Category Archives: Utah estate planning tax deductible

Utah estate planning tax deductible

Clearfield Utah 84015 estate planning 1031 exchange

Estate Planning - The Benefits of Peace of Mind

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To many, estate planning may seem like a process that only the rich have to deal with. You may believe that unless you have a large amount of money, property, or land, you do not have an "estate". In fact, anyone who has anything to his or her name, whether it is a car, a house, land, bank account, or merely a few heirloom possessions, has an estate. Estate planning is designed to give you the chance to have your property and possessions passed on to the people that you wish to have them, instead of leaving the decision up to the state. Without planning, your property could possibly be passed on to certain people or in a certain way that you do not approve of.

Don't Let the Courts Control Your Estate

Creating a will through estate planning allows you to communicate your wishes to your family even after you are gone. A will is a legal document that specifies who you would like to leave your property to. These people are your beneficiaries. It also allows you to specify how you would like your property to be passed on. Perhaps you always expected that you would give your house to your daughter, who lives close by. Or maybe you intend to pass on your treasured tools and garage equipment to your nephew who is a mechanic. You may have already made promises to loved ones to pass on some of your treasured belongings once you pass away.

While you may have made promises to relatives or communicated all of your intentions to your spouse or children, without a will your words of intent will not carry any weight. When you pass away with no will, the court will divide your property according to state intestacy laws. This means that your property may be divided among your spouse, children, and other family members without any regard for your specific wishes, because there was no written proof of what you wanted. It may just be a major misunderstanding on your part, but to the loved ones to whom you made promises, it may seem like scorn and betrayal. They may be left behind thinking that you didn't care enough about them to take the time to write a will.

How a Probate Lawyer Can Help

Don't let your promises and intentions to your family go unfulfilled. Consider talking to a probate lawyer about how you can draft a valid will and protect your estate and personal wishes. A probate lawyer can walk you through the process of drafting a will, creating trusts, taking care of outstanding debts, dealing with greedy or disagreeable relatives, and more. An experienced probate lawyer can serve as your legal advisor to ensure that your intentions are communicated properly and that your property is passed on according to your wishes.

For More Information

To learn more about estate planning and protecting your property from state intestacy, please visit us or give us a call today.

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Do you want a Free Initial Consultation with an Estate Planning Lawyer?

Call 1-800-564-2707 today.

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Sandy Utah 84070 3 main purposes of estate planning

Estate Planning Overview, 101

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To many, estate planning may seem like a process that only the rich have to deal with. You may believe that unless you have a large amount of money, property, or land, you do not have an "estate". In fact, anyone who has anything to his or her name, whether it is a car, a house, land, bank account, or merely a few heirloom possessions, has an estate. Estate planning is designed to give you the chance to have your property and possessions passed on to the people that you wish to have them, instead of leaving the decision up to the state. Without planning, your property could possibly be passed on to certain people or in a certain way that you do not approve of.

Don't Let the Courts Control Your Estate

Creating a will through estate planning allows you to communicate your wishes to your family even after you are gone. A will is a legal document that specifies who you would like to leave your property to. These people are your beneficiaries. It also allows you to specify how you would like your property to be passed on. Perhaps you always expected that you would give your house to your daughter, who lives close by. Or maybe you intend to pass on your treasured tools and garage equipment to your nephew who is a mechanic. You may have already made promises to loved ones to pass on some of your treasured belongings once you pass away.

While you may have made promises to relatives or communicated all of your intentions to your spouse or children, without a will your words of intent will not carry any weight. When you pass away with no will, the court will divide your property according to state intestacy laws. This means that your property may be divided among your spouse, children, and other family members without any regard for your specific wishes, because there was no written proof of what you wanted. It may just be a major misunderstanding on your part, but to the loved ones to whom you made promises, it may seem like scorn and betrayal. They may be left behind thinking that you didn't care enough about them to take the time to write a will.

How a Probate Lawyer Can Help

Don't let your promises and intentions to your family go unfulfilled. Consider talking to a probate lawyer about how you can draft a valid will and protect your estate and personal wishes. A probate lawyer can walk you through the process of drafting a will, creating trusts, taking care of outstanding debts, dealing with greedy or disagreeable relatives, and more. An experienced probate lawyer can serve as your legal advisor to ensure that your intentions are communicated properly and that your property is passed on according to your wishes.

For More Information

To learn more about estate planning and protecting your property from state intestacy, please visit us or give us a call today.

Go Forward

Do you want a Free Initial Consultation with an Estate Planning Lawyer?

Call 1-800-564-2707 today.

