Attorneys that specialize in real estate law will document and go over property transactions such as purchases, leases, appraisals and inspections. They may also assist in resolving any insurance and environmental issues. When something happens with a transaction, these lawyers go to court to defend property owners that are involved in lawsuits. One of the main things a lawyer will do is to draft documents that in adherence with real estate law. They put together purchase contracts, conveyance transactions, financing agreements and leases and rental agreements. It is important to understand that property agents may help their client to fill out these types of paperwork but only a licensed attorney who is experienced with real estate law can draft and revise the documents. Attorneys that are experienced with various types of property transactions know that it is not uncommon for clients to request that their help to negotiate terms and conditions of various deals. This normally involves working alongside other attorneys, brokers, developers and investors. There are some lawyers that only deal with reviewing and giving advice on real estate transactions. In this case, the clients will negotiate their own transactions as well as sign the contract and at that point they will request the lawyer look over the deal and give them advice about it. What this entails is that the attorney will look at the legal title issues as well as any environmental issues and any reports, contracts or other documents that are involved in the deal. The reason that clients will turn to a lawyer for this type of advice is that these types of lawyers have the training to notice an issue that their client may not recognize. Many times real estate deals do not go as planned and when this happens the courts are usually involved in a lawsuit. This is where attorneys and their experience comes into play. The attorney will put together the legal pleadings to file with the judge, file appeals as needed, bargain with the legal counsel on the opposite side to try and work out a settlement deal as well as participate in the necessary hearings and court proceedings. Most attorneys in this field are trained in mortgage and trust foreclosures. These attorneys are often needed during tough economic times. There are some attorneys that will represent the lender and others that represent the borrower. The ones that represent the lender will help the lender understand the foreclosure process. The ones that represent the borrower will look for mistakes that have been made in the foreclosure process and will also negotiate with the lender to come up with a settlement so that they can stop the foreclosure from going forward. Real estate attorneys play an important role in handling real estate law. They have many duties and responsibilities when it comes to brokering various deals. It is important to understand that different property attorneys will charge various rates. Some lawyers will have a set price that will cover everything that is needed for your case or they will have a per hour rate that they will charge to work on your case. Most individuals with any kind of substantial assets know that having a will is the best way to ensure that those assets are divided up according to your wishes upon your death. Few realize that drafting a will is just the beginning. There are many complexities that need to be considered in order to get the exact distribution of assets that you were envisioning. When you work with estate attorneys, these complexities should be taken into account and possible solutions explained to you. Learning about these complexities now will help you understand the solutions with even more clarity once they are presented. A Will Isn’t Always So SimpleThe larger your assets, the more difficult it will be to ensure that they end up divided according to your wishes. The primary reason for this is human nature. When large amounts of money are at stake, people are more likely to hire probate attorneys and contest a document not favorable to them. A standard or simple will isn’t likely to hold up under particularly intense scrutiny from modern probate attorneys, leaving a strong possibility that the document would be compromised unless crafted with more care. Complex Desires Can Be Worked In By Estate LawyersRegardless of the size and nature of your assets, you may simply have unique requirements that you want to see met. For example, many individuals want to establish some kind of fund for their children in the event of a particularly early passing. However, they don’t want this fund immediately accessible to a minor child, who might irresponsibly spend it all. In this case, estate lawyers can assist with the setup of a specialized trust fund or restricted bank account. These options are not right for everyone, but they can provide a way to transfer funds sometime after the will has been executed. Trusts are just one example of ideas that estate attorneys can offer to those who are planning out their wills. There are other concerns that may need to be addressed, like the division of a home or the care of children. All of these are special topics, and working with estate lawyers to resolve them often sheds new light on the situation. Thinking About Tax Concerns Is ImportantThe entire tax situation for most wills is complex and highly varied. Probate attorneys are not generally tax experts, but they should readily be able to put you in touch with someone who is, and may be able to provide some advice themselves. The most important thing is that you be aware of tax requirements or other taxes that you might not be expecting. A good lawyer will be able to help you achieve the end result distribution that is closest to your desires, navigating all necessary tax questions along the way. Cookie-Cutter Documents Are UnwiseEvery testament is drafted by someone with a different situation, different needs, and different assets to distribute. Even if your situation seems quite simple, and even if you have just one heir, it is still wise to consult a professional. If you leave instructions that seem simple but have not been written with the assistance of a legal professional, you increase the chance that probate attorneys will contest the document and convince a judge to overrule it. Spending a little bit of time now can ensure that your wishes are followed in the future. FSBO Versus Hiring a Real Estate BrokerIt’s true that the global economy has slowly recovered after the financial crisis and COVID 19 hit in 2020. The recovery process has somehow been felt in many developed countries as shown in improvements in their employment rate as well as in other aspects of the business sector including the real estate industry. While some people are excited about this development, those planning to buy residential properties should not yet jump on the chance. Yes there may be some housing markets where it’s cheap to buy houses but it’s best to do a little research first before making your final decision. Again, careful planning is very important when making investments especially when purchasing properties. For their part, homeowners should also think many times before selling their houses at this time. There may be some very eager to let go of their properties but as always, doing your homework is crucial. This means obtaining information about your area’s housing market, the current prices and statistics in terms of the houses bought in the recent months. Homeowners have several options in terms of selling their residential properties. They can either sell on their own or what is known as for sale by owner (FSBO). Another option is they can utilize the services of a real estate agent and real estate broker. Selling on your own has its own benefits. First and foremost, it’s cost effective and when the property is finally sold, the homeowner can keep all the profits without having to shell out a certain percentage to a real estate agent. This option, however, requires that the property owner has sufficient knowledge and negotiating skills as much paper work needs and consultation needs to be done. One may also need to consult with a real estate lawyer and real estate agents to obtain the right information on the selling process and the documents required. Unless the homeowner is patient and committed to selling the property via FSBO, this route can be time consuming. On the other hand, getting a real estate broker or agent can mean a speedier home selling process. As these people are already skilled and knowledgeable about the real estate market and have dealt with many clients in the past, they can prepare the necessary documents in a shorter period of time and proceed with the negotiating process with ease and less efforts. But whatever route you prefer to take, research and planning are vital. Right now, not all housing markets in the Roosevelt Utah. are in good condition. These areas have a great number of unsold homes including condominiums and apartments for quite some time now. These residential properties, mostly single family homes, were constructed during the housing boom in an effort to meet the increased demand at that time only to be left unoccupied during the height of the global financial crisis. FSBOs: The Pros• No Agent Commission: The most obvious advantage of selling FSBO vs REALTOR that you don’t pay an agent a commission fee. In most housing markets in the Utah, the typical real estate commission is 5-6%, split between the seller’s agent and the buyer’s agent. Importantly, this fee is usually covered by the property seller. This means that if you go for the FSBO option, you will make an additional profit of 5-6%. This amount of money is significant for people who are selling their home to replace it with a new house as they can put the saved up money towards the purchase of their new home. This sum is also important for real estate investors whose long-term return will automatically go up if their sale costs go down. This 5-6% of the sale price could be the difference between making a profit and making a loss when selling an investment property. FSBOs: The Cons• No Access to MLS Listings: The major drawback of selling as a FSBO is that you, as a regular homeowner, don’t have access to the MLS database. This means that you cannot list your property on this most popular platform for selling and buying homes in the Utah, United States. Of course, you can have an agent list your property for you on MLS, but you will have to pay a fee for this service, which will eat into your profit. Not having access to the MLS will make marketing your real estate for sale significantly harder. That’s arguably the biggest hurdle of selling your home without a realtor. 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 Providence Utah Estate Planning Attorney Richfield Utah Estate Planning Attorney Riverdale Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Roosevelt Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-roosevelt-utah/
