When considering estate planning, many people can procrastinate without understanding the consequences of their delay. No one is truly comfortable thinking about what happens in the case of injury, disability, or even death, especially if young children are involved. However, one of the best ways to achieve peace of mind is to have a complete estate plan in place to make sure your family is taken care of when the time comes. There are some primary documents when it comes to estate planning, ranging from a Will to a Power of Attorney. Laws can vary by state, so it’s important to have each document drawn up by a local attorney who’s familiar with each state’s regulations and guidelines. Will In Alpine UtahThe Will is what many people think in terms of complete estate planning. This document primarily addresses three important questions, but only comes into effect upon one’s death. First, it designates who controls the administration of one’s estate after someone passes away. Second, it establishes who receives the assets. Third, it designates legal guardians and conservators to handle the medical and financial decisions if there are any surviving minors. This document is vital in securing the foundation of your final matters if you do not have a Revocable Living Trust. Power of Attorney: Medical and FinancialThere are two main types of power of attorney documents everybody needs: a Financial Power of Attorney and a Medical Power of Attorney. These two documents are only effective while one is alive. They grant a person control of financial and medical affairs in the case of disability, a coma, or any circumstance that would prevent you from making your own decisions. Each document helps prevent the expense of a court proceeding to determine who is allowed to manage your financial and medical decisions when you are unable to do so. Living WillThe Living Will, also known as an advanced medical directive, is used to officially state, in advance, whether one wants to refuse or terminate the use of artificial life support should the situation arise. This document also allows an individual to state in advance whether he or she should receive food and water in the event the Living Will is in effect. By establishing your desires in advance, it helps remove such burden from your family’s shoulders. Living TrustA Living Trust, also known as a revocable trust or revocable living trust, is an alternative to the standard Will. It is a tremendously flexible document that can provide for the management of one’s assets while alive and upon his or her passing. This method of estate planning enables exceptional control over one’s assets. If drafted properly, it limits or eliminates certain taxes and offers a tremendous degree of asset protection for one’s heirs should they ever gets divorced or has other creditor problems. What to Do With Estate Planning Documents In Alpine UtahMany people are unsure what to do with their Wills and other Estate Planning Documents after they have them created. The documents generally sit around in a file without anyone knowing of their existence. This is exactly the wrong thing to do. Your Will is the document which tells how your property should be divided after your death. Every individual person should have his or her own. A married couple should have 2 wills among them rather than just a single will. After fully executing your Will according to state law where you live, you should be certain to let your loved-ones know of its existence and where to find it. You do not need to let them read it, but they should know how to get access to the document. It is highly recommended that it should be kept it in a fireproof box or safe in your home or perhaps in a safe deposit box. It needs to be protected from fire, flood, and other potential disasters. If an unfortunate disaster ends up being your demise, you want your Will to survive that disaster to ensure your wishes are carried out. Powers of Attorney are documents which give trusted individuals the legal authority to make decisions for you in the event that you are incapacitated. It is highly recommended having two separate documents, a Medical Power of Attorney and a Statutory (or Durable) Power of Attorney. The Medical Power of Attorney gives the named person the ability to make medical decisions for you if you are incapacitated (for instance in a coma). The person named in the Medical Power of Attorney should be someone who is good under pressure and someone you trust to make good medical decisions for you. You should also discuss generally with this person your wishes. The Durable or Statutory Power of Attorney is also a document giving legal authority to someone in the event that you cannot perform on your own, but this document revolves around finances. If you are in a coma or otherwise legally incompetent, you need someone with the ability to pay your bills and access your bank accounts. That is exactly what this document does. In both cases, the people you designate as your agents in these Powers of Attorney should be given a copy of the documents to keep in their possession. This is so that they can easily access the documents and provide proof of their authority quickly and easily if it is ever necessary. You should also keep the original in your possession in a safe place. It is advisable to keep them with your Will. The last Estate Planning document which most people have is a Living Will. The Living Will is a document which defines your desires if you are incapacitated and need life-sustaining treatment. It tells your doctor whether or not you wish to be placed on life support if you are in a terminal condition. Your doctor should maintain a copy of your Living Will in your medical records. You should also keep a copy of this document with your will. It is extremely important to be prepared for your death. Although it is a difficult topic to consider, it is something each and every one of us is going to face. Being prepared today will help your family in a difficult time because there will be fewer things to worry about. You have already written your wishes on paper. The Powers of Attorney can also help eliminate costly and lengthy legal battles for which there is no time when your life is at stake. Where To Keep Your Estate Planning Documents When They Are CompletedAs important as it is to make your estate planning documents such as a will or living trust and pour over will, durable powers of attorney, and healthcare powers of attorney is where to keep those documents. Finding a safe secure place to keep your estate planning documents is very important for the fact that those documents are no good if they are destroyed, lost, or missing. Alpine Utah have laws that support that a missing or lost will is presumed to be destroyed or revoked or no longer any good, unless there is evidence presented otherwise. This is difficult to overcome so it is very important to keep your documents in place they cannot be lost or destroyed. This safe place could be a safety deposit box in a bank or in a fire proof safe in your house. A safe should only include important documents and no valuables so a potential thief will not be tempted to take it. It is best to let the person you selected as a personal representative in the will and the backup personal representative know where the will is located so they can retrieve it at the proper time. It is not a good idea to let anyone else know who you do not completely trust because they may attempt to destroy or alter it if it is in their interest. There should be one original will and copies should be kept separate. Keeping your estate planning documents is almost as important as making them in the first place. If you go to the effort of making an estate plan it is important to make sure that the plan is carried out and the best way to do this is through making sure that your documents can be found. This means that you should inform the person you intend to carry out your estate as an executor or personal representative can actually locate the documents when they are needed. You should tell only a trusted person where they are located so the wrong person does not find them, but also that the right person will be able to locate them when the time is right. A hidden will or living trust that is not found is the same as have no documents at all. A good hiding place is good but too good of a hiding place will prevent the documents from being found at all. How Estate Planning Lawyers Alpine Utah Can Help YouWhen you are ready to start your estate planning papers you will need to be thorough and precise as one misconstrued word or a missing initial can change the entire meaning of your estate documents. Your local and state laws are very technical as to who you can have represent your interests in your estate planning documents as well as your power of attorney. There are even stipulations on who can witness your signature. The laws vary from state to state and one wrong word can make your estate papers null and void. This is why you should entrust the help of viable estate planning lawyers to oversee your legal rights. If you think that you can go online and get a living will or other estates documents and they will be valid and legally binding then you are in for a huge disappointment. Most of the do it yourself documents are a “one size fits all” and you very well know your life is your own and “one size fits all” is not conducive to your situation. It will be your family that will be left behind with no way to enforce your last wishes. Organizing Your EstateYou will need to let your estate planning lawyers know what you want to happen with your estate when you are no longer alive. You should let someone know where you will put your copies of your power of attorney, insurance papers, living will and any codes or keys to your bank safe deposit box. You should also have extra copies of all of your important documents in a fire proof box as well as all of the original documents on file at your estates lawyer’s office. Please look at the information below to see which items pertain to your unique situation. If any of these statements pertain to your personal situation then you will need estate planning lawyers to make sure that your assets and last wishes are carried out exactly as you want them to be. If you do not use a professional you may end up making your family go through probate and it may take away resources from your family. DIY Estate PlanningAs the recession deepens, more Americans are trading high priced attorneys for DIY estate planning kits online. Yet despite the appealing cost, do online estate planning kits really have what it takes to protect your children, assets or wishes should something happen to you? An Alpine Utah estate planning attorney cuts through the hype to reveal when you can go it alone and when DIY planning is a financial disaster in disguise. Alpine Utah – Who needs a $300 an hour estate planning lawyer when you can buy an entire DIY will kit online for under $100? That’s the question most Utahans find themselves asking lately, as the creation of computer generated wills, trusts and other estate planning documents make DIY planning seem like a very budget-savvy choice. Yet do these documents really hold weight in the Utah probate courts and will they truly protect your children, assets or wishes should the unthinkable happen? It depends. Certainly someone with no children and assets under $100,000 could possibly benefit from DIY estate planning. The real problem, though, is that you don’t know what you don’t know and like anything in life, one size rarely fits all. In the case of estate planning, one simple mistake can cost your family thousands of dollars and years of headaches if death or incapacity unexpectedly occurs. So what situations warrant meeting with a qualified estate planning professional over a budget-friendly kit online? Consider the following: 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 White City Utah Estate Planning Attorney Woods Cross Utah Estate Planning Attorney In Provo Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeAlpine, Utah
From Wikipedia, the free encyclopedia
“Lambert Park” redirects here. Not to be confused with Lambert Park (Leichhardt).
