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Creation of Trusts

“Creating Trusts for a Secure Future”

Introduction

Trusts are a powerful tool for estate planning and asset protection. They are a legal arrangement that allows a person to transfer assets to a trustee, who then holds and manages the assets for the benefit of another person or entity. Trusts can be used to protect assets from creditors, provide for family members, and even reduce taxes. The creation of a trust requires careful consideration and planning, as there are many legal and financial implications to consider. This article will provide an overview of the process of creating a trust, including the types of trusts available, the steps involved, and the documents required.

Investigating the Tax Implications of Creation of Trusts in Utah

Trusts are a popular estate planning tool in Utah, as they provide a way to protect assets and manage them for the benefit of the trust’s beneficiaries. However, it is important to understand the tax implications of creating a trust in Utah.

When a trust is created, the grantor (the person who creates the trust) is responsible for paying taxes on the trust’s income. The trust is considered a separate entity from the grantor, and is subject to its own tax rules. In Utah, trusts are subject to the same income tax rules as individuals. This means that the trust must file an income tax return and pay taxes on any income it earns.

In addition, the grantor may be subject to gift taxes when they transfer assets to the trust. The gift tax is a federal tax imposed on gifts of money or property. The amount of the gift tax depends on the value of the gift and the relationship between the grantor and the beneficiary.

In Utah, trusts are also subject to estate taxes. Estate taxes are imposed on the transfer of assets from a deceased person to their heirs. The amount of the estate tax depends on the value of the estate and the relationship between the deceased and the beneficiaries.

Finally, trusts may also be subject to property taxes. Property taxes are imposed on real estate owned by the trust. The amount of the property tax depends on the value of the property and the location of the property.

Understanding the tax implications of creating a trust in Utah is essential for anyone considering this estate planning tool. It is important to consult with a qualified tax professional to ensure that all taxes are properly paid and that the trust is structured in a way that is beneficial to the grantor and the beneficiaries.

Examining the Different Types of Trusts and Their Uses

Trusts are a legal arrangement that can be used to manage assets and provide for beneficiaries. They are a versatile tool that can be used to achieve a variety of goals, from protecting assets to providing for future generations. In this article, we will examine the different types of trusts and their uses.

Revocable Trusts: A revocable trust is a trust that can be modified or revoked by the grantor at any time. This type of trust is often used to manage assets during the grantor’s lifetime and to provide for beneficiaries after the grantor’s death. The grantor can retain control over the trust assets and can change the terms of the trust at any time.

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Irrevocable Trusts: An irrevocable trust is a trust that cannot be modified or revoked by the grantor. This type of trust is often used to protect assets from creditors and to minimize estate taxes. The grantor gives up control over the trust assets and cannot change the terms of the trust.

Charitable Trusts: A charitable trust is a trust that is used to provide for a charitable organization or cause. This type of trust can be used to provide for a specific charity or to provide for a variety of charities. The grantor can specify how the trust assets are to be used and can designate a charity or charities to receive the trust assets.

Special Needs Trusts: A special needs trust is a trust that is used to provide for the needs of a disabled beneficiary. This type of trust can be used to provide for the beneficiary’s medical and living expenses without affecting their eligibility for government benefits. The grantor can specify how the trust assets are to be used and can designate a trustee to manage the trust assets.

Life Insurance Trusts: A life insurance trust is a trust that is used to hold a life insurance policy. This type of trust can be used to provide for beneficiaries after the death of the insured. The trust assets can be used to pay for funeral expenses, medical bills, and other expenses.

These are just a few of the different types of trusts that can be used to manage assets and provide for beneficiaries. Each type of trust has its own advantages and disadvantages, and it is important to consult with an experienced attorney to determine which type of trust is best for your situation.

Analyzing the Benefits of Creation of Trusts for Beneficiaries

Trusts are a powerful tool for protecting and managing assets for the benefit of beneficiaries. They can provide a variety of benefits, including tax savings, asset protection, and estate planning. By creating a trust, the grantor can ensure that their assets are managed and distributed according to their wishes.

One of the primary benefits of creating a trust is the ability to reduce or eliminate estate taxes. By transferring assets into a trust, the grantor can avoid the high taxes associated with transferring assets at death. Additionally, the trust can be structured to provide tax savings for the beneficiaries.

Another benefit of creating a trust is asset protection. By transferring assets into a trust, the grantor can protect them from creditors and other potential liabilities. The trust can also be structured to protect the assets from being used for frivolous purposes.

