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Estate Planning Attorney Providence Utah
The idea of giving away your property before your death rather than in a will is appealing. Not only does it feel good to take care of your loved ones while you’re alive, doing so could also avoid or reduce your estate tax which, as of 2020, applied to estates valued at over $5.49 million. If the value of your estate could trigger the estate tax at your death, then waiting to make gifts through your will could actually end up reducing those gifts by as much as 55% or more. If the estate tax could apply to you, the information below will show you how to use lifetime gifting to reduce your estate tax liability.
Annual Gift Exclusion
Providence Utah tax code contains a tax exemption rule called the annual gift exclusion which is surprisingly straightforward. As of 2020, you’re allowed to make an unlimited number of gifts of up to $14,000 per recipient per year. These gifts are tax-free and the recipient isn’t required to provide you with any compensation. Gifts exceeding $14,000 per year are subject to the gift tax. This amount can be changed by Congress, but is likely to increase with inflation in the future.
Doubling Your Gifts
If you’re married, your gift tax exclusion amount doubles as you can each give up to $14,000 per recipient per year. So, if you were married in 2020, you and your spouse could jointly give up to $28,000 per recipient per year tax free. In fact, even if a wife or a husband gives a gift without the consent of their spouse, the gift is still assumed to be made by both spouses jointly. As an example, suppose that Henry and Wilma are well into their retirement and are looking to help their granddaughter buy a house with her spouse. Under the annual gift exclusion, Henry and Wilma can give a total of $56,000 tax-free — $28,000 to their granddaughter and $28,000 to her spouse.
Spousal Gifts
If you’re married and your spouse is Providence, Utah, there’s no limit on the value of gifts you can exchange together as any gift to a citizen spouse is tax free. However, if your spouse is not a from Providence, Utah, there’s an annual limit on how much can be gifted ($149,000 as of 2020). Any amount beyond that is subject to the gift tax.
Timing of Gifts
The timing of your gifts can make a difference in how quickly you can reduce the size of your estate. The annual gift exemption is based off of the calendar year, meaning that you cannot retroactively date a gift even if you meant to give it the year before. However, there are ways to use the timing rules to your advantage. For example, if your son needs $25,000 for a down payment on his new home, you can give $14,000 in December and the remaining $11,000 in January. Because the gifts took place in separate calendar years, even if only a few weeks apart, there will be no gift tax imposed and you will have quickly reduced your estate by $25,000.
Gifts of Non-Cash Property
The annual gift tax exemption rules also apply to stocks, bonds and other pieces of personal and real property. For example, if you and your spouse elect to give your entire stock portfolio (worth $40,000) to your friend, you may jointly give $28,000 worth of stocks and bonds the first year and the remaining $12,000 the following year without triggering the gift tax. There are also ways to gift portions of property over time to avoid the gift tax. For example, suppose that Frank and Jill, a married couple, want to give their fully-paid luxury car to their grandson Jimmy. The car is held jointly and has a fair market value of $50,000. If the couple first transfers Frank’s interest in the car to Jimmy, then this would constitute a gift of $25,000, (under their joint annual gift tax exemption of $28,000). The following year, Jill can transfer her $25,000 interest so that Jimmy owns the car outright and no gift taxes are triggered.
Gifts to Minor Children
If you plan on gifting a substantial amount of assets to a minor child, this raises questions regarding management. Most of the time, you’ll want an adult to manage the money until the child is old enough to take responsibility. Generally gifts to minors are made through either an irrevocable trust, or a custodianship/guardianship. When gifting to a minor child, either through an irrevocable trust or a custodianship, the gift must meet the following conditions to qualify under the annual gift tax exclusion:
1. The minor must receive outright ownership by age 21; and
2. If the minor dies before age 21, any remaining property must go into the minor’s estate or, if there is a will, to the minor’s beneficiary(ies).
Give, But Be Cautious
Although you may feel the need to decrease the value of your estate before you die, you should always carefully plan out any gifts. After all, you don’t want to give away so much of your estate that you’re no longer able to take care of yourself. However, if you’re in a strong financial position to care for yourself and are sitting on a large estate, gift-giving before your death may make sense. If deceased residents of the state. One tax rate may apply to all assets in the estate, or the rate may vary depending upon who receives what property. For example, a state may impose a lower tax rate on property left to a child, as compared with property left to a distant cousin. It is important to note that a few states are in the process of phasing out their estate tax systems.