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Among the more common estate plans for married couples is what is sometimes referred to as a sweetheart estate plan. Such a plan provides for the entirety of the deceased spouse’s estate to pass to the surviving spouse; on the death of the surviving spouse, whatever remains will pass to the couple’s children or other designated heirs. Mutual reciprocal wills can be used to accomplish this intent. Of course, on the death of the surviving spouse, his or her estate will need to pass through the probate process. A more sophisticated version of a sweetheart plan incorporates the use of a joint revocable living trust. There are many variations to an estate plan utilizing a joint trust. Basically, though, all of the couple’s assets are held in the name of the trust with both spouses serving as co-trustees. Upon the death of the first spouse, all of the assets remain in the trust with the surviving spouse continuing to serve as the trust’s sole trustee. During the surviving trust’s lifetime, she or he is free to modify or even revoke the trust agreement, change beneficiaries and otherwise dispose of trust assets as he or she sees fit. Among the advantages to using a trust, instead of reciprocal wills, is probate avoidance. However, this model may not serve well in a blended family situation where each spouse may have different natural heirs because of the surviving spouse’s ability to favor his or her own children when disposing the trust’s remaining assets. A variation on the above is a joint trust which incorporates a survivor’s trust which is created following the death of the first spouse. The survivor’s trust is funded with the surviving spouse’s separate property and his or her share of the couple’s community property. Meanwhile the assets in the joint trust which were owned by the deceased spouse are used to pay administrative expenses, debts and liabilities of the decedent and any specific bequests made by that spouse. So, for example, in the blended family situation, the first spouse to die can provide for his or her own children, while also providing for the surviving spouse by directing that the remainder of the decedent’s share passes to the survivor’s trust. Another alternative for a married couple’s estate plan is the use of separate trusts. In this arrangement, each spouse places his or her separate property and an equal share of the couple’s community property in a separate trust. Each spouse is treated as the owner of the assets in that spouse’s trust. By naming both spouses as co-trustees of both trusts, both spouses can maintain control over the community assets in the respective trusts. On the death of a spouse, his or her trust becomes irrevocable and is distributed in accordance with his or her instructions in the trust instrument. A couple considering the use of a trust in their sweetheart plan should weigh the advantages and disadvantages of separate, as opposed to joint, trusts. A joint trust is created by a single trust document which serves to reduce the initial costs of establishing the estate plan. A joint trust may better reflect how the married couple views their assets, i.e., as ours as opposed to his and hers. Separate trusts, however, offer better asset protection from creditor claims, particularly in cases in which only one spouse is vulnerable to such claims. The use of separate trusts can protect the assets of the other spouse and prevent those assets from being reached by creditors of the debtor spouse. Separate trusts also serve to avoid the problems of asset tracing which can arise with the use of joint trusts. When the couple has their assets in a joint trust, the surviving spouse will need to itemize and value trust assets following the death of his or her spouse, which can be a difficult process if assets have been commingled over the years. Married couples have many alternatives insofar as creating an estate plan that meets their mutual needs and ensures that their respective estates will pass to their intended beneficiaries. Separate trusts may offer enhanced asset protection and ease of administration following the death of the first spouse. By contrast, the psychological benefits of a joint trust may outweigh the advantages of separate trusts for a married couple who are of one accord as to how they want their estate to pass. Common Estate Planning MistakesNo one likes to think about their own death, but we all need to consider what could happen if we die without a proper will and estate plan in place. This is particularly important if you have minor children at home or a special needs child of any age. Many people have a will drawn up at some point in their lives and then forget about it, assuming that it can protect their family indefinitely. The problem most families face is that an old document or out-of-date plan can lead to considerable problems. Recently, specialists outlined some common mistakes made by well-meaning individuals who failed to consult with estate planning attorneys or elder wills lawyers. Mistake #1: Not Having A PlanMany individuals assume that if they don’t have a lot of assets, they don’t need a plan. They reason that life insurance should cover their families’ needs after they are gone and that their heirs can be relied on to divide personal items, etc. amongst themselves fairly. Unfortunately, a death in the family can reveal the worst in people, who may get into ugly battles over the family silverware or a favorite antique. Life insurance may not be sufficient enough to pay for the needs of minor children or a spouse, and inheritance taxes can eat up a huge chunk of your assets if you haven’t met with estate attorneys who can structure your assets properly in order to minimize tax liabilities and maximize benefits for your intended heirs. Not having a plan can put your family’s future in the hands of strangers. Mistake #2: Having An Outdated PlanIf you had your will prepared when you were a newlywed, it probably isn’t going to be relevant now that you have three minor children. Don’t assume that you can prepare a document that can last through any life changes. Whether it’s a death in the family, the addition of children, a divorce or a substantial increase in your earning power, estate planning attorneys or elders wills lawyers can update your will so that it addresses your current state in life as well as the status of your spouse and children. Mistake #3: Trying To Do It Yourself Instead Of Consulting Estate AttorneysDIY projects should never include preparing your estate. The laws for both vary widely from state to state, and those laws frequently change. Do-it-yourself kits are a “one size fits all” solution that simply doesn’t work. No one else has your unique combination of assets, liabilities, family members and concerns. Estate planning attorneys can review your unique situation and propose the plan that will work best in your particular situation. Mistake #4: Failing To Review Beneficiary DesignationsDo you have life insurance, an annuity, 401K, IRA or pension? Do you know for certain who the designated beneficiary of these financial programs is? More than a few individuals have passed away assuming that because their will outlined whom their retirement accounts and other investments should go to, everything would work out fine. Not so, because the designated beneficiary in each of these financial accounts overrides even a more recent will. So if your 401K was set up years ago with your now ex-wife as the beneficiary, a will saying it should go to your children won’t change anything. Mistake #5: Assuming You Don’t Need An Estate Plan Because You’re YoungAlthough elders wills lawyers meet more often with people of retirement age, they will be the first to tell you that young adults should put a solid financial plan into action for after your death. If you have minor children or a family member with special needs, it is even more important that you create a plan and discuss the care needs of your minor children with experienced attorneys so that you can designate who should care for them when you no longer can. Planning ahead for your future should always include meeting with estate planning attorneys who can properly address all issues surrounding your assets, your heirs and their financial futures. Some Important Considerations When Doing Estate PlanningDepending on the number of assets you own, doing estate planning can be downright simple or strenuously complex. If you’ve accumulated tons of property over many years of hard work, preparing an estate plan can be quite challenging. There are many aspects and issues to consider which, if overlooked, can cause problems in the future once you’ve passed on. This underscores the importance of talking to an attorney to help you out with it. He will evaluate your situation with an expert eye and then create a plan to suit your needs and specifications. Below are some of the things you need to discuss with your lawyer when preparing an estate plan: Reasons To Consult An Estate Planning AttorneyNearly everyone craves control. It’s just human nature! So it only makes sense that many individuals want to be in complete control when it comes to long term care planning, creating their will, and other end of life issues. However, drafting a will or making plans for your estate without the help of a qualified estate planning attorney can be a huge mistake — and here’s why! Estate Laws Vary By State And Change FrequentlyOne of the most convincing reasons to seek an attorney experienced in elder law is the simple truth that probate laws vary significantly depending upon the state in which you reside. What is acceptable in one state may not be in another. Not only do these laws vary geographically, but they also change quite often! Individuals who seek professional assistance are less likely to face unnecessary disputes or setbacks as a result of one minor misinterpretation or error. Estate planning attorneys are extensively trained in all areas of elder law. It is their job to keep up with every intricate detail of state and local laws, including any amendments or changes. That’s why it is a good idea to have your estate planning attorney review your will, and other important documents, periodically to ensure they are in compliance. Probate Attorneys Can Help You Create A Solid WillDrafting a will may seem like a simple endeavor, but truthfully, it is very complex! While there are countless decent templates floating around the Internet, the problem is that everyone’s situation is unique and probate laws vary. As such, a cookie cutter approach just isn’t advisable. Probate attorneys are skilled in crafting customized wills that minimize complications and disputes down the road. You may wonder what exactly “probate” means? In essence, this is the process through which a will is declared legally valid, and it occurs shortly after an individual’s death. Once the probate procedure begins, there are a multitude of issues that can either complicate or significantly delay the proceedings, including unhappy family members who may file lawsuits. By sourcing a skilled probate attorney to create your will, you can drastically reduce the likelihood of such setbacks and thereby ensure that your affairs are handled smoothly and to your specifications. Estate Planning Is Complex And Should Be Left To The Experts!Most importantly, seeking the expertise of an elder law attorney is crucial because simply put, estate planning is a complicated process. This is definitely not a subject one can become proficient in with a mere Google search or two. Probate attorneys spend years learning all the intricacies of elder law, with the goal of providing the best possible legal and financial advice; so do yourself a huge favor and let them do their job! You can still be actively involved in the process, but you’ll also have the assistance of an expert to explain and simplify the complex issues the ideal way to ensure your long term wishes are met in the most professional and precise manner possible! 