Alpine is a city on the northeastern edge of Utah County, Utah. The population was 10,251 at the time of the 2020 census. Alpine has been one of the many quickly-growing cities of Utah since the 1970s, especially in the 1990s. This city is thirty-two miles southeast of Salt Lake City. It is located on the slopes of the Wasatch Range north of Highland and American Fork. The west side of the city runs above the Wasatch Fault.[5] [geocentric_weather id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_about id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_neighborhoods id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_thingstodo id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_busstops id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_mapembed id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_drivingdirections id=”fe576a96-1511-46ab-80ed-a9d39268d279″] [geocentric_reviews id=”fe576a96-1511-46ab-80ed-a9d39268d279″] The post Estate Planning Attorney Alpine Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-alpine-utah/
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The decisions that you make about your assets now can have a profound effect on your family later. Potentially for generations both financially and emotionally and that is why you have to carefully select your estate planning lawyer. Weighed your options and thought hard about the consequences. That’s also why, when Estate planning attorneys in Provo, Utah serves as your executor, they take great care to get it right and ease the burden on your loved ones. And help ensure that your wealth ends up right where you want it, the way you want it to. Nearly everyone is surprised by how arduous settling an estate can be. And what it takes to handle all the assets properly. It’s not a job you want to leave to loved ones when they’re also burdened by grief. It’s best left to professionals who have the experience, knowledge and resources to support your family. Keeping all the plates spinning any executor would probably agree that’s a good description of what’s involved in administering an estate. Even if it’s a relatively simple estate and when estates are larger, the stakes only get higher. Picking the right executor and the right team of supporting professionals—can make a meaningful difference in how easily and efficiently your loved ones will receive their inheritance and how well your plans are carried out. What Does An Executor Do?Though it’s a complicated and meticulous task by definition, we can narrow it down to three main activities: How they can work with your estate• As sole executor: They take complete responsibility for settlement, administration and estate disposition. What they doIn whatever way you and your family choose to work with them, they can take care of all or any part of your estate administration needs from probate to final distribution of assets. Estate administration• Coordinate probate of your will. Investment management• Evaluate and determine reserves to meet future distributions, debts, expenses, taxes and other payments. Accounting and tax management• Collect and examine documentation, including personal bank statements, income tax returns and gift tax returns, if any, for the prior three years. Specialized services• Analyze and secure closely held business assets, assist with business succession, and make recommendations and decisions as a shareholder or partner. PROBATEProbate is the legal process of settling the affairs of a person who has died (decedent), including asking the court to determine if the decedent had a valid will, or if there is no will (intestate) to determine the heirs of the decedent, and to appoint a personal representative of the decedent’s estate. The decedent’s estate is all real property and personal property owned to the decedent as of the date of death, along with any debts or obligations owed by the decedent. The probate process may include gathering assets, paying debts, notifying heirs and creditors, filing and paying taxes, selling estate assets, preparing and providing accountings, petitioning the court to close the estate, and distributing property to the decedent’s successors. Because of the complexity that can arise in even a small estate, we recommend you hire an attorney experienced with Utah probate law. When Is Probate Required In Provo, Utah?In Utah, probate is necessary when either of these statements is true: How Much Does Probate Cost?The costs and complexity of probate in Provo were dramatically reduced when Utah adopted the Uniform Probate Code. Ultimately, the cost of probate depends on the size and complexity of the estate. Most attorneys charge on an hourly basis. Attorneys who specialize in probate and estate settlement have the expertise to assist your family in a cost efficient and timely manner and can help avoid costly mistakes that can have seriously adverse tax consequences. The estate settlement process may involve the following: It seems like many people devote more time to planning a vacation, choosing a car to buy, or even selecting a spot to eat dinner than they do to estate planning deciding who will inherit their assets after they’re gone. It may not be as fun to think about as booking a trip or checking out restaurant reviews, but without estate planning, you can’t choose who gets everything that you worked so hard for. Estate planning isn’t only for the rich. Without a plan in place, settling your affairs after you go could have a long-lasting and costly impact on your loved ones, even if you don’t have a pricey home, large IRA, or valuable art to pass on. Not convinced that an estate plan is necessary? Consider these four reasons why you should have one and avoid potentially devastating consequences for your heirs. 1. An Estate Plan Protects Beneficiaries 2. An Estate Plan Protects Young Children 3. An Estate Plan Spares Heirs a Big Tax Bite 4. An Estate Plan Eliminates Family Messes Deciding whether to divide your estate exactly equally is one of the key tasks you need to think through. And, of course, if you’ve had more than one spouse—or have children from more than one family—an estate plan is urgent. If you want your assets and your loved ones protected when you can no longer do it, you will need a Provo estate attorney. 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 West Valley City Utah Estate Planning Attorney White City Utah Estate Planning Attorney Woods Cross Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeProvo, Utah
From Wikipedia, the free encyclopedia
Provo (/ˈproʊvoʊ/ PROH-voh) is the fourth-largest city in Utah, United States. It is 43 miles (69 km) south of Salt Lake City along the Wasatch Front. Provo is the largest city and county seat of Utah County and is home to Brigham Young University (BYU).[7] Provo lies between the cities of Orem to the north and Springville to the south. With a population at the 2020 census of 115,162.[3] Provo is the principal city in the Provo-Orem metropolitan area, which had a population of 526,810 at the 2010 census.[8] It is Utah’s second-largest metropolitan area after Salt Lake City. Provo is the home to Brigham Young University, a private higher education institution operated by The Church of Jesus Christ of Latter-day Saints (LDS Church). Provo also has the LDS Church’s largest Missionary Training Center (MTC). The city is a focus area for technology development in Utah, with several billion-dollar startups.[9] The city’s Peaks Ice Arena was a venue for the Salt Lake City Winter Olympics in 2002. Sundance Resort is 13 miles (21 km) northeast, up Provo Canyon. In 2015, Forbes cited Provo among the “Best Small And Medium-Size Cities For Jobs,”[10] and the Bureau of Labor Statistics found Utah County had the year’s highest job growth.[11] In 2013, Forbes ranked Provo the No. 2 city on its list of Best Places for Business and Careers.[12] Provo was ranked first for community optimism (2012)[13] and first in health/well-being (2014).[14] [geocentric_weather id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_about id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_neighborhoods id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_thingstodo id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_busstops id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_mapembed id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_drivingdirections id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] [geocentric_reviews id=”59d3b5c5-1f26-46ec-816d-deea4f365114″] The post Estate Planning Attorney In Provo Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-in-provo-utah/ Planning for how your heirs and loved ones will inherit what you have built over a lifetime is a weighty and important topic. If you die without a Will, most states in America have laws which explain how to distribute your assets. The law in your state considers you to have died “in testate” which is a fancy way of saying you didn’t have a Will. Each states’ laws differ on how a deceased’s assets are distributed “in testate”, but many state laws are very similar. It is typical of many state laws that estate assets are distributed in a successive fashion to the deceased person’s heirs. Determining who is an heir of a person who died without a Will usually goes something like this: That is not a rule, but an example of how your estate will be distributed without proper planning. A deceased person often has assets in many different forms. Some of these assets will be found to be “probate assets” and some of them will be considered “non-probate assets” under the law of their state. It is important to differentiate between what is a “probate asset” and what is a “non-probate asset”. Probate assets are usually those assets which are owned by the deceased person in their name only. What does this mean? It means those assets which the Court can transfer, under the Will, in the probate process. Still confused? Here is an example: the decedent’s home (or “real property”) is a transferable asset which is subject to probate. Thus, it is a “probate asset”. What is a “non-probate asset”? A non-probate asset is any asset held by the deceased person hat can be transferred without going through the probate process. Non-probate assets can include: real estate held as a joint tenant with rights of survivorship, joint bank accounts, other joint accounts, pay-on-death (POD) accounts, a transfer-on-death (TOD) account, or property held within a Trust which was created by the deceased person prior to death. If a Will or Trust is created, the deceased person will have appointed either a personal representative (under the Will) or a trustee (under the Trust) to administer the deceased’s assets upon his or her death. The initial duty of the personal representative or trustee is to figure out how to lawfully deal with the assets. This is where an attorney comes into the picture. Hiring a good attorney is of the utmost importance in properly collecting and distributing a deceased person’s assets upon death. Next, the attorney and the personal representative of the deceased’s person’s estate must determine what kind of assets the deceased person had and whether those assets are “probate assets” or “non-probate assets”. As was discussed above, there are specific kinds of assets which must be discovered and sorted. It is often the personal representative’s job to discover those assets, hunt them down, and report their existence to the attorney for review. The total amount of probate assets will provide the attorney and personal representative with a means to determine what approach must be taken to transfer the deceased person’s property to his or her heirs. Furthermore, a second reason that this step must be taken is to determine whether the deceased person’s estate will be required to file a federal estate tax return and the tax return of the deceased’s particular state. That is the initial process for discovering assets and how to work with an attorney to administer the deceased person’s estate. Again, hiring the right estate planning lawyer to properly administer the deceased person’s estate can be of the utmost importance and a life savor to the appointed personal representative or trustee. What Is The Role Of An Executor In Estate Planning?An executor, also known as a personal representative, administers an estate after someone dies. That person follows instructions in the will (and state laws) to pay bills, file taxes, sell property, distribute assets, and more. A standard estate plan can cost anywhere from a few hundred dollars to several thousand dollars. Online services are the least-expensive option, but they’re not customized to your needs. You might save money if your employer offers a legal benefit program that includes estate planning. Consult with an attorney to review the most cost-effective options for your situation. What Documents Do You Need For Estate Planning?Some of the most common documents include a last will and testament, power of attorney, living will, and health care proxy. Some people also need one or more trusts. Insurance policies could also have a place in your estate plan. The specific documents required depend on your circumstances. Will Estate PlanningA will is a written document which gives instructions how and to whom they will maker (testator) wants to bequeath his/her property after death. An oral will can be made only by members of military and merchant navy in active service when they don’t have time to execute a written will due to exceptional conditions like war. Any person above 18 with sound mental health can make a will. It must be dated and signed by the testator and certain number of witnesses, depending on the laws of the state. A hand written will, called ‘holographic will’, valid in 25 states, does not require witnesses. Though preparing a basic will is very simple many people neglect to prepare one thinking that the end is far away. Should a catastrophe strike a court will decide how the property will be