The right to make decisions regarding one’s own health care is a fundamental right. However, due to the complexities of modern medical care, the ability to make informed decisions sometimes becomes hampered. In Utah, the Health Care Directive is a legal document that allows individuals to appoint someone to make decisions on their behalf regarding their medical care. It also allows individuals to express their wishes regarding end-of-life care and other medical treatments. This article will discuss the Health Care Directive in Utah, including the legal framework surrounding it, the effect of the directive, and the important role it plays in medical decision-making.
Legal Framework Surrounding Health Care Directive in Utah
The legal framework governing the Health Care Directive in Utah is established by the Utah Code and Utah case law. According to the Utah Code, a Health Care Directive is “a written document authorizing a person to make health care decisions for another person in the event that the other person is unable to do so.” (Utah Code § 75-2a-101). The directive is valid until the individual revokes it, or until the individual’s death.
In addition to the Health Care Directive, Utah also recognizes the Advanced Health Care Directive, which is a document in which an individual specifies their wishes regarding end-of-life care. This document allows an individual to express their wishes regarding the types of treatments they would like to receive or not receive if they are terminally ill or in a persistent vegetative state. It also allows individuals to designate someone to make decisions on their behalf regarding end-of-life care. (previously found in Utah Code § 75-2-1103 and now located in 75-2a-101).
In addition to the statutory framework, case law has established the parameters of the Health Care Directive. Courts have held that a Health Care Directive is valid if the individual signing the document is of sound mind and is making an informed decision. Courts also have held that the directive must be specific, and must address the individual’s wishes regarding end-of-life care. More information in a law review article is found here.
Effect of Health Care Directive in Utah
The effect of the Health Care Directive in Utah is that it allows an individual to appoint someone to make decisions on their behalf regarding medical care. This person is known as the Health Care Agent, and they are the individual’s designated representative in matters of medical decision-making. The Health Care Agent is responsible for making decisions in accordance with the individual’s wishes, as expressed in the Health Care Directive. The Health Care Agent is also responsible for making sure that the individual’s wishes are respected by medical professionals.
The Health Care Directive also allows an individual to express their wishes regarding end-of-life care and other medical treatments. This document allows individuals to specify the types of treatments they would like to receive or not receive in the event that they are terminally ill or in a persistent vegetative state. It also allows individuals to designate someone to make decisions on their behalf regarding end-of-life care.
The Role of the Health Care Directive in Medical Decision-Making
The Health Care Directive has an important role to play in medical decision-making. It allows individuals to express their wishes regarding their medical care and end-of-life care and to appoint someone to make decisions on their behalf if they are unable to do so. This allows individuals to ensure that their wishes are respected, even if they are unable to make decisions for themselves.
The Health Care Directive also allows individuals to express their wishes regarding medical treatments in a legally binding document. This document allows an individual’s wishes to be respected by medical professionals, even if the individual is unable to communicate their wishes.
The Health Care Directive in Utah is an important legal document that allows individuals to appoint someone to make decisions on their behalf regarding medical care and to express their wishes regarding end-of-life care and other medical treatments. The legal framework governing the Health Care Directive is established by the Utah Code and Utah case law. The effect of the directive is that it allows an individual to designate someone to make decisions on their behalf in matters of medical decision-making and to express their wishes regarding end-of-life care. The Health Care Directive plays an important role in medical decision-making, as it allows individuals to express their wishes in a legally binding document and to ensure that their wishes are respected even if they are unable to make decisions for themselves.
Health Care Directive Consultation
When you need legal help with a Health Care Directive call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
When it comes to making important decisions on the behalf of a loved one, there are many legal documents that can be used to provide the necessary authority. One of the most common documents used for this purpose is a durable power of attorney in Utah. This document enables a person to designate another individual to act on their behalf and make decisions for them when they are unable to do so. This article will provide an overview of what a durable power of attorney in Utah is and the legal requirements for creating one. It will also discuss the types of decisions that an attorney-in-fact can make, the risks associated with granting this power, and the various legal considerations that should be taken into account.
What is a Durable Power of Attorney in Utah?
A durable power of attorney in Utah is a legal document that allows a person, known as the principal, to grant the authority to another person, known as the attorney-in-fact, to make decisions and act on their behalf. This document is most commonly used when a person is unable to make decisions on their own due to illness, injury, or age. It is important to note that the durable power of attorney in Utah is different from a standard power of attorney that is used for short-term or specific purposes. Unlike a standard power of attorney, the durable power of attorney in Utah is effective even if the principal becomes incapacitated.