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 Price Utah Estate Planning Attorney Providence Utah Estate Planning Attorney Richfield Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Riverdale Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-riverdale-utah/ When a person dies, all of the deceased’s possessions become a part of his or her estate, which must then be administered according to the will of the deceased person. The person who handles the administration of the estate is the “executor.” Just as a quick summary, estate administration refers to the process of collecting the estate, paying any debts or taxes owed by the estate, and distributing the remaining property of the estate to the beneficiaries. The Executor’s Role In Richfield UtahThe executor is the person responsible for locating and collecting all of the deceased’s property, making sure any debts and taxes are paid off, and distributing the remaining property and money to the beneficiaries. The money to pay off any debts or taxes comes from the estate. In addition, the executor is entitled to a lawyer if he or she needs help with his or her duties. Some more specific examples of what an executor can be tasked with doing include obtaining a death certificate, initiating the probate process, filing paperwork in probate court, and contacting the beneficiaries of the estate. The executor is required to perform his or her tasks in accordance with the will and in compliance with the probate laws of each state. The executor is also required to perform his or her duties diligently and in good faith. Choosing an ExecutorThere are very few restrictions for who can be an executor. Generally, the executor can’t be a person under the age of 18 and the executor can’t be a felon. There could also be restrictions on a person who lives out-of-state serving as an executor. Usually legal or financial knowledge isn’t necessary to serve as an executor because wills are usually straightforward. And, if the will is complicated or difficult to understand, the executor can consult with an attorney. Since there aren’t many restrictions or requirements for being an executor, usually people appoint a spouse, child, or sibling as the executor of their will. It’s important to choose a person who is honest, responsible, and organized. If you’re selecting a family member to serve as the executor it’s also a good idea to consider what impact the selection will have on your family. For example, if the youngest of three children is named as the executor, the two older children might feel that they were not trusted or worthy enough to serve as the executor. This can lead to problems between siblings, and maybe even a will contest. Another factor to consider when selecting an executor is where the executor lives. It’s much easier for an executor to perform his or her duties if he or she is close to the majority of the estate’s assets. Finally, it’s a good idea to name an alternative executor in case the originally named executor can’t or doesn’t want to serve as the executor. Whoever you name as your executor, it’s important to let the person know that you want him or her to serve as your executor. Letting the person know allows the person to accept or decline to serve as the executor. You should also tell the person where your records are kept and probably give them a copy of your will. Hiring an AttorneyIf you’ve been named the executor of a will, you might need some guidance getting through the probate process. Generally, as an executor of a will, you are entitled to hire an attorney at the expense of the estate. Even if the will doesn’t provide for an attorney, if you have questions or concerns about being an executor, it’s probably a good idea to consult with an estate planning attorney. What Does an Executor Do?Serving as the executor of someone’s last will and testament can be an honor and the most terrifying experience of your life at the same time. By definition, an executor is entrusted with the large responsibility of making sure a person’s last wishes are granted with regard to the disposition of their property and possessions. When it boils down to essentials, an executor of a will is responsible for making sure that any debts and creditors that the deceased had are paid off, and that any remaining money or property is distributed according to their wishes. This is different than having “powers of attorney” which commonly makes health care decisions and is a personal representative of the person. Often, the power of attorney is necessary while someone is still alive, and executor of will occurs only after their death. What Does an Executor Do? Oversees Disposition of Property and PossessionsAlthough the law doesn’t require an executor to be a lawyer or financial expert, it does require than every executor fulfill their duties with the utmost honesty and diligence. The legal term for this requirement is a “fiduciary duty,” which holds the executor to act in good faith with regards to a person’s will. An executor is not entitled to proceeds from the sale of property of the estate. Depending on the particular state, generally, an executor is only entitled to a fee as compensation for administering the will. Most states mandate that this fee be reasonable given the size or complexity of the will. What Does an Executor Do? Fulfills Specific DutiesThere are many duties that an executor of a will may have to fulfill, depending upon the complexity of the will and the property to be distributed. These duties normally include: Probate SpecialistsEstate attorneys are legal professionals who specialize in settling the affairs of a deceased person. They are sometimes called a probate attorney or lawyer and are instrumental in walking an executor through the probate process. These professionals also advise beneficiaries on issues related to the property and their inheritance. Estate Attorneys Assist ExecutorsExecutors are often overwhelmed with paperwork that needs to be completed in a timely manner upon a person’s passing. The guidance of an attorney in these matters can speed up the process and help ensure you don’t miss anything. Estate attorneys can help an executor: Helping BeneficiariesSometimes the beneficiaries and the executor are different people, or the executor may be one of several beneficiaries. The attorney can help the non-executor beneficiaries too. If your loved one died without a will in place, the state will determine not only what the heirs receive, but also who they are. If minor children are involved, the state will determine guardianship. An lawyer can help guide you through these legal processes and be your advocate in court. Designing A PlanYou can make things easier on your beneficiaries and executor by meeting with estate attorneys now. They will be able to help you create a plan that can help minimize your heirs’ tax burden and protect your assets. You can designate charities as beneficiaries, choose guardians for your children, set up trusts and create a power of attorney or a healthcare power of attorney. By designing an estate plan before you need it, these important decisions are decided by you, not the state, not your executor, not your beneficiaries. It is the single best way to ensure your wishes are met if you become mentally incapacitated or die. Whether you need help designing a plan, getting through probate as an executor or fighting for your rights as a beneficiary, estate attorneys can provide you with the guidance and support you need. Ways To Avoid Estate LitigationIt’s a sad fact of life that litigation often arises between family members over inheritances. Even families on the best of terms can be torn apart by perceived slights or disagreements over a parent’s last wishes. To avoid this kind of infighting it’s best to develop a strong estate plan, or at the very least a will that spells out your final wishes. Here Are Ways To Help Avoid Lawsuits Over Your Estate After You Pass. 1. Divide assets equally. Nothing is more likely to trigger estate litigation than treating siblings differently. The best rule of thumb is to divide everything equally among your children. If you have two children each gets half. If you have five, they all get one-fifth. Don’t favor the child who has a bigger family over the others and treat stepchildren the same as the others. If you are disinheriting a child, make sure that is spelled out in the legal 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
4.9 stars – based on 67 reviews
Estate Planning Attorney Pleasant View Utah Estate Planning Attorney Price Utah Estate Planning Attorney Providence Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Richfield Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-richfield-utah/ The idea of giving away your property before your death rather than in a will is appealing. Not only does it feel good to take care of your loved ones while you’re alive, doing so could also avoid or reduce your estate tax which, as of 2020, applied to estates valued at over $5.49 million. If the value of your estate could trigger the estate tax at your death, then waiting to make gifts through your will could actually end up reducing those gifts by as much as 55% or more. If the estate tax could apply to you, the information below will show you how to use lifetime gifting to reduce your estate tax liability. Annual Gift ExclusionProvidence Utah tax code contains a tax exemption rule called the annual gift exclusion which is surprisingly straightforward. As of 2020, you’re allowed to make an unlimited number of gifts of up to $14,000 per recipient per year. These gifts are tax-free and the recipient isn’t required to provide you with any compensation. Gifts exceeding $14,000 per year are subject to the gift tax. This amount can be changed by Congress, but is likely to increase with inflation in the future. Doubling Your GiftsIf you’re married, your gift tax exclusion amount doubles as you can each give up to $14,000 per recipient per year. So, if you were married in 2020, you and your spouse could jointly give up to $28,000 per recipient per year tax free. In fact, even if a wife or a husband gives a gift without the consent of their spouse, the gift is still assumed to be made by both spouses jointly. As an example, suppose that Henry and Wilma are well into their retirement and are looking to help their granddaughter buy a house with her spouse. Under the annual gift exclusion, Henry and Wilma can give a total of $56,000 tax-free — $28,000 to their granddaughter and $28,000 to her spouse. Spousal GiftsIf you’re married and your spouse is Providence, Utah, there’s no limit on the value of gifts you can exchange together as any gift to a citizen spouse is tax free. However, if your spouse is not a from Providence, Utah, there’s an annual limit on how much can be gifted ($149,000 as of 2020). Any amount beyond that is subject to the gift tax. Timing of GiftsThe timing of your gifts can make a difference in how quickly you can reduce the size of your estate. The annual gift exemption is based off of the calendar year, meaning that you cannot retroactively date a gift even if you meant to give it the year before. However, there are ways to use the timing rules to your advantage. For example, if your son needs $25,000 for a down payment on his new home, you can give $14,000 in December and the remaining $11,000 in January. Because the gifts took place in separate calendar years, even if only a few weeks apart, there will be no gift tax imposed and you will have quickly reduced your estate by $25,000. Gifts of Non-Cash PropertyThe annual gift tax exemption rules also apply to stocks, bonds and other pieces of personal and real property. For example, if you and your spouse elect to give your entire stock portfolio (worth $40,000) to your friend, you may jointly give $28,000 worth of stocks and bonds the first year and the remaining $12,000 the following year without triggering the gift tax. There are also ways to gift portions of property over time to avoid the gift tax. For example, suppose that Frank and Jill, a married couple, want to give their fully-paid luxury car to their grandson Jimmy. The car is held jointly and has a fair market value of $50,000. If the couple first transfers Frank’s interest in the car to Jimmy, then this would constitute a gift of $25,000, (under their joint annual gift tax exemption of $28,000). The following year, Jill can transfer her $25,000 interest so that Jimmy owns the car outright and no gift taxes are triggered. Gifts to Minor ChildrenIf you plan on gifting a substantial amount of assets to a minor child, this raises questions regarding management. Most of the time, you’ll want an adult to manage the money until the child is old enough to take responsibility. Generally gifts to minors are made through either an irrevocable trust, or a custodianship/guardianship. When gifting to a minor child, either through an irrevocable trust or a custodianship, the gift must meet the following conditions to qualify under the annual gift tax exclusion: Give, But Be CautiousAlthough you may feel the need to decrease the value of your estate before you