distributed. The right time to prepare a will is when you are in full control of all your mental faculties. Though wills made on the death-bed are perfectly valid, there’s a greater possibility of it being contested by a disgruntled beneficiary on the grounds of your mental inconsistency. You can modify the will through a codicil that adds/removes certain provisions from the original will. You can also replace the original will by preparing and executing a new will. Change in your marital status, birth of a child, death of a beneficiary, substantial alterations to property, change of law or your desire to change the beneficiaries may require altering of will. It is not necessary to notarize the will or to file it in court. Just keeping the document in a secure place and making it accessible to your executor will do. However, signing of an affidavit before a notary public by you and your witnesses will simplify the court procedure should the validity of the will be challenged. If the value of your property is below the estate tax exemption limits ($1.5m), a basic will is all you need. It should give details of the persons/organizations to whom/which you want to bequeath your property; guardian(s) to manage the property in case you have minor children, and the executor of will. Preparing a basic will does not require much skill and can be done with some help. However, if you want to make elaborate arrangements for disposing of property, or if the property involved is considerable (and there is a possibility of the will being contested), you better seek professional help so that your beneficiaries won’t face problems after you are gone. Estate Planning in Light of DivorceMarried individuals who are considering a divorce should make sure they re-plan their estate. Most couples have each other as beneficiaries and designate each other as powers of attorney while they are married, but in light of a divorce, both individuals must revisit these issues. The following list provides a few of the details you should consider in terms of your estate: Death and Taxes: Will Your Estate Be Taxed At Death?As the saying goes, “nothing is certain but death and taxes.” In the context of estate planning, this reality drives the estate planner’s desire to minimize taxes upon death as much as possible. In fact, the world of estate planning is consumed with the minimization of taxes in all of its forms. Attorneys and advisers have clients jump through legal and financial hoops in order to avoid or delay the payment of taxes, whether estate, capital gains, gift, income, etc. It is imperative that clients know if their assets will be taxed upon their death so that they can properly seek advice from their estate planning professional. This article provides a general overview of estate taxes. What Is Taxable?Very generally, any property that a person owns at his passing is taxable including bank account, cash, securities, real estate, cars, etc. are includable in his gross estate. Contrary to popular belief, the death benefit of life insurance policies a person owns are taxable unless properly structured. Joint property, including joint bank accounts, is 100% includable in the estate of the first joint property owner to die except to the extent that the other joint owner can show that he contributed to the property. Business, corporate, and LLC interests are also includable in the gross estate as are general powers of appointment. Deductions From The Gross Estate: Both Wood Cross Utah and the federal government impose separate estate taxes on decedents who pass away with a certain amount assets. The government figures that death should be a taxable event because almost everything else you did in life was. Wood Cross Utah and the federal government tax estates at different levels and at different rates. Uncle Sam does, however, give taxpayers a deduction for the amount they paid in state taxes. Federal Estate Taxation: Wood Cross Utah Estate Taxation: How to Choose an Estate AttorneyPlanning your estate is no small task, and making sure everything is done correctly can be critical to the financial wellbeing of your heirs and loved ones. Estate planning is more complicated than simply drafting a will. It also works to minimize taxes and other fees and sets up contingency plans for your health care should you become incapacitated. Because estate planning is literally a matter of life and death, you should only trust a qualified attorney that specializes in this field. What Will the Attorney Do?It’s tempting to save time and money by drafting your own will or investing in a will kit. It is impossible, however, for any of these simplified methods to accomplish all of your wishes, because every situation is unique. Also, there is not software in the world that can provide qualified advice that stems from experience. A qualified estate planning attorney will be able to help you navigate through laws governing property rights, taxes, wills, probate and trusts. What to Look ForOnly an estate planning attorney who currently practices in the related fields will be able to provide you with sound legal advice concerning your estate plan. Look for an estate planning attorney that is a member in good standing of the national bar association. Also, confirm that the estate planning attorney you are considering is up to date with continuing education requirements. Also, make sure every attorney you screen has malpractice or liability insurance, in case they make a mistake. There are several things to look for in an estate planning attorney. Make sure to interview each prospect extensively to make sure you feel good about your final decision. Some of the questions to ask are: Beyond the myriad questions you will want to ask, make sure you have your feelers on and really get a sense of the person. Does the attorney make you feel safe and taken care of? Does he or she come across as someone that will be sympathetic toward you loved ones in their time of mourning? Likewise, does he or she come across as a fast-talking money-hungry type? Trust your instincts. Aside from trusting your instincts, make sure you also do your homework. Ask the attorney for references and actually call the references. Ask for ReferralsYou can certainly look in the yellow pages or online for a qualified estate planning attorney in your area. However, the vetting process will be much longer and more complicated if you are starting from scratch. On the other hand, if you contact an attorney whom comes highly recommended by a trusted friend or family member, there is a built-in degree of confidence that no money can buy. Ask around – at work, church, among friends, or even at your children’s school. Someone you know is bound to have a good (or even a bad) story about an estate planning attorney. Even if you don’t come across a recommendation of a specific attorney that can help you, you might be able to avoid working with a bad one by heeding warnings from friends. 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 West Point Utah Estate Planning Attorney West Valley City Utah Estate Planning Attorney White City Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeWoods Cross, Utah
From Wikipedia, the free encyclopedia
For the UTA station, see Woods Cross (UTA station).
Woods Cross is a city in Davis County, Utah, United States. It is part of the Ogden–Clearfield, Utah Metropolitan Statistical Area. The population was 9,761 as of the 2010 census,[5] with an estimated population in 2019 of 11,431.[6] [geocentric_weather id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_about id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_neighborhoods id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_thingstodo id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_busstops id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_mapembed id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_drivingdirections id=”fc174da0-7a6d-4217-adea-583199934a35″] [geocentric_reviews id=”fc174da0-7a6d-4217-adea-583199934a35″] The post Estate Planning Attorney Woods Cross Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-woods-cross-utah/ Asset protection is an important aspect of White City Utah Estate Planning and is a delicate process for White City Utah residents. In some states such as Nevada and Alaska, they allow what is known as a Domestic Asset Protection Trust that protects the trust against creditors. There are approximately 13 other states that allow a Domestic Asset Protection Trust. White City Utah is not one of them. In fact, public policy in White City Utah cringes at the thought of Domestic Asset Protection Trust instruments being created to avoid paying creditors or estate taxes. A White City Utah Estate Planning Attorney may prepare a Spendthrift Trust for asset protection but must ensure the instrument is not prepared as a self-settled trust otherwise the trust is not protected from creditors. What differentiates a Domestic Asset Protection Trust from a Spendthrift Trust in White City Utah? In order to answer that question you will need to understand what sets the two instruments apart. First, think of the trust as being similar to an offshore account. This particular trust may be useful for individuals in high-risk industries or people trying to avoid taxes on their estate. In other words, the trust is created by the Settlor for the benefit of the Settlor during his or her lifetime. If you are thinking you can create a Domestic Asset Protection Trust as a White City Utah resident, think again. In order for any possibility for this type of trust to be relevant most, if not all, activity must be in the state that allows the instrument such as Nevada or Alaska. Even though the activity may be in the allowable state, it could still lead to disaster down the road. In this case, a Washington resident who had no connections to Alaska had an estate planning attorney prepare an Alaska Domestic Asset Protection Trust that failed miserably. Before Hiring Estate Planning Lawyers: 4 Questions To AskIf you’ve thought of drafting a will, you likely have a lot of questions. Most people want to know if this is something they can do themselves, and while that answer is sometimes yes, it’s usually better to use the expertise of estate planning attorneys. How can someone just starting the process know which firm to hire, however? Before deciding which attorney to use, ask these questions. How Long Has The Firm Been Working As Estate Attorneys?When crafting a will and other documents, it’s a good idea to have a firm that’s experienced. Experienced estate planning lawyers will know which documents are required and can recommend others for your specific circumstances. Look for a firm with more than 10 years of experience and, if possible, look for attorneys who have been designated White City Utah Lawyers.’ These lawyers have received special recognition from their peers and have a reputation for being the best of the best. Also ask how much business is brought in by estate attorneys. A firm made up mostly of estate planning lawyers will be a better choice than one that focuses primarily on other aspects of the law. It’s okay if the firm handles other types of cases, just check to make sure they have the necessary experience to help you with your documents. How Much Does It Cost?Some firms have a set price, while others charge by the hour. Before signing a contract, get written notice of the fees. Make sure it matches what you’ve been told so you don’t face surprises later on. If you’re only given an estimate, find out what happens if the total cost exceeds the estimate. Will you be notified ahead of time, or just billed unexpectedly? The cost can vary based on a number of factors, including how difficult the plan is, the experience of the lawyer and your geographical location. Who Should Receive The Inheritance?Most people have a good idea of whom they want to leave their inheritance to after they pass. If you have children and grandchildren, estate attorneys can help you determine how it’s best to divide your assets. They can make sure you’re aware of any situations that could cause your heirs to pay a greater percentage of tax, such as the generation skipping tax. What Happens If The Will Is Contested?This is one case in which using a lawyer works to your family’s advantage. After you pass, it’s possible for friends, relatives and business partners to contest your last wishes. If you’ve had your documents created by attorneys, the chances that your wishes aren’t carried out will be greatly diminished. If the will is still contested, your attorney can help your family member defend it in court or through negotiation. Estate planning attorneys can be a vital resource when it comes time to determine your last requests. Although these are great questions to ask, they’re only a starting point. Make sure you’re comfortable with your lawyer and don’t forget to update your documents if you ever have a situation change that warrants an update. Hiring a Solicitor for Estate PlanningWhite City Utah. Planning law covers a wide area of law, such as town planning, village planning and real estate planning. Usually a property owner will need estate planning for any property that they had bought. They will need the advice of a solicitor to perform estate planning. The property law of the country where the property resides governs the property succession after the owner’s death. Thus, the owner has to write a will with the help and advice of a solicitor. Some countries will apply their own law during the process of property succession while some countries will allow the property to be transacted as per the law of the owner’s country. The latter will be allowed (in the case of a foreign-born owner) only if the owner prepares a foreign will according to local White City Utah. Law. Thus it is very important that the property owner doesn’t simply follow a do-it-yourself approach. They should seek the help of lawyers in White City Utah who have a