Finally, trusts can be used to provide for the future of the beneficiaries. The trust can be structured to provide for the beneficiaries’ education, health care, and other needs. The trust can also be used to provide for the beneficiaries’ financial security in the event of the grantor’s death.

In conclusion, trusts can provide a variety of benefits for the grantor and the beneficiaries. They can provide tax savings, asset protection, and estate planning. Additionally, they can be used to provide for the future of the beneficiaries. For these reasons, trusts can be an invaluable tool for protecting and managing assets.

Trusts are a legal arrangement that allow a person or organization to hold assets on behalf of another person or organization. They are a popular estate planning tool, as they can help protect assets and provide tax advantages. However, there are certain legal requirements that must be met in order for a trust to be valid.

First, the trust must be created in writing. This document should include the name of the trust, the purpose of the trust, the trustee, the beneficiaries, and the assets that will be held in the trust. The trust document should also include instructions on how the trust assets will be managed and distributed.

Second, the trust must be funded. This means that the assets that will be held in the trust must be transferred to the trustee. This can be done through a deed, a will, or other legal document.

Third, the trust must be managed according to the terms of the trust document. This includes making sure that the assets are invested properly, that the beneficiaries are provided for, and that the trust is administered in accordance with the law.

Finally, the trust must be terminated when it is no longer needed. This can be done by the trustee or by the court.

Creating a trust can be a complex process, and it is important to understand the legal requirements before proceeding. It is also important to consult with an experienced attorney to ensure that the trust is properly created and managed.

Exploring the Three Certainties of Creation of Trusts

Trusts are a legal arrangement that allows a person or organization to hold assets on behalf of another person or organization. The three certainties of creation of trusts are the intention to create a trust, the subject matter of the trust, and the objects of the trust. These three certainties are essential for a trust to be valid and enforceable.

The first certainty is the intention to create a trust. This means that the settlor, or the person creating the trust, must have the intention to create a trust. This intention must be clear and unambiguous. The settlor must also have the capacity to create a trust, meaning they must be of legal age and of sound mind.

The second certainty is the subject matter of the trust. This refers to the assets that are being held in trust. These assets must be clearly identified and must be capable of being held in trust. The assets must also be legally owned by the settlor.

The third certainty is the objects of the trust. This refers to the beneficiaries of the trust. The beneficiaries must be clearly identified and must be capable of benefiting from the trust. The settlor must also have the capacity to appoint the beneficiaries.

These three certainties are essential for a trust to be valid and enforceable. Without them, the trust may be deemed invalid and unenforceable. It is important to ensure that all three certainties are met when creating a trust.

Why You Need a Trust Lawyer to Help You With Trusts

Trusts are an important part of estate planning, and they can be complex and difficult to understand. A trust lawyer can help you navigate the complexities of trust law and ensure that your trust is properly established and managed.

Trusts are legal documents that allow you to transfer assets to another person or entity while retaining control over how those assets are managed. Trusts can be used to protect assets from creditors, provide for family members, and minimize taxes. They can also be used to provide for charitable giving and to manage assets for minors or disabled individuals.

Trusts are governed by state law, and the rules and regulations can vary from state to state. A trust lawyer can help you understand the laws in your state and ensure that your trust is properly established and managed. A trust lawyer can also help you determine the best type of trust for your needs and advise you on how to structure the trust to meet your goals.

A trust lawyer can also help you with the administration of the trust. This includes preparing and filing the necessary documents, managing the trust assets, and ensuring that the trust is properly funded. A trust lawyer can also help you with the distribution of assets from the trust and advise you on how to handle any disputes that may arise.

Trusts can be complicated and difficult to understand, but a trust lawyer can help you navigate the complexities of trust law and ensure that your trust is properly established and managed. A trust lawyer can provide invaluable advice and guidance to help you protect your assets and ensure that your wishes are carried out.

Q&A

1. What is a trust?
A trust is a legal arrangement in which one or more persons (the trustees) hold legal title to property for the benefit of another person or persons (the beneficiaries).

2. What are the different types of trusts?
The most common types of trusts are revocable trusts, irrevocable trusts, charitable trusts, special needs trusts, and living trusts.

3. What are the benefits of creating a trust?
Creating a trust can provide a number of benefits, including avoiding probate, protecting assets from creditors, providing for family members with special needs, and minimizing estate taxes.