die, you should always carefully plan out any gifts. After all, you don’t want to give away so much of your estate that you’re no longer able to take care of yourself. However, if you’re in a strong financial position to care for yourself and are sitting on a large estate, gift-giving before your death may make sense. If deceased residents of the state. One tax rate may apply to all assets in the estate, or the rate may vary depending upon who receives what property. For example, a state may impose a lower tax rate on property left to a child, as compared with property left to a distant cousin. It is important to note that a few states are in the process of phasing out their estate tax systems. State Inheritance Taxes: Paid by the Recipient of PropertyIn states that carry inheritance tax laws, taxes must be paid by the person who receives inherited property (as opposed to estate taxes which are paid from the decedent’s estate). Inheritance tax exemptions and rates may vary depending on who received the property, i.e. the decedent’s spouse may be taxed at a lower rate than would be a friend of the decedent. A number of states are phasing out their inheritance tax systems. “Pickup” TaxKeep in mind that most states, even if technically carrying estate or inheritance tax laws, in practice follow what is known as a “pickup” system of taxation at the time of the decedent’s death. Under this system, while a state tax return must be filed on behalf of the estate (or by a recipient who inherits property), the state’s share of the tax comes out of what the estate is already paying the IRS. In other words, in most states no tax will need to be paid beyond the amount that is already being paid to the federal government. Hire An Attorney To Plan Your EstateIf you live up in Providence, Utah, and you are thinking about estate planning, you may want to consider hiring an attorney in your local area. Lawyers who specialize in this area of the law know exactly how to phrase your requests. They can also set up a will that is legally binding. A Providence Utah attorney dedicated to estate planning can do far more than preparing your last will and testament. This legal representative can also: Estate planning can be quite involved. An experienced estate attorney can handle all the details with ease, and help you with your assets and property while you are still alive. He can suggest estate maintenance solutions that can help you reach all your goals. When you are looking for a reliable estate lawyer, select a Providence Utah attorney. While you may not need other counsel at this time, you never know what the future may hold. Being a client at a legal firm will probably give you access to other types of legal representation as well. How Residential Real Estate Appraisals WorkAppraisals are an important part of the home buying process. A real estate appraisal establishes a property’s market value—the likely sales price it would bring if offered in an open and competitive real estate market. Lenders require appraisals when buyers use their new homes as security for their mortgages. An appraisal provides the lender with an assurance that the property will sell for at least the amount of money it is lending. Don’t confuse a comparative market analysis, or CMA, with an appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices. Appraisals are detailed reports compiled by licensed appraisers. An appraisal is the only valuation report a lender considers when deciding whether to lend the money. An appraisal is also not the same thing as a home inspection. Home inspectors test appliances and outlets, check the plumbing, and confirm that a home’s heating and cooling system is working. Such information is helpful for the buyer to know before moving in. An appraiser, however, is only concerned with valuing a home. 1. Appraisers are licensed by states after completing licensing coursework and internship hours. What You’ll See on a Residential Appraisal ReportAppraisals are very detailed reports based on an appraiser’s on-site evaluation of a property as well as an evaluation of sales data. Here are a few things they include: Residential Appraisal MethodsThere are two common appraisal methods used for residential properties: the sales comparison approach and the cost approach. Sales Comparison ApproachThe appraiser estimates a subject property’s market value by comparing it to similar properties that have sold in the area. The properties used are called comparables. No two properties are exactly alike, so the appraiser must compare similar properties to the subject property, making adjustments so that their features are in-line with the subject property. The result is a figure that shows the price at which each comparable property would have sold for if it had the same components as the subject property. Cost ApproachThe cost approach is most useful for new properties, where the costs to build are known. The appraiser estimates how much it would cost to replace the structure if it were destroyed. What Does the Appraisal Mean to You?A homebuyer’s initial mortgage approval is accomplished early on, but final approval usually hinges on a satisfactory appraisal. The lender wants to be sure its investment is covered in case the buyer defaults on the loan. If the property appraises lower than the sales price, the loan might be declined, but that isn’t the only hurdle it must pass. Other red flags noted on appraisals include: These are just a couple of examples of appraisal findings that could stall a home purchase. Lenders study appraisals carefully before determining whether a property qualifies as security for a home loan. Low AppraisalsDon’t panic if the appraisal comes in low because there are steps you can take to make the deal work. If the appraisal uncovers other problems, remember that most problems are correctable. Keep your cool and work through issues one step at a time. 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 Pleasant Grove Utah Estate Planning Attorney Pleasant View Utah Estate Planning Attorney Price Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Providence Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-providence-utah/ Death is inevitable. Whatever position you have in life, you will eventually come to the crossroad between life and death, sometimes you get to pick to live but in the end, no matter what you do, you will end up in the other side. It is for this reason that all people, including you and I, need to secure our money and our assets as soon as we can so that we will be able to protect our families to become financially stable in the event that we pass away. Whatever worries you have about your assets and its security, as an estate attorney and human being, I feel you. An estate attorney can help you in your endeavors to secure all the things that you have worked for your entire life. The planning and organizing where your money and physical possessions will go after you die is an important thing that you will have to do while you are young and mentally functional. By planning ahead with the help of a professional, you will be able to minimize the expenses that your beneficiaries have to pay, most especially the taxes from the amount of your estate left for them to claim. There are various types of planning your estates and whatever type you decide to take on, an estate attorney will be there guiding you. One of these is the medical directive, which is a legal document that states your decisions regarding health care surrogate. This paper of proof will allow a certain individual you have chosen to take over your belongings, your personal needs and will make decisions for you in times that you are incapable to. Another type is the planning for death. This may sound so grim to most people, but this is the most common type of estate planning. This kind ensures you that your debts, if there are any, will all be paid, leaving your family debt free when you pass away and it will also ensure you that your beneficiaries will get what you have in store for them. Your estate attorney will be making your legal will and will be managing it after your death. How to Choose an Estate AttorneySelecting an estate planning attorney is an important task, but how do you go about it? The best ones usually don’t advertise in the Yellow Pages and finding one online is not much easier. The first question is, what exactly are you looking for? Some attorneys specialize in wills, trusts, powers of attorney, and durable powers of attorney, for people without taxable estates, some prefer the high-net worth crowd, and some are best for settling an estate after the individual has died. There are different skills involved in each one. Basic Wills. The lay public always thinks they only need a “simple will”. Therefore, it should only cost $100, right? Well, if you wish to hire a live, flesh-and-blood attorney, you need to expect to pay more than that if you want a good job done. Otherwise, you should just purchase an online will or a computer program to do your will. While it is true that virtually all attorneys these days use computerized forms as a starting point, don’t forget that what you are really paying for is the judgment and experience of an attorney to spot issues you didn’t know about and to make sure the document addresses them. Very, very few people really have what I’d call a “plain vanilla” situation; there’s always something: a second marriage where he wants to be sure his kids won’t get left out if he leaves everything to his wife; a child with a disability; a trouble making child involved in drugs or alcohol; a special gift to be made to a charity or educational institution; contingent gifts to various relatives, etc. Tax-Planning Wills: Attorneys who can prepare tax-planning wills (i.e., where your estate exceeds $2 million) must not only be familiar with all the will drafting skills of the attorneys who do basic wills, but must also have a very strong tax background. They must be intimately familiar with estate tax, gift tax, generation-skipping tax, income tax, plus real estate law and the partnership and LLC rules, as well. Since trusts would almost always be involved in a plan of this type, they must be trust drafting and administration. Why You Need an Estate LawyerIn the unfortunate time of death of a loved one, fulfilling the will and distributing the assets are not as simple as they sound. Financial and legal matters like taxes, creditors, mortgages, burial fees, and other final bills are just some of the issues need to be settled by the family or executor with the help of an estate or probate lawyer. Not all of us understand state laws regarding the distribution of assets and probate. To be able to settle matters properly and avoid disputes, a lawyer will be most helpful in providing legal assistance. Here are the roles of an estate or probate lawyer that will prove to be useful in time of need. Locate, Determine, and Secure the Assets of the DeceasedThe last will and testament of the deceased will be helpful in laying down all the assets and properties of the deceased. This will give a snapshot of the deceased’s overall assets. The probate lawyer will then locate all the assets whether it’s a cabin or vacation home, a bank account, or a business investment. Any outstanding debts must also be located and determined to be able to settle any unpaid balances. He or she is responsible for giving notice to creditors of the death of the decedent in order to make necessary arrangements to settle unresolved financial matters. Also included in the lawyer’s responsibilities is assisting in the preparation of documents, statement of accounts for the audit of court. Any transfer of estates must be documented and prepared. No one can do this best than an estate lawyer who is experienced in this legal process. Provide Assistance and Advice to ExecutorIt is not uncommon for family and beneficiaries to have disputes regarding the will and the distribution of assets. To get legal advice and assistance in this case, an executor can feel more confident and