Estate planning is an important process for people in Utah to consider. It is a way for individuals to take control of their assets and make sure that their wishes are carried out after they are gone. Estate planning can help ensure that the individual’s assets are distributed according to their wishes and that their family is taken care of. In Utah, there are specific goals that individuals should keep in mind when they are creating their estate plans.
The first goal of estate planning in Utah is to ensure the financial security of the individual’s family. This includes making sure that their spouse and children are provided for financially after the individual’s death. Estate planning can provide for the individual’s spouse and children by designating a beneficiary on life insurance policies, setting up trusts, or creating wills. It is important to have a plan in place to ensure that the individual’s family is taken care of financially after they are gone.
The second goal of estate planning in Utah is to minimize the tax burden on the individual’s family. Estate planning can help to reduce the taxes that the individual’s family will have to pay on their inheritance. This can be accomplished by taking advantage of certain tax benefits, such as using a trust or other estate-planning strategies. It is important to understand the tax implications of each estate-planning strategy so that the individual can make an informed decision about which one is best for their situation.
The third goal of estate planning in Utah is to ensure that the individual’s wishes are carried out after they are gone. Estate planning allows individuals to create documents that outline their wishes for the distribution of their assets after they are gone. This includes setting up trusts, creating wills, and making sure that their wishes are respected by the courts. By creating these documents, individuals can ensure that their wishes are followed after they are gone.
The fourth goal of estate planning in Utah is to protect the individual’s assets from creditors. Estate planning can help individuals protect their assets from creditors by setting up trusts and other strategies. This can help ensure that the individual’s assets are not taken by creditors and that their family is taken care of financially.
The fifth goal of estate planning in Utah is to provide for the individual’s long-term care. Estate planning can help individuals plan for their long-term care needs by setting up trusts, creating wills, and taking advantage of other strategies. This can help ensure that the individual’s care needs are taken care of and that their wishes are respected by the courts.
The goals of estate planning in Utah are varied and can be tailored to the individual’s specific needs and circumstances. It is important to understand the different goals of estate planning and to create a plan that takes into account the individual’s wishes and desires. By understanding the goals of estate planning in Utah, individuals can create a plan that will ensure that their wishes are carried out after they are gone and that their family is taken care of financially.
Estate Planning Consultation
When you need help with estate planning, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
17 North State Street
Lindon UT 84042
This Estate Planning post will attempt to tell you what you need to know about estate planning. Obviously it is hard to provide all information about every aspect of estate planning in one post, but we will touch upon each of the essential elements. Also, if you have questions about estate planning in Utah, call Jeremy Eveland for a free consultation (801) 613-1472.
Estate planning is an important part of life, no matter which state you live in. In Utah, estate planning is the process of planning for the management of someone’s assets, property, and other possessions after their death. It is important to understand the basics of estate planning so that you can make the best decisions for yourself and your family.
What is Estate Planning in Utah?
Estate planning in Utah is the process of creating documents and other measures to ensure that your wishes are carried out after your death. This includes creating a will, trust, power of attorney, and health care directive to ensure that your assets, property, and other possessions are passed on according to your wishes. Estate planning also involves making decisions about taxes on your estate, who will be the executor of your estate, and who will make medical decisions for you if you are unable to do so yourself.
Why Get a Complete Estate Plan Done?
Creating a comprehensive estate plan is important because it will provide your loved ones with the peace of mind that your wishes will be carried out after you pass away. It will also protect your assets and property, allowing them to be passed on to your beneficiaries with minimal tax or other costs. Additionally, it will provide your family with the guidance they need to make decisions about how to handle your estate in the event of your death.
Why Does an Estate Plan Use a Will, Trust, Power of Attorney and Health Care Directive?
A will is a legal document that outlines how you want your assets and property to be distributed after you pass away. It can also appoint an executor to carry out your wishes and make sure that your legacy is carried out according to your wishes. A trust is a legal document that allows you to transfer your assets and property to a third party, such as a family member or a charity, while you are still alive. This can help reduce estate taxes, and can also help you protect your assets and property.
A power of attorney is a document that allows you to appoint someone to make financial and legal decisions on your behalf if you are unable to do so yourself. A health care directive is a document that outlines your wishes regarding medical care should you become incapacitated and unable to make decisions for yourself.
