Category Archives: Are Estate Planning Costs Tax Deductible

Is an Estate Plan Right for me? Utah Attorney explains…


So I have received a question about estate planning – the question is: I don’t have a lot of assets and I’m not sure that I need an estate plan – do I really need to do estate planning?

I’ve made this short video – watch it and see if this helps –

Click on this link here — https://youtu.be/u940vJV9m6Y

The short answer is yes – you do need to do estate planning even if you don’t think that you do.

The longer answer is – of course – let me explain.

If you don’t do any estate planning, then we have to file a probate case for you in court. Probate means to prove and what we have to prove is that whomever is petitioning the court to be the personal representative of your estate is qualified to do so. That person they will get permission to sign their name as if they were you.

That person, once appointed, can then administer your estate. If someone doesn’t agree with what you are doing, that person can sue you – then you’re looking at additional court costs and attorneys fees. You probably have heard that the only ones who win in a lawsuit are the lawyers and there is some truth to that.

I’ve had clients where we have won their case after a long trial and my clients were still upset because they had to go through the who mess. Trust me – you don’t want to spend years in court – you want to move on with your life. You can’t move on if you’re being sued about an estate.

But if you do your estate planning and you get it done, then you never have to worry because the written documents will prevail and your personal representative will be the person you want appointed, not just whomever the state chooses – and the chance of lawsuits decreases because you’ve done your planning and it says exactly what will happen.

I hope this video has helped you. If you enjoyed the information in here, please like this video and subscribe to my channel.

Remember, if you live in West Jordan, Holladay, South Jordan, Taylorsville, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Sandy City, Magna, North Salt Lake, Bountiful, Woods Cross, or Herriman Utah we are here to assist you with your estate planning.
We will do your will, your trust, health care directive, power of attorney, and even probate the case if necessary.
#UtahEstateLawyer
#MikeAnderson
#GuardianLaw

For those who live or own property in West Jordan, Holladay, South Jordan, Taylorsville, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Sandy City, Magna, North Salt Lake, Bountiful, Woods Cross, or Herriman Utah.

 

 

Guardian Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 876-5875

Probate Attorney Near Me

Someone asked if I knew where they could find a probate attorney near me.  That was funny I said, because I’m a probate lawyer.  He said, well, I though you only did estate plans, you know, the stuff you do before you die, not taking care of an estate after you die.

Too funny, isn’t it?

Sometimes, we don’t even know what exactly other do — but it’s oh so good to ask questions.

In this case, I was able to help him with his probate case.

Perhaps I can help you understand what it is that probate lawyers do and why you may need one if someone you know has passed away.

If you are looking for a probate lawyer in Utah, you’ve come to the right place.  That’s what we do.

Probate includes marshaling all of the deceased assets and having letters testamentary or letters of administration issues so that you can be appointed as the personal representative of the estate and administer the affairs of your relative, loved one, or friend.

Letter testamentary or letters of administration are legal documents issued by the Utah State Court which are signed by the clerk or judge of the court which give you (or the personal representative) the power and authority to legally administer the deceased person’s estate.

Without these “letters” you cannot legally do it.

Once you have the letters, you can act and pay the debts of the estate, claims can be made against the estate, and you can distribute the assets after an inventory has been completed and close out the probate case.

This is why you should get a probate lawyer near you to make sure that you do this correctly.

Probate cases in Utah are related to wills and trusts.  If the deceased did not have a will or a trust, then the law in Utah, called the intestacy statutes will come into play.

You really need to make sure you meed with a probate lawyer to make sure that you distribute the inheritance properly or you could be sued.

We also handle contested probate cases so we know all about these things.

I hope you found this helpful – if you need additional information, please remember that we offer a free initial consultation.  We are more than happy to speak with you on the phone and walk you thorough the probate process.

Our phone:  801-676-5507

Our office: 8833 South Redwood Road, Suite C, West Jordan, Utah 84088 – come by and visit us anytime between 8am and 5pm M-F

Remember, if you live in West Jordan, South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Copperton, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to assist you with your probate case.

 

#UtahEstatePlanning

#AscentLawFirm

#MikeAnderson

Are Estate Planning Costs Tax Deductible? 801-676-5507

Are estate planning costs tax deductible?

Well yes, they are; however, they are subject to the 2% deduction limit.  Additionally, the method to deduct your estate planning expenses, the IRS mandates that estate planning costs and fees should be for the use of the following 3 factors – First, they have to be for the production or collection of income – Second — they have to be for the express purposes of management, conservation or maintenance of property which is owned and controlled to actually produce income – or in the alternative, third, it must connect to the determination or collection or refund of any taxes.

 

So long as you can meet these critera – you pass.

 

The best source to review (if you really want to get into it, is IRS publication 529 – this goes over the 2% limit that I talk about and it also helps you understand how you can deduct estate planning costs from your taxes

 

I hope you found this helpful – if you did, please subscribe to my channel.  Please also like this video.  If you have other questions, please let me know and I will produce more videos to answer your questions.

 

Our phone:  801-676-5507

 

Our office: 8833 South Redwood Road, Suite C, West Jordan, Utah 84088 – come by and visit us anytime between 8am and 5pm M-F

 

Remember, if you live in West Jordan, South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Midvale, Riverton, Draper, Copperton, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to assist you with your estate plan.

 

#UtahEstatePlanning

#AscentLawFirm

#MikeAnderson

 

Are Estate Planning costs tax deductible

Are Estate Planning costs tax deductible

Are Estate Planning costs tax deductible