The durable power of attorney in Utah is created in accordance with Utah Code Section 75-5-502 and is generally valid until the principal dies or revokes the document. It is important to note that the durable power of attorney must be in writing and properly witnessed in order to be legally valid.
What Types of Decisions Can an Attorney-in-Fact Make?
The attorney-in-fact has the authority to make decisions on behalf of the principal. The types of decisions that an attorney-in-fact may be empowered to make will depend on the specific language of the durable power of attorney in Utah. Generally, an attorney-in-fact can make decisions related to financial matters, including paying bills, handling investments, managing real estate, making end-of-life decisions, and more.
Case Law
In the case of In re Estate of Gardner, 2015 UT App 256, the court addressed the issue of whether the durable power of attorney for health care was valid. In the case, the principal had executed a durable power of attorney for health care, appointing her son as her attorney-in-fact. The court held that the durable power of attorney was valid and enforced the document’s provisions. The court noted that the durable power of attorney must be in writing, properly witnessed, and must be executed in accordance with the requirements of Utah Code Section 75-5-502.
Risks Associated with Granting a Durable Power of Attorney
Although the durable power of attorney in Utah is a powerful document, it is important to understand the risks associated with granting this power. The most significant risk is that the attorney-in-fact may not act in the best interests of the principal. For this reason, it is important to choose an attorney-in-fact who is trustworthy and capable of making wise decisions. Additionally, it is important to understand that the attorney-in-fact has the power to make decisions on the principal’s behalf, even if the principal does not agree with the decision.
Legal Considerations
When creating a durable power of attorney in Utah, there are several legal considerations that should be taken into account. It is important to understand that the attorney-in-fact must be over the age of 18 and must not have been convicted of a felony. Additionally, the document should be executed in accordance with the requirements of Utah Code Section 75-5-502. Furthermore, it is important to understand that the durable power of attorney must be in writing and properly witnessed in order to be legally valid.
Creating a durable power of attorney in Utah is an important decision that should not be taken lightly. This document provides the necessary authority for an attorney-in-fact to make decisions on behalf of the principal. It is important to understand the legal requirements for creating a durable power of attorney in Utah, the types of decisions that an attorney-in-fact can make, the risks associated with granting this power, and the various legal considerations that should be taken into account.
Durable Power of Attorney Consultation
When you need legal help with a durable power of attorney call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
“Secure Your Business’s Future with a Business Attorney!”
Introduction
A business attorney is a legal professional who specializes in providing legal advice and services to businesses. They are responsible for helping businesses navigate the complexities of the legal system, ensuring that their clients are in compliance with all applicable laws and regulations. Business attorneys can provide a wide range of services, from drafting contracts and negotiating deals to providing advice on corporate governance and intellectual property rights. They can also help businesses resolve disputes and protect their interests in court. In short, a business attorney is an invaluable asset to any business, providing legal guidance and protection to ensure the success of the business.
What Is the Attorney-Client Privilege and How Does It Help Businesses Legally?
The attorney-client privilege is a legal concept that protects confidential communications between a lawyer and their client from being disclosed to third parties. This privilege is designed to encourage clients to be open and honest with their attorneys, allowing them to seek legal advice without fear of their communications being used against them.
The attorney-client privilege is a fundamental part of the legal system and is essential for businesses to be able to seek legal advice without fear of their communications being used against them. This privilege allows businesses to discuss sensitive matters with their attorneys without fear of the information being used against them in court or in other legal proceedings.
The attorney-client privilege also helps businesses protect their confidential information. By keeping communications between a lawyer and their client confidential, businesses can be sure that their confidential information is not disclosed to third parties. This helps businesses protect their trade secrets and other confidential information from being used against them in court or in other legal proceedings.
Finally, the attorney-client privilege helps businesses protect their legal rights. By allowing businesses to discuss sensitive matters with their attorneys without fear of their communications being used against them, businesses can be sure that their legal rights are protected. This helps businesses ensure that they are not taken advantage of in legal proceedings and that their legal rights are respected.