considerable amount of experience in handling estate planning cases. There are solicitor-client matching services online which the client can use to get in touch with the lawyers available in their immediate neighborhood. Finding an appropriate solicitor is getting easier with the availability of many online service providers who links the clients with established lawyers. One simply needs to go to the Internet and search for “Solicitors in White City Utah” and one will get hundreds of links to competent lawyers. The other thing that the user should do is to check the credentials of the solicitor by getting references. Hopefully the solicitor will be known to the client, but it’s also useful to read reviews regarding the services provided by the solicitor in local regional websites. Some lawyers also provide no obligation services. Thus, hiring a solicitor for estate planning involves planning in itself and one should try to consider all these factors before hiring a solicitor. However, in the end they will afford you piece of mind that your estate is in order, so upon your death your property will be handled in the exact way that you have set out with your professional estate planning solicitor. Estate Plans and Powers-Of-Attorney For Special Needs ClientsEstate planning, trusts, wills and living wills are confusing and convoluted. Estate plans cover several of these items, but trusts can be a different matter. With state and federal laws regarding inheritance and property changing every year and contributing to the confusion, an individual or family should not rely on a do-it-yourself approach. What poses a more challenging and problematic situation is if there is an individual with physical disabilities or developmental special needs. Because the laws change constantly, the services of an experienced attorney need to be used. When an individual dies without a will, also known as intestate, the assets are left for the courts to decide the best method to distribute them. The process of probate is usually never swift and even the simplest estate can often be diminished to the extent where the remaining assets are almost nonexistent. Conversely, should the entire estate be left solely to the spouse, the taxable estate of the spouse may very well increase. In the event that the spouse also passes away, the children will be left with higher taxes as well. Estate tax exemptions are available, but may not be taken advantage of without taking the proper steps. Assigning a power of attorney is also an important component of estate planning. Not to be confused with a living will, should an individual be ill or unable to be present to make decisions about personal property and finances, a power of attorney authorizes a second party to legally make decisions in their stead. A living will does not pertain to the individual’s property, but the medical care provided. In the event that a person becomes too ill, incapacitated or otherwise incapable of making their own decisions regarding their personal medical care, a living will prepared ahead of time will spell out the medical care desired or forbidden. An example of this would be to forbid using artificial life support when permanent brain damage has caused the brain to cease any activity. A complete estate plan will include much of the above, but when there is a special needs or physically disabled individual, additional detailed and complex provisions need to be arranged. Without additional planning, it is almost a certainty that the disabled or special needs family member will end up in a state institution receiving only the mediocre care that lack of money can provide. Trusts are not always part of an estate plan, but are an integral part of ensuring that the special needs individual will receive the appropriate medical care after the parents have passed. Without planning for the inevitable would just be criminal for which there is no punishment. The Estate Planning Documents That Everyone Should HavePeople hear the word “estate” and think that end of life financial planning is just for the extremely wealthy. They could not be more wrong. The extremely wealthy have the knowledge to surround themselves with attorneys and accountants that shield them from the perils of an improperly planned estate. The people most harmed by the probate process and the estate tax are the middle-class of this country. I am married and I have a daughter who is almost two years old. I like in a house that used to have equity in it but it is mostly mortgage today. I lease my car, own a small business, and pay student loans for my wife and myself. We are a two-income household with a little bit of money in the bank but neither of us will be able to retire any time soon. If this scenario sounds similar to yours, you probably need a similar estate plan to the one I currently have in place. My estate plan includes the following: Two Revocable Living Trusts – You and your spouse will both be co-trustees of each other’s trust. You will have the same access to your assets as you do right now. When the first spouse passes away, the maximum allowable tax-free distribution for the year of death will fund a newly created Bypass Trust. The remainder of the assets in the deceased spouse’s trust will fund a newly created Marital Trust. The surviving spouse will have access to all of the assets in the spouse’s own Living Trust, as well as the newly formed Bypass and Marital Trusts. By setting the trusts up in this manner, when the surviving spouse dies, we will be able to pass all of the assets to the children while only paying half (if any) of the estate tax. Using this technique will save your children over $500,000 in estate tax. In addition, the trust will avoid probate completely (saving tens of thousands of dollars) and provide your children with complete asset protection, which means that no one will be able to touch the assets you leave them, including divorce, creditors or even litigation. Two Assignments of Property Into Trust – This document helps to fund the trusts. For all real estate, we will sign and record deeds. For all bank and brokerage accounts, we will change the title of the ownership. For personal property, however, we don’t have written title so we get the property into the trust and avoid probate by using an Assignment of Property into Trust. Pour-Over Will – There are many negatives to distributing assets through a Will. First, all of the assets must be probated. Second, the Will offers no control over the distribution of the assets and offers no asset protection to your beneficiaries. Another disadvantage is that a Will becomes public record as soon as the person dies. Since the Will will be recorded and everyone will be able to view it, we like to make it as vanilla as possible. We simply state that a trust exists and that the distribution will be handled by the trustee. We also state that any assets that you forgot to put into the trust during your life should “pour over” into the trust immediately. The Will will also be used to name the guardian of your children. Financial Power of Attorney – If you become incapacitated, either unconscious or mentally unaware, you need to determine who you want to handle your financial affairs. This document is very important to have on file considering that most married couples travel and vacation together. If an accident occurs for one of them, it usually occurs for both. Designation of Health Care Surrogate – In a similar line of thought as the Financial Power of Attorney, if you become incapacitated, either unconscious or mentally unaware, you need to determine who you want to handle your medical decisions. In addition, the Designation of Health Care Surrogate should also state if you wish for your Surrogate to be able to view your medical records. Without this HIPAA language, the hospital will not allow your surrogate to view your records and make the informed decision. Living Will – If you are in an “end-of-life” condition, meaning that you are only being kept alive by machines, the hospital will continue to keep you alive artificially no matter what your wishes are and no matter how much it costs your family, unless you have a correctly executed living will which would allow your health care surrogate to give the doctor the authorization necessary to “pull the plug.” 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 West Heaven Utah Estate Planning Attorney West Point Utah Estate Planning Attorney West Valley City Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney White City Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-white-city-utah/ There are steps you can take to minimize estate taxes and ensure that most of your worldly wealth is given to your loved ones. The biggest detriment to an effective estate plan is procrastination in creating a will. Establishing a will is a straightforward process. It lets you name the executor for your estate and which heirs will get what property. You can also stipulate a guardian for any minor children who survive you. It also lets you name contingent beneficiaries secondary heirs who are next in line if your primary heirs die before you do. If you fail to establish a will, the state will follow established next-of-kin rules and distribute whatever assets survive estate taxation accordingly. If taxes are a consideration Estate planning attorneys in west valley city, Utah helps minimize their sting. One appropriate tool is a trust. Trusts give you greater control over your legacy, permitting you not only to leave a specified amount to an heir, but also to specify the fund’s purpose. And once you fund a trust, those assets are removed from your estate and will not be subject to probate or estate taxation. Trusts are very useful: They can serve as an endowment for a grandchild or a favorite nonprofit organization, or to meet the special needs of a loved one. Estate planning attorneys are experienced in crafting estate plans for small to multi-million dollar estates, aiming to accomplish the client’s goals with the lowest possible estate, gift and income tax cost. Estates planning services include drafting wills and revocable trusts, setting up charitable entities and private foundations, and handling estate, trust and probate administration. The attorneys also offer a variety of sophisticated planning techniques, including family limited liability companies, irrevocable life insurance trusts, multi-generational dynasty trusts and asset protection trusts. Estate planning attorneys in West Valley City work closely with clients to make sure their estates are handled in the best manner during their lifetime. A proper estate plan offers peace of mind now and less emotional distress for beneficiaries later. There are reasons to create a trust as part of your estate plan, but each situation requires an analysis to determine the pros and cons of having a trust rather than a simple will. Our attorneys can guide you in creating and understanding the beneficial reasons for having a trust such as avoiding or reducing federal estate taxes and protecting distributions to children of previous marriages. Assets transferred into a trust are owned by the trust and can include real estate and bank or investment accounts. The trust document, names an administrator who will distribute the assets and income of the trust upon your or your spouse’s death. The estate planning attorneys are often asked by clients to serve as trustees or co-trustees to provide continued legal counsel in the stewardship of the estate as outline by the trust documents. Having an experienced and unbiased trust administrator is important for implementing the directions outlined in the trust. We can assist with all aspects of trust planning and other asset protection options or just the services with which you need assistance. Trust administration services can include: Estate Planning ServicesEstate planning on your own can be complicated and costly. And the list is endless… state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRAs, 401Ks, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end. Thoughts of estate planning often bring more questions than answers: Could an heir be too young to inherit? Should the inheritance be given at a certain age? Is the intended beneficiary in a shaky marriage with divorce as a possibility? Are there children from a previous marriage? Should inheritance be protected from potential creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the probate court rules, delays, and costs? Planning what happens to your estate when you’re gone can seem frustrating and intimidating without qualified help. You may feel that you’re too young to care about estate planning. Or, perhaps the reminder of death makes you uncomfortable. You might be tempted to put the whole thing off, assuming that it will just take care of itself. In all cases, estate planning ends up saving your family lots of time, heartache and money. Every estate planning situation is different. In order to help you, the attorney needs to know you, your unique situation, and the nature of your relationships. Estate planning attorneys in West Valley city are available throughout the process for further discussion regarding questions, change of circumstances, and alternatives. At every step, their tax accountants in West Valley will also be there with you. They help you… You also get help with… They have the experience and knowledge that you need. When it comes to estate planning, choose a law firm that is focused on your needs. Estate planning attorneys in West Valley city advises individuals about the legal challenges facing them. They counsel and provide clients with solutions. Their unique process ensures that from the moment you engage their services, you are empowered with knowledge and provided a plan that is tailored to your situation. We realize that you have choices when choosing an attorney, and believe that you should choose a specialist. Whether you have $100 or $1,000,000, you