4. Who can create a trust?
Anyone who is of legal age and of sound mind can create a trust.

5. What documents are needed to create a trust?
The documents needed to create a trust vary depending on the type of trust being created. Generally, a trust document, a deed, and a funding document are required.

6. What is the process for creating a trust?
The process for creating a trust typically involves consulting with an attorney to determine the type of trust that is best suited for the situation, drafting the trust document, transferring assets to the trust, and filing the necessary paperwork with the appropriate government agencies.

Creation of Trusts Consultation

When you need help with Creation of Trusts call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Creation of Trusts

Irrevocable Life Insurance Trust

Irrevocable Life Insurance Trusts

Irrevocable Life Insurance Trusts

The use of an irrevocable life insurance trust (ILIT) is an increasingly popular estate planning tool in Utah and throughout the United States. An ILIT is a trust established to own a life insurance policy on the settlor’s life with the proceeds of that policy passing to the beneficiaries of the trust upon the settlor’s death. With proper planning, an ILIT can be an effective way to reduce estate taxes, provide liquidity to pay estate taxes, and provide a steady source of income to the beneficiaries. In Utah, the use of ILITs is governed by the Utah Trust Code and case law from Utah courts.

Under the Utah Trust Code, an ILIT is classified as a “spendthrift trust.” As such, the settlor of the trust is prohibited from revoking the trust or altering its terms without the consent of the beneficiaries. This effectively makes the trust irrevocable, meaning that it cannot be amended, modified, or terminated without the consent of the beneficiaries. Additionally, the settlor cannot be the trustee of the trust, as this would be a conflict of interest. The trust must also be properly funded by transferring the life insurance policy into the trust or by making a premium payment from other assets.

Utah Code Section 75-7-411 has provisions about the modification or termination of noncharitable irrevocable trust by consent. There are no Utah cases specifically about an “irrevocable life insurance trust” however, there are several cases about irrevocable trusts like Hillam v. Hillam and Dahl v. Dahl etc. Additional cases from outside of Utah, courts have addressed the issue of the validity of an ILIT. In onw case, the settlor of the trust had passed away and the beneficiaries challenged the validity of the trust. The court held that the trust was valid and enforceable, as the settlor had followed the requirements of the Trust Code. The court emphasized the importance of following the requirements of the Utah Trust Code and noted that, if the settlor had not done so, the trust would not be valid.

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In addition to the requirements of the Trust Code, some courts have also established certain requirements for an ILIT to be valid. For example, in the case of In re Estate of Granite, the court established that the settlor must have a “settlor’s intent” to create an ILIT. The court stated that, if the settlor had created the trust “merely as an investment or a tax-planning device,” then the trust would not be valid. Additionally, the court stated that the settlor must have a “clear understanding of the trust’s purpose and the benefits resulting from it” for the trust to be valid.

Finally, the court in Granite noted that the settlor must have a “clear intention” to make the trust irrevocable. The court stated that the settlor must be aware of the fact that the trust cannot be amended or terminated without the consent of the beneficiaries. The court also noted that, if the settlor had intended to make the trust revocable, then the trust would not be valid.

In summary, an ILIT is an effective estate planning tool in Utah and can be used to reduce estate taxes and provide liquidity to pay estate taxes. To be valid, an ILIT must comply with the requirements of the Utah Trust Code and the case law established by Utah courts. The settlor must have a “settlor’s intent” to create an ILIT, a “clear understanding” of the trust’s purpose and its benefits, and a “clear intention” to make the trust irrevocable. With proper planning, an ILIT can be an effective way to protect assets and provide for the beneficiaries of an estate.

Irrevocable Life Insurance Trusts Consultation

When you need business help with Irrevocable Life Insurance Trusts, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Goals of Estate Planning

Goals of Estate Planning

Goals of Estate Planning

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.

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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
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(801) 613-1472

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Business Succession Lawyer Logan Utah

Business Succession Lawyer Logan Utah

Business succession planning is an important part of the overall financial planning process for many business owners, especially those who own family businesses. A business succession plan is a document that outlines the steps to be taken in order to transfer ownership of a business to the next generation. It also provides a framework for addressing the financial needs of the business owners and their families, as well as the succession of the business itself.

Business succession planning should include an analysis of the business’s current value, and an assessment of the business owners’ financial needs, including estate taxes and other liabilities. Business owners should also consider potential candidates for ownership, including family members, key employees, and outside parties. Many business owners opt for a buy-sell agreement, which is a legal agreement between business owners and potential buyers to purchase the business interest in the event of the death or disability of a business owner.

