Even if you believe that you may not be affected by the federal estate tax, you still need to determine whether you may be subject to state estate and inheritance taxes. Further, you may have a taxable estate in the future as your assets appreciate in value. You should regularly review your estate plan with an estate planning attorney to ensure your estate plan takes into account changes in the tax laws as well as shifts in your individual circumstances.
Unless you have limited assets and can get by with a simple will, you need an estate plan that includes several documents to ensure that your assets are distributed the way you desire, and your other wishes are fulfilled, all with minimal court intervention.
Unfortunately, many young people, and even some of us more mature folks, don’t want to think about our eventual death and fail to do estate planning. If you neglect having a will prepared and pass away without an estate plan, interstate succession laws will come into play.
For many estate plans, a revocable trust, rather than a simple will, is usually recommended if you own property or significant assets. A will may be satisfactory for smaller estates. But a properly drafted revocable trust can accomplish many estate goals.
No one wants to believe that we may not be able to make our own decisions about our health and medical care. But if misfortune strikes and you become too ill or incapacitated to assist in your own care, it is important to have a Living Will prepared and in place.
Our State is considered one of the toughest of all when it comes to DUI convictions and vehicle insurance requirements. In fact, following a conviction in the State, the dreaded SR-22 auto insurance is mandatory for a period of three years.
Many people mistakenly believe that wills do not have to go through the probate. This is not true! In fact, the best way to avoid the arduous probate process is to make a living (or inter-vivos) trust. These trusts can be created in conjunction with a will, or as an alternative to one. Creating a living trust will save time, money, and the hassle of dealing with probate hearings. Here, we'll look at the basic aspects of living trusts.
Living wills are a different creature than the traditional notion of a will. These devices are sometimes referred to as advance health care directives. Their main purpose is to instruct what type of care a person should receive during incapacitation. Clearly, this contrasts with a traditional will's purpose of distributing assets after death. Many people use the two devices together as part of a comprehensive estate plan. This article will explain why you might need a living will as part of your end of life law plan.
On October 12, President Donald Trump signed an executive order titled “Promoting Healthcare Choice and Competition Across the United States” that he believes will “fix” a broken healthcare system caused by the Affordable Health Care Act, aka Obamacare.
Consumer hopes to make even more income and find better jobs next spring are higher than ever. This will be a big shot in the arm toward continuing to boost an already robust economy in Utah.
Any estate lawyer will tell you that not just anyone can challenge a valid will. When it comes to the law governing wills (in most states) only interested persons may submit a challenge.
A legislative bill that was passed earlier during the year was a welcomed source of help to both the juvenile justice system and the school board in Utah.
It is no secret that filing for bankruptcy will cause you to lose some of your assets. These assets are taken by the bankruptcy trustee to pay off debts owed. Unprotected assets, such as a tax refund, are susceptible to becoming part of the bankruptcy estate.
Are you worried about what might happen to your parents as they age? Elders are, sadly, often targeted for money-making scams. There are plenty of people who want to take care of their cognitive decline.
At every stage of life, estate planning plays an important role in providing for your family after death and managing your assets while you are living.
If you are considering creating a will, you've likely spent a long time planning it out. This is completely normal. A will is your final chance to distribute your cherished belongings to your loved ones.
Whenever someone dies without a will, the rules of intestate succession take over. Nearly every jurisdiction uses these rules to try to emulate what would happen if a will did exist. In most cases, the property owned by the decedent flows down to any of his or her surviving heirs.
Wills are often associated with the process that occurs after a person passes. Many people are not aware that they can create a will that dictates what happens before their final day. Living wills, sometimes called Advance Health Care Directives, help you plan for your own care.