State Inheritance Taxes: Paid by the Recipient of Property
In states that carry inheritance tax laws, taxes must be paid by the person who receives inherited property (as opposed to estate taxes which are paid from the decedent’s estate). Inheritance tax exemptions and rates may vary depending on who received the property, i.e. the decedent’s spouse may be taxed at a lower rate than would be a friend of the decedent. A number of states are phasing out their inheritance tax systems.
“Pickup” Tax
Keep in mind that most states, even if technically carrying estate or inheritance tax laws, in practice follow what is known as a “pickup” system of taxation at the time of the decedent’s death. Under this system, while a state tax return must be filed on behalf of the estate (or by a recipient who inherits property), the state’s share of the tax comes out of what the estate is already paying the IRS. In other words, in most states no tax will need to be paid beyond the amount that is already being paid to the federal government.
Hire An Attorney To Plan Your Estate
If you live up in Providence, Utah, and you are thinking about estate planning, you may want to consider hiring an attorney in your local area. Lawyers who specialize in this area of the law know exactly how to phrase your requests. They can also set up a will that is legally binding.
A Providence Utah attorney dedicated to estate planning can do far more than preparing your last will and testament. This legal representative can also:
• Distribute wealth and property in accordance to your specifications
• Prepare Powers of Attorney documents
• Establish living trusts in case of incapacity
• Care for minors and incapacitated individuals
• Set up retirement plans and insurance policies
• Arrange property protection and asset distribution
• Advise on long term and life care planning, as well as Medicaid eligibility
• Give information on Social Security benefits
• Handle community property agreements
• Ensure that the client’s property is protected from their inheritor’s creditors
Estate planning can be quite involved. An experienced estate attorney can handle all the details with ease, and help you with your assets and property while you are still alive. He can suggest estate maintenance solutions that can help you reach all your goals. When you are looking for a reliable estate lawyer, select a Providence Utah attorney. While you may not need other counsel at this time, you never know what the future may hold. Being a client at a legal firm will probably give you access to other types of legal representation as well.
How Residential Real Estate Appraisals Work
Appraisals are an important part of the home buying process. A real estate appraisal establishes a property’s market value—the likely sales price it would bring if offered in an open and competitive real estate market.
Lenders require appraisals when buyers use their new homes as security for their mortgages. An appraisal provides the lender with an assurance that the property will sell for at least the amount of money it is lending. Don’t confuse a comparative market analysis, or CMA, with an appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices. Appraisals are detailed reports compiled by licensed appraisers. An appraisal is the only valuation report a lender considers when deciding whether to lend the money. An appraisal is also not the same thing as a home inspection. Home inspectors test appliances and outlets, check the plumbing, and confirm that a home’s heating and cooling system is working. Such information is helpful for the buyer to know before moving in. An appraiser, however, is only concerned with valuing a home.
1. Appraisers are licensed by states after completing licensing coursework and internship hours.
2. The appraiser must be an objective third party, someone who has no financial or other connection to any person involved in the transaction.
3. The property being appraised is called the “subject property.”
4. In some cases, the buyer pays for the appraisal at the time of the loan application. Other times, the appraisal fee is added to the settlement statement and paid at the closing table.
What You’ll See on a Residential Appraisal Report
Appraisals are very detailed reports based on an appraiser’s on-site evaluation of a property as well as an evaluation of sales data. Here are a few things they include:
• Details about the subject property, along with side-by-side comparisons of similar properties.
• An evaluation of the overall real estate market in the area.
• Statements about issues the appraiser feels are harmful to the property’s value, such as poor access to the property.
• Notations about seriously flawed characteristics, such as a crumbling foundation.
• An estimate of the average sales time for the property.
• The type of area in which the home is located, for example, a development or stand-alone acreage.
Residential Appraisal Methods
There are two common appraisal methods used for residential properties: the sales comparison approach and the cost approach.
Sales Comparison Approach
The appraiser estimates a subject property’s market value by comparing it to similar properties that have sold in the area. The properties used are called comparables. No two properties are exactly alike, so the appraiser must compare similar properties to the subject property, making adjustments so that their features are in-line with the subject property. The result is a figure that shows the price at which each comparable property would have sold for if it had the same components as the subject property.
Cost Approach
The cost approach is most useful for new properties, where the costs to build are known. The appraiser estimates how much it would cost to replace the structure if it were destroyed.
What Does the Appraisal Mean to You?