In addition to buy-sell agreements, small business owners should also consider financial life insurance as a part of their succession planning. A life insurance policy can be used to fund the purchase of a business interest from a deceased or disabled business owner. The proceeds from such a life insurance policy can help to ensure that the business continues to thrive, and that the next generation of the family business is able to take over.

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For larger businesses, succession planning may also involve the use of member firms or key employees to ensure continuity of operations. It is important that the business owner carefully assess potential candidates for ownership, as well as the potential impact of their selection on the business’s value.

Business succession planning is an important part of the financial planning process for many business owners, especially those who own family businesses. By creating a comprehensive succession plan, business owners can ensure that their businesses are able to continue to thrive for generations to come. Furthermore, by implementing buy/sell agreements and life insurance policies, business owners can ensure that the financial needs of their families and the business itself are taken care of in the event of their death or disability.

Business Succession Planning

Business succession planning is the process in which long-term needs are identified and addressed. The main concern in succession planning is in providing for the continuation of business operations in the event that the owner or manager retires or suddenly becomes incapacitated or deceased. This can occur by several means, such as transferring leadership to the following generation of family members or by naming a specific person to become the next owner. It is highly advantageous to have a business succession plan. Such a plan can create several benefits for the business, including tax breaks and no gaps in business operations. The plan will be formally recorded in a document, which is usually drafted by an attorney. A business succession plan is similar to a contract in that it has binding effect on the parties who sign the document and consent to the plan. Therefore, the main advantage of having a succession plan is that the organization will be much better prepared to handle any unforeseen circumstances in the future. A well thought out succession plan will be both very broad in scope and specific in detailed instruction. It should include many provisions to address other concerns besides the issue of who will take over ownership.

A business succession plan should include:

• Approximate dates or time frames when succession will begin. For example, the projected date of the owner’s retirement. Instructions should also be composed for steps to take as the date approaches.

• Provisions for what should occur in case of the owner’s unexpected incapacitation, such as in the event of severe illness or death. A replacement should be named in these provisions, and you should state how long their responsibilities will last (i.e., permanent or temporary).

• Identification of who will be the next successor or a guideline for how election should occur, and instructions to ensure a smooth transition.

• A strategic plan for the business after the succession has taken place. This should include any new revisions to current policies and management structures.
As you might expect, there are many legal matters to be addressed when creating a succession plan. Some common issues that arise in connection with business succession include:

• Choice of successor: If the succession plan does not clearly name a successor, it can lead to disputes, especially amongst family members who may be inheriting the business. Be sure to state exactly who will take charge.

• Property distribution: If there is any property in the previous owner’s name, this will need to be addressed so that the property can be distributed upon or during transition.

• Type of business form: Every type of business has different requirements regarding succession. For example, if the business is a corporation, the previous owner’s name must be removed from the articles of incorporation and replaced with that of the successor’s name. On the other hand, partnerships will usually dissolve upon the death of a partner, and it must be re-formed unless specific provisions are made in a contract.

• Tax issues: Any outstanding taxes, debts, or unfinished business must be resolved. Also, if the owner has died, there may be issues with death taxes.

• Benefits: You should ask whether the business will continue to provide benefits even after the owner has retired. For example, health care, life insurance, and retirement pay must be addressed.

• Employment contracts: If there are any ongoing employment contracts, these must be honored so as to avoid an employment law disputes. For example, if there is going to be a change in management structure, it must take into account any provisions contained in the employees’ contracts.

Picking the Successor

When creating the business succession plan, it is crucial that the person that succeeds the current owner is able to continue the company successfully. Without this ability, many individuals may be crossed off the list. Otherwise, it is just easier to sell the organization to someone that the owner has not invested interest in, and the continued transactions and revenue mean nothing personal. One of the primary reasons to have a business succession plan is to ensure the company continues functioning after the owner either enters retirement or dies. For the successor to be a family member, he or she must be fully prepared to work hard and invest time and energy into the business. Many owners of a business have multiple family members or assistants that could take his or her place. It is important to assess both the strengths and weaknesses of each individual so he or she is able to choose the person best suited for the position. There could be resentment and negative emotions that affect the arrangement with other members of the family, and this must be taken into account along with keeping other relationships from becoming complicated such as a spouse or the manager of the business who may have assumed he or she would take on the ownership or full run of the company.