Overall, the attorney-client privilege is an essential part of the legal system and is essential for businesses to be able to seek legal advice without fear of their communications being used against them. This privilege helps businesses protect their confidential information, trade secrets, and legal rights, allowing them to operate with confidence and security.
How Can a Business Attorney Help Companies with Their Business Strategy?
A business attorney can help companies with their business strategy in a variety of ways. First, a business attorney can provide legal advice and guidance on the best way to structure a business, including the formation of a corporation, limited liability company, or other entity. This advice can help ensure that the business is properly organized and that the owners are protected from personal liability.
Second, a business attorney can help companies draft and review contracts, such as employment agreements, vendor contracts, and other documents. This can help ensure that the company is protected from potential legal issues and that the terms of the agreement are fair and reasonable.
Third, a business attorney can provide advice on how to protect the company’s intellectual property, such as trademarks, copyrights, and patents. This can help ensure that the company’s ideas and products are protected from infringement and that the company is able to reap the benefits of its hard work.
Overall, a business attorney can provide invaluable assistance to companies in developing and executing their business strategy. By providing legal advice and guidance, a business attorney can help ensure that the company is properly organized and protected from potential legal issues.
What Is the Role of a Business Lawyer in Assisting Businesses with Legal Issues?
A business lawyer plays an important role in assisting businesses with legal issues. Business lawyers provide legal advice and services to businesses of all sizes, from small start-ups to large corporations. They help businesses navigate the complex legal landscape and ensure that their operations are in compliance with applicable laws and regulations.
Business lawyers provide a wide range of services to businesses. They can help with the formation of a business, including the drafting of articles of incorporation, bylaws, and other documents. They can also assist with the negotiation and drafting of contracts, such as employment agreements, leases, and purchase and sale agreements. Business lawyers can also provide advice on intellectual property matters, such as trademarks, copyrights, and patents.
Business lawyers can also help businesses with dispute resolution. They can provide advice on how to handle disputes with customers, vendors, and other businesses. They can also represent businesses in court proceedings, such as contract disputes, employment disputes, and other litigation.
In summary, business lawyers play an important role in assisting businesses with legal issues. They provide a wide range of services, from the formation of a business to dispute resolution and compliance with applicable laws and regulations. Business lawyers can help businesses navigate the complex legal landscape and ensure that their operations are in compliance with applicable laws and regulations.
Everything You Need to Know About Durable Power of Attorney and Business Lawyers
A durable power of attorney (DPOA) is a legal document that allows an individual to appoint another person to act on their behalf in the event that they become incapacitated or unable to make decisions for themselves. This document is especially important for business owners, as it allows them to designate someone to manage their business affairs in the event of their incapacitation.
Business lawyers are professionals who specialize in the legal aspects of running a business. They are knowledgeable in areas such as contract law, corporate law, tax law, and intellectual property law. Business lawyers can provide advice on a variety of topics, including business formation, financing, mergers and acquisitions, and dispute resolution.
When it comes to durable power of attorney, business lawyers can help business owners draft a document that meets their needs. The document should clearly state the scope of the power of attorney, including the types of decisions the appointed person can make on behalf of the business owner. It should also include provisions for the appointment of a successor in the event that the appointed person is unable to fulfill their duties.
Business lawyers can also provide advice on how to best protect the business owner’s interests in the event of their incapacitation. This may include setting up a trust or other legal entity to manage the business’s assets and liabilities. Additionally, business lawyers can help business owners create a plan for the succession of their business in the event of their death or incapacitation.
In summary, durable power of attorney is an important document for business owners, as it allows them to designate someone to manage their business affairs in the event of their incapacitation. Business lawyers can help business owners draft a document that meets their needs and provide advice on how to best protect their interests in the event of their incapacitation.
What Does a Business Attorney Do and What Is the Purpose of Having One?
A business attorney is a lawyer who specializes in providing legal advice and services to businesses. They are knowledgeable in a variety of areas, including contract law, corporate law, tax law, and intellectual property law. Business attorneys are essential for any business, as they provide legal advice and guidance to help businesses protect their interests and ensure compliance with applicable laws.
The primary purpose of having a business attorney is to provide legal advice and guidance to businesses. Business attorneys can help businesses draft contracts, review existing contracts, and negotiate terms. They can also provide advice on corporate governance, tax planning, and intellectual property protection. Additionally, business attorneys can help businesses resolve disputes, protect their interests in litigation, and provide guidance on compliance with applicable laws.