A homebuyer’s initial mortgage approval is accomplished early on, but final approval usually hinges on a satisfactory appraisal. The lender wants to be sure its investment is covered in case the buyer defaults on the loan. If the property appraises lower than the sales price, the loan might be declined, but that isn’t the only hurdle it must pass. Other red flags noted on appraisals include:
• The estimated time on the market is longer than the area average.
• Entry to the property is from a private, shared road. The lender might want to see a road maintenance agreement signed by everyone who uses the road, verifying that maintenance is shared by all parties.
These are just a couple of examples of appraisal findings that could stall a home purchase. Lenders study appraisals carefully before determining whether a property qualifies as security for a home loan.
Low Appraisals
Don’t panic if the appraisal comes in low because there are steps you can take to make the deal work. If the appraisal uncovers other problems, remember that most problems are correctable. Keep your cool and work through issues one step at a time.
Free Initial Consultation with Lawyer
It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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source https://ascentlawfirm.com/estate-planning-attorney-providence-utah/
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Estate Planning Attorney Perry Utah
We all have a rendezvous with Death, but few of us like to think about it. That may be why almost half of American adults do not have a last will and testament. Estate planning is one of the most awkward and uncomfortable areas of law and that’s really saying something! Because it’s distressing and disagreeable, most folks put it off until the very last minute while others don’t get to it at all. This is always a mistake.
No Will, No Way
When a person passes away without a will (intestate), the distribution of assets must be settled in probate court. As a general rule, spouses and blood relatives will receive the lion’s share of the estate, while friends and loved ones are not entitled to anything under state law. To ensure that your assets are allocated according to your wishes, you must contact estate planning lawyers.
What Do They Do?
First and most importantly, they draw up legally-binding wills that cannot be disputed or contested in court. Most people do not realize how important this simple document is to those they leave behind. Even tight-knit families can encounter unforeseen disputes when the estate of a loved one must be divided. Add grief, resentment, and anger to the mix, and you have a recipe for disaster. It’s no surprise that fighting over inheritance is a story as old as the pyramids.
Who Needs Them?
You might be young and as fit as a fiddle, but according to the experts, anyone who has substantial assets should have a last will and testament. Yes, the process is mostly about assets, but is also involves medical directives in the event that you should become incapacitated. It may be unlikely, but the tragic truth is that people of all ages sustain catastrophic injuries every day in America. And without specific medical directives in place, your family may be unable to determine exactly what you want done in any given circumstance. For example, they may not know whether you would want to be left on a life-support system for a prolonged period of time. This ambiguity can and has lead to protracted legal battles in the past.
At the end of the day, life is unpredictable. Most of think we have all the time in the world, but that is seldom the case. Estate planning and administration may initially seem morbid and uncomfortable, but it is also thoughtful and considerate. After all, the worst thing we could ever do to our loved ones is to leave them with an imbroglio if we should pass before our time.
It Takes About An Hour
Why do people fear dentists? Because nobody likes people poking at their teeth and gums! Even if it is necessary, some folks avoid the dentist at all costs. The same could be said about estate lawyers. Because no one wants to think about his or her own mortality, we often delay dealing with the inevitable. The good news is that most lawyers can draw up a last will and testament in short order. It might take a bit longer than a dental cleaning, but it shouldn’t take up your entire afternoon.
Why Do I Need a Will If I Have a Trust?
If you’ve spent any time at all talking about estate planning, you’ve probably wondered why you would need a Will if you have a Trust. That is a common question. Before we explore the answer, let’s review some basic differences between the two.
Most people are familiar with a Will (or “Last Will and Testament” to be fully formal), but many do not really know what a “Trust” is. Think of a Trust as being a special box into which you place your assets (bank accounts, stocks, your home, rental properties, etc.) The person you appoint to take care of the box is called the “Trustee”. This person is not the “Executor”. An Executor is appointed in a Will, approved by a court, and only has authority after you die. A Trustee generally does not need court approval, and can handle things during your lifetime and after your death. This is why it is sometimes called a “living” Trust.
There are many differences between a Will and a Trust, but the most basic differences are:
• A Will only takes effect when you die, but a Trust can be operative both during your lifetime and after your death.
• Property given to someone under a Will must be distributed to them outright, with no strings attached. Property given under a Trust can be given outright, or it can remain in Trust and be supervised by the Trustee. It is possible to setup a Trust through a Will, but the result is still a Trust.
• There is more potential to reduce your estate taxes if you use a Trust rather than a Will.
