the courts follow a set formula of how to divide assets, and it could result in actions that could negatively impact a surviving spouse or child. A will protects survivors against estate tax liability as well. As of 2021, U.S. estate tax returns are required to be filed if your estate is valued at $11.7 million (increasing to $12.06 million in 2022). If your estate is worth less than this figure, there is no tax return required, and you will not be charged an estate tax. TrustsA trust is another method of estate transfer a fiduciary relationship in which you give another party authority to handle your assets for the benefit of a third party, your beneficiaries. A trust can be created for a variety of functions, and there are many types of trusts. Overall, however, there are two categories: living and testamentary. A will can be used to create a testamentary trust. You can also create a trust for the primary purpose of avoiding probate court, called a revocable living trust. Living TrustLet’s focus on a revocable living trust for estate transfer. Like a will, a trust will require you to transfer property after death to loved ones. It is called a living trust because it is created while the property owner, or trustor, is alive. It is revocable, as it may be changed during the life of the trustor. The trustor maintains ownership of the property held by the trust while the trustor is alive. The trust becomes operational at the trustor’s death. Unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries. Testamentary TrustTrusts tend to be more expensive than wills to create and maintain. A trustee will be named in the document to control the assets’ distribution following the trustor’s wishes, following the trust document and its mandates. This is also an effective way to control the passing of your estate beyond the grave. To be valid, a trust must identify the following: the trustor, the trustee, the successor trustee, and the trust beneficiaries. A declaration of trust will also provide the basic terms of the trust. Your estate stays private and passes directly to your heirs, you do not pay a probate attorney or court costs, and your loved ones may be able to avoid being tied up in probate court for what could be a year or more. From this planner’s perspective, a trust can be a fantastic choice for estate transfer. Trusts Could Keep Your Heirs Out of Probate CourtOne stop you should try to avoid on the estate-transfer train is probate court. This is where your heirs could spend months sorting out your estate if your transfer plans are not efficiently laid out. You could easily lose an additional 2% to 4% of your estate due to attorney fees and court costs. Probate court is the judicial system section responsible for settling wills, trusts, conservatorships, and guardianships. After death, this court might examine your testamentary will, which is a legal document used to transfer your estate, appoint guardians for minor children, select will executors, and sometimes set up trusts for your survivors. Your executor would still be responsible for sorting out the estate, which could take six to 18 months, depending on the intricacies. Imagine your eldest child spending the next year and a half traveling back and forth to court hearings when they should be mourning your passing. It doesn’t sound fun, but it’s a possibility if you haven’t left a clear and well-drawn will and/or trust documents. Key DifferencesWills and trusts are both important estate-planning tools, but they differ in important ways. First, a trust is activated when the grantor signs it. A will does not go into effect until the testator dies. Upon your death, your will goes through probate, and a trust does not. A will is where you name guardianship of any minor children, plus share any funeral or memorial plans or requests. A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate. However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritance. Deciding between a will or a trust is a personal choice, and some experts recommend having both. A will is typically less expensive and easier to set up than a trust, an expensive and often complex legal document. Do You Need Both a Trust and a Will?Nearly everyone should have a will, but not everyone likely needs a living or irrevocable trust. If you have property and assets to place in a trust and have minor children, having both estate-planning vehicles might make sense. Does a Will Override a Living Trust?A will and a living trust are two separate legal documents. One doesn’t usually trump another, but if the issue arises, a living trust will most likely override a will because a trust is its own entity. The cost to set up a trust depends on various factors, including the type of trust, the state you live in, and how complex the legal document is. A simple trust, done online costs less than $300, but an estate planning attorney will most likely charge more. ConclusionIt is absolutely important to settle most of your affairs earlier rather than later in life. A will or a trust, or both, can ensure your assets and possessions end up where you want them to go. If you have minor children, you should absolutely make a will to name guardianship. A trust will streamline your estate’s transfer, unlike a will, which goes through probate. Making an estate plan a priority now can save money and precious time later, and help your loved ones avoid potential financial hardship. Also, contact St. George Attorney concerning estate planning in your area. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Sandy Utah Estate Planning Attorney In South Jordan Utah Estate Planning Attorney In Spanish Fork Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney In ST. George Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-st-george-utah/ Dividing up your estate among offspring can be a tricky business. Remember that not having a will is the height of irresponsibility. The task must be faced. There are many situations in which the obvious option—an equal division of assets among children—is the right choice. However, in some families, giving each child an identical inheritance might not make sense. As estate planning attorneys point out, there is a difference between leaving an equal inheritance, where each child receives the same amount, and an equitable inheritance, where each child receives what’s fair, given their circumstances. So when does it make sense to leave each of your children the same inheritance, and when does a different arrangement make more sense? And how might each choice affect sibling harmony and whether your wishes are carried out as you intended? • Dividing up your estate in an equal way between your children often makes sense, especially when their histories and circumstances are similar. When to Assign Equal AmountsIf there are three children, an equal split obviously means each will get one-third of the remaining estate after both parents have passed away. It makes sense for each child to get the same inheritance when each child has similar needs and is similarly situated in life, each child has received similar support in the past from their parents, and each child is mentally and emotionally capable and responsible. For example, if your children have all completed college (with you paying their tuition) and no longer rely on you for financial assistance, if no child has a disability or serious illness, and if all have demonstrated that they’re responsible with money, it’s logical to divide your assets evenly among them. If your bequests include real estate and other tangible assets, you will need to determine the dollar value of each asset and decide what makes the most sense to leave to each child. Consider the common situation in which children are scattered across the country. If one child always loved the primary house in Spanish Fork and still lives nearby, it could make sense to bequeath it to him or her. Another child, who lives in Florida, could inherit the beach house in Boca. “Any differences in the values of the properties could be made up in cash or other assets.” There are also less pleasant reasons to leave an equal inheritance, even if you feel one or more of your children don’t deserve it: Doing so can help avoid the costs of conflict, both emotional and financial. Merely from a litigation standpoint, the best way to decide is to weigh the likelihood of a child dragging an estate through litigation. A lawsuit is financially and emotionally draining for your family and for your estate, and will cause some of your assets to end up in a different place than you had hoped—in lawyers’ pockets.” If your will is contested after you die, some of your assets will go into the pockets of lawyers instead of your heirs. When to Assign Different AmountsLeaving each child an equal piece of the pie doesn’t always feel right. Perhaps one of your offspring is acting as your caregiver, and you want to reward them for that devotion or make compensation for lost time and wages. Or, perhaps, you’ve given one child considerably more money during your lifetime than you’ve given to another, say, $50,000 for a wedding, grad school, or a down payment on a house. In this scenario, if you would otherwise leave your two children equal inheritances of $200,000 apiece, you might instead leave $175,000 to the child you previously gifted money to and $225,000 to the child you didn’t. This distribution follows the equitable, not equal, guideline. If you have a child who cannot care for themselves, you may want to leave most of your estate to provide for that child’s care through a special needs trust. A child with a disability may need income support to meet basic living expenses and funds to pay for ongoing medical needs. Siblings will likely understand such a situation and not be offended by receiving less money, but it’s still a good idea to let them know your plans, so there are no surprises after your death. You might decide to bequeath disparate amounts when you have a blended family, with one child who can expect to continue receiving support from another parent. You might also do this when you run a family business and one child has a