There are steps you can take to minimize estate taxes and ensure that most of your worldly wealth is given to your loved ones. The biggest detriment to an effective estate plan is procrastination in creating a will. Establishing a will is a straightforward process. It lets you name the executor for your estate and which heirs will get what property. You can also stipulate a guardian for any minor children who survive you. It also lets you name contingent beneficiaries secondary heirs who are next in line if your primary heirs die before you do.

If you fail to establish a will, the state will follow established next-of-kin rules and distribute whatever assets survive estate taxation accordingly. If taxes are a consideration Estate planning attorneys in west valley city, Utah helps minimize their sting. One appropriate tool is a trust. Trusts give you greater control over your legacy, permitting you not only to leave a specified amount to an heir, but also to specify the fund’s purpose. And once you fund a trust, those assets are removed from your estate and will not be subject to probate or estate taxation.

Trusts are very useful: They can serve as an endowment for a grandchild or a favorite nonprofit organization, or to meet the special needs of a loved one. Estate planning attorneys are experienced in crafting estate plans for small to multi-million dollar estates, aiming to accomplish the client’s goals with the lowest possible estate, gift and income tax cost. Estates planning services include drafting wills and revocable trusts, setting up charitable entities and private foundations, and handling estate, trust and probate administration. The attorneys also offer a variety of sophisticated planning techniques, including family limited liability companies, irrevocable life insurance trusts, multi-generational dynasty trusts and asset protection trusts.

Estate planning attorneys in West Valley City work closely with clients to make sure their estates are handled in the best manner during their lifetime. A proper estate plan offers peace of mind now and less emotional distress for beneficiaries later. There are reasons to create a trust as part of your estate plan, but each situation requires an analysis to determine the pros and cons of having a trust rather than a simple will. Our attorneys can guide you in creating and understanding the beneficial reasons for having a trust such as avoiding or reducing federal estate taxes and protecting distributions to children of previous marriages.

Assets transferred into a trust are owned by the trust and can include real estate and bank or investment accounts. The trust document, names an administrator who will distribute the assets and income of the trust upon your or your spouse’s death. The estate planning attorneys are often asked by clients to serve as trustees or co-trustees to provide continued legal counsel in the stewardship of the estate as outline by the trust documents. Having an experienced and unbiased trust administrator is important for implementing the directions outlined in the trust.

We can assist with all aspects of trust planning and other asset protection options or just the services with which you need assistance. Trust administration services can include:
• Establishing living trusts, irrevocable life insurance trusts or family limited liability companies
• Establishing charitable entities or private foundations
• Preparing powers of attorney and medical powers of attorney
• Conducting annual reviews regarding trust administration for compliance with applicable laws and regulations
• Handling trust accounting including preparation and filing of all required state and federal tax forms
• Advising on the selection of independent investment advisors, asset allocation and investment performance
The needs of each situation vary depending on the size of the estate, the assets involved and whether all assets were properly placed into the trust. While having a trust makes administration and asset distribution easier and less emotionally stressful for the beneficiaries, continued legal counsel can be helpful to:
• Advise the trustee on the legal responsibilities in administering a trust
• Provide assistance regarding the distribution terms of the trust
• Prepare and file of all required state and federal tax forms
• Advise on tax issues related to non-U.S. citizen beneficiaries
• Defend the trust against claims

Estate Planning Services

Estate planning on your own can be complicated and costly. And the list is endless… state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRAs, 401Ks, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end. Thoughts of estate planning often bring more questions than answers: Could an heir be too young to inherit? Should the inheritance be given at a certain age? Is the intended beneficiary in a shaky marriage with divorce as a possibility? Are there children from a previous marriage? Should inheritance be protected from potential creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the probate court rules, delays, and costs?

Planning what happens to your estate when you’re gone can seem frustrating and intimidating without qualified help. You may feel that you’re too young to care about estate planning. Or, perhaps the reminder of death makes you uncomfortable. You might be tempted to put the whole thing off, assuming that it will just take care of itself. In all cases, estate planning ends up saving your family lots of time, heartache and money.

Every estate planning situation is different. In order to help you, the attorney needs to know you, your unique situation, and the nature of your relationships. Estate planning attorneys in West Valley city are available throughout the process for further discussion regarding questions, change of circumstances, and alternatives. At every step, their tax accountants in West Valley will also be there with you.

They help you…
• Clearly define your estate planning goals.
• Organize and create your estate planning team (experts on law, finance, and taxes) if you need one.
• Evaluate and recommend estate planning options.
• Prepare, organize and review your estate planning documents including current wills, trusts, health care and power of attorney.
• Decrease the problems and expenses associated with probate.
• Lessen taxes at time of death.
• Arrange for management of your estate in the event you are incapacitated.
• Draft a working plan for conserving and effectively managing your estate after death.
• Transfer the assets of your estate to heirs the way you want.
• Organize fair and adequate liquidation of estate to cover taxes and other expenses.
• Amend your plan as needed.

You also get help with…
• Living Wills and Trusts.
• Lifetime Family Wealth Transfers.
• Family partnerships and other business relationships.
• Leaving money to charities.
• Preparation for estate and trust tax problems.
• The hassles and red tape associated with estate planning can be daunting, but you don’t need to do it alone
Estate planning encompasses inventorying your assets, determining asset distribution after your death, considering which estate planning tools you prefer and implementing the plan. Your plan should also include contingencies after all, you might become incapacitated and require long-term care, or your intended heirs might die before you do.
The estate planning tools and topics with which attorneys in West Valley City can assist you include:
• Wills
• Trusts
• Revocable living trusts
• Irrevocable trusts
• Irrevocable life insurance trusts
• Special-needs trusts (third-party and self-settled)
• Residence trusts
• Charitable remainder trusts
• Powers of attorney
• Durable powers of attorney
• Asset protection trusts
• Special medical powers of attorney
• Limited powers of attorney
• Living wills (healthcare directives)
• Written statements disposing of tangible personal property
• Real property transfers
• Estate administration
• Medicaid planning
• Elder care planning
• Guardianships and conservatorships
• Elder abuse issues

They have the experience and knowledge that you need. When it comes to estate planning, choose a law firm that is focused on your needs. Estate planning attorneys in West Valley city advises individuals about the legal challenges facing them. They counsel and provide clients with solutions. Their unique process ensures that from the moment you engage their services, you are empowered with knowledge and provided a plan that is tailored to your situation. We realize that you have choices when choosing an attorney, and believe that you should choose a specialist.