• A Trust allows you to better protect your heirs from creditors, divorce, and other relatives (or step-relatives).
• Property given under a Will must go through the Probate Court. That process is very expensive in Perry Utah, it is time consuming, and it is very public. A Trust does not have to go through the Probate Court, can remain a private matter, the expenses of probate can be avoided, and the decedent’s final affairs can be handled quickly. For most people, having a Trust is well worth the expense of setting one up — a cost which is, by the way, generally far less expensive than a probate. It is customary (though not required) to name the same person as Trustee and as Executor, so that control of both Trust and non-Trust assets are centralized in one person.
So, why do you need both? Having a Will even if you have a Trust is like having a safety net. It is very common for people to accidentally leave something out of their Trust. The family home is a good example. People buy a new home, or refinance the existing one, and forget to title the property back to their Trust when they are finished. When the person dies, the house is not part of the Trust, so “who gets it” is decided by the Will. Ideally, the Will states that all assets pass to the Trust. This way, final distribution of assets still follows the plan laid out in the Trust. Without a Will, the State will decide who gets any assets that are not in the Trust. That may or may not be the people you wanted to have that property. A good estate plan will always include a Will, even if it has a Trust. Regardless whether you decide to have one or both, you should always get help from a lawyer. In the long run, do it yourself estate planning usually results in more expense and unintended consequences.
Probate Lawyers Assist With Estate Planning
An essential part of estate planning includes writing a Last Will and Testament in which an estate administrator is designated to handle the execution of the terms of the Will. A well written Will saves time and money during the probate process by expediting the transfer of assets and helps to prevent costly and time-consuming family disputes. Additionally, estate planning should include a Power of Attorney to designate a trusted family member or friend to make decisions in the case of incapacitation. There are available legal strategies for avoiding probate to protect inheritance property and other assets. These may include the establishment of trusts, gifting in allowable amounts, and joint ownerships that automatically transfer properties to the beneficiaries. Consult with an attorney to discuss your options and take the necessary measures to protect your assets and your loved ones when that inevitable day comes.
Estate planning can help ensure that your assets are secure after death. Living clients who become incapacitated due to illness or injury can also benefit from estate planning. The process prevents familial legal disputes, lowers taxes, ensures the payment of assets to any beneficiaries, and ensures the collection of money. A lawyer can protect assets by scheduling certain plans to be set in motion at an appointed time. These plans include a trust, a pour-over will, and a power of attorney.
A Trust
A trust arranges for a third party, the trustee, to control assets on behalf of a beneficiary. A beneficiary inherits assets whether or not an asset is meant to go to a beneficiary. Another commonly used term is “heir,” which designates relatives who inherit in the absence of a will. The client chooses the third party for the beneficiary.
A Pour-Over Will
A pour-over will is often used in conjunction with a trust and ensures that all property that passes through the will upon death transfers to a trust, i.e. pours over into that trust. From there, the property is divided and distributed to the beneficiary as designated by the client.
Power of Attorney
A power of attorney is a legal document that designates a third party to step in to make decisions for you, should you become mentally incapacitated. This third party is called an agent. A power of attorney is vital because, without it, your family members may have to go to court to obtain control of your estate.
Agents Appointed Time
Each state follows its own laws about when the appointed third party begins making decisions as a legal agent. Perry, Utah law stipulates that a person can draft control that is enacted as soon as the agreement is signed or wait until incapacitation for it to go into effect. If the client arranges for the power to begin upon signing, the client must clarify that the agreement is durable. Otherwise, the agreement automatically ceases if the person suffers incapacitation. If a client doesn’t want the power to immediately transfer, a springing durable power of attorney must be enacted. This makes clear that the power remains untransferable until a doctor certifies incapacitation.
Duties of an Agent
The duties of the agent include paying ongoing fees or outstanding bills, depositing money into bank accounts, monitoring investments, collecting benefits from the government or insurance company, and handling other estate planning matters. The agent will know what to do because he or she will have a clear lawyer-assisted plan to follow that prevents having to guess about the timing of these important financial matters.
Estate Planning Tools: Durable Power Of Attorney – Factors To Consider
If something happens while you are alive, that makes it impossible for you to handle your financial affairs, sign legal documents or communicate your wishes to others; you could have trouble in many ways. Without a properly executed Power of Attorney, your family may need to get a court order just to handle your affairs. These can cost plenty and waste months of time. Even though a power of attorney is a relatively simple document and is readily available from many sources, I am still amazed at how many families and individuals do not have one in force. Follow these simple guidelines and make sure that you are protected should anything ever happen that would cause you to need one.