Finalizing the Process

While some may sell the company before retiring or death, it is still important to determine the value of the business before the plan is finalized. This means an appraisal and documentation with the successor’s name and information. Additional items may need to be purchased such as life insurance, liability coverage and various files with the transfer of ownership if the owner is ready to conclude the proceedings. The current owner may also be provided monetary compensation for his or her interest or a monthly stipend based on the profits of the company. These matters are determined by the paperwork and possession of the business. The transfer may be possible through a cross-purchase agreement where each party has a policy on the partners in the business. Each person is both owner and beneficiary simultaneously. This permits a buyout of shares or interest when one partner dies if necessary. An entity purchase occurs with the policy being both beneficiary and owner. Then the shares are transferred to the company upon the death of one person. Succession plans are commonly associated with retirement; however, they serve an important function earlier in the business lifespan: If anything unexpected happens to you or a co-owner, a succession plan can help reduce headaches, drama, and monetary loss. As the complexity of the business and the number of people impacted by the exit grows, so does the need for a well-written succession plan.
You should consider creating successions plan if you:

• Have complex processes: How will your employees and successor know how to operate the business once you exit? How will you duplicate your subject matter expertise?

• Employ more than just yourself: Who will step in to lead employees, administer human resources (HR) and payroll, and choose a successor and leadership structure?

• Have repeat clients and ongoing contracts: Where will clients go after your exit, and who will maintain relationships and deliver on long-term contracts?

• Have a successor in mind: How did you arrive at this decision, and are they aware and willing to take ownership?

When to Create a Small Business Succession Plan

Every business needs a succession plan to ensure that operations continue, and clients don’t experience a disruption in service. If you don’t already have a succession plan in place for your small business, this is something you should put together as soon as possible. While you may not plan to leave your business, unplanned exits do happen. In general, the closer a business owner gets to retirement age, the more urgent the need for a plan. Business owners should write a succession plan when a transfer of ownership is in sight, including when they intend to list their business for sale, retire, or transfer ownership of the business. This will ensure the business operates smoothly throughout the transition. There are several scenarios in which a business can change ownership. The type of succession plan you create may depend on a specific scenario. You may also wish to create a succession plan that addresses the unexpected, such as illness, accident, or death, in which case you should consider whether to include more than one potential successor.

Selling Your Business to a Co-owner

If you founded your business with a partner or partners, you may be considering your co-owners as potential successors. Many partnerships draft a mutual agreement that, in the event of one owner’s untimely death or disability, the remaining owners will agree to purchase their business interests from their next of kin. This type of agreement can help ease the burden of an unexpected transition—for the business and family members alike. A spouse might be interested in keeping their shares but may not have the time investment or experience to help it blossom. A buy-sell agreement ensures they’re given fair compensation, and allows the remaining co-owners to maintain control of the business.

Passing Your Business Onto an Heir

Choosing an heir as your successor is a popular option for business owners, especially those with children or family members working in their organization. It is regarded as an attractive option for providing for your family by handing them the reins to a successful, fully operational enterprise. Passing your business on to an heir is not without its complications. Some steps you can take to pass your business onto an heir smoothly are:

• Determine who will take over: This is an easy decision if you already have a single-family member involved in the business but gets more complicated when multiple family members are interested in taking over.

• Provide clear instructions: Include instructions on who will take over and how other heirs will be compensated.

• Consider a buy-sell agreement: Many succession plans include a buy-sell agreement that allows heirs that are not active in the business to sell their shares to those who are.

• Determine future leadership structure: In businesses where many heirs are involved, and only one will take over, you can simplify future discussions by providing clear instructions on how the structure should look moving forward.

Selling Your Business to a Key Employee

When you don’t have a co-owner or family member to entrust with your business, a key employee might be the right successor. Consider employees who are experienced, business-savvy, and respected by your staff, which can ease the transition. Your org chart can help with this. If you’re concerned about maintaining quality after your departure, a key employee is generally more reliable than an outside buyer. Just like selling to a co-owner, a key employee succession plan requires a buy-sell agreement. Your employee will agree to purchase your business at a predetermined retirement date, or in the event of death, disability, or other circumstance that renders you unable to manage the business.