secure with a probate lawyer. State laws have its provisions regarding estate administration. In this case, the best way to handle disputes is to rely on the legal process and the knowledge and experience of the lawyer in this area. Know Your TaxesDifferent states and countries have varying laws regarding estate and inheritance taxes. The experienced lawyer can advise you on this. Sometimes, selling the property instead of acquiring it as inheritance will prove to be more practical due to various taxes involved. Estate lawyers will also assist in how and where to get the cash to pay the taxes. Distribute to BeneficiariesAfter taxes, final bills, and other debts are settled, the lawyer is tasked to distribute remaining assets and properties to beneficiaries. This is easy with a last will and testament but without one, a lawyer can get the court’s approval on who will receive the inheritance and how it will be distributed to the heirs of the deceased. If you want a smooth process in this legal matter, always make sure you have an experienced estate lawyer to back you up in the administration and distribution of assets. Having one will help you get things done and over with in no time and with less stress and disputes. Avoid Probate – Tips For Keeping Estate Assets Out of CourtThere are many reasons to avoid probate. Firstly, probate can be a lengthy process that ties up assets and depreciates the estate’s overall value. Most estates require the services of a lawyer or estate planning service to comply with probate laws. It is relatively easy to avoid probate, or at least keep the majority of assets from having to pass through the process. Different strategies exist and depend on the types of assets owned. It is advisable to work with an estate planning expert to determine which options are best for your situation. The most ironclad way to keep assets out of probate is to draft an irrevocable life insurance trust or living trust. When assets are transferred to a trust they are no longer considered part of the estate and thereby exempt from probate. Trusts are managed by a designated Trustee. Most people designate their self to this position and assign an estate administrator to take over in the event of their death. Trusts are generally reserved for estates valued over $100,000. If your estate is valued at less, there are strategies which can keep certain assets out of probate. The first step is to execute a Last Will and Testament. This can be as simple as purchasing pre-formatted Wills at an office supply store or downloading forms from the Internet. Although a Will does not keep assets out of probate, it can expedite the process. If you can afford to do so, it is best to have an attorney draft the Will. Most attorneys charge a nominal fee to draft legal documents. Many lawyers offer additional services such as assisting the designated estate executor in their duties of administering your estate once you are gone. If you do not execute a Will, everything you own will be transferred to probate court and sit there for months on end. Your family will not be able to receive inheritance property and your estate must continue making payments on outstanding debts or mortgaged real estate. Realize your loved ones will be grieving. Dying without a Will in place only adds more stress and anxiety during a highly-charged emotional event. If you have a checking or savings accounts, go to the bank and ask the teller for Payable-on-Death form. In less than 5 minutes, you can designate beneficiaries and the percentage of funds to bequeath them. For instance, if you have three children and want the monies distributed evenly, simply indicate this on the POD for. In most cases, if you are married and own joint bank accounts funds automatically transfer to your spouse. It is best to assign your spouse as POD beneficiary to avoid potential problems. If you own financial portfolios such as investment accounts or individual retirement accounts, contact your broker and request Transfer-on-Death forms. Similar to payable-on-death, you can assign beneficiaries and percentage of account proceeds each will receive. IRA accounts are usually distributed to beneficiaries as a lump sum payment. Investment accounts can be transferred to the designated beneficiary as a roll-over account or lump sum payment. Transfer-on-death can also be used to transfer automobiles, motorcycles, recreational vehicles and watercraft. Not all states allow assignment of TOD beneficiaries on titled property. If your state prohibits transfer-on-death, apply for a joint title and add the intended beneficiary’s name. In the event of your death, the beneficiary can provide a death certificate and transfer the property into his own name. If you are married, obtain joint ownership title for real estate. Joint ownership allows your spouse to automatically inherit the property in the event of your death. If you are single you can bequeath real estate by adding beneficiaries to the property title. Mistakes to Avoid When Drafting Your Will and Planning Your Estate• Wills are necessary for people of all ages.: One common mistake in estate planning is not getting around to writing a Will at all. At a minimum, you should make sure that you take the time to plan the financial portion of your estate and distribute your assets to your loved ones so they have some amount of security. If you do not have a Will, the state will make decisions for you according to a distribution schedule it has already established. The state tries to pass assets to people it thinks benefit the most, but unfortunately, this may not be in line with your wishes or what is best for your family. 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 Plain City Utah Estate Planning Attorney Pleasant Grove Utah Estate Planning Attorney Pleasant View Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Price Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-price-utah/ Estate planning is not solely about planning for your death. It also involves planning for your life in the event you’re mentally incapacitated. Having an estate plan in place is very important because it reflects your wishes for your children, family, property and assets. Is Estate Planning Often Overlooked?Despite its extreme importance, estate planning is often overlooked and neglected. Many people work hard throughout their lives to provide for their families and build their estates, only to have the very things they’ve worked for and people to protect in disarray because they didn’t invest time in a comprehensive plan that reflects their wishes. Statistics show that more than 50% Americans do not have an estate plan in place at the time of their death. This is likely due to the average person’s unfamiliarity with the estate planning process itself. Because they do not understand its importance and how it works, many Americans forego wills, trusts and other estate documents. Why do you Need an Estate Plan?Without the proper documentation in place at the time of your death or incapacity, you are leaving it up to a judge you don’t know to decide how to distribute your assets throughout your family, who will care for your minor children, and who will care for you if you’re ever unable to care for yourself. Five Questions to Answer in your PlanIn your plan, you want to proactively answer questions that may arise in the event of your death or incapacity. Generally, these questions will involve your assets, minor children, inheritances, health care directives and sometimes more. Here are 5 questions you should answer in your plan: Five Documents to Include in your PlanA comprehensive estate plan is not a mere document. It’s actually a combination of several documents that reflect your wishes regarding your minor children, your health care, and distribution of your assets, property and inheritances in the event of your death. It also covers your health care wishes if you’re ever incapacitated and unable to make your own decisions. Here are the minimum five (5) documents you should include in your estate plan: Many of us get uncomfortable when we think about dying and our family’s life without us. It’s not a topic anyone wants to consider more than once. However, it is critical that you take time now, while you’re healthy and in a good state of mind, to invest time in getting your estate, health and other affairs in order, and create an estate plan that reflects your wishes upon your death or incapacitation. Documents to Consider When Doing Estate PlanningThere’s nothing that can prevent someone from dying, since physical death is an absolute certainty that no one can escape. The fear for some people, though, is not what’s going to happen to them after they pass on, but more on who’s going to take care of their loved ones, especially if the people he’ll be leaving behind are either very young children or are incapacitated, or both. You can’t have control of what’s going to happen to you after death, but you sure can decide what’s going to happen to your assets once that event transpires. It’s called estate planning. This is the process by which a person (or even a family) arranges the transfer of his assets in anticipation of his death. And in estate planning, there are several documents to consider. Here are some of them: Last will and testament – This document takes front and center in all the planning. This is the document that legally provides for the transfers of assets after one’s death. It names a person to settle the estate, a trustee who will administer any trust established, and a guardian if there minor children. For those who die without having executed a will, they are considered to be ‘intestate.’ Under certain laws, if one is intestate, property goes first (or in major part) to a spouse, and then to children and their descendants. Trust – Persons preparing a will and testament can execute either ‘inter vivo’ or testamentary trusts (trusts established through a will). The difference between the two is that with the former, assets are transferred into the living during the trust creator’s lifetime, as opposed to testamentary trusts, where the transfer becomes operative at the time of death. Durable powers of attorney – A power of attorney is the document that authorizes a designated agent to carry out financial and business transactions for the person that’s establishing the document. This grants such agent to access bank accounts (and even brokerage accounts), deal with insurance companies, and even sell property. This effectively allows the agent to step into the shoes of the person he is assisting. Healthcare power of attorney – This document is a form of a living will that is designed, among other things, to: provide instructions for the conditions should life-sustaining procedures be utilized, authorize who will make healthcare decisions, and ensure that the person chosen to make these decisions is given access to the executor’s medical records during incapacity. These are the important documents to take into account so a person can have the opportunity to make personal and financial decisions, both in life and after death, without the need for court orders. Estate planning deals with certain legal issues, which makes it important for an individual to get the services of a lawyer while doing it. You can get attorneys estate planning at Pleasant View Utah. Estate Planning Lawyers Protect A Client’s Property From Becoming State PropertyDevising a plan as for how assets should be distributed in the event of a death is something that most people have given thought to, but not everybody has carried out. There are common misconceptions regarding this important aspect of preparing for the inevitable, and among them is the idea that most people do not have enough assets or property to constitute an entire estate. This doesn’t have to include lavish homes, large sums of money or ownership rights to profitable business ventures. Anything of value must be considered, whether it’s land, antiques, jewelry or rare collections. For those who wish to pass their cherished possessions