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Weber County Utah estate planning wills and trusts

Estate Planning - How to Preserve Your Wealth

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To many, estate planning may seem like a process that only the rich have to deal with. You may believe that unless you have a large amount of money, property, or land, you do not have an "estate". In fact, anyone who has anything to his or her name, whether it is a car, a house, land, bank account, or merely a few heirloom possessions, has an estate. Estate planning is designed to give you the chance to have your property and possessions passed on to the people that you wish to have them, instead of leaving the decision up to the state. Without planning, your property could possibly be passed on to certain people or in a certain way that you do not approve of.

Don't Let the Courts Control Your Estate

Creating a will through estate planning allows you to communicate your wishes to your family even after you are gone. A will is a legal document that specifies who you would like to leave your property to. These people are your beneficiaries. It also allows you to specify how you would like your property to be passed on. Perhaps you always expected that you would give your house to your daughter, who lives close by. Or maybe you intend to pass on your treasured tools and garage equipment to your nephew who is a mechanic. You may have already made promises to loved ones to pass on some of your treasured belongings once you pass away.

While you may have made promises to relatives or communicated all of your intentions to your spouse or children, without a will your words of intent will not carry any weight. When you pass away with no will, the court will divide your property according to state intestacy laws. This means that your property may be divided among your spouse, children, and other family members without any regard for your specific wishes, because there was no written proof of what you wanted. It may just be a major misunderstanding on your part, but to the loved ones to whom you made promises, it may seem like scorn and betrayal. They may be left behind thinking that you didn't care enough about them to take the time to write a will.

How a Probate Lawyer Can Help

Don't let your promises and intentions to your family go unfulfilled. Consider talking to a probate lawyer about how you can draft a valid will and protect your estate and personal wishes. A probate lawyer can walk you through the process of drafting a will, creating trusts, taking care of outstanding debts, dealing with greedy or disagreeable relatives, and more. An experienced probate lawyer can serve as your legal advisor to ensure that your intentions are communicated properly and that your property is passed on according to your wishes.

For More Information

To learn more about estate planning and protecting your property from state intestacy, please visit us or give us a call today.

Go Forward

Do you want a Free Initial Consultation with an Estate Planning Lawyer?

Call 1-800-564-2707 today.

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Draper Salt Lake Co. UT 7 estate planning mistakes

Estate Planning - Consider Your Options Before it is Too Late

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To many, estate planning may seem like a process that only the rich have to deal with. You may believe that unless you have a large amount of money, property, or land, you do not have an "estate". In fact, anyone who has anything to his or her name, whether it is a car, a house, land, bank account, or merely a few heirloom possessions, has an estate. Estate planning is designed to give you the chance to have your property and possessions passed on to the people that you wish to have them, instead of leaving the decision up to the state. Without planning, your property could possibly be passed on to certain people or in a certain way that you do not approve of.

Don't Let the Courts Control Your Estate

Creating a will through estate planning allows you to communicate your wishes to your family even after you are gone. A will is a legal document that specifies who you would like to leave your property to. These people are your beneficiaries. It also allows you to specify how you would like your property to be passed on. Perhaps you always expected that you would give your house to your daughter, who lives close by. Or maybe you intend to pass on your treasured tools and garage equipment to your nephew who is a mechanic. You may have already made promises to loved ones to pass on some of your treasured belongings once you pass away.

While you may have made promises to relatives or communicated all of your intentions to your spouse or children, without a will your words of intent will not carry any weight. When you pass away with no will, the court will divide your property according to state intestacy laws. This means that your property may be divided among your spouse, children, and other family members without any regard for your specific wishes, because there was no written proof of what you wanted. It may just be a major misunderstanding on your part, but to the loved ones to whom you made promises, it may seem like scorn and betrayal. They may be left behind thinking that you didn't care enough about them to take the time to write a will.

How a Probate Lawyer Can Help

Don't let your promises and intentions to your family go unfulfilled. Consider talking to a probate lawyer about how you can draft a valid will and protect your estate and personal wishes. A probate lawyer can walk you through the process of drafting a will, creating trusts, taking care of outstanding debts, dealing with greedy or disagreeable relatives, and more. An experienced probate lawyer can serve as your legal advisor to ensure that your intentions are communicated properly and that your property is passed on according to your wishes.

For More Information

To learn more about estate planning and protecting your property from state intestacy, please visit us or give us a call today.

Go Forward

Do you want a Free Initial Consultation with an Estate Planning Lawyer?

Call 1-800-564-2707 today.

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Alton Utah estate planning young adults

Estate Planning: What to Think About Before Meeting Your Lawyer

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A CONTRACT is defined from the Latin word contractus. An agreement between two or more parties, especially one that is written and enforceable by “law.” To enter into by contract; establish or settle by formal agreement. An agreement between two or more parties which creates obligations to do or not do the specific things that is the subject of that agreement.