have an estate. Simply put, an estate is the interest you have in “lands or any other object of property.” By definition Estate Plans are your instructions for estate asset disbursement to heirs at your death. This includes drawing up a will, setting up trusts and gifting property. Estate planning can be motivated by taxes, avoiding probate, ensuring your wishes are carried out correctly, protecting assets, or incentivizing your heirs to do well and be productive. There should not be a “one size fits all” estate plan that works for everyone. Internet based plans often fail because they don’t have the key player’s interests in mind. The following documents are just some of the essential items that a proper estate plan should have: Estate planning used to be more focused on avoiding estate taxes. For the majority of people today, their estate will not have to worry about paying estate taxes unless their estate is over $5 million. However, the chances are significantly greater that they will need some type of long term care in an assisted living facility, nursing home or at home. There are several ways to fund long term care including out of pocket, with Long Term Care insurance, and/or government assistance like Medicaid benefits. If you are asset rich then you may be able to “self insure” your long term care risks by just paying out of pocket. Or, if you qualify and can afford the premiums, long term care insurance can be a great way to prepare for the high costs of long term care. A majority of people today in local nursing homes use Medicaid to pay for their stay. There are many misconceptions about qualifying for Medicaid. Some think that in order to qualify you cannot have any assets and that Medicaid will take away your home after you die. While there is some truth to having limited assets, with proper planning some or most of your assets may be able to be preserved while allowing Medicaid to assist financially. Through the use of special irrevocable trust assets can receive protection from estate recovery after death and will not be countable during the Medicaid application process. However, Medicaid has a 5 year “look back” period on gifts and transfers to these types of trusts so it is imperative to plan well in advance. 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 West Bountiful Utah Estate Planning Attorney West Haven Utah Estate Planning Attorney West Point Utah/a> Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeWest Valley City, Utah
From Wikipedia, the free encyclopedia
West Valley City is a city in Salt Lake County and a suburb of Salt Lake City in the U.S. state of Utah. The population was 140,230 at the 2020 census,[4] making it the second-largest city in Utah. The city incorporated in 1980 from a large, quickly growing unincorporated area, combining the four communities of Granger, Hunter, Chesterfield, and Redwood. It is home to the Maverik Center and USANA Amphitheatre. [geocentric_weather id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_about id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_neighborhoods id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_thingstodo id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_busstops id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_mapembed id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_drivingdirections id=”02b3d746-3bff-4387-9149-f206cfe1d375″] [geocentric_reviews id=”02b3d746-3bff-4387-9149-f206cfe1d375″] The post Estate Planning Attorney West Valley City Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-west-valley-city-utah/ An estate plan consists of wills and trusts as its basic elements. The majority of the people in Utah die without creating an estate plan, putting their loved ones in a stressful situation. Regardless of how many assets one owns, an estate plan is crucial to carry out one’s wishes and in the simplest and most affordable way possible. The first and the foremost reason that makes estate planning documents so important is the peace of mind for the loved ones. Once you die, you are not there to help your family and loved ones come out of the stressful situation. Therefore, you must create a plan for the time when you will no longer be there to support your loved ones. Because an estate plan is so important, it can sometimes feel like an overwhelming task. This is why we’ve written down some quick tips in helping you prepare your estate plan. The Do’s of an Estate PlanWhen starting an estate plan, you need to consider these factors. Make A WillA will bestows upon a person the legal means to carry out the decedent’s wishes and to distribute their assets. A will is the most basic element of an estate plan and a must for every individual. Not only does a will help in disclosing your wishes, but it even lets you name the guardians for your minor or incapacitated children. It is a way to eliminate family conflicts and even prevent intestate succession (the government decides where your property goes). Make A TrustAlong with a will, it is recommended that anyone that is a homeowner should also establish a trust.. It helps in saving people from probate and the costs and burdens of going to court. It is a great compliment to a will as the trust covers real estate and the will covers everything else. Establish A Durable Power Of AttorneyEstablishing a power of attorney will help you ensure that someone can take care of you financially by all making all your payments and taxes if you ever become mentally incapacitated. Fill Out A Health Care DirectiveA health care directive enables you to choose someone to make health care decisions for you if you are in a coma or otherwise incapable of making decisions for yourself. The Don’ts of an Estate PlanWhen creating an estate plan, there are several factors that you need to avoid at all times. Do Not Keep The Attorney Out Of The LoopYour estate planning attorney needs to stay in the loop at all times. No matter what decision you are making, your attorney must have complete knowledge about it. It is best to discuss with an attorney whenever you are planning to buy or sell a property or transferring it. A wrong decision might trigger tax and legal problems.\ Do Not Assume That Your Bank Keeps Track Of Your Real Estate DocumentsKeeping track of all your real estate paperwork is your responsibility. Assuming that your bank is keeping track of all your real estate documents is a mistake. A bank has other high-priority matters to attend to; therefore, it is you who is responsible for safely keeping all important legal documents. Do Not Forget About The Backup PlanLife is full of unpredictable circumstances, and that is why having a backup plan is very important. There is a chance that you may outlive your beneficiaries. Have a document that clearly mentions the plan B if your beneficiaries were to die. Not doing so will bring the matter under the court, and what the court decides might not be in your favor! Understanding Utah’s Intestate Succession LawIntestate succession laws vary from state to state. However, in Utah, when a person passes away without an estate plan, their estate is subjected to intestate succession laws. Therefore, their assets and property will be distributed to their heirs based on the line of succession. According to Utah probate laws, the surviving spouse will inherit their assets if the deceased individual was married. If the decedent has descendants (children, grandchildren) who aren’t related to their surviving spouse, then the spouse is only eligible to receive a portion of their assets. In this case, the surviving spouse will only receive $75,000 of the decedent’s intestate property and half of the value of the estate. Whatever is left will be equally divided amongst the decedent’s children. The calculation is complicated because assets that pass through beneficiary designation or by joint tenancy also affect the distribution. If the deceased individual wasn’t married, their estate would be inherited by their descendants, children, or grandchildren. If there are no descendants, then their estate would be passed on to their parents. If their parents aren’t alive, then their assets would pass to their siblings. Some people are content with relying upon intestate succession laws. However, if you have a blended family, adopted children, or a problematic relationship with a relative who can potentially become an heir, having a Will in place is critical. If you die without a Will in Utah, you relinquish control over how your assets are distributed. Who Gets Guardianship Of Your Children?If you have children, it is important to know that there are not any intestate succession laws regarding the guardianship of children. Therefore, if a minor child’s parents pass away without a Will that designates who they desire to have guardianship of the child, anyone can petition the Probate Court to seek custody. In cases where there is more than one interested party, the courts will determine which candidate is most suitable. If you have children under eighteen, you will want to make sure that they are well taken care of in the event of your death. Selecting a guardian and naming them in your Will is the only surefire way to establish this choice as legally binding. Will The State Inherit Your Property?If there are no living relatives found, your estate can pass into “escheat.” This means that your estate is passed onto the state. Yet, this rarely happens because intestate succession laws are designed to pass your assets and property off to anyone remotely related to you. For example, the descendants of a spouse who passed before your death are also eligible to receive your estate if there are not any closer relatives. Intestate Succession and ProbateWhen a person dies with a Will or without a Will in Utah, their assets will first have to first pass through probate. Probate is a judicial process that determines the distribution of assets and property in the deceased individual’s estate. For many reasons, probate can be a lengthy and expensive process. Although the probate process in Utah isn’t as extensive as it is in other states, it can still be inconvenient for families who have suffered a devastating loss. In some instances, establishing a Revocable Trust is advisable. Transferring your assets to a Trust means your family doesn’t have to go through the probate process. It also eliminates challenges to the estate that can occur with a Will. A Trust allows you to disinherit anyone who challenges the measures you’ve set upon your death. Establishing a Trust offers numerous benefits. When you establish a Trust, you will need to designate a Trustee who serves at your incapacity or death. The Trustee acts on your behalf and is authorized to make important decisions regarding your property and finances. This should be someone you trust to have your best interests in mind. Does Utah Have an Inheritance Tax or an Estate Tax?Utah does not collect an estate tax or an inheritance tax. However, state residents must remember to take into account the federal estate tax if their estate or the estate they are inheriting is worth more than $11.18 million. And if you inherit property from another state, that state may have an estate tax that applies. You may also have to file some taxes on behalf of the deceased. Other Necessary Tax FilingsWhen you die, there are many federal and state tax situations that need to become a priority for those who survive you. Besides the state estate tax, you need to look out for the following: How to Plan Your EstateMost Americans do not have a will, and this is a fact. The absence of a will leads to consequences after the time of death of a person. Someone who does not make a will and dies will leave their family at a loss with sorting out properties. Distribution of assets of the deceased is frustrating and expensive without a will. This is why an estate planning attorney advises that a will must be created. What Happens If One Does Not Have A Will?The courts will go through what has been indicated in the law. The biggest share goes to the legal spouse, while the children share equally what is left. The formula for this can be complicated because seldom do assets come as a single aggregate. The belongings of the deceased will have to be determined first before plan on distribution can be made. This is a slow and exhausting process. Those who are still living can avoid imposing such serious inconvenience on their family by arranging the required documents before they die. With a valid will, you can be assured that your properties will go to the people you want to inherit them. The problem is that many people are not comfortable tackling such planning. Some even argue that they are not old enough to plan their own estate. However, early estate planning has its advantages. A common misconception about it, is that it is designated for wealthy people only. Even if you are just an average person with modest earnings, you surely must have possessions that need to be distributed to your loved ones in case you die. An estate plan includes a will, which is a legal document that details how you want your property to be disbursed. It also includes details on who will take care of it. It also involves a trust, which fixes your belongings for the benefit of your beneficiaries. You need an estate planning attorney in making a will and a trust. It also includes details on who benefits from the life insurance and gifts (term to describe transfer of obtained property to chosen people). Estate planning is basically based on your wishes. Discernment is often tough, because you do not want to displease your family. You may want to include them in your will to make sure you arrive at decisions favorable to everyone. The services of a professional estate planning adviser are important. Advice and assistance can be provided by an estate planning and real estate tax attorney. Details that should be taken into account are your current income and income prognosis, expenditure, current assets and liabilities, and tax implications. You may need to update your will sometime in the future if you haven’t already done so. Every now and then, you will need to review your estate planning documents, such as the will. A significant event may result in the need to make some adjustments to the will. Notify your lawyer if this need arises. Hiring an estate attorney to plan the estate can mean spending over a thousand dollars. If that is okay with you, then go on, considering money is wisely spent after all. The alternative is do things on your own, such as filling out forms. Then, you can hire a lawyer for a few hours to check your documents and make necessary arrangements. Estate Assets Not Distributed by a WillEstate planning is the process of accumulating and disposing wealth before the death of an individual or estate owner including married couples. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. There are estate assets of a deceased person that are not distributed by a will. Estate Assets Not Distributed By A Will1. Life insurance 2. Segregate fund 3. Registered pension funds including IRA account, 401K account, RRSP, and registered pension fund, registered annuity and registered retirement income fund. All funds under the name of “registered” are not distributed by a will, since all of them are required to name a beneficiary at the time of purchase with the intention to give the spouse some kind of protection in case of sudden death of the owner. 4. Tenant by entirety 5. Joint tenant with the right of survivor Others include certain trust documents and transfer registered account at death. Required Documents1. Life insurance 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 Washington Utah Estate Planning Attorney West Bountiful Utah Estae Planning Attorney West Haven Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney West Point Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-west-point-utah/ An estate executor is responsible for settling decedent estates and distributing inheritance property to designated beneficiaries. Estate administration can encompass everything from making funeral arrangements to selling real estate. Duties vary depending on the types of inheritance property and whether the estate must undergo probate or is protected by a trust. In most cases, the estate executor will require help from a probate lawyer or estate planner. Settling probate estates is generally more time-consuming than settling estates protected by a trust. Estate management can be more complicated when decedents die without executing a last will and testament. The probate process can take several months to complete. Estate administrators must secure and inventory personal property. Valuable assets such as real estate and automobiles must be appraised to determine the date-of-death value. All outstanding debts must be paid and a final tax return filed. Once estate matters are settled, inheritance property is distributed. Decedents designate heirs and beneficiaries within their Will. If no Will exists, distribution of assets occurs based on state probate law. Property is usually transferred to the decedents surviving spouse or direct lineage heirs such as children, siblings, or parents. Some states require estate executors who are managing probate estates to obtain court confirmation. This means that all transactions must be presented to the court for approval. Other states allow estate administrators to manage the estate without court approval. Additionally, many states require estate executors to become bonded because they act as a fiduciary. By law, estate executors must be at least 18 years of age and never convicted of a felony. Individuals should give careful consideration when designating an estate administrator. Sadly, death often brings out the worst in people and can lead to family squabbles over who should receive inheritance gifts. Heirs who feel slighted or were left out of the Will can contest the Will, which will prolong the probate process and add additional legal expenses to the estate. When heirs contest a decedent’s last Will they are responsible for legal fees. If a judge rules in their favor, the estate may be required to reimburse legal fees. Contesting a Will often causes financial hardship to the estate and reduces the amount of inheritance cash available. When possible, estate executors should strive to reach an amicable agreement to prevent the Will from being contested. Individuals who choose to disinherit an heir from their Will should include a disinheritance clause. Stating the reason for disinheritance can lessen the chance of having the Will contested. When family strife exists, individuals should consider retaining the services of a probate attorney to manage estate settlement duties. Heirs are often less inclined to initiate a lawsuit when lawyers are appointed to manage the estate. Individuals can engage in estate planning strategies which allow certain assets to avoid probate. These can include life insurance policies, retirement accounts, checking and savings accounts, and investment portfolios. It is important to advise estate administrators of the location of important documents and provide a copy of the last Will. When records are stored in a safe deposit box, a key should be given to the probate executor. It is also smart to provide copies of real estate deeds, automobile titles, and life insurance policies. Individuals should update their Will when major changes occur. These might include buying or selling real estate, adding new heirs, or taking out individuals previously named within the Will. Many people procrastinate about estate planning. However, dying without a Will prolongs the probate process and places additional duties on the appointed estate executor. Taking time to put affairs in order is one of the greatest gifts anyone can leave their loved one. Creating a basic plan of your estate, irrespective of its net worth, will largely ensure that your financial goals and familial responsibilities are met even when you are personally unable to do so. An estate plan has four main elements to it: creating a will, assigning the power of attorney, making a living will and establishing a trust (if required). When creating this estate plan, bear in mind the state and federal laws applicable to your estate. If you reside in West Haven Utah, then you can consult an estate lawyer West Haven Utah to clarify details about these laws. Here are a few aspects that you need to know about when planning your estate. Know The Importance Of A WillA will informs people about how you want your assets to be shared after your death. ‘Intestacy’ refers to an estate’s condition when its owner dies without having in place a will determining its distribution. This can be detrimental to those succeeding the person as neither they nor the person who owned the estate will then have a say in who gets how much of it. Most often in such situations, it is the state that determines who gets how much of the assets. A will affords the provision of making changes to it after it has been created. Also, as a will can be amended at any time, you can review yours periodically. It is also important to review your life insurance, IRA and pension policies along with your will. This is because, irrespective of what is mentioned in a will, these policy accounts are automatically transferred to named beneficiaries on death of the account holder. Make An Inventory Of AssetsOne of the first steps that need to be taken when creating an estate plan is making an asset inventory. This will comprise your investments, insurance policies and retirement savings. It will also include interests on your business and real estate. When making an asset inventory, address two important questions. Firstly, according to you who should inherit these assets? Secondly, in case you are incapacitated who would you want to handle financial matters? Once these questions are answered and an outline for how the estate plan should be executed has been created, discuss it with heirs. This can go a long way in reducing the chances for disagreements after the asset holder’s death. Making an asset inventory with the help of an estate lawyer Toronto can be extremely beneficial. With the lawyer’s inputs you will be able to make arrangements for your estate such that drains from taxes will be minimal. Create A TrustHaving a trust can be beneficial if you have a minimum net worth of $100,000 and meet one of the five following conditions. First is that you have relatively large assets in an art collection, business or real estate. Second is that you want your assets to be given to heirs on certain conditions. Third is that you want your spouse to benefit from the assets but also want other heirs to inherit it after the spouse’s death. Fourth is that both your spouse and you want to ensure maximum exemptions from estate tax. Fifth is that you have a relative who is disabled and you would like to provide for him without disqualifying him from medical assistance. Depending on which of these five conditions you satisfy, you can select from the different types of standard trusts available. Consulting an estate lawyer Toronto can make it easier to decide whether you need a trust and if so, which will be beneficial. How To Proceed With Probate When There Are Missing Heirs?One thing that is clear with each probate case is that every family is different. Some families agree about what should happen with the estate, and others do not. But what happens when the person who passes away has heirs who cannot be located? Whether an individual is an heir or a beneficiary of an estate depends on if the person who passed away, also called the decedent, had a Will. When there is a Will, the individuals or charities named in the Will are beneficiaries of the estate. But, if there was no Will, the family members who could inherit property are called the heirs. When a probate estate is opened but some of the heirs cannot be located, the personal representative has the responsibility of locating the heirs, or at least making the best efforts possible to locate those heirs. There are a few ways that this can be accomplished. 1. Affidavit of Heirs 2. Heir Search 3. Publication Determining the Rightful Heirs of an EstateProbate is the process of administering the property of somebody who has passed away according to his or her last will and testament or according to the rules of intestate succession when there is no will or a will is found to be invalid. The probate court is concerned with determining the decedent’s rightful heirs, as well as ensuring a decedent’s financial obligations are met and transferring legal title in the decedent’s property to the heirs. Formal probate and summary probate are the two main forms of probate. The former is filed when the value of the estate is greater than $75,000. The latter is filed when the total estate is under $75,000 or when a decedent died two or more years before the filing date. In some cases, a decedent’s will or trust is invalid. Without a valid will, the rightful heirs will be determined by the rules of intestate succession. These rules allow the surviving spouse to receive the entire estate if the decedent did not leave behind any descendants. If there are descendants, usually the surviving spouse and surviving children share in the assets of a deceased person’s estate. When there is no surviving spouse, or any surviving children, the estate’s assets pass to the parents. If there are no surviving parents, the next in line to inherit under intestate succession rules are the decedent’s siblings. In other cases, a will or trust is unreliable because it contradicts or changes the terms of prior wills or similar documents. In some cases, this is the result of undue influence on the testator (the maker of the will), while in other cases a testator may have lacked the full mental capacity to understand what was happening when he or she signed the will. It is all too common for wealthy but vulnerable elderly people to be preyed upon in West Haven Utah by individuals hoping to manipulate them in order to be named in a will or trust. The rightful heirs may be cut off because the decedent suffered a mental illness or age-related cognitive decline. If someone coerced, manipulated, or threatened an elderly decedent to change his or her will, it may be possible for the rightful heir to file a will contest, challenging the changed version. ConclusionWhen there are heirs that need to be located, it is important to communicate with other family members and heirs to attempt to locate anyone whose name or address you do not know. This information is essential for the Affidavit of Heirs, which can help to progress the probate process. If there are still people whose names you do not know or if you do not know where they are currently living, an heir search can be useful to obtain that information. Finally, there is also the option of publishing a notice in a newspaper to try and locate heirs. 