larger ownership share than another, or when one child is financially irresponsible. The overall guideline should be the promotion of family harmony. It is unbelievable how many families fall apart after the parents die because of how the estate is divided up. Could a Child Sue for More?If you decide not to divide your assets equally among your children, understand that you’re putting your plans and your children at risk of going through a lawsuit. How significant is this risk, and how likely is it that the result will be a different division of assets than the one you desired? Children can sue to contest a will, but with careful estate planning, you can help mitigate challenges. The first step is to draft your will with the assistance of an estate planning attorney while you’re of sound mind and memory and without undue influence from one of your children. “Undue influence” means that one of your other children believes or at least thinks it can be proved in court that you were manipulated during the process of creating your will. As a result, that child contends, you expressed wishes that you otherwise wouldn’t have or that weren’t really what you wanted. You won’t be there to defend yourself against such a claim, so you need to make sure no one can successfully argue it. “Lack of capacity,” another way a will can be challenged, means that you didn’t understand what you were doing when you created or changed your will, perhaps because of your age or because a physical or mental illness had eroded your ability to make sound decisions. A child could also try to argue that your will isn’t valid because of fraud or because your signature wasn’t witnessed. A no-contest clause, which stipulates that anyone contesting the will forfeits their inheritance, can be used to discourage any legal challenges. How to Protect Your WishesThere are ways to minimize the chances of a less-favored child contesting your will in court, as well as ways to minimize that child’s chances of winning if they do. A no-contest clause paired with at least some nominal gift can create a disincentive to challenge. A non-contestability clause is, basically, language in your will stating that any inheritor who takes your will to court forfeits any bequests. That’s where the nominal gift comes in for the clause to be effective; your child has to have something to lose. You’ll need to leave the less-favored child enough that they likely have more to gain by keeping quiet than by going to court. It’s an unpalatable option, to be sure, but it might mean the best chance of keeping your will intact. The enforceability of these clauses varies by state, however, so check your state’s laws before considering this option. Estate-planning experts say other ways to avoid challenges to your will include the following: A lawsuit of this type is most likely to end in a settlement. Settlement will in some way vary your estate plan, because funds will likely end up in a different place or with a different person than you had hoped. The most important thing to remember when dividing up an inheritance is that it is your money, and you have a right to do with it what you choose. Tips to Help Siblings Avoid or Resolve an Estate BattleSibling disputes often erupt after a parent dies, and it’s time to divide up the assets of an estate, and these fights can result in lengthy and expensive legal actions. However, a little forethought from parents can avoid such disputes, or they can be addressed by siblings who employ savvy strategies after a parent or both parents die. Consider the following to prevent or resolve conflict. • Sibling disputes over assets in a parent’s estate can be avoided by taking certain steps both before and after the parent dies. Estate-Planning Steps for ParentsPlanning before death can address many of the issues that arise after a parent dies. Perhaps the most important action a parent can take is to have a will that specifies which sibling receives what in terms of property. Who inherits the house? A business? A valuable painting? The answers can be spelled out in a will. How Parents Can Divvy Up Minor ItemsDisputes over a treasured but valueless picture can cause bad feelings within the family, and those bad feelings can persist for a long time. A wise parent who anticipates that siblings may quibble over the household or other minor items after they die can take specific steps to thwart any problems. Give Gifts During LifetimeA parent may want to disburse certain items before they die so that a child can enjoy the items longer—this avoids claims to them after the parent dies. For example, if a parent has two daughters, the parent might give rings, bracelets, and necklaces to each, perhaps as birthday or holiday gifts. This gifting strategy assumes that the value of the items is below the annual gift tax exclusion. In 2021, the annual exclusion is $15,000 and in 2022 it goes up to $16, 000. This means that tax filers can give away up to $15,000 or $16,000 per person without paying tax on those gifts. Items of greater value require that a gift tax return be filed and may entail gift taxes. Tag ItemsIt may sound tacky, but putting tags on certain essential items, such as a lithograph or first edition book, can be helpful. The label should name the sibling who will inherit the thing after the parent dies. While the tag does not create a legal requirement that the sibling receives the item, it is indicative of the parent’s intent and may go a long way in avoiding sibling spats. Write a Letter of InstructionA letter of instruction can be written by the parent outlining who gets what. Again, the letter is not legally binding but serves as a roadmap to the parent’s wishes regarding their property. What to Do After a Parent DiesIf a parent did not take action before death, and there is a possibility of problems over distributing assets, it’s not too late to preserve sibling harmony or at least to minimize bad feelings. There are actions you can take to mitigate sibling strife. Use a MediatorWhen there is a serious problem involving a family business, a professional mediator can help. Bring all the siblings together and work with the mediator to reach a consensus. Liquidate AssetsWhen siblings lay claim to the same assets and cannot agree, one option is to sell the assets and split the proceeds. Defer to an Independent FiduciarySiblings can decline an appointment as executor or trustee so that someone else can be the fiduciary and make decisions on asset distributions. If siblings are named as fiduciaries, they need to formally decline the appointment. This step should only be taken if the siblings agree on the appointment of the person who will act as fiduciary—whether this is another person in the family, an attorney, CPA, or a bank’s trust department—and if the estate can afford the payment for this service. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Salina Utah Estate Planning Attorney In Sandy Utah Estate Planning Attorney In South Jordan Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeSpanish Fork, Utah
From Wikipedia, the free encyclopedia
Spanish Fork is a city in Utah County, Utah, United States.[1] It is part of the Provo–Orem Metropolitan Statistical Area. The 2020 census reported a population of 42,602.[3] Spanish Fork, Utah is the 20th largest city in Utah based on official 2017 estimates from the US Census Bureau.[4] Spanish Fork lies in the Utah Valley, with the Wasatch Range to the east and Utah Lake to the northwest. I-15 passes the northwest side of the city. Payson is approximately six miles to the southwest, Springville lies about four miles to the northeast, and Salem is approximately 4.5 miles to the south.[5][6] [geocentric_weather id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_about id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_neighborhoods id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_thingstodo id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_busstops id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_mapembed id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_drivingdirections id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] [geocentric_reviews id=”112bb32c-c875-4ba6-be4b-f8ce9becf4be”] The post Estate Planning Attorney In Spanish Fork Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-spanish-fork-utah/ Using an LLC for Estate PlanningSomewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial for small-business owners and is also a powerful tool for estate planning. If you want to transfer assets to your children, grandchildren, or other family members but you are concerned about gift taxes or the burden of estate taxes your beneficiaries will owe upon your passing—an LLC can help you control and protect assets during your lifetime, keep assets in the family, and reduce taxes owed by you or your family members. • A limited liability company (LLC) can be a useful legal structure through which to pass assets down to your loved ones while avoiding or minimizing estate and gift taxes. An LLC is a legal entity recognized in all 50 states, although each state has its own regulations governing the formation, running, and taxation of these companies. Like a corporation, LLC owners (called members) are protected from personal liability in case of debt, lawsuit, or other claims, thus protecting personal property such as a home, automobile, personal bank account, or investment. Unlike a corporation, LLC members can manage the LLC in whatever fashion they like and are subject to fewer state regulations and formalities than a corporation. As a partnership, members of an LLC report the business’s profits and losses on their personal tax returns, instead of the LLC itself being taxed as a business entity. Benefits of Using an LLC for Estate PlanningYou’ve worked hard to earn and grow your wealth, and you probably want as much of it as possible to stay in your family once you’re gone. Establishing a family LLC with your children allows you to: In short, it can be a win-win for you and your children. If you are attempting to avoid estate taxes, it’s important to note that as of 2021, the feared 40% federal