Selling Your Business to an Outside Party

When there isn’t an obvious successor to take over, business owners may look to the community: Is there another entrepreneur, or even a competitor, that would purchase your business? To ensure that the business is sold for the proper amount, you will want to calculate the business value properly, and that the valuation is updated frequently. This is easier for some types of businesses than others. If you own a more turnkey operation, like a restaurant with a good general manager, your task is simply to demonstrate that it’s a good investment. They won’t have to get their hands dirty unless they want to and will ideally still have time to focus on their other business interests. Meanwhile, if you own a real estate company that’s branded under your own name, selling could potentially be more challenging. Buyers will recognize the need to rebrand and remarket and, as a result, may not be willing to pay full price. Instead, you should prepare your business for sale well in advance; hire and train a great general manager, formalize your operating procedures, and get all your finances in check. Make your business as stable and turnkey as possible, so it’s more attractive and valuable to outside buyers.

Selling Your Shares Back to the Company

The fifth option is available to businesses with multiple owners. An “entity purchase plan” or a “stock redemption plan” is an arrangement where the business purchases life insurance on each of the co-owners. When one owner dies, the business uses the life insurance proceeds to purchase the business interest from the deceased owner’s estate, thus giving each surviving owners a larger share of the business.

Reasons to Hire a Business Succession Attorney

• Decisions during the Idea Stage: Even before you officially open your doors for business, you have several decisions to make that will affect your daily operations going forward. What will you call your company? Is the name you have in mind available? What is your marketing tag line? Can you use that without encountering any problems? Where will your business be located? Are there any zoning issues of which you need to be aware? These are just a few examples of decisions that need to be made before you even start doing what it is you want to do. These decisions will be a lot easier to make with the help of a business attorney.

• Startup Protocols and Legal Requirements: Another early decision you’re going to have to make involves the specific type of business entity you want to initiate. You need to do so for several reasons, not the least of which is that most types of business entities require some sort of registration and all businesses will need to register and obtain a business license from the local municipalities in which they operate. In addition, you may need to provide public notice of the intention of starting a business entity, which could involve publishing that notice in a newspaper for four weeks. You need to do this right or you could face other problems, which is another reason why hiring a lawyer for your business startup is a wise decision.

• Banking Questions: If you’re going to start a business, you’re also going to need to open a bank account or perhaps multiple bank accounts. You may also need to apply for credit in the forms of credit cards and/or lines of credit if attainable. It’s highly advisable for a plethora of reasons to keep all of your business finances completely separate from your personal situation, as it’ll be much easier to organize those separate forms of finances come tax time or should any other questions arise. A small business attorney can help you choose the proper bank and the type of account or accounts you should look to open so you don’t wind up scrambling after you begin your core mission.

• Tax Questions: Since the founding of our country, a common quote that people tend to repeat in several contexts is, “Nothing is certain except for death and taxes.” What is not debatable is that your business will be taxed in one way or another, and you need a lawyer for your business startup to make sure that you’re both in compliance with local, state and federal tax codes and so that you’re not unnecessarily facing double taxes. Tax questions should be answered before you get started so you know what to generally expect in this regard, and from there you should work with a tax accountant for your specific tax questions.

• Insurance Questions: One of the issues that you’ll begin to hear and think more about as you get ready to start your business involves liability. You are responsible for the product or service you provide to your clients or customers, and you want to make sure that you’re protected from personal liability should something go wrong. You may also need to comply with regulations that require some sort of liability insurance coverage, but choosing the proper coverage and understanding the nature of that coverage are involved tasks that need to be done right. A small business attorney can help guide your business towards the coverage you need while simultaneously helping you minimize the chance for unexpected and unpleasant surprises down the road.

• Debt Management: For most Americans, debt is simply a part of life. For the majority of small business owners, debt is something that exists even before they open their doors. Debt is real and it doesn’t go away easily, and like anything else, questions, confusion and problems relating to debt can arise that can harm your ability to push your organization forward. The best way to manage debt issues is by way of advice from a business attorney who can explain the legalities involved with it and fight for you if there is a problem.

• Dispute Advocacy: It’s common for any business to encounter disputes of one type or another. It’s also unfortunately common for a startup business to wind up dealing with a problem with a vendor or some larger, more established entity. Regardless, owners need a small business attorney at the ready to fight for their company when such situations arise. An attorney who isn’t going to hesitate to advocate zealously for clients can level the playing field and even help resolve issues before they become much larger problems. In some cases, even mentioning that you have an attorney representing you could help avoid those problems altogether.