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 Washington Terrace Utah Estate Planning Attorney Washington Utah Estate Planning Attorney West Bountiful Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney West Haven Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-west-haven-utah/ Let’s get one thing straight right off the bat – estate planning is not about death. If you look at it like that, you’ll be putting it off forever. Thinking about death is dwelling on the negatives when estate planning is all about dwelling on the positives: financial security and surety for your family. In order to plan for your estate, you must first take inventory. Keep account of every piece of real estate, every bank account, every investment, and every large expense. These should be divided up in your will or living trust. However, they are the only important things. Remember to keep track of the small things as well. While your attorney will counsel you about the larger things, the small items might be the ones your family cares about the most. It’s the happy memories associated with them that make them so important, so keep a watchful eye. If your daughter plays your piano each time she visits, leave it to her. If your son watches you each time you smoke a cigar, leave him your cigars. If your spouse’s favorite getaway location is your cabin by the lake, then make sure that no one can take it away from them. Taxes can often times cripple your good intentions. That’s right; everything you leave your friends and family members in your will is going to be taxed. However, there are ways to lower the taxes for your family’s benefit. A trust is a document that is usually preferred to a will. With a trust, you can decide how and by whom your assets will be divided and lower the estate and gift taxes associated with that division. Also, with a trust your family can avoid probate court, a drawn-out and costly process that leaves many bitter and aggrieved. Finally, discuss these things with your family before the documents are finalized. See what matters most to them and will it to them if you can or place those things in a trust. Inheritance is a touchy subject, but it pays to know what your family expects, especially if they will not be receiving exactly what they expect. Communication about such things only improves matters. Not only will foreknowledge erase the potential confusion and animosity between family members during the final will and testament divisions, but it will allow you to have frank discussions with those closest to you before it’s too late. Remember, estate planning is not something to be avoided. There is no law that says a person who plans for their estate will die soon after. In fact, there are those who institute living trusts when they are in their 30s, updating them throughout the years, and living to the ripe old age of 93. It happens all the time. So don’t put this off – it is this positive thinking that will ensure your family’s well-being. Phases of Estate PlanningEstate planning is the process of accumulating and disposing wealth before death of an individual or estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. In this article, we will discuss 3 phases of estate planning. I. Creation II. Preservation 1. Buy universal life insurance 2. Invest prudently 3. Maximize your IRA or RRSP contribution III. Wealth transferring • By forming testamentary trust you can provide period of income for your disable beneficiaries. Since testamentary trust has it’s own tax status, it pays less tax if there is income retained every year. Legal Capacity of a Will in Estate PlanningLegal capacity of a will is a law of the State and Provincial government that helps to make a will valid. What makes a will valid: a) Age b) Testamentary capacity c) Testamentary intend d) Will formalities Living Trusts Provide Valuable Estate Planning BenefitsA Living Trust is a legal document that is intended to act as a partial substitute for, as well as a supplement to, a Will. The Settlor may transfer major assets like his or her, home, savings and investment accounts, to the Trust. The trust document contains instructions for distributing these assets upon the Settlor’s death. This type of Trust is referred to as “revocable” because the Settlor can amend or revoked at any time during his or her lifetime. It is a flexible document that can be updated given a change in circumstances such as a marriage, divorce or the birth of a child. Revocable Living Trusts are managed for the benefit of the Settlor during his or her lifetime. Generally, Settlors name themselves as trustees of their Living Trust so that they may have full control over the management of their assets. If you have named yourself as trustee, you must also name successor trustees in order to establish who will manage the trust once you are no longer willing or able to do so. The biggest advantage of a Living Trust is savings in both cost and time. Unlike a Will, a Living Trust does not have to go through probate to be executed. Probate is the court supervised process through which assets in a Will are distributed. The probate process can take months depending on the complexity of the estate and whether or not anyone chooses to contest the Will. Since the assets held in a Living Trust are transferred directly to the appropriate beneficiaries, the courts do not have to become involved in the process at all. All assets can be liquidated and distributed within weeks. Living Trusts are also easy to administer, making it easier to choose trustees and successor trustees. Family members or trusted friends with no legal background will be able to serve as trustees. Being able to manage your own trust and have a family member become a trustee when you are no longer able can add to your peace of mind and make the process easier on your heirs. A Revocable Living Trust allows for flexibility and security. Assets in the Trust can be built up over time, and access to income for beneficiaries continues uninterrupted should you become incapacitated. A Living Trust also ensures that your heirs will be able to avoid any aggravation and frustration that probate may cause. An experienced estate planning lawyer can set up the right trust for you and your loved ones. Getting Divorced In West Bountiful Utah? Take Charge Of Your Estate Plan, Or The State Will Do It For You Ex-SpouseWhen you get divorced, the law treats your ex-spouse as if he or she had died at the time of the dissolution. This means there is no need to change your will to eliminate an ex-spouse once the divorce is complete. However, there is no provision when a spouse dies prior to the completion of divorce. If a spouse dies while divorce is pending, the surviving spouse will inherit through the dead spouse’s will. If there is no will, the surviving spouse will inherit all of the estate if there are no children and at least half if there are children. Therefore, when you decide on divorce, it is necessary to amend or create a will to minimize the amount your spouse would inherit. Also, the law does not provide for private contracts such as life insurance. You will need to make sure you change any beneficiary designations naming your spouse. Elective Share & HomesteadUnfortunately, it will not be possible to completely disinherit your spouse until the divorce is complete. Under Utah Law, a surviving spouse is entitled to a life estate in the primary residence of the dead spouse and can claim up to thirty percent of the value of the spouse’s total estate. The surviving spouse’s rights are not affected while a divorce is pending, only upon its completion. Furthermore, these rights can only be waived by a pre or postnuptial agreement. The matter gets a little more complicated if you have children. GuardianshipIf there are children in the marriage and one parent dies, the surviving parent will likely be the guardian. This preference is statutory, and there is nothing the other spouse can do to affect this. The surviving parent would only be excluded if they were deemed by the court to be unfit as guardian. Regardless, a secondary guardian should be nominated in case the surviving spouse is unable or unwilling to act as guardian. You may not be able to prevent your ex-spouse from becoming guardian of your children, but you can keep them from gaining control of assets you leave for the children including life insurance proceeds, bank accounts, your home and so on. If no other plans are made, the surviving parent will gain control over the inherited assets as guardian of the children. This result can be avoided through a trust. Using a trust, you can appoint a relative or friend of your choosing to take control of your children’s assets. You can direct how and when those assets are to be used and at what ages they are to be turned over to your children. The trust can be separate or as part of your will. ConclusionDivorce is a difficult process, and it is difficult to think of all that must be done, but these issues must be addressed either during or immediately after divorce. Failure to take control over your own estate will mean that West Bountiful Utah will do it for you, and rarely to your liking. Take the time to meet with an attorney, or ask your divorce attorney about these issues. Your peace of mind and your children’s future is well worth it. 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 Vineyard Utah Estate Planning Attorney Washington Terrace Utah Estate Planning Attorney Washington Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeWest Bountiful, Utah
From Wikipedia, the free encyclopedia
West Bountiful is a city in Davis County, Utah, United States. It is part of the Ogden–Clearfield, Utah Metropolitan Statistical Area. The population was 5,265 at the 2010 census,[5] with an estimated population of 5,731 in 2018.[6] [geocentric_weather id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_about id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_neighborhoods id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_thingstodo id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_busstops id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_mapembed id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_drivingdirections id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] [geocentric_reviews id=”882c64a5-cce3-429f-aca4-046b292fc5b2″] The post Estate Planning Attorney West Bountiful Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-west-bountiful-utah/ Many of us spend our earthly lives accumulating assets which, unfortunately, upon our death, will not go with us. The top 2 reasons for having an estate plan: What is Probate?Probate refers to process of legally validating a person’s will. Such a procedure takes approximately 9-12 months. The court appoints a person designated as an “executor” to handle the assets and to administer the estate. The fees that the executor and attorney receive are set by law (a percentage of the value of the assets which go through probate.)The total fees can be approximately 5-6% of the estate assets. How Do I Avoid Probate?In Washington Utah, the first $100,000 of an estate is exempt from probate, meaning that the first $100,000 can be collected without a formal Probate procedure. All else is subject. Is Probate Always Bad?Nowadays, people tend to associate “probate” with the bad and ugly. However, there are some instances that probate can provide benefits. For example, if your estate owes a lot of debts, to a lot of creditors; or if you believe someone may challenge your estate in court. You should discuss these issues with a qualified estate planning attorney. Wills v. TrustsAs explained above, wills do not avoid probate. Even if you have a will, upon your death, the will becomes a public document. A will is subject to probate, which can be a painful, drawn-out process that most people would want to avoid. A living trust, however, avoid probate. The principle behind a Revocable Living Trust is this: When you establish a Living Trust, you transfer all your property into the Trust, and then name yourself as trustee (or spouse as co-trustee). You will also name “successor trustees”, who will take over your assets and handle them pursuant to your instructions. Since the “successor trustee” will be following your decisions, the probate courts needs not be involved. The trustees maintain complete control over the property, the same control you had before your property was placed in trust. You can even discontinue the Trust if you choose. Another important difference between a trust and a will is that a will is not effective until you die. A trust, however, is effective as soon as you make it, and can offer protection if you become disabled or incapacitated. How Do I Transfer My Assets to a Trust?In order to fulfill the purpose of your estate plan, you should fund the revocable trust you have by transferring your assets to the trust. For all transfers, title should be transferred to the trust. 1. Real Property In Washington: It will be necessary to prepare and record a new deed in order to transfer title of real property to your trust. It is also necessary to submit a Preliminary Change of Ownership Report with the deed notifying the local county assessor as to whether the property is subject to reassessment. A transfer to a revocable living trust is exempt from reassessment. Please note that if there is a mortgage, you should contact your lender and request a waiver of enforcement of any due-on-sale clauses contained in the loan documents. If I Have a Living Trust, Do I Need a Will?Yes, most trusts will have a “pour over” will, which simply provides that any assets held in your name alone at death, which were not in your living trust, will be transferred to your living trust. However, these assets not originally in the trust will not avoid probate. Should I Change or Update My Will?Congratulations, you’ve made your estate plan. When should you make changes or update the documents? It truly depends. Generally, if something major happens, such as a death of spouse or beneficiary, divorce, adoption of new child, or winning the lottery. Please consult a qualified estate planning attorney. Estate Planning Lawyer: How They HelpEstate Planning Lawyers are those who assist others in creating the last will. Not only that, the estate planning lawyers also help to establish a trust in the event of death of an individual by protecting the assets of inheritance. When you are preparing a will, it is really important and necessary to take help from a probate law attorney as they will listen to your needs and preferences and will provide you with helpful advices so that you can develop strategies which will help you in estate planning accordingly and will benefit the selected beneficiaries. An estate planning lawyer can assist those who need to create a will. For example, if you have an ailing parent or a relative, you can take help from the estate planning attorneys. Even though your family might not be super wealthy and might not have a mansion, the attorneys can help you and the individual making the will in so many ways. They can help an individual by looking at all kinds of assets you have, your house, your auto mobiles, your financial portfolios, life insurance policies and so forth. According to the wish of the individual taking the service, the attorney can help the individual to disinherit one of the heirs by taking all kinds of strategies so that the certain asset or assets cannot be passed on to that certain person. Also, when individuals are mentioned in a will to inherit the assets, the attorneys work their best so that the mentioned individuals get what they have inherited through the will without much problem. However, when you are taking help from estate planning lawyers, make sure that you talk with them about everything. It is often seen then when the will creator passes away, chaos is born due to all the misunderstandings and stuffs. Therefore you should take precautionary steps even before the will is created and convey every detail to the lawyer and discuss about it thoroughly. When the planning of estate is done in final stages, it should be initiated when the individual is in good health or the disinherited individuals might contest for their share of inheritance. If you really want to make sure that your final wishes are followed through and through, take help from lawyers who are well adept in planning of estates. It is because they will help you to ensure that your final wishes about who will inherit what will be followed as your wish when you pass away. They can help you create your will without any mistake. Precision has to be maintained as one missing initial, name or a word that has been misconstrued can change the complete document of the inheritance of your estate. As the laws maintaining the passing of assets and estates are technical, you will have to take help from the lawyers who specialize in planning of estates. Be sure to check what you state requires as these laws vary from one state to another. One minuscule mistake can make the documents that you have created to be void and null and therefore you have to make thorough arrangements with your estate lawyer to make sure that everything is right. Do I Trust Trusts?Trusts are all the rage and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the “trustors” or the “settlors”) are also the trustees. In effect, the trustee in such a case manages his, or her, own money. When you own your own property outright, you can obviously sell it, lease it, spend it, or save it. Depending upon how it is drafted, the same is true in the case of a settlor who places his property in a fully revocable living trust — the property in such a case may also be sold, spent, or leased. For all practical purposes, the settlor in such a case still owns the property. However, when the settlor dies, his or her successor trustees take over management of the trust, passing the property to the beneficiaries and usually avoiding probate court. A revocable trust of this type, by itself, confers no tax benefit even though there are certain types of trusts, and estate plans, which sometimes can provide such benefits. Whither Will or Trust?Like anything, there are pros and cons when choosing between a will and a trust. Most of the pros and cons relate to cost: Depending upon the circumstance, trusts can provide similar benefits as certain types of conservatorships. If a settlor becomes unable to handle his or her own affairs, the successor trustee can step in and make the necessary decisions to manage the settlors’ financial affairs. Wills do not offer this benefit. However, if a person suffers from dementia, for example, a conservatorship “of the person” may still be necessary. There are benefits to each approach. Also, the law governing wills and trusts may vary from state to state. You should consult with a competent estate planning attorney to choose the right approach for you. 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 Vernal Utah Estate Planning Attorney Vineyard Utah Estate Planning Attorney Washington Terrace Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Washington Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-washington-utah/ Nobody wishes to think of their death but death is something that’s inevitable. So before you should pass away, it is necessary that you can be certain that all your family is provided for. This means that you should plan your estate properly much in advance. Making arrangements in your final days is not solely for helping all your family through some of the toughest times within your lives; it is also about ensuring that your life’s efforts will not be wasted. Here’s what you need to do: Make a List of Everything you have and OweTo begin calculating the value of your estate, you will have to consider all your soluble and insoluble assets. Your properties, life insurances, money in the bank account and the other valuables should be considered. Along with that, in addition you must factor in how much money you owe. This will most likely assist you in knowing exactly just how much you’ll be able to leave for your family as well as other dependents. This exercise is really helpful in determining the necessity to plan your estate and a will. The more money you have, the more you’ll be able to bestow. Prepare a WillIn the event you have reserved some money for family members, it is your responsibility to write down a will and decide how the money will probably be used up after you are no longer alive. In case you die without leaving a will behind you, the fate of your hard earned cash rests in the hands of complete strangers. If you have no will and no living family, your hard earned dollars will automatically go to the government. Therefore, hire an estate lawyer for your personal estate planning and ensure that your money is given to the individuals who deserve it the most. You can also include any minor children in your will and appoint an executor to deal with the affairs of your estate. Establish Important DocumentsEstate planning is not solely left to anyone who is on their deathbeds. A number of individuals hire estate lawyers to help you maintain their families during their lifetime. The most significant document you should establish throughout your lifetime will probably be the power of attorney. This document can help your agent or appointed executor in managing your legal and financial affairs. Furthermore you may elect to establish advance directives and offer guidance to your agents or managers in any case that you are rendered incapacitated. This assures that your desires are carried to the letter even if you happen to be no longer good at giving directions yourself. Setup a TrustYou can transfer the title of your respective solely owned possessions to some revocable living trust and retain control over them by naming yourself a trustee. You are also able to confirm that upon your death, the property in the trust goes straight to your heirs. This can ensure that the rightful heirs get their fair amount of this estate. Components of an Estate Plan and How to Determine What You NeedAn estate plan is something that everyone should have in place. Whether you only need one estate planning document or all of them will depend on your specific situation. While you may already have one component, such as a will, it may not be enough to ensure that all of your wishes are followed. This article can help you develop a solid estate plan that you can update as your life situation changes. A good estate plan consists of many different components, including what happens to your assets and who should act on your behalf if you are unable to. At a bare minimum, there should be two main components: a last will and testament and a durable power of attorney. In addition to these parts, you can add things such as a trust and even medical directions. These are the main components of an estate plan that you should consider, including in your comprehensive plan. Last Will and TestamentA last will and testament is a document that you can draft up with an estate attorney. It is a legally binding document that outlines who will receive specific parts of your assets upon your death. This is an important component of your estate plan because if you do not have this in place when you pass, then the state will determine how all of your property is distributed. How this is done can vary from state to state. Power of AttorneyAppointing a power of attorney is key to your estate plan as it is the person that you choose to appoint as your attorney-in-fact. The role of this individual is to act for you when it comes to financial purposes if you ever become unable to make those decisions for yourself. This person would be responsible for taking care of setting up your financial affairs for you and would step in whenever needed. The reason that this is so important is because if you do not have a durable power of attorney set up, then you will not have anyone that can represent you unless this is done on your behalf by a court. If they were to step in, they would appoint a conservator or guardian for your financial needs. This person would have to seek permission from the court in order to take any action while a power of attorney that you choose would not have to take this extra step. Another drawback to this is that the process in court can take time and money that would be taken away from your assets. Additionally, they may not even choose someone that you would prefer to handle your financial affairs. It is always best to add a power of attorney to your estate plan so that you name who you want to take charge of your affairs. Plus, you can save time and money in the process. Living TrustA living trust is beneficial because it can be used to manage your estate both before and after your death and can be used to avoid probate for items that would have to go through this process. It is a legal arrangement that is set up between a person, law firm, bank, or an institution and a beneficiary. The person or institution appointed by you to manage the items in the trust is called the trustee, and they hold the legal title to the property. You can choose to have more than one beneficiary, and people often do choose more than one person if they have reason to do so. In many cases, people choose to have one set of beneficiaries during their life usually themselves—and another set for after their death usually their children who will benefit from it after they have passed. As long as it is well-drafted, your trust is something that can continue to be effective even after your death. There are two main benefits of setting up a trust: Medical Directives Beneficiary DesignationsThis is not really a component of your estate plan, but it does play a role if you have these set up with other accounts, such as your life insurance, an IRA, or your 401(k) plan. It is important to always keep these beneficiaries up to date whenever you update your estate plan. These two components work together to determine how your assets are distributed. If you do not already have these set up for these accounts, it is important to take care of this as soon as possible. If you do not have a beneficiary named for these accounts, then state or federal laws may determine how these benefits are distributed based on the type of account or retirement plan. There are some plans that may automatically distribute your fund to your children or your spouse while others may leave it to your estate, which may have tax consequences that you do not want your beneficiaries to take on. If you really want to control all of your assets and where they go, it is extremely important to name a beneficiary in all of these types of accounts. Choosing the Right Components for Your Estate PlanThese five main components are not right for every individual—it really depends on your estate and what you want to happen to it when you pass. As a rule of thumb, however, you should have a will and a power of attorney at the very least. Your will can contain a lot of different components, so to ensure that you cover everything that you need to, you should work with an estate attorney. For example, if you have children who are minors, you should include a clause about their care and who their guardian will be. If you do not have children who are minors, then you do not need to mention any of this. As you can see, this is an example of something that you may or may not need based on your specific situation. Either way, there are things that you will want to include in your will to ensure that things are distributed as you wish them to be. The next key item is your power of attorney. This is important because you want to be able to choose someone who will follow your wishes and can ensure that your will is followed as you intended it to be. For this role, you need to choose someone you trust to follow your wishes. When You Need the Other ComponentsA living will, or other medical directives, should be included in your estate plan if you have very specific instructions for your medical care. If you do not want to be put on life support in a situation that calls for it, then you need to outline this in a living will. Many people feel strongly one way or another in these types of situations, and if you fall into this category, then you should make sure that no chances are taken and that you get your wishes. This is important because if you are unable to make these decisions in the moment for yourself, this legal document will be in place to direct your doctor. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Estate Planning Attorney Tremonton Utah Estate Planning Attorney Vineyard Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Washington Terrace Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-washington-terrace-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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