Factors To Consider:
• Your Agents: One of the most important decisions with a power of attorney is your selection of agents. Will you use a single agent or appoint co-agents? Who will be your successor agent(s) if someone is unable or unwilling to fulfill their duties? These are the questions you need to answer before you are ready. Your agent(s) should be organized, good with numbers and possess great common sense.
• Access Medical Records: Will you allow your agents to have access to your medical records? They may need this information to keep track of, or to dispute medical bills. But if you want or do not want them to have access to this information, you will need to specify inside your power of attorney.
• General or Specific Powers: Will your power of attorney provide your agent with broad general powers or very specific powers? You can decide on either, but the more specific you get, the more limited the powers your agent will be allowed. Most people will choose to provide a general power that will include handling most financial, business and personal matters.
• Beneficiary Changes: You can empower your agents with the ability to change your beneficiaries if you would like, but this can be a risky proposition. In most instances, you will not allow for this provision. You can also provide for the power to refuse potential inheritances. I think this can be helpful in situations where, if someone passes and is leaving you an inheritance, but you refuse it (or are deceased), it would go directly to your children instead.
• Effective Dates: When will your power of attorney take effect? When will it terminate? You can have it take effect immediately upon execution, you can have it take effect upon the certification of some medical condition or you can specify a certain time period. You might use this if you were going to be out of the country for 3 months or in a rehabilitation program for certain length of time. All powers of attorney terminate immediately upon the death of the individual, but you can set other dates or events as previously outlined.
• Hire Professionals: Will your agent have the power to hire professionals such as accountants, financial advisers, lawyers, etc? If you want them to be able to handle these on your behalf, you have to specifically allow them by including this power within your document. If not, you may want to specify who you are already working with and require their services if needed.
• Receive Compensation: Will your agent be allowed to receive reasonable compensation for time and efforts spent acting as your agent? Will they also be allowed to receive reimbursement for any expenses that they incur while acting on your behalf? In most cases you should allow both of these. Taking care of someone’s affairs can be time-consuming and there should be reasonable remuneration for these services. While you can specify either way, your agents may be unwilling to participate without it and this could cause bigger problem down the road.
Conclusion
Having a power of attorney drafted is a fairly simple and inexpensive process. You can hire an attorney, use online legal services or purchase a legal software package to assist you with the preparation. It is very important to follow the execution and filing recommendations for your state and county. Having proper witnesses and notarization of all signatures is a great safeguard for any legal documents, so make sure to get them done right.
Free Initial Consultation with Lawyer
It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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source https://ascentlawfirm.com/estate-planning-attorney-perry-utah/
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Estate Planning Attorney Kearns Utah
Most of us don’t put nearly as much though as we should into planning how our estates will be distributed, and the estimates are that nearly two-thirds of Kearns die intestate, without having prepared a will. While their estates will eventually be distributed according the inheritance laws in their states, those laws may not reflect at all how they would have chosen to pass on their assets. If you want to avoid that situation, finding a firm of experienced estate planning attorneys is your best answer. Estate planning attorneys have a comprehensive understanding of the probate process in your state, as well as up-to-the-minute knowledge of estate tax laws. They will help you ensure that your final wishes regarding the distribution of your estate, as well as your health care and life support wishes, are carried out.
Estate planning attorneys can help you regardless of whether you want to draft a simple will for a small estate; to change an existing will so that it reflects a change in your financial status; to establish a living trust; or to set up an estate plan which includes a will, trust, and your health care and life support directives. Your estate planning attorneys will help you determine, from the existing state of your financial affairs, including your investments, real estate holdings, and personal property, what your estate planning goals should be. They will help you get a realistic picture of the potential needs of your survivors, and elicit a clear understanding of your final health care desires. With that information, estate planning attorneys can then explain to you the best alternatives for seeing that your estate is handled as you wish. They will not only discuss wills and trusts; they will present options which you can employ immediately to lessen the taxes and probate costs on your estate.
Estate planning attorneys can also advise you as to whether or not any personal changes in your life will require a change in your estate plan. If, for instance, you are widowed or divorced, in you later years, and considering remarriage, you should be aware that there may be consequences for your estate. Should you remarry late in life, you and your spouse will be responsible for the costs of each other’s long-term health care should one of you be placed in a nursing home. Those costs be a significant drain on you, or you future spouse’s, assets. If you have children from an earlier marriage and intend to remarry, changing your estate plan so that you will include your new spouse among your heirs, there is a possibility of conflicted feelings among your children. Estate planning attorneys can suggest ways in which you can begin to distribute the assets you intend to leave to you children assets among your children during your lifetime without it causing tax consequences. Estate tax attorneys will draft and execute all the legal paperwork, including your will, living or testamentary trust, health care directive, and powers of attorney which are necessary to carry out you wishes. They will also do the research needed to make sure that the tax consequences to your estate are minimized, consulting with tax experts if needed.
Finding A Competent Estate Planning Attorney
When the time comes for you to leave this earth, your assets stay behind. Everything you have worked hard for will remain here, but you need to make sure they are left in safe hands. And for this to happen, you need to come up with an estate plan. Estate planning is making plans to entrust your assets to someone responsible when you pass on. And to avoid difficulties during this process, it can be helpful to work with a lawyer. An estate planning attorney is a professional who is well versed with these issues, and who knows all the laws involved in that area.
Finding an estate attorney can be a daunting task. You need to be careful while you look for one, because your precious assets are involved here; be it your cars, apartments, bank accounts, estates, businesses, etc. He should be competent enough to put things clear so your beneficiaries will not have problems down the line.
Toward this end, there are important attributes you need to look for in a competent attorney. Here is just a look at some:
First, ensure that whoever you are going to hire has experience in that field. Ensure that your lawyer has a license, check on his certificates and his working experience as well. He should display his professional skills in the way he counsels you, and in the options he is giving you. The attorney must also be ethical. He should give you advice that is legally accepted. Any attorney who is giving you advice that is not legal and ethical will cause problems to your beneficiaries in future. Also, look for someone who you can trust as a ‘friend’. He should be a person whom you can tell him everything and how you want your final affairs arranged.
He should be a good listener and open-minded as well. He should be in a position to offer you a personalized service displaying a sense of seriousness and commitment to your matter. Just as said earlier, finding an estate planning attorney with all these attributes is not easy. There are many attorneys who claim to know all about estate planning, but not all of them are well-versed in this area. Here is a list of resources you can consult while as you search for an attorney:
• Referral from your financial advisor.
• Your accountant can also be of help.
• You can consult other lawyers you have worked with on legal issues.
• Ask for a referral from a local probate court.
• Ask your colleagues, family and/or friends for a referral.
• Search on the internet and/or check advertisements that have been posted on the newspapers or there are those who advertise themselves on radio or televisions.
This list will help you find an attorney, and provided he/she possesses all the attributes mentioned above, you should have a reputable estate attorney to help you manage your final affairs.
Do You Need a Estate Planning Attorney to Write Your Will?
Everyone should have a will. That is a simple fact. If you have children or have any assets at all, it is absolutely essential to have a will. Even those without kids and with minimal possessions can also benefit from having a will since you will still need people to understand what you want to happen at the end of your life.
While you may be tempted to try to create your own will, it is advisable in almost every case to speak with a estate planning attorney. A good estate planning attorney can help you to prepare a will for a very reasonable fee and there are many benefits to having legal advice for this important document.
There are a myriad of reasons why it is important to get legal advice from an estate planning attorney for both simple and complex wills. Some of those reasons include the following:
• An estate planning attorney will make sure your will meets all legal requirements. Of course, you have to be of sound mind and body but there is also more to it than that. Although you can handwrite a will (aka create a “holographic will”) handwritten or improperly prepared wills may not always be enforceable. It is better to have an expert legal professional help you to draft a document that everyone knows is legally enforceable.
• An estate planning attorney will help to ensure that your will contains all necessary provisions. Many people think about dividing their assets and focus on this aspect of creating a will. However, there is more to making a will than just dividing up your stuff. If you have kids, or even pets, you’ll want to make sure you specify who is to care for them. You may wish to provide special funding for their care as well. Your will can also spell out issues such as how you want your funeral to be arranged, which takes the burden off of grieving family members.
• An estate planning attorney will advise you of the tax consequences of your death. For certain families, there are taxable consequences to leaving assets to heirs or to the transfer of assets. Your attorney can help you to better understand what taxes will occur after you die and when your assets are transferred. An estate planning attorney may also have some advice on how to reduce the taxes that are involved so you and your loved ones can keep more of your hard-earned money.
• An estate planning attorney can help to make sure that your wishes are enforced. From making sure the will is drafted properly to helping you to name an executor to advising you on whether to include a no contest clause, your attorney’s expert legal advice will be invaluable. Your will is one of the most important documents you will create since it helps you to make sure that your legacy lives on as you hope after you are gone. For such an important legal document, it only makes sense to get the best possible expert advice from an estate planning attorney.
Estate planning lawyers, also known as probate attorneys, are often hired to draft Last Will and Testament documents for clients who are looking ahead and wish to have their assets divided among loved ones, or left solely to a particular individual. No matter whom they wish to leave an inheritance to, estate planning lawyers guide clients through the legal system, ensuring them that their final wishes are upheld in a legal manner. Probate attorneys can do much more than just planning for the future with their client. They can also assist beneficiaries in locating, securing and selling assets. In the event that you have become the beneficiary of an inheritance, hiring a probate attorney to advise you through the legal process can ensure that you receive the assets that you are entitled to.
Hiring An Estate Planning Attorney to Assist With Financial Matters
When beneficiaries come into an inheritance, one thing they may not consider immediately is how they are going to settle financial obligations that belong to the deceased person who has left them assets. Property taxes, outstanding loans and immediate debts should be addresses as quickly as possible to avoid any penalties to the estate. An experienced attorney can help a beneficiary by sorting through the deceased party’s financial obligations and recommend a course of action on paying down debts. They can also determine if income tax or gift tax is applicable toward the inheritance, and determine if payments can be made to cover taxes or if the sale of assets is warranted to cover the costs.
On the other side of the spectrum, probate attorneys can locate and secure material assets and financial capital that were left to the beneficiary. This may include property deeds and titles, bank accounts, stocks and bonds, retirement accounts and insurance settlements. Having estate planning attorneys secure an entire inheritance can ensure that the beneficiary does not neglect to maintain accounts that they are now responsible for. Property should be retitled into the beneficiary’s name, and life insurance policies and retirement accounts should be collected on and redistributed into new bank accounts also in the beneficiary’s name for the purpose of securing the inheritance.
Probate Attorneys Can Assist in the Sale of Inherited Property
If, for any reason, a beneficiary decides not to keep their inherited property, having a probate attorney assist in the sale of this and other assets can be an invaluable resource. Probate attorneys specialize in inventorying inherited property, obtaining appraisal value on items within the property and assisting with the sale of inherited items. They also prepare and file any required documentation through the courts, ensuring that nothing is overlooked with the sale of the estate. Hiring a probate attorney to execute the sale of inherited property can help beneficiaries avoid legal issues and complications, while helping them to collect fair market values on the items they wish to sell. Anyone that has come into an inheritance, no matter how large or small, may want to consider consulting with estate planning attorneys to decide what their best course of action may be.
What You Need To Have Together Before You See Your Estate Planning Attorney
An important question to ask before you see an estate planning attorney to make a will or living trust and all of your other planning documents is what to bring. It is important to account for all of your assets, or everything you own before you make an appointment to see your estate planning attorney. You must do a little bit of work to prepare yourself and do your homework before you will be properly prepared for your initial meeting with an attorney. Your estate planning attorney can only make an estate plan based on the information that you give them. If you give your estate planning attorney an incomplete picture of your assets then you attorney may make an estate plan that is not in your best interest. If your estate is bordering on being a taxable estate or over the excludable amount then you will require a different estate plan than if you were not. An extra life insurance policy that you have forgotten about or old stocks that have increased in value can easily push an estate from being non-taxable to taxable. All assets over the excludable amount are taxed at a high rate and you can pass more of your assets to your potential heirs by planning ahead. It is also a good idea to identify all of your assets so they can be passed to potential heirs. If a hidden asset is discovered too late and probate has already closed an estate then a supplemental probate proceeding may have to be opened to pass that asset. This can be an extra headache that you can spare potential heirs be planning ahead.
It is easy to just not think about your financial situation and just hope everything works out in the end, but this is not fair to your loved ones who will have to live the consequences of improper planning. Loved ones of deceased family members are often left to pick up the pieces of a complicated puzzle and must figure out someone’s life with an incomplete picture and missing pieces. It is better to locate all important documents and paperwork and have it in one place not just for your attorney that makes an estate plan, but also for family members so they will already have a completed puzzle and not have a difficult chore to do during a difficult and stressful time period.
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It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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