Having a business attorney is essential for any business, as they can provide invaluable legal advice and guidance. Business attorneys can help businesses protect their interests, ensure compliance with applicable laws, and resolve disputes. They can also provide advice on corporate governance, tax planning, and intellectual property protection. Ultimately, having a business attorney is essential for any business, as they can provide invaluable legal advice and guidance.
Q&A
1. What is the purpose of a business attorney?
A business attorney is a lawyer who specializes in providing legal advice and services to businesses. They can help with a variety of legal matters, such as drafting contracts, negotiating deals, and resolving disputes.
2. What types of businesses need a business attorney?
Any business, regardless of size, can benefit from having a business attorney. They can help with a variety of legal matters, such as drafting contracts, negotiating deals, and resolving disputes.
3. What types of services can a business attorney provide?
A business attorney can provide a variety of services, such as drafting contracts, negotiating deals, and resolving disputes. They can also provide advice on legal matters, such as compliance with laws and regulations, and help with business formation and dissolution.
4. What qualifications should I look for in a business attorney?
When looking for a business attorney, it is important to find someone who is experienced in the area of law that your business needs help with. It is also important to find someone who is knowledgeable about the laws and regulations that apply to your business.
5. How much does it cost to hire a business attorney?
The cost of hiring a business attorney will vary depending on the type of services you need and the experience of the attorney. Generally, you can expect to pay an hourly rate for their services.
Business Attorney Consultation
When you need legal help from a business attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
When it comes to estate planning, it is important to not only create the necessary documents, but to understand what documents are needed to make your plan legally binding. In the state of Utah, there are specific documents that should be included in an estate plan in order to ensure that your wishes are carried out.
The first document that should be included in an estate plan in Utah is a will. A will is a legal document that allows an individual to state their wishes regarding the distribution of their estate upon their death. It is also called a last will and testament. It should include an executor and detailed instructions regarding the distribution of assets. Utah law requires that the will must be in writing and signed by the testator in the presence of two witnesses. The witnesses must also sign the will in the presence of the testator.
The second document necessary for a valid estate plan in Utah is a durable power of attorney. This document allows an individual to appoint another person (an “agent”) to make decisions for them in the event that they become incapacitated. The agent will be able to make decisions regarding finances, healthcare, and any other matters that the individual is unable to manage.
The third document required for a valid estate plan in Utah is a living will. This document allows an individual to provide instructions regarding their medical care in the event that they become incapacitated. The living will should include detailed instructions regarding the type of medical care that the individual desires and the wishes regarding end of life care. Utah law requires that the living will must be signed and witnessed in the same manner as a will.
The fourth document necessary for a valid estate plan in Utah is a revocable living trust. A trust allows an individual to appoint a trustee who will manage the assets held in the trust for the benefit of another individual or individuals. The trust should include detailed instructions regarding the management and distribution of the trust assets. Utah law requires that the trust must be in writing and signed by the grantor in the presence of two witnesses. The witnesses must also sign the trust in the presence of the grantor.
The fifth and final document necessary for a valid estate plan in Utah is a health care directive. This document allows an individual to appoint another person to make medical decisions on their behalf in the event that they become incapacitated. The health care proxy should include detailed instructions regarding the type of medical care that the individual desires and the wishes regarding end of life care. It should also include the name and address of the person appointed as the proxy.
It is important to understand the documents that are necessary to create a valid estate plan in the state of Utah. They are also necessary to help you achieve the goals of estate planning. These documents include a will, a durable power of attorney, a living will, a trust, and a health care proxy. It is important to ensure that these documents are properly executed and witnessed in order for them to be legally binding. By understanding and following these documents, an individual can ensure that their wishes are carried out according to their desires.
Estate Planning Documents Consultation
When you need legal help with Estate Planning Documents, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
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.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
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
philanthropist)?
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.
Trustee Training
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.
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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.[9] 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;[10] Utah is the only state where a majority of the population belongs to a single church.[11] The LDS Church greatly influences Utahn culture, politics, and daily life,[12] 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,[13] 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.[14] Utah ranks among the overall best states in metrics such as healthcare, governance, education, and infrastructure.[15] 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,[16] putting a further strain on Utah’s water security and impacting the state’s economy.[17]
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.