estate tax only takes effect if an individual’s estate is valued at over $11.7 million. For 2022, the number is $12.06 million. Estates worth less than this are considered exempt from the tax. Gift taxes, however, go into effect after $15,000 (increasing to $16,000 in 2022) is transferred in a single year if the giver is unmarried (married couples can jointly give $30,000, increasing to $32,000 in 2022). This total resets each year, and the taxes are owed by the person giving rather than receiving the gift. This limit applies per recipient, so giving $15,000 to each of your three children and five grandchildren would not incur gift taxes. Also, keep in mind that if you exceed the $15,000 per year annual gift tax exclusion limit, there is a lifetime cap of $10 million. After that, the gift tax becomes 40%. Before you reach the cap, each amount given over the $15,000 limit is deducted from your lifetime cap, bringing you closer to the 40% tax rate. Considering this, the benefits of transferring wealth between family members with the use of an LLC become more apparent. Family LLCsIn a family LLC, the parents maintain management of the LLC, with children or grandchildren holding shares in the LLC’s assets, yet not having management or voting rights. This allows the parents to buy, sell, trade, or distribute the LLC’s assets, while the other members are restricted in their ability to sell their LLC shares, withdraw from the company, or transfer their membership in the company. In this way, the parents maintain control over the assets and can protect everyone from financial decisions made by younger members. Gifts of shares to younger members do come under the gift tax, but with significant tax benefits that allow you to give more, as well as lower the value of your estate. How a Family LLC WorksAfter you have established your family LLC according to your state’s legal process, you can begin transferring assets. You then decide on how to translate the market value of those assets into LLC units of value, similar to stock in a corporation. Now you can transfer ownership of your LLC units to your children or grandchildren, as you wish. The discount on the value of units transferred to non-managing members of an LLC is based on the fact that without management rights, LLC units become less marketable. Here’s where the tax benefits really come into play: If you are the manager of the LLC, and your children are non-managing members, the value of units transferred to them can be discounted quite steeply, often up to 40% of their market value. Lower Estate TaxNow your offspring can receive an advance on their inheritance, but at a lower tax burden than they otherwise would have had to pay on their personal income taxes, and the overall value of your estate is reduced, resulting in an eventual lower estate tax when you pass away. The ability to discount the value of units transferred to your children also allows you to give them gifts of discounted LLC units, thus going beyond the current $15,000 gift limit without having to pay a gift tax. If you wish, for example, to gift one of your children non-management shares of LLC units that are valued at $1,000 each, you can apply a 40% discount to the value (bringing the value of each unit down to $600). Now, instead of transferring 15 shares before having to pay a gift tax, you can transfer 25 shares. In this fashion, you can give significant gifts without gift taxes, all while reducing the value of your estate and lowering the eventual estate tax your heirs will face. What Can I Transfer Into an LLC?You can transfer just about any asset into an LLC, and then pass those assets along to your children and grandchildren. Typical assets include the following: How Does an LLC Pass at Death?When the owner of an LLC passes away, some states declare that the LLC must dissolve unless a specific plan of succession has been made. However, dissolution can be avoided by providing for a transfer to another individual upon death detailed in the operating agreement, creating a joint tenancy membership, creating a revocable trust to hold the LLC membership, or probating the LLC through court to determine the succession plan. What Are Some of the Downsides of an LLC?When compared to a sole proprietorship, an LLC is more costly to create and maintain. Depending on the state, an LLC typically requires a formation fee and various ongoing fees to maintain the LLC. Sole proprietorships do not typically require registration and, therefore, any associated fees. The owner of an LLC is not liable for the debts of the company, which is one of the key benefits of an LLC. An LLC provides protection to the owner from creditors in the event that the company defaults, enters bankruptcy, or otherwise cannot make its obligations. Creditors are not allowed to go for the owner’s own personal assets. A family-owned LLC is a powerful tool for managing your assets and passing them along to your children. You can maintain control over your estate by assigning yourself as the manager of the LLC while providing significant tax benefits to both yourself and your children. Because estate planning is very complex and the regulations governing LLCs vary from state to state and evolve over time, always check with a financial advisor before formalizing your LLC plan. You will also need legal assistance to create the LLC. You will also incur both initial and annual fees. Factor all these costs into your planning and your decision about whether this type of structure makes sense for your estate. What Happens When a Will and a Revocable Trust Conflict?A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, due to the fact that they are separate documents, they sometimes run in conflict with one another–either accidentally or intentionally. By definition, a revocable trust is a living trust established during the life of the grantor, and may be changed at any time, while the grantor is still living. Since revocable trusts become operative before the will takes effect at death, the trust takes precedence over the will, when there are discrepancies between the two. • A will and a living trust are both part of a comprehensive estate plan, that sometimes is inconsistent with one another. A Trust Is a Separate EntityFrom a legal standpoint, a trust is a separate entity from an individual. When the grantor of a revocable trust passes away, the assets in the trust do not enter into the probate process along with a decedent’s personal assets. When a person dies, their will takes effect in a legal proceeding called probate, which aims to distribute the deceased individual’s property, according to the terms dictated by the decedent’s will. But probate does not apply to property held in a living trust, because those assets are not legally owned by the deceased person. In other words, the will has no authority over a trust’s assets, which may include cash, equities, bonds, real estate, automobiles, jewelry, artwork, and other tangible items. Naming a Trust as Beneficiary of a Retirement Account: Pros and ConsWhen designating beneficiaries for a retirement account one option is to leave the money to a trust. In the financial community, the advantages and disadvantages of this route have been a topic of an ongoing debate between estate planning attorneys and financial advisors. • Naming beneficiaries for qualified retirement plans means that probate, attorneys’ fees, and other costs associated with settling estates are avoided. Qualified retirement savings accounts are a great way to build a retirement nest egg. But what happens to the money in the account if the account holder passes away? For retirement accounts, investors are given the opportunity to name both primary and contingent beneficiaries—that is, the person or entity who will inherit the account upon the original owner’s death. The exact mechanism for doing this can get complicated, and factors like taxes and required minimum distributions have to be taken into account. The number of beneficiaries named and whether they are the benefactor’s spouse or not also make a difference. Pros of Naming a Trust as Beneficiary of a Retirement AccountNaming a trust as a beneficiary is advantageous if your beneficiaries are minors, have a disability, or cannot be trusted with a large sum of money. Some attorneys will recommend a special trust be established as the IRA beneficiary to avoid its assets becoming part of a surviving spouse’s estate, all in an effort to avoid future estate tax issues. Since qualified retirement plans—such as a 401(k) or 403(b), an IRA or a Roth IRA—pass by way of contract directly to a named beneficiary, the often lengthy probate process, attorneys’ fees, and other costs associated with wills and settling estates are avoided. Cons of Naming a Trust as Beneficiary of a Retirement AccountThe primary disadvantage of naming a trust as beneficiary is that the retirement plan’s assets will be subjected to required minimum distribution payouts, which are calculated based on the life expectancy of the oldest beneficiary. If there is only one beneficiary, it does not matter as much, but it can be problematic if there are several heirs of varying ages: The ability to maximize the deferral potential of the qualified plan’s interest is lost under this approach. In contrast, naming individual beneficiaries will allow each beneficiary to take a required minimum distribution based on their life own expectancy, which can stretch an IRA’s earnings out for a longer period of time. For trusts and accounts inherited after Jan. 1, 2020, there’s another wrinkle. Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, most non-spousal beneficiaries of an IRA must take full distribution of all amounts held in the IRA by the end of the 10th calendar year following the year of the IRA owner’s death. But exceptions to this SECURE Act rule do exist for certain people. Known as eligible designated beneficiaries (EDB), they include a surviving spouse, minor children of the IRA owner (until they reach the age of majority), disabled or chronically ill individuals, and individuals who are not more than 10 years younger than the IRA owner. For these beneficiaries, the 10-year payout rule does not apply, and the trust can stretch payments out over the EDB’s lifetime, subject to the same life-expectancy rules outlined above. It’s also important for the trust containing the IRA to be a see-through trust. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Riverton Utah Estate Planning Attorney I Salina Utah Estate Planning Attorney In Sandy Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeSouth Jordan, Utah
From Wikipedia, the free encyclopedia
South Jordan is a city in south central Salt Lake County, Utah, United States, 18 miles (29 km) south of Salt Lake City. Part of the Salt Lake City metropolitan area, the city lies in the Salt Lake Valley along the banks of the Jordan River between the 10,000-foot (3,000 m) Oquirrh Mountains and the 11,000-foot (3,400 m) Wasatch Mountains. The city has 3.5 miles (5.6 km) of the Jordan River Parkway that contains fishing ponds, trails, parks, and natural habitats. The Salt Lake County fair grounds and equestrian park, 67-acre (27 ha) Oquirrh Lake, and 37 public parks are located inside the city. As of 2020, there were 77,487 people in South Jordan. Founded in 1859 by Mormon settlers and historically an agrarian town, South Jordan has become a rapidly growing bedroom community of Salt Lake City. Kennecott Land, a land development company, has recently begun construction on the master-planned Daybreak Community for the entire western half of South Jordan, potentially doubling South Jordan’s population. South Jordan was the first municipality in the world to have two temples of The Church of Jesus Christ of Latter-day Saints (Jordan River Utah Temple and Oquirrh Mountain Utah Temple), it now shares that distinction with Provo, Utah. The city has two TRAX light rail stops, as well as one commuter rail stop on the FrontRunner. [geocentric_weather id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_about id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_neighborhoods id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_thingstodo id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_busstops id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_mapembed id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_drivingdirections id=”9d240370-0efd-4320-8bd2-de15226eaa86″] [geocentric_reviews id=”9d240370-0efd-4320-8bd2-de15226eaa86″] The post Estate Planning Attorney In South Jordan Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-south-jordan-utah/ Life is uncertain. While no one likes to think about their mortality, the hard fact is that everyone will pass away some day and leave assets to someone else. If you don’t have an estate plan in place, we highly suggest you consider talking with our firm. Estate plans can help you make sure that your assets go to your designated beneficiaries Estate planning is more than simply creating a will. It arranges your affairs and finances so things happen as you wish after you die – or even, in some cases, when you’re still alive. An estate plan determines how an individual’s assets will be managed and distributed after passing. Ensuring the security of your loved one’s future financial situation can be impacted by your decisions made today. Estate planning is the preparation of your asset base tasks to manage your assets in the event of incapacitation or death. Preparation tasks include creating a will (a legal document that provides clear instructions on how to handle the individual’s property and custody of minor children), establishing trusts, naming an executor and beneficiaries, and setting up funeral arrangements. One of the best things you can do for yourself and your loved ones is to create a will. Wills and trusts are designed to safeguard your family’s future. Assets can include cars, houses, stocks, life insurance, pensions, and debt. Estate planning is also important if you are looking to fund your descendant’s education. To preserve family wealth and/or ensure the survival of your family, estate planning is essential. Key Points Things To Do Before You DieEstate planning goes beyond drafting a will. Thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people or entities you wish to receive them. Along with implementing your plan, you must make sure others know about it and understand your wishes. Not sure how to get started? Follow this checklist, and you’ll have covered most, if not all, of your bases. • Itemize Your Inventory: To start things out, go through the inside and outside of your home, and make a list of all valuable items. Examples include the home itself, television sets, jewelry, collectibles, vehicles, art and antiques, computers or laptops, lawn equipment, and power tools. The list will probably be a good deal longer than you may have expected. As you go, you may want to add notes if someone come to mind that you’d like to have the item after your death. How to Avoid Estate Planning Mistakes In Sandy, UtahEstate planning is important; without one, your loved ones may have to wade through tedious legal procedures after you die and your final wishes may not be recognized by state probate and intestate laws. In fact, the most common mistake people make when planning their estates is not actually taking the time to plan. To ensure that your last wishes are acknowledge, talk to an attorney and begin planning for the security of you loved ones today. It is important to name a legal guardian for your minor children in your estate plan. Until now, you may have assumed that estate planning only involved your personal belongings and financial assets. This is false. Without an assigned, legal guardian, the state will decide who raises your children if you die before they reach legal adulthood. You can only assigned guardianship in a will. Avoid this mistake by making sure that your children’s future is protected in your estate plan. Joint ownership is another mistake that people make when planning your estate. It is not unusually for elderly people to add an adult child to the title of their belongings and assets to avoid complicated legal procedures after they pass away. This may be problematic for several reasons. First, joint ownership decreases the amount of control you have over you estate – you might even lose some of your assets to your joint owner’s creditors or ex-spouse. After you die, your assets will probably be distributed via the probate process. If you have a will, your loved ones cannot receive their inheritances until probate is complete. One common mistake made by individuals planning their estates is failing to avoid probate. Probate is tedious, but you may be able to avoid it by establishing co-ownership, beneficiary designations or a revocable living trust. Because co-ownership is not preferred, the best way to avoid probate is through a living trust. Estate planning can take effect before you die. If you become seriously ill or incapacitated before you pass away, your estate may fall into the hands of your beneficiaries. For example, if you suffer a stroke and are unable to manage your assets, someone else will be appointed to take care of them. If you plan ahead for incapacity, you are able to control who will be in charge of you estate if you become seriously. Additionally, you may include instruction for your medical care in the event of serious incapacitation. Using a qualified attorney to help you plan your estate is imperative. Avoid using kits, online programs, or attempting to plan your estate by yourself. An experienced attorney can help you understand the estate planning process, help you avoid probate and give you peace of mind about the future of your family, belongings and financial assets. Estate planning involves a variety of tedious laws, statutes and regulations. Protect your final wishes by having a knowledgeable lawyer on your side. Estate planning isn’t a one-time event. As your wishes, financial circumstances and other variables change, you may wish to adjust something in your plan. For instance, if a specific charitable organization becomes significant to you, you may want to leave a gift for it when you die. Your personal wishes and circumstances are always changing; your plan should too. If you have questions about estate planning, writing a will or establishing a living trust, talk to an attorney today. Having a knowledgeable lawyer guiding you through the estate planning process can help you secure the future of your assets, family, and ensure that your final wishes are executed correctly. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Richmond Utah Estate Planning Attorney In Riverton Utah Estate Planning Attorney In Salina Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeSandy, Utah
From Wikipedia, the free encyclopedia
Sandy is a city in the Salt Lake City metropolitan area, located in Salt Lake County, Utah, United States. The population of Sandy was 87,461 at the 2010 census,[5] making it the sixth-largest city in Utah. The population is currently estimated to be about 96,380 according to the July 1, 2019 United States Census estimates.[6] Sandy is home to the Shops at South Town shopping mall; the Jordan Commons entertainment, office and dining complex; and the Mountain America Exposition Center. It is also the location of the soccer-specific America First Field (formerly known as Rio Tinto Stadium), which hosts Real Salt Lake and Utah Royals FC home games, and opened on October 8, 2008. The city is currently developing a walkable and transit-oriented city center called The Cairns. A formal master plan was adopted in January 2017 to accommodate regional growth and outlines developments and related guidelines through the next 25 years, while dividing the city center into distinct villages. The plan emphasizes sustainable living, walkability, human-scaled architecture, environmentally-friendly design, and nature-inspired design while managing population growth and its related challenges.[7] [geocentric_weather id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_about id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_neighborhoods id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_thingstodo id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_busstops id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_mapembed id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_drivingdirections id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] [geocentric_reviews id=”19be62c0-da28-40d5-8a29-ed15e7ac595d”] The post Estate Planning Attorney In Sandy Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-sandy-utah/ Is your will notarized? It may be, but it doesn’t have to be. Why are wills written by lawyers almost always notarized? It is not the will itself that is notarized, but rather the self-proving affidavit that is attached to the will. When a person’s will is presented for probate after the person’s death, the will must be proved. The word “probate” comes from the Latin “probare”, meaning to test or to prove. In probate, we are proving the will. How to Make Up a Simple Will and Have It NotarizedYour will designates who is to receive your possessions and assets when you pass away. If you die without leaving a properly executed will, confusion or uncertainty may arise regarding the distribution of your property and how your physical remains should be handled. A will does not have to be signed by a notary public to be legally binding, but a notary’s signature helps to establish the validity of your will. • Handwrite or type a title for your will, such as “Last Will and Testament.” Below this title, write your full legal name, your present home address and your Social Security number or other identifying information such as your date of birth. Where You Can Go Wrong With a Do-It-Yourself WillIt is possible to write a will all by yourself, type up on a piece of paper detailed instructions on the distribution of your worldly goods after your death, without the help of an attorney. But if you are planning anything complicated, this might have all the authority of a grocery list that has been notarized. And when there are mistakes, it is possible that the survivors of the deceased will end up in court, spending thousands of dollars to contest a will. Another complication is that each state has its own rules. Some states recognize oral wills; some don’t. In some states, you have to have the will signed at the end and witnessed by two disinterested parties. But some states require three signatures. Even if no one contests your will, the courts still have to follow the letter of the law. Many courts will not validate provisions if the will is not properly executed (with the proper notarization and number of witnesses). Courts will also balk at provisions that do not make sense. Even uncontested wills can remain in expensive probate limbo, Because of the disparate nature of do-it-yourself projects; there are no aggregate statistics on how many people across the country file their own wills each year. Here is what can go wrong, and how to avoid it: Statutory Requirements for a Valid Written WillThe will must have been executed with testamentary intent; Testamentary intent involves the testator having subjectively intended that the document in question constitute his or her will at the time it was executed. Ordinarily, the opening recital, e.g., I, Jane Doe, do hereby declare this instrument to be my Last Will and Testament . . .” will suffice. Testamentary CapacityIn addition to testamentary intent, the testator must have the testamentary capacity, at the time the will is executed. Generally, it takes less capacity to make a will than to do any other legal act. As guidance, a four-prong test is often used. The testator must: A common modification to the above list of requirements is that the testator be of sound mind and capable of executing a valid will. Accompanying the competency standard is a minimum age requirement, which is usually age 18. Signature RequirementsMost courts take a liberal view as to what constitutes a testator’s signature. These standards range from the testator’s first name, nickname or even an “X” by an illiterate person. Additionally, proxy signatures (made by another person) are acceptable, as long as the signing is at the testator’s direction and in his or her presence. In order for the testator’s signature to be valid, it has to be done as a volitional act by the testator. Although someone can assist the testator in this task, the signing must still be at the testator’s direction. In most states, there is no requirement that the testator sign at the end of the will (subscribe his signature). The signature can appear anywhere, provided it was intended by the testator to be his signature. In many jurisdictions, the signature must be at the end of the will to be valid. In these jurisdictions, even deciding where the end of the will is can create uncertainty. Some jurisdictions apply an objective test requiring the testator to sign at the physical end (or last line) of the document. In contrast, some jurisdictions say that what constitutes the end is a subjective test, holding that the logical or literary end is the appropriate place for the signature. Here, the question is whether the testator subjectively thought that he was signing at the end of the will. Signing anywhere can create confusion as to the effect of provisions that may appear after the testator’s signature. Historically, if there were material provisions appearing after the testator’s signature, the entire will was void. The modern view is that everything appearing before the signature is given effect; but the provisions that follow the signature are void (even assuming they existed at the time the will was made). An exception to this view is if the provisions following the signature are so material that deleting them would subvert the testator’s testamentary plan. In such a case, the entire will is void. Witnesses, Attestation and Self-Proving AffidavitIn addition to the testator signing the will, it also has to be signed by witnesses. Like the testator, the witnesses must possess certain minimal qualifications or their attestations may be legally insufficient to validate the will. Specifically, the witnesses must be competent, they must be mature enough and of sufficient mental capacity to understand and appreciate the nature of the act that they are witnessing and at testing to, so that, if needed, the witnesses could testify in court on these matters. A witness usually is judged incompetent to serve as a witness to the will if the person is also an interested witness. An interested witness is one who is a beneficiary under the will. At common law, the will was denied probate in those instances. Most states require only an acknowledgement to the witnesses by the testator that his signature appears on the document. Most courts are indifferent about whether the attesting witnesses or the testator signs first. Most jurisdictions define presence as the testator being conscious of where the witnesses were and what they were doing when they signed. Other jurisdictions dictate that the presence test is only satisfied if the witnesses are in the testator’s line of sight when they signed. Absence of fraud and undue influence• Fraud is one ground to invalidate a will. Fraud involves: Fraud in the execution involves the testator being deceived as to the character or contents of the document he is signing. Fraud in the inducement involves the testator making the will or writing a provision that relies upon a false representation of a material fact made to him by one who knows it to be false. Undue influence involves substituting another person’s will for that of the testator. The factors of undue influence are: Undue influence is difficult to prove because the evidence must be substantial, going beyond mere suggestion, innuendo or suspicion. Merely having a motive, the opportunity or even the ability to exert undue influence is not sufficient to prove it actually happened. If the elimination of a provision created under undue influence does not defeat the overall testamentary plan, it can be stricken; the rest of the will is still valid. In contrast, if this revision alters the testator’s wishes for the disposition of his property, the entire will is set aside. Yet, the existence of a confidential relationship between a testator and a beneficiary may raise a presumption (often rebuttable) of undue influence, especially if the beneficiary played an active role in procuring the will and the disposition under the will is unnatural. Absence of mistakesIf a testator somehow signs a document purporting to be his will but it is the wrong document, most courts will hold that there is no will. Generally, if a testator omits some provision in his will it cannot be added postmortem (after death), because a will cannot be reformed or revised once the testator has died. [In the next chapter we will review when extrinsic (outside) evidence is admissible; however, that is used for to clear up ambiguities, not to add new terms to the will. Conversely, a provision included in a will by mistake may be omitted by the probate court when the will is admitted to probate, if the mistaken inclusion is separable from the rest of the will. The deletion of the provision cannot substantially alter the overall will or the intent of the testator. This type of modification is similar to one found in contracts that allows a provision that is illegal or conflicting to be eliminated; however, the contract itself still remains valid. There can also be a mistake in the inducement, when a testator is mistaken about a material fact and makes no provision in the will because of it. Unlike fraud in the inducement, a mistake in the inducement will not cause the will to be invalid. Such innocent mistakes will not adversely affect the will’s validity. In effect, no relief is granted for the injured party. Although the will may not be invalidated or changed, the intended beneficiaries might be able to hold the attorney liable for negligent drafting. Ultimately, the testator is responsible for ensuring that the will accurately reflects his intentions. This is crucial, since once the testator dies; there usually is no way to rectify any problems with the will. Courts will not step in to rewrite someone’s will. Special consideration for attorney-draftsman as beneficiary or fiduciaryAttorneys are held to a higher standard when it comes to undue influence claims. A bequest to an attorney is particularly susceptible to a claim of undue influence because of the confidential and fiduciary nature of the attorney-client relationship. Accordingly, many courts presume there was undue influence in instances where the attorney drafted the will. Safekeeping of willsA testator’s first inclination may be to keep the will in a safe deposit box, along with other important papers. This option could cause delay in locating the will because access to a decedent’s safe deposit box to search for the will requires an ex parte court order. As an alternative, the will can be deposited in a will safe or vault of the attorney who drafted it. Lastly, for a nominal fee, the will can be deposited in the will safe at the surrogate court. This last option could be inconvenient if the testator decided to change the will at a later date. In some jurisdictions, process must be served on the beneficiaries and fiduciaries named in the earlier will if their rights and interests are adversely affected by the later will. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Parowan Utah Estate Planning Attorney In Richmond Utah Estate Planning Attorney In Riverton Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney In Salina Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-salina-utah/ When someone is ill or incapacitated whether from a short stint in the hospital or a long-term illness- someone must step in and handle bill-paying, investment decisions, and other financial matters. Here’s how to give that authority to someone you choose and not leave it up to a court. The Durable Power of Attorney: Health Care and FinancesUnderstand medical and financial powers of attorney and why you need to prepare both. What if an accident or illness or simply the effects of aging left you unable to tell your doctors what kind of medical treatment you want, or made it impossible to manage your financial affairs? No one likes to consider such grim possibilities, but the truth is that almost every family will eventually face this kind of difficulty. While medical and financial powers of attorney can’t prevent accidents or keep you young, they can certainly make life easier for you and your family if times get tough. What Is a Power of Attorney?A power of attorney is a legal document that gives someone you choose the power to act in your place. In case you ever become mentally incapacitated, you’ll need what are known as “durable” powers of attorney for medical care and finances. A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own. (Ordinary, or “nondurable,” powers of attorney automatically end if the person who makes them loses mental capacity.) With a valid power of attorney, the trusted person you name will be legally permitted to take care of important matters for you — for example, paying your bills, managing your investments, or directing your medical care — if you are unable to do so yourself. Taking the time to make these documents is well worth the small effort it will take. If you haven’t made durable powers of attorney and something happens to you, your loved ones may have to go to court to get the authority to handle your affairs. To cover all of the issues that matter to you, you’ll probably need two separate documents: one that addresses health care issues and another to take care of your finances. Fortunately, powers of attorney usually aren’t difficult to prepare. Medical Power of AttorneyA medical power of attorney is one type of health care directive that is, a document that set out your wishes for health care if you are ever too ill or injured to speak for yourself. When you make a medical power of attorney — more commonly called a “durable power of attorney for health care” — you name a trusted person to oversee your medical care and make health care decisions for you if you are unable to do so. Depending on where you live, the person you appoint may be called your “agent,” “attorney-in-fact,” “health care proxy,” “health care surrogate,” or something similar. Your health care agent will work with doctors and other health care providers to make sure you get the kind of medical care you wish to receive. When arranging your care, your agent is legally bound to follow your treatment preferences to the extent that he or she knows about them. To make your wishes clear, you can use a second type of health care directive — often called a “health care declaration” or “living will” to provide written health care instructions to your agent and health care providers. To make this easier, some states combine a durable power of attorney for health care and health care declaration into a single form, commonly called an “advance health care directive.” Financial Power of AttorneyA financial power of attorney is a power of attorney you prepare that gives someone the authority to handle financial transactions on your behalf. Some financial powers of attorney are very simple and used for single transactions, such as closing a real estate deal. But the power of attorney we’re discussing here is comprehensive; it’s designed to let someone else manage all of your financial affairs for you if you become incapacitated. It’s called a “durable power of attorney for finances.” With a durable power of attorney for finances, you can give a trusted person as much authority over your finances as you like. The person you name is usually called your “agent” or “attorney-in-fact,” though he or she most definitely doesn’t have to be an attorney. Your agent can handle mundane tasks such as sorting through your mail and depositing your Social Security checks, as well as more complex jobs like watching over your retirement accounts and other investments, or filing your tax returns. Your agent doesn’t have to be a financial expert; just someone you trust completely who has a good dose of common sense. If necessary, your agent can hire professionals (paying them out of your assets) to help out. Why You Need Separate Documents for Medical Care and FinancesYou may wonder why you can’t cover health care matters and finances in just one power of attorney document. For example, your health care documents are likely to be full of personal details, and perhaps feelings, that your financial broker doesn’t need to know. Likewise, your health care professionals don’t need to be burdened with the details of your finances. That said, even though you should make separate power of attorney documents for health care and finances, it makes a good deal of sense to name the same agent under both documents. If not, you must be sure to name people who will work well together. Common Mistakes in Financial Powers of Attorney In Riverton, UtahYour financial power of attorney doesn’t need to be complicated or difficult to make, but it’s important that you do it correctly. Understanding the most common pitfalls will help you avoid mistakes and make the most of your power of attorney. Here are six common mistakes in financial powers of attorney. Not Giving Authority Over All Types of PropertyWhen creating your financial power of attorney, you might be tempted to give authority over just the types of property you currently own. That can be a mistake because you don’t know what you’ll own in the future. When you make a financial power of attorney, you can give your agent a lot of authority or very little. Basic forms often list various types of property, requiring you to check or initial each one to give your agent that authority. That list might look something like this: Looking at that list, you’ll see some types of property you don’t have. For example, you might not own “commodities and options.” You might be tempted to skip that category, thinking it doesn’t apply to you. There are two problems with that: The best approach is to grant general authority over all types of property, even property you don’t currently own. It’s best for your agent to have the authority, even if they never use it. Exception: Do not grant any powers to your agent that makes you uncomfortable. Specifically, if you have concerns about your agent’s ability to manage certain types of property or if you think that your agent might take advantage of you financially, consider other options, such as limiting the power you grant, setting up a trust instead, naming an additional person to advise or supervise your agent, or relying on a court-supervised guardianship. If you have questions or concerns, get help from an attorney. Making Your Agent Joint Owner of Your Bank AccountThe most common task for agents is writing checks and paying bills from your bank account. To do this, you’ll have to add your agent’s name to the account. That’s when you might mistakenly add your agent as a joint owner. Adding a name to the account” can mean two different things. It can mean the person is authorized under your power of attorney to manage the account on your behalf. Or it can mean the person is a joint owner with full authority to use the account as his or her own. You might unknowingly add a family member’s name to your account as a joint owner. It happens all the time. If you do this, that account will immediately become that person’s property when you die—no matter what your will says. That will mean: Not Working With Your Financial Institutions in AdvanceIt’s natural to assume that, like a power of attorney for health care, your financial power of attorney will be readily accepted by any financial institution or government agency. But that often isn’t the case. Working with your financial institutions now can prevent delay in the future. Financial institutions reject financial powers of attorney all the time. Some want to see specific things in a power of attorney document, such notarization (even though a financial power of attorney in many states does not have to be notarized to be valid). Others want you to use their own form or attach a lengthy form and certification. And for some companies, the process of receiving, reviewing, and approving your power of attorney can take weeks or even months. Government entities aren’t much better. Especially big agencies like Social Security, which have their own procedures you must follow. It’s best to anticipate these difficulties before time is short. Not Understanding Your Agent’s DutiesYour power of attorney doesn’t just give your agent legal authority—it also imposes legal duties. For example, your agent has a duty to act according to your wishes. Your power of attorney should lay out a full list of your agent’s duties. Your state probably has a statute that defines these duties by default. Your agent must follow those defaults unless your document specifies different duties. Varying your agent’s duties away from the statutory requirements can be useful in some situations. For example, the default duty to keep detailed records isn’t always needed. This duty can become a huge burden because it forces the agent to keep track of every receipt and document. Many agents don’t have the time to be so meticulous. If you trust your agent, removing this duty could make the job much easier. Whether or not you choose to change your agent’s default duties, you should know your state’s default rules. And so should your agent. Not Knowing When to Give Extra Authority to Your AgentIf you look at a simple financial power of attorney form, you might not realize that there are significant powers it does not include. You should know about these possibilities so that you can decide whether to give your agent extra authority. Basic powers of attorney usually don’t include the authority to: Many power of attorney forms don’t include these powers because they are dangerous if given to the wrong person. If not exercised with care and good judgment, these powers can deplete your property and ruin your estate plan. But if you trust your agent without reservation and want your agent to have as many options for taking care of you as possible, these powers can be very useful. Because these extra powers can be dangerous in the wrong hands, you should always talk to an attorney before including them in your power of attorney document. Not Using ItThe last common mistake is perhaps the simplest: not using it. Your power of attorney is probably effective as soon as you sign it. That means your agent can be added to your bank accounts and conduct transactions on your behalf right away. It’s a good idea to give a copy of your power of attorney to your bank, at the very least. Consider sending it to your life insurance, investments, and retirement companies as well. If you have a financial adviser, don’t have to wait until catastrophe strikes, give him or her copy too. That way your agent is ready to step in at a moment’s notice. You don’ manage your own affairs. You can put your agent to work right now. For example, you might need someone to sign papers at a real estate closing while you’re out of town. You can have your agent sign the papers for you. In fact, many people use limited powers of attorney just for these situations. 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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Riverton is a city in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 45,285 as of the 2020 census.[4] Riverton is located in the rapidly growing southwestern corner of the Salt Lake Valley.[5] [geocentric_weather id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_about id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_neighborhoods id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_thingstodo id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_busstops id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_mapembed id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_drivingdirections id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] [geocentric_reviews id=”6c027265-f7e8-4373-93b2-45570a0d47eb”] The post Estate Planning Attorney In Riverton Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-riverton-utah/ As the old saying goes, you can’t take it with you when you die. But a probate lawyer can help surviving family members settle your debts and distribute your assets after you’re gone, with or without a will. So what is a probate lawyer? Generally speaking, probate lawyers also called estate or trust lawyers help executors of the estate (or “administrators,” if there is no will) manage the probate process. They also may help with estate planning, such as the drafting of wills or living trusts; advise on powers of attorney; or even serve as an executor or administrator. Hiring a Probate Lawyer: With a WillThe process will likely go smoother when the decedent has drafted a will prior to his or her death. If an individual dies with a will, a probate lawyer may be hired to advise parties such as the executor of the estate or a beneficiary on various legal matters. For instance, an attorney may review the will to ensure the will wasn’t signed or written under duress (or against the best interests of the individual). Elderly people with dementia, for example, may be vulnerable to undue influence by individuals who want a cut of the estate. There are numerous reasons that wills may be challenged, although most wills go through probate without a problem. Additionally, a probate attorney may be responsible for performing any of the following tasks when advising an executor: Hiring a Probate Lawyer: Without a WillIf you die without having written and signed a will, you are said to have died “intestate.” When this happens, your estate is distributed according to the intestacy laws of the state where the property resides, regardless of your wishes. For instance, the surviving spouse receives all of your intestate property under many states’ intestate laws. However, intestacy laws vary widely from state to state. In these situations, a probate lawyer may be hired to assist the administrator of the estate (similar to the executor) and the assets will be distributed according to state law. A probate lawyer may help with some of the tasks listed above but is bound by state intestacy laws, regardless of the decedent’s wishes or the family members’ needs. A relative who wants to be the estate’s administrator must first secure what are called “renunciations” from the decedent’s other relatives. A renunciation is a legal statement renouncing one’s right to administer the estate. A probate attorney can help secure and file these statements with probate court, and then assist the administrator with the probate process (managing the estate checkbook, determining estate taxes, securing assets, etc.). Important Benefits of Working with a Probate AttorneyWhen a loved one dies, the profound sense of loss can overwhelm you. It’s important to take time to heal. You should step back from your job duties and household responsibilities. It’s essential to maintain a connection with family and friends. And if you’re the executor or executrix of your loved one’s estate, or if they had no will, you should seek professional guidance and assistance from a probate attorney. When you’re in charge of handling an estate, you must navigate the probate court system and comply with court guidelines and schedules. You’ll execute complicated will provisions, create complex court required documents, obtain a federal tax identification number, secure a probate bond and manage funds. Even minor estate matters can present added burdens when you’re least prepared to handle them. It’s not a time for a DIY legal fix. Consider these 6 benefits of working with a probate attorney. Your probate specialistAny attorney can agree to handle your probate case, but only probate attorneys are dedicated probate specialists. They don’t negotiate injury claims or defend criminal matters. Probate attorneys resolve probate and trust cases only. They know probate court rules, forms, procedures, court officials, and probate complications. They perform the same tasks and see different versions of the same issues every day so they understand what’s critical to your case. No upfront feesYou don’t have to pay a retainer or any other attorney fees to get your case moving forward. Your probate attorney will eventually receive payment for services but only after the case is finalized. Probate legal fees are approved by the court and paid out of the proceeds of the estate. You’ll never have to worry about budgeting for legal expenditures. Time to connect with familyFaster ResolutionIf you attempt to administer an estate without professional help, you’ll eventually learn by trial-and-error. You’ll get it done, but it’s not a prudent, efficient, or timely way to handle such an important matter. Probate cases involve a lot of details. Your best effort can translate into a long, drawn-out, frustrating process. Probate attorneys don’t have that learning curve. They have the knowledge and experience to expedite the process and that can make a big difference in your peace of mind. Freedom from liabilityWith so many details to master, it’s easy for an inexperienced administrator to make a mistake. If you fail to properly marshal assets, pay heirs or creditors or perform other required tasks, you may be financially liable for your inadvertent error. Your probate attorneys can perform these tasks more accurately and efficiently. And if they commit an error, they assume the responsibility instead of you. Minimal disputesEstate cases sometimes trigger disputes that end up in a litigation. The resultant court cases can take years to resolve. The legal fees and expenses can reduce the estate’s value. Probate attorneys minimize the chance of disputes by handling cases in the most efficient, effective, professional, and timely manner. You Need a Probate ProfessionalWhen you’re responsible for administering an estate, the added responsibilities can monopolize your time. In the absence of a will, the process can become even more complicated Probate attorneys can minimize problems, expedite the process, and give you more time to care for your family. What Will The Probate Lawyer Do?You don’t have to turn everything over to a lawyer–these days, legal services are available a la carte. This can save on legal fees. Most people, thankfully, don’t