onto their loved ones, hiring estate planning lawyers to devise a living trust or will can be the best way to ensure that final wishes are carried out. Estate attorneys devise plans that are used to properly acquire, protect and allocate physical and liquid assets that are to be inherited, per the request of the testator. Why Do Estate Attorneys Draft Wills And Trusts?When it comes to planning, attorneys can guide clients through the legal process of drafting documents that state which beneficiaries will inherit specific possessions, and how much each beneficiary is entitled to. There are two methods that estate planning lawyers use to protect their clients, their assets and their loved ones: living trusts and wills. Trusts and Wills are drafted by an attorney that specializes in elder law, where they take the instructions specified by their client and create a legally binding document that ensures that their assets are divided in ways that they consider fair and just. Trusts and Wills can be viewed as legal documents that complement one another. A Trust is used for planning purposes and serves to dictate how property and valuables will be distributed, with the Will being used to cover any property or assets that are not contained within a Trust. Wills and Trusts should be updated regularly as to reflect changes within the law. This small step is a very important requirement for protecting these documents from being disputed later on. What Happens Without A Will Or Trust?In the event that someone dies without drafting a Will or Trust, they are considered to have died intestate. When this happens, the state gains control of any possessions that belong to the deceased person and reserves the right to distribute them in ways that they consider to be appropriate. The most common scenario includes property and assets being divided amongst blood relatives. In addition to physical property, the state also makes the determination regarding the placement of any minor children. In the absence of a Will or Trust, many would-be beneficiaries are left without an inheritance. In addition to having little to no legal grounds for recourse, the amount of energy and financial assistance to successfully appeal a state-mandated division of assets leave many people with no options when it comes to collecting their promised share of an inheritance. Hiring estate planning lawyers to draft a Trust or Will is the best way for individuals to guarantee that their final wishes are carried out. In addition to specializing in elder law issues, estate planning lawyers have the experience and knowledge that is necessary for protecting their clients within the legal system. What Are the Different Services Provided by Estate Planning Lawyers?Because life can be quite unpredictable, the earlier you begin planning, the more likely it is that the outcome will be favorable in the majority of cases. It is the most important thing you can do for yourself and your family to start putting a plan in place as soon as possible. However, even though it is reassuring to believe they will, unfortunately, numerous disagreements over money are commonplace in today’s world. Consequently, it is preferable to put your wishes down on paper and in writing rather than verbally. This means that the nominee may not be the legal owner of the assets in question. The assets will be distributed according to the country’s succession laws if there is no will. If there is no will, the assets will be distributed in accordance with the country’s succession laws. In the vast majority of cases, obtaining legal representation is not a problem at all. Much in the same way that a doctor can guide you through their field of expertise, an attorney can guide you through the estate planning process to ensure that everything is done legally and properly, taking into account all of the minute details involved. Often, flat-fee wills and durable power of attorney (DPA) documents are drafted; however, hourly legal document maintenance work (often involving wills) is also available, as is being asked to act on behalf of a deceased individual and assist with the distribution of assets following the individual’s passing. In the case of an individual who has power of attorney over the estate of a recently deceased individual, the completion of a probate court proceeding, also known as “probate,” will be required. Unquestionably true, but the extent to which this is true depends on the type of assets in the deceased’s estate and whether or not their ownership rights are defined in accordance with applicable state law in each individual instance. You should consult with an estate planning attorney if you have reason to believe that someone is planning to contest the will of a deceased family member or loved one or to sue the estate of a deceased family member or loved one. When a trust is involved, this type of litigation can quickly deplete the trust’s assets, putting all of the beneficiaries in a precarious financial position. Do you require the services of a Wills and Estates Attorney?If the estate is complex, the person is in good health, and a variety of other factors are taken into consideration, nearly everyone will require the services of an estate-planning attorney. When a family member cannot manage their financial affairs on their own, many people choose to hire an attorney to assist with the situation. Trusts are a type of estate planning tool used to manage property before a person’s death for some families. Wills, trusts, powers of attorney and other legal documents are all examples of estate planning. In legal/fiduciary terms, a trust is a contractual arrangement in which one party has legal title and controls the property on behalf of another party. An option may be to work with a fiduciary who has legal title while serving as a trustee and administering the property on behalf of the other party. Upon the individual’s death for whom the trust was formed, assets are dispersed under different conditions than those provided in a 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 Perry Utah Estate Planning Attorney Plain City Utah Estate Planning Attorney Pleasant Grove Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Pleasant View Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-pleasant-view-utah/ When you finally decide that it is time to make your estate plan you will have to schedule a meeting with an estate planning attorney. There will come a point when the conversation with your estate planning attorney may get uncomfortable or personal and you feel that you should not reveal everything and hold some information back. Deciding to hold back information could jeopardize your the plan for your estate though. Your estate plan is only as good as how much you share with your estate planning attorney. This means that your attorney can only make a plan with the information they are given. The attorney makes the plan for your estate based on the goals of the client and the facts the client chooses to share. If there are goals that the client has for their plan, but refuses to share then the attorney might not be able to make a plan to achieve those goals. More often there are facts the client will hold back out of fear of shame or discomfort that can dramatically alter the plan. Family problems or personal problems of potential heirs must be shared with the estate attorney to make sure the best estate plan is made. If a child has an addiction problem, it may not be something you want to share with everyone, but it is something that must be shared with an estate planning attorney to protect that child’s potential inheritance and their well being. Estate planning attorneys are most likely going to rely on information that is provided to them by the client in making an plan, and not do any independent investigation of the facts. The attorney is held to a strict standard of confidentiality once the attorney client relationship begins. This means that the attorney cannot reveal any confidential information that you choose to share with them. Deep dark family secrets and concerns that may be inappropriate to discuss with family members or the general public are held between the attorney and the client and this information remains confidential even after you die. With this standard in place there is no reason to be concerned about sharing and bearing all with your attorney. They have heard it all and should not be too shocked. It is best to be straight forward and honest with the estate attorney to make sure that there are no problems down the road. How to Find a Good Estate Planning AttorneyThe job of finding an attorney to help you build a solid estate plan can seem like a daunting task. However, with a pre-plan and some help you should be able to find a selection of highly qualified candidates for your consideration. Let’s take a look at a list of seven tips for finding a good estate planning attorney. 1. Check with family members, your friends and your coworkers by asking them to suggest an attorney they feel can help you with your estate planning. It’s a very good complement for your final choice to find out that he or she was recommended by a satisfied client. And don’t limit yourself to just the local or close by referrals. Your needs can be handled over the Internet or by phone. If you have decided to put your affairs in order and finally accept the fact that estate planning is something most of us would be better off having than not, the next thing you might be wondering about is how to choose an estate planning attorney. The first thing to remember is that your estate-planning attorney is a person with whom you will share a great deal of personal information. The bottom line is whoever you choose, you should feel comfortable talking to him/her about your needs and concerns and if you don’t he/she is not the right attorney for you. Your attorney is your legal confidant and is duty bound to take your confidence with them beyond their own estate plan, which is shorthand for they must take your secrets to the grave with them. But it doesn’t matter what their duty is if you don’t feel comfortable telling them what you need in the first place. If you begin to feel uncomfortable talking to your would-be estate planning expert, you should begin to shop elsewhere. The second thing to consider is that not all attorneys are created equal with respect to their ability in estate planning. A good first step in finding an attorney who will be a good fit for you is to ask people who you already know and trust. Ask the leader of your church, your doctor and your friends if they have had occasion to use an estate planner and ask what they think of that person. If you get a recommendation, don’t stop there. Look your would-be attorney candidates up in your state to find out where they went to school, how long they have practiced and what fields of law they specialize in. Of course, these answers don’t tell you everything you need to know about your potential confidant, but having some information is better than flying blind into the world of attorneys. If the attorney who was recommended does not specialize in estate planning, then it may be that you don’t want that attorney to create a financial plan for you and your family. Another good way to find an attorney or firm in your area that specializes in estate planning is to take a look at the National Academy of Elder Law Attorneys (NAELA). The NAELA is a site that attorneys visit to keep up on issues involving elder law and estate planning and it is a great place to find an attorney who is versed in estate planning. At the NAELA website there is a place to type in your zip code and find local attorneys who specialize in elder law and estate planning, which includes their contact information as well as a map to their door. In addition to that there are other good sites on the Internet where you can gather information about the subject before you meet with an estate planner. However, the best advice that anyone can give is to find someone who you relate well to and