OWNERSHIP from the word possessore, is defined as someone who has the legal right to possession with the legal right to transfer possession to others.

ESTATE, (inheritance) patrimonio (possession) a term used in common “law” used to denote the sum total of all possessions by a person at the time of his/hers death.

A TRUST is a CONTRACT. A legal arrangement between two or more persons defining the ownership and distribution of his/hers possessions, under the “law.”

ESTATE PLANNING AND TRUSTS therefore is the written legal agreement (contract) outlining a contractual obligation between the parties.

WHAT IS AN ESTATE TAX?

An ESTATE TAX is a tax on your possessions on the date of your death, up to 55%. Take inventory of what you own: Cash, Savings and checking accounts, CDs, Stocks, Mutual Funds, Bonds, Treasuries, Exempts, Jewelry, Cars, Stamps, Boats, Paintings, and other collectibles, Real Estate ... main home, vacation spot, investment realty, your Business, Interests in other businesses, Limited Partnerships, Partnerships, Mortgages and notes receivable you hold, Retirement plan benefits, IRAs, Amounts that you expect to inherit from others.

Your federal death (estate) tax, up to 55%, is based on the "fair cash value" of your property on the date of your death, not what you originally paid. State probate and death taxes are based on the "location" of your property. Thus, if you own property in different states, each state has to be probated and each will want their fair share.

The only real alternative to a will arrangement is to set up a trust structure during lifetime which, with careful planning, can operate to eradicate these delays, administration costs and taxes as well as giving a large number of additional benefits. For these reasons the use of TRUSTS is increasing dramatically.

The problem is: Many Americans have no plan. They incorrectly assume joint ownership takes care of things, or they believe that their property is not worth enough to be concerned.

Such practices can be shortsighted, cost money, and raise unnecessary and unexpected problems, long time delays, and high administration costs. For one thing, most people have a larger estate than they may realize. For another, joint ownership will not necessarily beat probate hungry lawyers or the estate tax man and will often mean that considerable sums become payable in inheritance tax or estate duty.

A will is not a substitute for a trust. A will does not avoid probate. Many individuals seek to put order to their affairs by making a comprehensive will. Under this arrangement the Executors named in the will would apply for a grant of probate, take possession of the assets of the deceased and then distribute those assets according to the terms of the will.

ITEMS INCLUDED IN YOUR TAXABLE ESTATE:

For example, many people believe the higher exemption amounts that can pass tax free eliminate any need for estate planning. This type of thinking is fundamentally flawed, for example:

1) Certain Types of Property have special rules for estate taxes. Property that spouses jointly own, half the value is included in the estate of the first spouse to die, no matter whose funds bought it or that survivor automatically inherits it. And the full value is counted in survivor's estate could result in a bigger estate tax at that time.

Example: H + W own a private home, fair market value at time of H death is $750,000. 1/2 of $750,000 is included in H's estate; therefore W now owns 100%. On the death of W the full $750,000 would be in her taxable estate; thus, a larger estate tax on the death of W.

2) What the Insurance Man Won't Tell You - Life insurance is taxed in your estate "if" you had any incidental ownership at death. This occurs if you can name new beneficiaries or borrow against policies or take out the cash value. Even insurance you give away, can come back to taxable in your estate if the donor dies and leaves it to you. Group insurance may be included too.

3) Pensions & IRAs - are taxable, except for pensions fixed before 1985.
Then there are several items the law also adds to your estate: Large gifts, non-charitable gifts that exceed $12,000 beginning in 2006 and property partly given away, where you retain the right to use it.

Example: A house that you give to your children but still use rent-free. (Incidentally giving your house to your children creates a problem for them, and for you, if they get sued, or they die before you.)

And stock you give away, but keep voting rights, if in a company that you control. Or the property of others over which you have certain rights such as the power under another's will to name who will get part of that estate. If you could name yourself, your estate or creditors, it's taxable in your estate. Including assets you give a child and keep the right to control.

ESTATE TAX LAWS CAN CHANGE:

Finally, estate tax laws can change. Thirteen times in 25 years, overhauls, tightenings for some, headaches for all. Congress is always tinkering with the idea that they know better than you, where your money should go.

Planning your estate is not an easy task. It takes time and effort. The place to begin is with yourself, your own goals and consideration of your heirs, their ages, abilities, needs and so on at a time when there's no pressure to implement.

Go Forward

Do you want a Free Initial Consultation with an Estate Planning Lawyer?

Call 1-800-564-2707 today.

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