need to hire a lawyer very many times in their lives. And even if you’ve gone to a lawyer for a business matter, real estate transaction, or a divorce, working with a probate lawyer is likely to be a different kind of experience. Some things are the same whenever you hire a lawyer, though: to fully understand what’s going on, you will probably need to ask a lot of questions, and to keep costs down, you will have to take on some of the routine work yourself. Here are some issues to think about as you begin your relationship with a probate lawyer. Who Does WhatWhen you’re winding up an estate, there’s usually a lot of legwork to be done—things like making phone calls and gathering documents. Many of these tasks don’t need to be done by someone with a law degree. So if you’re paying the lawyer by the hour, you’ll probably want to volunteer to take on some of this work yourself. Just make sure it’s clear who is responsible for what tasks, so things don’t fall between the cracks. For example, make sure you know who is going to: Keep in mind that many lawyers are more flexible than they used to be about offering what’s often called “limited representation” or “unbundled services.” In other words, many lawyers no longer insist on taking responsibility for all the work of a probate case. They will agree to provide limited services for example, answering your questions during the probate process while you take on other tasks traditionally done by the lawyer, such as drawing up the probate court papers. Especially if your court provides fill-in-the-blanks probate forms, this kind of arrangement may be good for you. Be sure to get your agreement in writing, so both you and the lawyer are clear on your responsibilities. It’s a good idea to ask the lawyer for a list of deadlines—for example, when is the cutoff for creditors to submit formal claims, and when will the final probate hearing be held? This will be helpful both if there are things you need to do, and if creditors or beneficiaries contact you with questions. Dealing With Beneficiaries and CreditorsIf everyone gets along, it probably makes sense for you, not the lawyer, to field questions from beneficiaries. It will save money, and you’ll know what beneficiaries are concerned about. If you send regular letters or emails to beneficiaries to keep them up to date (this usually helps keep them from fretting), you might ask the lawyer to review your communications before you send them, to make sure you’ve got everything right. Getting Legal Advice as You GoCheck in with the lawyer regular to see if anything is happening with the probate case. Usually, no news is good news. State law requires you to keep the probate case open for months, to give people time to come forward with disputes or claims—but in most probates, beneficiaries don’t argue about anything in court, and few creditors submit formal claims. By all means, ask the lawyer any questions you have about the proceeding. But if the lawyer is charging by the hour, try to be efficient when you communicate. If you can, save up a few questions and ask them during one phone call or visit to the lawyer. But if you are unsure about taking a particular action that will affect the estate—for example, you want to give one needy beneficiary his inheritance months before the probate case will close—get legal advice before you act. Will You Need to Hire a Probate Lawyer?If you read the conventional advice for executors, the first step is usually “hire a lawyer.” And you may well decide, as you wind up an estate, that you want legal advice from an experience lawyer who’s familiar with both state law and how the local probate court works. Not all executors, however, need to turn a probate court proceeding over to a lawyer or even hire a lawyer for limited advice. If the estate that you’re handling and doesn’t contain unusual assets and isn’t too large, you may be able to get by just fine without a lawyer’s help. To determine whether or not you may be able to go it alone, ask yourself the questions below. (If you don’t know the answers, ask a lawyer—before you agree to hire the lawyer to handle things for you.) The more questions you answer with a “yes,” the more likely it is that you can wrap up the estate without a professional at your side. Can the deceased person’s assets be transferred outside of probate? The answer to this question depends on how much (if any) probate-avoidance planning the deceased person did before death. Ideally, all assets can be transferred to their new owners without probate court. Some common examples of assets that don’t need to go through probate are assets are held in joint tenancy, survivorship community property, or tenancy by the entirety. Assets held in a living trust can bypass probate, too. Probate is also unnecessary for assets for which the deceased person named a beneficiary—for example, retirement accounts or life insurance policy proceeds. Does the estate qualify for your state’s simple “small estate” procedures? It’s best if no probate at all is required, but if that isn’t an option, figure out whether the estate can use “small estate procedures. In most states, these include streamlined “summary probate” and an entirely out-of-court process that requires presenting a simple sworn statement (affidavit) to the person or institution holding the asset. Every state has its own rules on which estates can use the simpler procedures. But in many states, even estates that are fairly large—not counting non-probate assets—can use the simpler processes. Are family members getting along? Will contests are rare, but if a family member is making noises about suing over the estate, talk to a lawyer immediately. Probate lawsuits tear families apart and can drain a lot of money from the estate in the process. A lawyer may be able to help you avoid a court battle. How a Probate Lawyer Assists a Personal RepresentativeThe probate lawyer advises and assists with four areas of responsibility when representing the personal representative of an estate: Collecting AssetsAn attorney might assist in helping the executor locate and secure both probate assets and non-probate assets, and determining date-of-death values by appraisal, if necessary. The executor will be required to collect any life insurance proceeds if the estate is named as beneficiary, and rolling over and making appropriate elections with regard to retirement plans, including IRAs and 401(k)s. The attorney will assist with all this. Eventually, the decedent’s real estate and other assets will have to be retitled in the names of the estate beneficiaries if they’re not being sold. The lawyer typically takes care of this paperwork as well, then the executor can distribute what’s left of the decedent’s assets to the beneficiaries after bills and taxes are paid. Handling FinancesA probate lawyer will advise on the payment of the decedent’s final bills and outstanding debts, and will prepare and file all related documents required by the court. The executor must keep track of the estate’s checking account, and the attorney might oversee this as well, in addition to determining if any estate taxes or inheritance taxes will be due at the federal or state levels. If so, the attorney will figure out where the cash will come from to pay these taxes, as well as any income taxes due from the decedent’s last year of life. Settling DisputesThe attorney will settle any disputes that arise between the personal representative and the estate’s beneficiaries, and assist with the sale of estate property. It’s the attorney’s responsibility to request court permission for various actions as required by state laws, including the sale of property. Court approval can help reassure unhappy beneficiaries. Things to bring to the probate attorneyDeath CertificateIt usually takes between 2-4 weeks to obtain a death certificate from the county. You certainly are not required to wait until you obtain a death certificate before you go see the probate attorney, but one will be required in order to complete the paperwork for the Court. Generally, the law office will retain at least one original death certificate. Banking InformationGather and bring with you a copy of each statement of the decedent. The most recent statement will suffice. This includes checking, savings, IRA, CD, and credit union accounts. Retirement statementMost retirement benefits will end upon the death of the decedent but this not always the case. It is prudent to bring any retirement information with you to the appointment with the probate attorney so they can determine if any benefits remain or will continue to the beneficiaries. Address bookBring you address book for the relatives of the decedent. It may be required to provide notice to relatives (even if they are not named in the will or trust). The court requires that they receive notice at the last known address. This is usually the most difficult information to provide to the attorney, but nonetheless, its a constitutional requirement. Original Will and/or TrustThis probably goes without saying, but brings the original will or trust to the attorney. The California Probate Code requires that a will must be deposited within 30days of death. If you have exceeded this time frame do not delay in contacting your probate lawyer. List of AssetsThe probate attorney will have to inform the court what assets were owned by the decedent at the time of death. Any and all information you can find regarding the assets will be helpful to the attorney. This may include deeds, property information, financial planner contact information, and other documents. 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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About MeHave a strong interest in donating wieners for farmers. Have some experience investing in cod in Bethesda, MD. Spent the better part of the 90's deploying Roombas in the aftermarket. Spent a weekend creating marketing channels for jungle gyms for no pay. Spent 2002-2009 building robots in the aftermarket. Spent 2001-2005 supervising the production of salsa in Libya. Archives
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