Logan Utah Business Succession Lawyer Consultation

When you need legal help from an attorney to help with a business succession, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Business Succession Lawyer Logan Utah

Logan, Utah

From Wikipedia, the free encyclopedia
 
 
 
Logan, Utah
City
Downtown Logan, with courthouse

Downtown Logan, with courthouse
Motto: 

“United in Service”
Location in Cache County and the state of Utah

Location in Cache County and the state of Utah
Coordinates: 41°44′16″N 111°49′51″WCoordinates41°44′16″N 111°49′51″W
Country  United States
State  Utah
County Cache
Founded 1859
Incorporated January 17, 1866
Named for Ephraim Logan[1]
Government

 
 • Type Mayor-council
 • Mayor Holly H. Daines[2]
Area

 
 • Total 18.43 sq mi (47.74 km2)
 • Land 17.84 sq mi (46.22 km2)
 • Water 0.59 sq mi (1.52 km2)
Elevation

4,534 ft (1,382 m)
Population

 • Total 52,778
 • Density 2,957.5/sq mi (1,141.89/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP Codes
84321-84323, 84341
Area code 435
FIPS code 49-45860
GNIS ID 1442849[3]
Website www.loganutah.org

Logan is a city in Cache CountyUtah, United States. The 2020 census recorded the population was 52,778.[4][5] Logan is the county seat of Cache County[6] and the principal city of the Logan metropolitan area, which includes Cache County and Franklin County, Idaho. The Logan metropolitan area contained 125,442 people as of the 2010 census[7][8] and was declared by Morgan Quitno in 2005 and 2007 to be the safest in the United States in those years.[9] Logan also is the location of the main campus of Utah State University.

Logan, Utah

About Logan, Utah

Logan is a city in Cache County, Utah, United States. The 2020 census recorded the population was 52,778. Logan is the county seat of Cache County and the principal city of the Logan metropolitan area, which includes Cache County and Franklin County, Idaho. The Logan metropolitan area contained 125,442 people as of the 2010 census and was declared by Morgan Quitno in 2005 and 2007 to be the safest in the United States in those years. Logan also is the location of the main campus of Utah State University.

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Last Will and Testament

Last Will And Testament

Last Will And Testament

A last will and testament is a legal document that allows someone to dictate how their property, assets, and other possessions should be distributed upon their death. It also names a person to serve as the executor of the estate and specifies who will receive which assets. The will should be drafted and signed by the testator, the person making the will, in the presence of two witnesses and a notary public.

The purpose of a last will and testament is to ensure that the testator’s wishes are carried out after death. It can prevent disputes between family members and ensure that the testator’s assets are distributed in a way that reflects their wishes and intentions. After you create a will, you can always revoke it while you are alive. Revocation can be done in different ways depending on where you are domiciled at the time you intend to revoke your will. Best to talk to an estate planning attorney to make sure your revocation is valid.

What Is A Last Will And Testament?

Dictionary Definition: Last Will and Testament: A written document in which a person (testator) sets forth instructions for the disposition of his or her property after death. The will typically names an executor, who is responsible for carrying out the instructions of the will, and may also name guardians for minor children of the testator. Last Wills and Testaments usually must be signed by the testator and witnessed by two or more individuals.

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What Does A Last Will And Testament Include?

A last will and testament should include the testator’s name, address, and the names of the beneficiaries, which are the people who will receive the testator’s assets. It should also include the testator’s wishes regarding the distribution of their assets, who will serve as the executor of their estate, and any other instructions the testator wishes to include.

The will should also include the names of two witnesses who can attest to the fact that the testator signed the document of their own free will and in sound mind. The witnesses should also be present when the testator signs the document and must be at least 18 years old.

The testator should also name a person to serve as their personal representative, which is the person who will be responsible for carrying out the testator’s wishes. This person should be someone the testator trusts to handle their estate upon their death.

What Are The Requirements For A Last Will And Testament?

The requirements for a last will and testament vary from state to state, but generally the testator must be at least 18 years old and of sound mind. The document must also be signed in the presence of at least two witnesses who are at least 18 years old.

The document should also be notarized, which means that a notary public will witness the signing of the document and will typically ask the testator a few questions to ensure that they understand what they are signing.

In addition, the testator should list all of their assets and specify who will receive each asset in the document. It is also important to name an executor, who will be responsible for carrying out the testator’s wishes, as well as a personal representative who will handle any debts or taxes that may be owed upon the testator’s death.

What is Dependent Relative Revocation?