Durable Power of Attorney
Durable Power of Attorney in Utah is an important document when it comes to estate planning. It is a legal document that allows someone to act on behalf of the principal when it comes to managing their financial and medical decisions. This document is especially important for those who are unable to make decisions for themselves due to age, disability, or illness.
When it comes to estate planning in Utah, there are several important tasks that need to be completed. These include creating a trust, setting up beneficiary designations for accounts, and determining who will be the executor of the estate. In addition, there are also important tax considerations that must be taken into account. A CFP® professional can help individuals understand the tax implications of their estate plan.
When it comes to the durable power of attorney, it is important to understand the different types that exist. These include financial power of attorney, health care power of attorney, and guardianship. The American Bar Association recommends that individuals create a durable power of attorney as part of their estate plan. This document will allow someone to make decisions on behalf of the principal in the event that they are unable to do so.
Creating a durable power of attorney in Utah can be a complicated process. It is important to consult with an estate planning attorney to ensure that the document is properly drafted and all of the necessary tasks are completed. There are also helpful guides and estate planning checklists that can be used to ensure that everything is taken care of properly.
In addition to creating a durable power of attorney in Utah, it is also important to create other documents such as a living trust, last testament, and life insurance policy. These documents can help ensure that assets are managed according to the wishes of the principal, and that the heirs and beneficiaries of the estate are taken care of.
Estate planning in Utah is an important process, and one that should not be taken lightly. It is important to consult with a trusted financial advisor, estate planning attorney, or estate planner to ensure that the estate plan is created properly and that all of the necessary documents are drafted. With the help of these professionals, individuals can create a plan that is tailored to their needs and that will provide peace of mind to their loved ones.
Health Care Directive
Making a health care directive in Utah can be a complex process, and it’s important to have all the necessary documents in place to ensure your wishes will be honored in the event of your incapacity. Estate planning involves a variety of documents, including wills, trusts, power of attorneys, and life insurance policies, all of which can be used to protect your assets, care for your family, and make sure your beneficiaries are taken care of when you’re gone.
Estate planning begins with a thorough review of your assets and liabilities. An estate-planning attorney can help you determine the best way to organize your assets and minimize the impact of federal and state taxes. You will also need to decide how to distribute your property and assets among your beneficiaries, and how to allocate your estate taxes.
Once you have a plan in place, you will need to create the legal documents that will ensure your wishes are carried out. Your estate plan should include a will, a trust, and a durable power of attorney. A will is used to specify who will receive your property and assets when you pass away, and a trust can be used to manage and protect your assets during your lifetime. A durable power of attorney will give someone else the power to make decisions on your behalf if you become incapacitated.
In addition to these documents, you may need to create other documents to protect your loved ones. Beneficiary designations, for example, can be used to ensure that your life insurance benefits are paid to the people you choose. It’s also important to review your financial accounts and beneficiary designations on a regular basis to make sure they are up-to-date.
Finally, you may want to create a living will to make sure your wishes are respected in the event of your death. This document can be used to specify your wishes regarding medical care and end-of-life decisions. You may also want to consider creating a guardianship for any minor children you have, or a power of attorney for someone you trust to manage your finances if you become incapacitated.
A health care directive in Utah can help protect your family, your estate, and your assets. Working with a CFP® professional or an estate planner can help ensure your plan is tailored to your specific needs and goals. Estate planning is an important part of taking care of yourself and your loved ones, so it’s a good idea to take the time to create a plan that meets your needs.
Why Does a Business Owner Need Estate Planning?
Estate planning is important for business owners, as it allows them to ensure that their business will continue to be successful after their death. Estate planning for a business involves setting up a trust or other legal structure to ensure that the business is passed on according to your wishes. It also involves making decisions about taxes, beneficiaries, and accounts. Additionally, it involves making sure that the business is structured in a way that will minimize tax costs and maximize the value of the business for future generations.
Estate planning in Utah is an important process that should not be taken lightly. It is essential to understand the basics of estate planning, including the use of a will, trust, power of attorney, and health care directive. It is also important to understand why a business owner needs estate planning, and to make sure that the business is structured in a way that will maximize its value and minimize tax costs. By understanding the basics of estate planning and taking the time to create a comprehensive plan, you can ensure that your wishes will be carried out after your death.