Whether you have $100 or $1,000,000, you have an estate. Simply put, an estate is the interest you have in “lands or any other object of property.” By definition Estate Plans are your instructions for estate asset disbursement to heirs at your death. This includes drawing up a will, setting up trusts and gifting property. Estate planning can be motivated by taxes, avoiding probate, ensuring your wishes are carried out correctly, protecting assets, or incentivizing your heirs to do well and be productive. There should not be a “one size fits all” estate plan that works for everyone. Internet based plans often fail because they don’t have the key player’s interests in mind. The following documents are just some of the essential items that a proper estate plan should have:
• Powers of Attorney: This is a legal document giving another person authority to act on the behalf of another. The powers can be very broad or very limited. A power of attorney terminates upon the death of the maker or when the principal becomes incapacitated. A Durable Power of Attorney however, stays valid even after incapacity.
• Health Care Directive: an advance health care directive names an agent you want to act in your behalf should you become unable to communicate. It specifies how much medical care you do or don’t want and who will work with the doctors to determine your care. Your directive will cover your wishes on organ donation and medical research. Your agent may also be allowed access to your medical records.
• Last Will & Testament: a will is a binding legal document that names an executor to administer your estate and also names to whom and in what manner your beneficiaries will receive property. You should know the following about wills:
• A will has no legal authority until after death. It does nothing regarding a person’s affairs when they become incapacitated.
• A will does not help an estate avoid probate, instead a will essentially guarantees probate if assets are held in the testators name only. A will must be submitted to the probate court to allow the appointment of the executor.
• A will is a good place to name guardians of minor children. If you have or expect to have minor children, you need to have a nomination of guardians or you leave the placement of your children to the court’s full discretion subject to possible intense family litigation.
• Trusts: Trusts come in many different flavors including the simple and complex. Essentially a trust is a legal entity with at least three parties: a trust maker, a trustee (manager) and a trust beneficiary. A trust can be revocable or subject to change. A revocable living trust is commonly created by an individual or couple whereby they are the trust maker, trustee and beneficiary all at once. If incapacity or death occurs, then successors step in to carry out the trust terms. A trust can also be irrevocable whereby the terms cannot be changed without the full consent of all beneficiaries. Also, special needs trusts and discretionary trusts can be established to protect trust principal from creditors and to preserve public benefits.

Estate planning used to be more focused on avoiding estate taxes. For the majority of people today, their estate will not have to worry about paying estate taxes unless their estate is over $5 million. However, the chances are significantly greater that they will need some type of long term care in an assisted living facility, nursing home or at home. There are several ways to fund long term care including out of pocket, with Long Term Care insurance, and/or government assistance like Medicaid benefits. If you are asset rich then you may be able to “self insure” your long term care risks by just paying out of pocket. Or, if you qualify and can afford the premiums, long term care insurance can be a great way to prepare for the high costs of long term care. A majority of people today in local nursing homes use Medicaid to pay for their stay. There are many misconceptions about qualifying for Medicaid.

Some think that in order to qualify you cannot have any assets and that Medicaid will take away your home after you die. While there is some truth to having limited assets, with proper planning some or most of your assets may be able to be preserved while allowing Medicaid to assist financially. Through the use of special irrevocable trust assets can receive protection from estate recovery after death and will not be countable during the Medicaid application process. However, Medicaid has a 5 year “look back” period on gifts and transfers to these types of trusts so it is imperative to plan well in advance.

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!

About West Valley City Utah

West Valley City, Utah

 

From Wikipedia, the free encyclopedia

 

 

West Valley City, Utah
City
City of West Valley City
The Maverik Center in West Valley City, home of the Utah Grizzlies ice hockey team.
Seal
Motto:  “Progress as promised.”[1]
Location within Salt Lake County
West Valley City Location within Utah Show map of UtahShow map of the United StatesShow all
Coordinates: 40°41′21″N 111°59′38″WCoordinates: 40°41′21″N 111°59′38″W
Country	United States
State	Utah
County	Salt Lake
Settled	1847
Incorporated	1980
Government
• Mayor	Karen Lang [2]
Area [3]
• Total	35.88 sq mi (92.92 km2)
• Land	35.83 sq mi (92.79 km2)
• Water	0.05 sq mi (0.14 km2)
Elevation	4,304 ft (1,312 m)
Population  (2020)[4]
• Total	140,230
• Density	3,913.76/sq mi (1,511.11/km2)
Time zone	UTC−7 (Mountain (MST))
• Summer (DST)	UTC−6 (MDT)
Area code(s)	385, 801
FIPS code	49-83470[5]
GNIS feature ID	1437843[6]
Website	www.wvc-ut.gov

West Valley City is a city in Salt Lake County and a suburb of Salt Lake City in the U.S. state of Utah. The population was 140,230 at the 2020 census,^[4] making it the second-largest city in Utah. The city incorporated in 1980 from a large, quickly growing unincorporated area, combining the four communities of Granger, Hunter, Chesterfield, and Redwood. It is home to the Maverik Center and USANA Amphitheatre.

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