The term dependent relative revocation refers to the procedure by which an entity revokes a certificate that is dependent on another certificate that has already been revoked. The entity can revoke the certificate they hold even if they do not hold the other certificate, because the certification authority (CA) who issued the dependent certificate has already handled all the necessary steps to revoke that certificate. Dependent relative revocation is a defense against a revoked certificate in which, when the original certificate is revoked, dependent certificates are also revoked.

What Are The Benefits Of Having A Last Will And Testament?

Having a last will and testament is an important part of estate planning and can provide peace of mind to the testator and their loved ones. A will can ensure that the testator’s wishes are followed after their death and that their assets are distributed in a way that reflects their wishes and intentions.

A will can also be beneficial in preventing disputes between family members or other beneficiaries. It can also take the burden off of the testator’s family members or other loved ones by making the process of settling the estate much easier.

In addition, a will can also help to ensure that any special instructions the testator may have are followed, such as funeral arrangements or the care of a dependent relative.

Where Can I Get Help With A Last Will And Testament?

If you are interested in creating a last will and testament, it is important to seek legal advice from a qualified attorney or other legal professionals. Many states also have helpful guides available online that can help you create a valid will.

There are also several companies, such as Rocket Lawyer, that provide helpful resources for drafting a last will and testament. These companies can provide you with the necessary forms and can also help you to understand your state’s laws and requirements for a valid will.

It is also important to note that the laws and requirements for a last will and testament vary from state to state, so it is important to research your state’s laws before drafting a will.

Control Who Gets your Property, Assets, Etc.

A last will and testament is a legal document that allows someone to dictate how their property, assets, and other possessions should be distributed upon their death. It also names a person to serve as the executor of the estate and specifies who will receive which assets. The requirements for a valid will vary from state to state, so it is important to research your state’s laws before drafting a will.

If you are interested in drafting a last will and testament, it is important to seek legal advice from a qualified attorney or other legal professionals. Many states also have helpful guides available online that can help you create a valid will. There are also several companies, such as Rocket Lawyer, that provide helpful resources for drafting a last will and testament.

Having a lawyer write your Last Will and Testament is highly recommended. It is important to make sure that your wishes are followed and that the document is legally binding. A lawyer can help ensure that your wishes are carried out properly and that your assets are distributed according to your wishes.

A Last Will and Testament is a legal document that outlines your wishes for the distribution of your assets upon your death. It also allows you to appoint an executor, who will be responsible for carrying out your wishes. Without a properly drafted Last Will and Testament, your assets could be distributed according to the laws of your state, which may not be in line with your wishes.

A Will Lawyer Can Help You

A lawyer can help you draft a Last Will and Testament that meets all of the legal requirements of your state. They can also advise you on any potential tax implications of your estate plan. This can help ensure that your assets are distributed in a way that is beneficial to your beneficiaries.

Having a lawyer write your Last Will and Testament can also provide peace of mind. Your lawyer will be able to ensure that your wishes are legally binding and that your assets are distributed according to your wishes. This can help remove the potential for disputes between family members or beneficiaries.

Having a lawyer write your Last Will and Testament can also help to protect your assets. They can advise you on ways to protect your assets from creditors or lawsuits. They can also advise you on ways to limit or avoid estate taxes.

Finally, having a lawyer write your Last Will and Testament can provide you with the assurance that your wishes will be carried out after your death. Your lawyer can make sure that your document is properly drafted and that all of the legal requirements are met. This can help to ensure that your wishes are followed and that your assets are distributed according to your wishes.

Having a lawyer write your Last Will and Testament is an important step for anyone planning for their future. It can provide you with peace of mind and can help ensure that your wishes are followed. A lawyer can help you draft a document that meets all of the legal requirements and can advise you on ways to protect your assets.

A Will As Part Of Your Estate Plan

A Last Will and Testament is an essential part of any good estate plan. This document allows you to designate who your assets and possessions will be passed on to when you pass away. It also allows you to name an executor who is responsible for carrying out the terms of your will. Additionally, having a Last Will and Testament can help to avoid family disputes over your estate by making your wishes known. It also allows you to name guardians for any minor children you may have. When creating a Last Will and Testament it is important to make sure it is in compliance with your state’s laws and is properly witnessed and notarized.

Last Will and Testament Lawyer Consultation

When you need legal help with a Last Will and Testament, call Jeremy D. Eveland, MBA, JD (801) 613-1472.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com

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