Estate Planning and the Family Business Succession Plan
Many think “Estate Planning” is about planning for property after death, or about avoiding estate or death taxes – but it is much more than that. It is about people: spouses, children, favorite family members, and close friends; their security and prosperity without you. It is about your values.
You are unique and therefore your estate plan should be unique. A skilled advisor can assist you to accomplish things that most people have never thought about and don’t understand, since estate planning is complex, and changes occur in legislation and circumstances. It is living planning as well as planning after death. It is about the time necessary to identify and accomplish goals and about the money and property necessary to create and maintain a lifestyle for your loved ones after death. It is also about state and federal taxes: income, gift, estate and generation skipping taxes. But there are many issues in estate planning more important to most people than taxes.
Estate planning is also a process that if not carried out privately by you, will be completed publicly and very expensively by the government.
Estate Planning Goals (Questions you should consider before planning succession)
Who will be the guardian of your minor children (Someone you chose or someone the government chooses)?
Will you plan to privately administer your estate or will you allow the government to plan for you (In other words, will you be a voluntary or an involuntary
Who will take care of you and how will you be taken care of if you become disabled?
Who will make medical decisions for you, including life support, and how will they be made if you are disabled?
How can you assure that your entire family is not burdened by taking care of you if you become disabled?
How can you protect yourself from creditors?
How can you pass your family values with your property to your children?
How can you assure that your children’s character will not be spoiled by their inheritance from you?
How can you leave your assets fairly, if not equally, to the children of a blended family?
How can you assure that your surviving spouse will not worry about the management of your estate if you pass away?
How can you protect your surviving spouse from a new spouse who becomes a financial predator upon his/her remarriage after your demise?
How can you develop a family business succession plan during life or after death?
How can you avoid disputes among your family members after your demise?
Some Estate Planning Mistakes and Misconceptions
There are many misunderstandings about estate planning. One of the most common misunderstandings is the thinking that “I only need a trust to avoid probate and accomplish my objectives and any trust will do…” Like many misunderstandings, this one is based upon a twisted version of the truth.
The truth is that a trust is a contract and courts honor the intentions of the parties to a trust which provides for the private administration of their estate at disability or death so that, theoretically, they do not then need to go through the administrative nightmare of probate court. However, that is like saying that the only thing you need to be successful in business is a business plan and any business plan will do. No one would believe that. Over the years, it has been proven that only around 50% actually achieve the client’s objectives.
There are many reasons for this and some are:
• The primary reason trusts fail is that the assets have not been transferred to the control of the trust.
• The second major reason trusts fail is that they do not have the correct trustees.
• Another important reason is that no one ever explained the multitude of alternative benefits in estate planning to the client, so that they could make intelligent decisions about what they wanted to accomplish.
• The client had perhaps consulted one of the many attorneys simply providing a “trust book salesman” service. They purchased a boilerplate trust, never updated it, and died without knowledge of the benefits that might have been available if they had been correctly advised. The boilerplate trust failed because it didn’t accomplish the client’s true needs.
• Other reasons trusts fail are because changes in the law have not been implemented into the trust, or that the trust has not been updated to reflect the client’s current wishes.
Your Estate Plan
A good definition of fundamental private estate planning is a plan to control your property while you are alive, take care of you and your loved ones if you become disabled and give what you have to whom you want, the way you want and when you want and to save every last tax dollar, professional fee and court cost possible. Many large business houses have been facing the problems of succession issues. At the same time smaller enterprises are not immune from the syndrome either. Effective business succession plan is one of the most important aspects of estate planning at its best.
While chalking out their estate planning many estate owners forget taking care of one of the major aspects of it, the family business succession plan. Large commercial enterprises faced such problems and there are numerous others who have already been in the frying pan or in line for it. Addressing the problem requires effective planning and foresight and it is better to have such plan in place in the lifetime if someone owns a family business.
Not having such plan in place could create real problems. Yet having one could really help even after the death of the original owner preventing the family going apart due to property conflicts. Since careful planning and strategy building are both involved in such planning, services of some reputed and reliable probate attorney could be real help. Problems like these are common to all irrespective of the geographical locations, social formation, custom, usages, and even the specific law of the land.