who you feel comfortable sharing personal information with. Remember, your estate planner is someone whose judgment you need to be able to rely on; they are someone that will present and recommend legal options to accomplish goals that you set out for them and they need to be the kind of person who can ask you the right kinds of questions to get the job done and the kind of person you will feel comfortable answering. If you don’t feel right about them, even if you just don’t seem to relate well to them in some small way, it is probably best to look elsewhere for your planning needs. The bottom line is to trust yourself and your instincts and impressions about your attorney. Part of the service that you are purchasing is the ability to feel comfortable about how your estate planning will be managed and carried out, so make sure you find someone who makes you feel confident that you are dealing with a professional who you can trust. Mistakes That You Can Avoid With Help From An Estate Planning AttorneyYou have worked hard to get the possessions that you have at the moment — homes, cars, investments, personal belongings. Naturally, you want these properties to be passed on to your loved ones and in accordance with your wishes. By obtaining the services of an experienced and trusted estate planning attorney, you can be assured that your estate will go to your intended heirs. With careful planning, these properties, which you worked hard for, will redound to their benefit. Don’t commit the same mistake that most people make. With an attorney’s help, you can avert the following serious legal blunders. Most people think estate planning is only for the rich and affluent. This is a common misconception. This type of planning is all about making preparations for the distribution of all the properties of the estate. If you think about it, virtually everybody owns properties; it isn’t just the rich and famous those have assets. Moreover, the term property covers everything; from money to personal belongings such as photographs, books, furniture and more. The term isn’t limited to jewelry, expensive cars, and real estate. Regardless of financial status or capabilities, everyone has assets that need to be distributed to loved ones at the point of death. Thus, acquiring the services of an estate planning attorney will redound to you and your loved ones’ benefit. He or she can help ensure that your estate will be passed on to your intended beneficiaries. Executing a will is a bit more complicated than what we know. So take time to sit down and discuss your plans with an attorney, so the latter can help you process these legal matters. Moreover, you can confer with the attorney regarding other options like creating a trust, which can facilitate the transfer of assets. Seek legal help for your estate planning. For people untrained in the field of probate law, it is not advisable to create an estate plan all by yourself. Thus, seeking the help of a probate attorney is your best course of action to ensure the validity of your will and testament. Think about your loved ones’ welfare. Would you want your estate to go to persons other than your intended beneficiaries? Don’t take risks at the expense of their hereditary rights. Take steps to ensure that your estate passes on to them. Consult an estate planning attorney and discuss your plans regarding the properties of your estate. Critical Questions to Ask an Estate Planning Attorney Before You Hire HimBe selective when choosing an Estate Planning Attorney. When trying to find a good attorney to handle your estate planning, you should consider experience, knowledge, and services provided. How do you determine whether or not an attorney has the background you need? Ask questions! One of the first questions you should ask is “What do you think about probate?” If the attorney tells you that probate is your best option, or that probate isn’t all that bad, then you should look for another attorney. Probate IS better for attorneys, but not for families looking for closure. Attorneys and the court make a lot of money when there is a probate. So, your objective is to AVOID probate. The second question to ask is, “What can I do to avoid probate?” Ideally the answer should be “A revocable living trust. Then you should ask, “Do you prepare the trust for me?” and “What is included in your trust package?” “Besides the Living Trust does it include: Keeping Your Living Trust CurrentKeeping your Living Trust current is one of the most important things to remember after you’ve set up your trust. Many folks forget to include new real estate purchases or assets in an updated “schedule of assets” in their trust. Your “schedule of assets” should be updated regularly. The best thing to do is to have your trust reviewed every two years or so. Having your trust reviewed by the same attorney who drafted it is a good practice. He knows what is in his trust and what needs to be updated according to the recent changes in the law. Does Your Estate Planning Attorney Need to Be a Local Attorney?What about the physical location of your chosen attorney? Your estate planning attorney doesn’t necessarily have to be from your home state. As long as he or she is very knowledgeable about trusts and estate planning, a good attorney will be able to help from any state. Just be sure to hire an Estate Planning Attorney you feel comfortable with. Hiring someone you don’t trust will just make the estate planning process much more difficult than it really is. 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 Payson Utah Estate Planning Attorney Perry Utah Estate Planning Attorney Plain City Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Pleasant Grove Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-pleasant-grove-utah/ Estate planning is the process of deciding how an individual’s assets will be preserved, managed and distributed upon a death or incapacity. It includes evaluating your property and possessions, creating a will or trust, designating beneficiaries and, essentially, getting your affairs in order. Proactive and thoughtful planning will make things easier for you and your beneficiaries when the time comes to pass on your valued possessions. Take Inventory of Your AssetsWe sometimes associate the word “estate” with wealth, but the fact is that we all have an estate. Your estate is everything you own, all your property and possessions, and it might be more than you realize. The first step of estate planning is taking stock of your assets: Once you inventory your property, you need to ask yourself an important question. What objects and assets do you want to protect and transfer to others upon your death? Consider things you own independently and jointly. Then create a list of beneficiaries, or people you want to inherit these items. You will need to estimate the value of tangible and intangible assets, so it’s helpful to include a recent property appraisal of your home and other items. However, in some cases, the exact value is unnecessary and “best guess” estimation is sufficient. Hire a Professional Estate PlannerNot everyone needs a legal professional to assist in the estate planning process. Even the American Bar Association acknowledges that in some situations; such as when a person has minimal assets solely in his or her name — it can be cost-effective to do it yourself or use an online service. In general, however, the association advises against do-it-yourself estate planning, noting that the average person should “proceed with caution” when considering this option because there is too much is at stake. “Mistakes made in the drafting of such an important document can profoundly alter familial relationships, leaving our family members at best confused or disappointed and at worst locked in hostile litigation,” the association notes on its website. Financial experts encourage people with complex estates to consult a legal professional. Circumstances such as ownership of multimillion-dollar estates, second marriages, blended families, owning property outside the United State and personal business ventures should be reviewed by an attorney. Other options exist if attorney fees are intimidating. Many states offer legal aid resources to reduce cost for qualifying low-income planners. Alternatively, you can ask a certified public accountant or tax professional for help or look for lawyers who advertise discounted bundle deals. Be as prepared as possible if you do speak with an attorney. Get an estimate of how much it will cost to complete your estate plan. Many law firms provide a checklist of documents to bring to your first consultation. This saves time and, hopefully, a little money, too. Most estate planning attorneys can provide free consultations, flat-fee engagement agreements and free reviews of existing documents. Estate Planning Terms You Should Know Wills and Living TrustsA will is a legally binding document that specifies who receives your assets after you die. This document, also known as a last will and testament, ensures your wishes are carried out. The document has no legal authority to control assets until after the testator passes away, and then, during a probate administration, it can only control how probate assets are transferred. Assets that pass outside of the probate estate are not controlled by the will. Without a will, the state determines where your belongings go and who receives them, including choosing guardians for your children. This is determined by state statute and is called dying “intestate” or without a Last Will and Testament. Your beneficiaries will have no ability to change the manner in which those assets are distributed. Assets will generally be split evenly among your closest living family members. Wills can be complex or simple. With few exceptions, every will is subject to probate, or a court review meant to prove a will is authentic. Probate can take months or even years. What Should My Will Include?• The nomination of an executor or an appointed person who oversees your estate as it travels through probate. When drafting your will, don’t forget about items or beneficiaries you’ve already accounted for. For example, you may have transferred cash into a charitable gift annuity as part of your planned giving. If you’ve been receiving income from this annuity, the payments will cease upon your death, and the charity will collect the remaining funds. So, in this case, the charity has received your donation, and the stream of income the annuity provided will no longer be available to your heirs. Living TrustsA living trust is another way to leave assets to beneficiaries. A trust provides greater control than a will because you can stipulate specific requirements that beneficiaries must meet in order to receive assets. You can schedule period distributions based on important life events, such as graduating from college or marriage. You can also protect assets from passing to a beneficiary who may be in trouble with drugs or legal issues, while still providing the assets to be used for their benefit. You can get as creative as you want with trust conditions, provided that they do not break the law. Living trusts can be revocable, meaning you maintain control of the assets and can freely change the trusts during your life, or irrevocable, which means you can’t make changes without the consent of the beneficiary and even then some changes cannot be made. Revocable living trusts are far more common than irrevocable trusts, which serve fewer purposes. Most assets that are properly funded into a trust during life are protected from going through the probate process after death, which can save your beneficiaries time and money. Power of AttorneyA will details what happens to your money and belongings after you’re no longer here. But what happens if you become incapacitated? Accidents and illness can render people unable to make important personal medical and financial decisions. This is where advanced directives enter the picture. Financial Power of AttorneyA financial power of attorney grants a person the authority to make legal and fiscal decisions on your behalf. Real estate, taxes, banking and business interests can all fall under this umbrella. When executing this document, you are the “principal,” and the person you appoint is your “agent” or “attorney-in-fact.” You, the principal, decide exactly how much power the agent holds. For example, you can grant your agent access to your bank account while stipulating that he or she cannot invest on your behalf. Generally, this document grants your agent very broad powers, so it is imperative that you chose an agent whom you trust implicitly. In order for this document to remain in effect if you become mentally incompetent, you must include language that makes it a durable power of attorney. If you don’t specify that the power of attorney is durable, your appointed agent won’t be authorized to make end-of-life decisions for you. Estate and Inheritance TaxThe average inheritance in the U.S. between 2016 to 2019 was $46,200. So unless you are a multimillionaire, federal estate tax will not affect you, for now. Under 2019 tax code, you can transfer $11.4 million after you die without triggering federal tax. This is an increase from the $11.18 million cap that was in effect in 2018. Married couples can shield up to $22.8 million. However, the federal estate tax only applies in the year that you pass away. So if the tax code is ever changed, and it has changed often over time, you may find yourself in a less advantageous tax situation in the future. Important DocumentsKnowing that you’re providing for your loved ones and caring for them even when you’re no longer with them offers a great sense of peace. You can enjoy your retirement years without the nagging worries about what you’ve left undone. Refer to this complete checklist so you can be confident in your plan and in control of your estate. First, gather these signed documents and keep them in a safe place. Leave copies with a trusted loved one, the executor of your will and your attorney. You can also place a copy in a fire-proof safe. Just make sure to give the combination to someone you trust. Some states will require an original will be deposited with the clerk of court upon your death, so the original will should be kept in a safe place. Some experts advise storing these important documents with your estate papers: Keep Your Estate Plan UpdatedOnce your estate plan is finalized, keep it updated. Times to Review Your Estate Plan Short SaleA short sale of a house happens when a lender agrees to release a homeowner from his or her mortgage for less than what is owed so the property can be sold to a third party. Short sales usually occur before foreclosure, when a lender has determined that a borrower is in default and can neither make the payments nor sell the property for enough money to cover the loan balance. Because of the housing meltdown over the past few years, the number of homeowners who owe more on their mortgages than they can recover by selling their homes has increased substantially. This has prompted an uptick in short sales across the country. Short sales can be an effective solution for borrowers in financial trouble, buyers who are looking for undervalued properties and lenders hoping to recoup at least part of their investments. For lenders, short sales have distinct advantages over foreclosure. Lenders are not in the real estate business — they do not want to own, manage, maintain or sell property. If you are considering a short sale of your house because of debt issues, there might be other options to consider. For example, mortgage modification is a process whereby you get your lender to renegotiate the terms of your mortgage in order to give you more affordable payment possibilities. A mortgage modification can include: Short Sale OptionsIt is estimated that a short sale can save a lender 25 percent to 35 percent over foreclosure. Short sales also are usually more profitable. Foreclosure and eviction procedures have built-in costs and headaches, including inspections, attorney’s fees and delays. Foreclosed properties that can’t be sold become nonperforming assets in a lender’s portfolio, subject to all the costs associated with a property’s upkeep and maintenance, including insurance, taxes and repairs. Lenders also don’t like to keep bad loans on their books. So there is an incentive for lenders to minimize their losses before having to repossess a property. In fact, most lending institutions have loss-mitigation departments that pursue alternatives to the foreclosure process. But if no form of loan modification is possible, a short sale may be your best option. Besides being cheaper, easier and faster than foreclosure, a short sale turns a huge potential loss into a smaller one. A homeowner or potential buyer can instigate a short sale, but it always requires the approval of the lender, who must agree to all terms and conditions, including the selling price. That amount generally will be determined through a Broker Price Opinion (BPO), a document from a real estate agent who proposes a reasonable price for a particular property. The BPO contains information on comparable houses in the area, the general condition of the home’s neighborhood, and the condition of the property. A potential buyer also may purchase a professional home appraisal as part of the effort to demonstrate potential benefits of a sale to the lender. For Struggling Sellers, a Way OutFor sellers, a short sale can avert foreclosure and the damage that can do to one’s credit-worthiness. (If a lender does submit the short-sale information to the credit bureaus, the report will stay on the seller’s report for seven years, however.) In most cases, a lender must forgive the difference between what is owed on a property and the amount of the short sale, unless state law or the terms of the loan allow what is known as a deficiency judgment. In these cases, a seller can be required to repay that difference at some future time. Even though a seller will not receive any money from a short-sale transaction, he or she may have to declare the discounted amount of the sale — the difference between the mortgage balance and the short sale — as income on federal tax returns. In addition, a seller will have to move from the property quickly if the lender approves the sale and it closes. Buyers who initiate the short-sale process can talk directly to a lender by having the seller sign an “authorization-to-release-information” agreement. Buyers can then prepare a short-sale proposal and negotiate with the lender or the lender’s loss-mitigation department about a potential sale. A buyer must produce a hardship letter from the seller, outlining why he or she is desperate for the short sale and why there is little likelihood that the loan can be paid off, now or in the future. Buyers also must provide proof of funds to the lender. 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 Park City Utah Estate Planning Attorney Payson Utah Estate Planning Attorney Perry Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Plain City Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-plain-city-utah/ We all have a rendezvous with Death, but few of us like to think about it. That may be why almost half of American adults do not have a last will and testament. Estate planning is one of the most awkward and uncomfortable areas of law and that’s really saying something! Because it’s distressing and disagreeable, most folks put it off until the very last minute while others don’t get to it at all. This is always a mistake. Agents Appointed Time 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 North Ogden Utah Estate Planning Attorney Park City Utah Estate Planning Attorney Payson Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Perry Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-perry-utah/ Creating your estate plan is a big first step in protecting your assets and your loved ones. But that plan will only do some good if it’s kept up-to-date and your family knows where to find it. Here’s a few tips to ensure that your estate plan is always working for you: Revocable Living TrustWith a Revocable Living Trust, you transfer the title of any of your assets (such as a house) from yourself as an individual, to yourself as Trustee of the Trust. Then you, as the Trustee of the Trust, manage the assets of the Trust for the benefit of the beneficiary, which is you. In this manner, you keep complete control over the assets. Once you pass on, a Successor Trustee takes over the management of the assets for the benefit of the beneficiaries that you named in your Trust. Your assets do not have to pass through Probate because the assets are no longer titled in your name as an individual, but are now titled in the name of the trust. Upon your death, the Successor Trustee simply transfers your assets directly to your beneficiaries without the need for court or attorney’s fees or costs. With a Revocable Living Trust you keep complete control over your assets and ensure that your assets are passed to your designated beneficiaries without delay or unnecessary costs. Why Use A Revocable Living Trust As Part Of Your Estate Planning Strategy? How to Find a Reliable Estate Planning LawyerLooking for a reliable lawyer to help you with estate planning may not be too easy nowadays. Thankfully, you can always tap different resources to be able to avail of professional legal assistance. Here are some ideas you can try in case you are having a hard time with the task of contacting an attorney. To begin with, one of the most effective ways to find a good lawyer is to ask friends, colleagues or relatives about it. Talk with those you know and ask them to describe their entire experience. You will be able to find out the pros and cons of certain options by doing this. Most people are definitely willing not only to recommend specific lawyers but to give you any warning about some attorneys. If you have a financial advisor, then that means you have another useful source of relevant information. Advisors usually have the contact details of good lawyers in your area and so you might want to refer to their list. While on the subject of financial advisors, you also have to know that speaking with them about your estate planning is a good idea. Such a plan is often considered as a crucial part of an individual’s financial stability. Another idea is to ask accountants for recommendations. Besides, it is a fact that many estate planning attorneys rely on accountants when it comes to trust and income tax matters. This only means that an accountant probably knows more than a few lawyers in your area. Also, feel free to contact other lawyers you have worked with in the past for their suggestions. For example, you may have worked with a legal professional while buying a home or acquiring a property. Chances are high that they personally know someone who specializes in the field and you can take advantage of that. You may also try doing searches on your own by utilizing the internet. You can check out official websites of different law firms and see if they offer estate planning services. What’s great about accessing such sites is that you will also get the chance to view the profiles of the lawyers along with information regarding their rates. This provides you with a good overview of what to expect when you finally begin working with a lawyer. In no time, you will be able to find an excellent estate planning lawyer that will help you with your needs. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estae Planning Attorney North Logan Utah Estate Planning Attorney North Ogden Utah Estate Planning Attorney Park City Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Payson Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-payson-utah/ |
Rogelio MillsSpent the 80's lecturing about love for the underprivileged. Enthusiastic about getting my feet wet with circus clowns in Orlando, FL. Spent a weekend developing strategies for saliva for the government. Archives
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