Estate Planning Documents The first tool we’ll introduce is the concept of the estate planning document. Proper documentation is a necessary part of estate planning – it’s what makes your plan legally binding. You’ve likely heard the terms “Trust” and “Will” before. These documents or the basic building blocks of estate planning, and it’s important… Continue reading Estate Planning Tools That Every Person Should Know About
A comprehensive estate plan includes four estate planning documents. These documents include a will, a financial power of attorney, an advance care directive, and a living trust. A Will Distributes Assets. A will states who assumes ownership of your assets and belongings after you die. If you don’t write a will, your assets are distributed… Continue reading Estate Planning Considerations For Seniors In Utah
When it comes to estate tax planning, one of the most common questions Tax Lawyers receive is whether or not a Dynasty Trust is the proper tool for tax planning purposes. Presuming the State allows for Dynasty Trusts — the Dynasty Trust can be a great and effective tool for estate tax planning. But it… Continue reading Dynasty Trusts Planning Tool: Estate Vs. Income Tax
Unfortunately, no the Estate Tax Exemption does not solve or eliminate all the potential tax problems for your estate or your family. You should never rely on a large estate tax exemption as your reason not to do proper estate planning. First, the estate tax (death tax) exemption is not automatic and its application can… Continue reading Does The Estate Tax Exemption Solve All My Estate’s Tax Issues?
A revocable living trust is a popular estate planning tool that you can use to determine who will get your property when you die. Most living trusts are “revocable” because you can change them as your circumstances or wishes change. Revocable living trusts are “living” because you make them during your lifetime. A revocable living… Continue reading Do I Need A Revocable Living Trust In Utah?
Estate planning is the process of arranging for what will happen to your property when you die. (Whatever you own at your death is called your estate.) It can also include: making arrangements for the care of your young children in the event of your death planning for your own care and the care of… Continue reading Create An Estate Plan
A trust is a legal document that creates a fiduciary relationship in which one party holds legal title to a beneficiary’s property for the benefit of the beneficiary. A trust can go into effect prior to death, in which case it is called a living trust (or inter vivo trust). Such a trust could be… Continue reading Can I Put A Trust In My Will?
When making estate plans, many people decide to use a trust or a will. Both of these documents serve important roles in a person’s estate plan. However, there are some distinct advantages of using a trust over a will. Privacy One distinct advantage of using a trust over a will is the privacy that it… Continue reading Advantages Of Using A Trust Over A Will
Why even think about estate planning? Getting your affairs in order for your estate can create future financial security for your family, preserve your hard-earned assets for future generations, help you organize your affairs before you become incapacitated and decrease anxiety for future of your loved ones, knowing they will be well taken care of.… Continue reading Who Are Your Descendants For Estate Planning?
Federal law classifies all property as either real property or personal property. Real Property is defined as the physical land and everything attached to it, plus the rights of ownership (bundle of rights) in real estate. Real property is also called realty. Personal property is defined as tangible items not permanently attached to, or part… Continue reading What Is Real Property In Utah?