Developing a family business succession plan may be an integral part of the overall estate planning but it is no mean task. Psychological barriers apart from other considerations, the state of mind of some of the inheritors and their current status could all substantially influence the formation of such plans. Of course the problem has been minimized to a great extent with the advent of Internet and World Wide Web. For instance it is now possible getting all the information about best attorneys dealing with real estate management in Utah just sitting at home and surfing the websites.
Interesting aspect of such planning process is the probabilities of disputes arising among the family members on succession after the demise of the real owner. Unless effectively addressed before it starts, it could well go out of hand and could become one of the greatest challenges even for the avid Estate Planning Attorney.
The basic requirements for a plan are that it be accessible, clear, specific, precise, and accurate.
Is it Accessible?
To be accessible, a plan must provide the needed information so that you can find it. It must be in the proper format, and it must not be cluttered with extraneous material. Although having complete plans is important, voluminous plans are unwieldy. You need to know what is in the plan and where it is. You should be able to quickly find the original schedule and all subsequent revisions. Data should be clear and, to be most convenient, should be in a prescribed order and in a known, consistent, and no redundant format.
Is It Clear?
If data are not complete and unmistakably clear, they cannot be used with confidence. If they cannot be used with confidence, there is no point in gathering them at all.
Is It Specific?
A specific plan identifies what will be done, when, by whom, and at what costs. If these items are not clear, the plan is not specific.
Is It Precise?
Precision is a matter of relating the unit of measure to the total magnitude of the measurement. If, for example, you analyzed a project that took 14 programmer years, management would not be interested in units of minutes, hours, or probably even days. In fact, programmer weeks would probably be the finest level of detail they could usefully consider.
Is It Accurate?
Although the other four points are all important, accuracy is crucial. A principal concern of the planning process is producing plans with predictable accuracy. Do not be too concerned about the errors in each small task plan as long as they appear to be random. That is, you want to have about as many overestimates as underestimates. As you work on larger projects or participate on development teams, the small-scale errors will balance each other out and the combined total will be more accurate.
Estate Protection Plan
Includes All Legal Services in “Minimum Required Plan” Plus:
Communication with Attorney
a. Meeting with clients/family includes review of advanced planning needs.
Transfer of Assets
a. Drafting the four essential items of an estate plan, including a will, trust, power of attorney and health care directive.
a. Letters to all of your trustees, executors, agents and guardians, explaining the honor and definition of their role and where to find documents in case of need.
Estate Planning Free Consultation
When you need an estate planning attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
We serve businesses and business owners for succession planning in the following locations:
Utah has been inhabited for thousands of years by various indigenous groups such as the ancient Puebloans, Navajo and Ute. The Spanish were the first Europeans to arrive in the mid-16th century, though the region’s difficult geography and harsh climate made it a peripheral part of New Spain and later Mexico. Even while it was Mexican territory, many of Utah’s earliest settlers were American, particularly Mormons fleeing marginalization and persecution from the United States. Following the Mexican–American War in 1848, the region was annexed by the U.S., becoming part of the Utah Territory, which included what is now Colorado and Nevada. Disputes between the dominant Mormon community and the federal government delayed Utah’s admission as a state; only after the outlawing of polygamy was it admitted in 1896 as the 45th.
People from Utah are known as Utahns. Slightly over half of all Utahns are Mormons, the vast majority of whom are members of the Church of Jesus Christ of Latter-day Saints (LDS Church), which has its world headquarters in Salt Lake City; Utah is the only state where a majority of the population belongs to a single church. The LDS Church greatly influences Utahn culture, politics, and daily life, though since the 1990s the state has become more religiously diverse as well as secular.
Utah has a highly diversified economy, with major sectors including transportation, education, information technology and research, government services, mining, and tourism. Utah has been one of the fastest growing states since 2000, with the 2020 U.S. census confirming the fastest population growth in the nation since 2010. St. George was the fastest-growing metropolitan area in the United States from 2000 to 2005. Utah ranks among the overall best states in metrics such as healthcare, governance, education, and infrastructure. It has the 14th-highest median average income and the least income inequality of any U.S. state. Over time and influenced by climate change, droughts in Utah have been increasing in frequency and severity, putting a further strain on Utah’s water security and impacting the state’s economy.
Salt Lake City is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,746,164, making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin.