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Utah Code 78A-6-515

Mental Health Therapist

1. When a mental health practitioner is to be appointed in a parental rights action to evaluate the mental health of a parent or a child, or to provide mental health services to a parent or a child, the court:
a) may appoint any mental health therapist, as defined in Section 58-60-102 , which the court finds to be qualified;
b) may not refuse to appoint a mental health therapist for the reason that the therapist’s recommendations in another case have not followed the recommendations of the Division of Child and Family Services or the Office of Guardian Ad Litem; and
c) shall give strong consideration to the parent’s or guardian’s wishes regarding the selection of a mental health therapist.
2. This section applies to all juvenile court proceedings involving:
a) parents and children; or
b) the Division of Child and Family Services.

Psychotherapy, also called talk therapy, is a type of mental health treatment. It’s often used either alone or with medications to treat mental disorders. During a psychotherapy session, you talk to a doctor or a licensed mental health care professional to identify and change troubling thoughts.

Benefits of Psychotherapy

Psychotherapy helps people with a mental disorder to:
• Understand the behaviors, emotions, and ideas that contribute to their illness and learn how to modify them
• Understand and identify the life problems or events like a major illness, a death in the family, a loss of a job, or a divorce that contribute to their illness and help them understand which aspects of those problems they may be able to solve or improve
• Regain a sense of control and pleasure in life
• Learn healthy coping techniques and problem-solving skills

Types of Therapy

Therapy can be given in a variety of formats, including:
• Individual: This therapy involves only the patient and the therapist.
• Group: Two or more patients may participate in therapy at the same time. Patients are able to share experiences and learn that others feel the same way and have had the same experiences.
• Marital/couples: This type of therapy helps spouses and partners understand why their loved one has a mental disorder, what changes in communication and behaviors can help, and what they can do to cope. This type of therapy can also be used to help a couple that is struggling with aspects of their relationship.
• Family: Because family is a key part of the team that helps people with mental illness get better, it is sometimes helpful for family members to understand what their loved one is going through, how they themselves can cope, and what they can do to help.

Approaches to Therapy

Psychotherapy can treat a wide range of of mental disorders, including:
• Depression
• Bipolar disorder
• Anxiety
• Anorexia, bulimia, and other eating disorders
• Posttraumatic stress disorder (PTSD)
• Schizophrenia
• Addictions
• Personality disorders
Psychotherapy can help you:
• Understand the behaviors, emotions, and ideas that may be behind your illness and how to change them
• Identify the life events, such as an illness, divorce, or childhood trauma, that may be at the root of your problems
• Regain a sense of control and pleasure in life
• Learn healthy ways to address problems
• Learn how to work with others to resolve conflicts

Sometimes psychotherapy can be an effective first treatment for mental disorders. But for many people, a combination of talk therapy and medication may work best.

Types of Psychotherapy

There are several approaches that mental health professionals can take to provide therapy. After talking with you about your disorder, your therapist will decide which approach to use.

Different Approaches To Therapy Include:

Psychodynamic therapy

Psychodynamic therapy is based on the assumption that you are having emotional problems because of unresolved, generally unconscious conflicts, often stemming from childhood. The goal of this type of therapy is for you to understand and better manage these feelings by talking about the experiences. Psychodynamic therapy is done over a period of at least several months, although it can last longer, even years.

Interpersonal therapy

Interpersonal therapy focuses on the behaviors and interactions you have with family and friends. The goal of this therapy is to improve your communication skills and increase self-esteem during a short period of time. It usually lasts 3 to 4 months and works well for depression caused by mourning, relationship conflicts, major life events, and social isolation.

Psychodynamic and interpersonal therapies help you resolve mental illness caused by:
• Loss or grief
• Relationship conflicts
• Role transitions such as becoming a parent or a caregiver

Cognitive-behavioral therapy

Cognitive-behavioral therapy helps people with mental illness identify and change inaccurate perceptions that they may have of themselves and the world around them. The therapist helps you establish new ways of thinking by directing attention to both the “wrong” and “right” assumptions you make about yourself and others.

Cognitive-behavioral therapy is recommended for people:
• Who think and behave in ways that trigger and perpetuate mental illness
• Who suffer from depression or anxiety disorders as the only treatment or, depending on the severity, in addition to treatment with antidepressant medication
• Who refuse or are unable to take antidepressant medicationOf all ages who have mental illness that causes suffering, disability, or interpersonal problems

Dialectical behavior therapy

Dialectical behavior therapy (DBT) is a type of cognitive behavioral therapy used for high-risk, tough-to-treat patients. The term “dialectical” comes from the idea that bringing together two opposites in therapy acceptance and change brings better results than either one alone. DBT helps you change unhealthy behaviors such as lying and self-injury through keeping daily diaries, individual and group therapy, and phone coaching. DBT was initially designed to treat people with suicidal behavior and borderline personality disorder. But it has been adapted for other mental health problems that threaten a person’s safety, relationships, work, and emotional well-being.

Comprehensive DBT focuses on four ways to enhance life skills:
• Distress tolerance. Feeling intense emotions like anger without reacting impulsively or using self-injury or substance use to dampen distress.
• Emotion regulation. Recognizing, labeling, and adjusting emotions.
• Mindfulness. Becoming more aware of yourself and others and attentive to the present moment.
• Interpersonal effectiveness. Navigating conflict and interacting assertively.

Supportive therapy

Your therapist coaches you on how to learn to manage your anxiety and unhelpful thoughts on your own. This approach helps bolster your self-esteem. Alternative and complementary forms of therapy also may help. You can use them in combination with regular psychotherapy.

• Animal-assisted therapy. Dogs, horses, and other animals may help ease anxiety, depression, and bring comfort.
• Art and music therapy. This can allow you to express and process your grief and other feelings.

Tips for Effective Psychotherapy

Effective therapy depends on your active participation. It requires time, effort, and regularity.
Keep these tips in mind as you start your therapy:
• Attend all of your scheduled appointments.
• Work with your therapist to set goals at the start. Review them from time to time.
• Identify sources of stress. Try keeping a journal and note stressful as well as positive events.
• Reset priorities. Emphasize positive, effective behavior.
• Make time for recreational and pleasurable activities.
• Communicate. Explain and assert your needs to someone you trust. Write in a journal to express your feelings.
• Focus on positive outcomes and finding methods for reducing and managing stress.
• Be open and honest. Success depends on your willingness to share your thoughts, feelings, and experiences and to consider new insights, ideas, and ways of doing things. If you’re reluctant to talk about certain issues because of painful emotions, embarrassment, or fears about your therapist’s reaction, let your therapist know.
• Stick to your treatment plan. If you feel down or lack motivation, it may be tempting to skip psychotherapy sessions. Doing so can disrupt your progress. Try to attend all sessions and to give some thought to what you want to discuss.
• Don’t expect instant results. Working on emotional issues can be painful and may require hard work. You may need several sessions before you begin to see improvement.
• Do your homework between sessions. If your therapist asks you to document your thoughts in a journal or do other activities outside of your therapy sessions, follow through. These homework assignments can help you apply what you’ve learned in the therapy sessions to your life.

How to Choose a Therapist

It’s important that you like and feel comfortable with your therapist. Thousands of licensed psychologists and other licensed professionals work in the U.S. Considering interviewing them by phone, video, or in person until you find a good match. You can find them by asking your family and friends for referrals, searching on the internet, checking with your health insurer, or contacting your local university.

Before you pick a therapist, you may want to ask:
• How much they charge
• If they accept insurance
• Hours for appointments
• Years of experience
• Areas of expertise
• Their treatment approach
• Whether or not they offer telehealth (virtual appointments)

Therapeutic confidentiality is key to effective treatment for numerous reasons, including building and preserving a strong therapeutic alliance. The benefits of confidentiality include:

Increasing cooperation in treatment

A child or adolescent has little reason to disclose information they don’t want shared with their parents if there is no guarantee of confidentiality. But often, the information they don’t want disclosed is the information that is most important for them to discuss in therapy.

Ensuring a child gets effective treatment

If a child cannot safely disclose whatever they want, the therapist may not have enough information to know what kind of help the child needs.

Protecting the child from risk of abuse or homelessness

Not all parents have unconditional love for their child. For example, some parents may abuse or disown a child for their sexual orientation or behavior. If this information is disclosed, it could make a client vulnerable to unkind or abusive treatment.

Protecting the child from third parties

Confidential information can be used for a wide range of purposes bullying, marketing, even stealing a person’s identity. So even when a minor has no right to confidentiality from a parent, they still have a right to privacy from third parties.

Improving the parent-child relationship

Some parents may worry that secrets will undermine their relationship with their child. But when a child can openly discuss their feelings in therapy, their relationship with others, including their parents, may improve.

Legal Protections For Minors

A complicated web of federal and state laws, professional ethics, and statutory interpretations by various courts govern minors’ right to confidentiality in treatment. Privacy concerns are complex legal issues that rarely have a simple answer. Therapists, parents, and others who have specific concerns about confidentiality may wish to talk to an attorney knowledgeable about the laws in their state. In general, the right to privacy in treatment is connected to the right to consent to treatment. Because a child cannot legally consent to treatment, the parent often acts as a personal representative for the child. Most children do not have a legal right to privacy from their parents, as a parent may need certain information in order to consent to treatment. A parent generally has the right to request a child’s medical record. This may include a child’s diagnosis, symptoms, and treatment plan. However, the parent does not have the right to view treatment notes unless a court orders otherwise. Professionals take psychotherapy notes to analyze the contents of a conversation. The notes are for personal use rather than official documentation. The Health Insurance Portability and Accountability Act (HIPAA) is the primary federal law governing medical privacy. It protects minors from disclosures to third parties who are not their parents. It requires health care providers, including therapists, to take reasonable steps to protect client privacy.

Some states extend additional privacy protections to minors that go beyond HIPAA. When a state offers a child more privacy rights than the child has under federal law, a therapist must follow state law. In some cases, a parent may not have the right to information about their child’s treatment. Those might include:
• When a parent has signed an agreement to respect the confidentiality between the health care provider and the minor.
• When a parent has lost or given up their parental rights. For example, the biological parent of an adopted child would not typically have a right to treatment information.
• When a court order specifically prohibits the parent from accessing the child’s information.
• When the child is emancipated. (Child emancipation is when a minor becomes legally responsible for their own care before the age of 18.)

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Utah Code 78A-6-514

Voluntary Relinquishment–Irrevocable

1. Voluntary relinquishment or consent for termination of parental rights shall be signed or confirmed under oath either:
a) before a judge of any court that has jurisdiction over proceedings for termination of parental rights in this state or any other state, or a public officer appointed by that court for the purpose of taking consents or relinquishments; or
b) except as provided in Subsection (2), any person authorized to take consents or relinquishments under Subsections 78B-6-124(1) and (2).
2. Only the juvenile court is authorized to take consents or relinquishments from a parent who has any child who is in the custody of a state agency or who has a child who is otherwise under the jurisdiction of the juvenile court.
3. The court, appointed officer, or other authorized person shall certify to the best of that person’s information and belief that the person executing the consent or relinquishment has read and understands the consent or relinquishment and has signed it freely and voluntarily.
4. A voluntary relinquishment or consent for termination of parental rights is effective when it is signed and may not be revoked.
5. The requirements and processes described in Sections 78A-6-503 through 78A-6-510 The court need only find that the relinquishment or termination is in the child’s best interest. do not apply to a voluntary relinquishment or consent for termination of parental rights.
6. The presumption may be rebutted, however, if the court finds the relinquishment or consent to termination of parental rights will facilitate the establishment of stability and permanency for the child. There is a presumption that voluntary relinquishment or consent for termination of parental rights is not in the child’s best interest where it appears to the court that the primary purpose is to avoid a financial support obligation.
7. Upon granting a voluntary relinquishment the court may make orders relating to the child’s care and welfare that the court considers to be in the child’s best interest.

Biological parents have specific legal rights when it comes to their children. Parents have the right to make crucial decisions regarding their children’s health care, education, religion, visitation and custody, or inheritance of property. However, in some cases, a parent may want to give up these rights, thus terminating their legal parental relationship with their child. When a parent decides to terminate their parental rights, then that parent is voluntarily terminating the parent-child relationship. When terminating parental rights, the parent gives up their ability to make decisions for their child, such as educational and health care decisions. Further, that parent cannot talk to or see their child until the child turns 18 years of age. The child also cannot inherit any property from their parent under state’s estate planning laws, unless that parent explicitly for such inheritance in a will. It’s most common that parents voluntarily terminate their parental rights in cases of adoption. When giving up a baby or child for adoption, the biological parents must terminate their parental rights, which the adopted parents will inherit. Each state has differing laws regarding the termination of parental rights. To understand your local rules, contact your county’s family law court to understand what forms must be submitted and what requirements must be met to terminate your rights. And because you shouldn’t take lightly your potential termination of rights, you should also contact an experienced family law attorney who can help you with your case.

Considerations to Make When Facing a Difficult Choice

Terminating your parental rights is a life-altering decision. You should give considerable thought to this choice before proceeding with the local court. Family court judges take these matters seriously. Courts will make sure that the parent making the request fully understands the impact of their choice. Additionally, the court makes sure that the parent making the request isn’t trying to avoid certain obligations, such as paying child support. If your child is over age 12, the court may ask your child about their wishes. Each state has different rules about when a court can consider a child’s desire. Finally, the court will consider the best interests of the child, including the child’s stability.

If the termination of parental rights leaves the child with no legal parents, then the child will enter the state’s foster care program. In most circumstances, before the state can place a child in foster care, the state must file a petition under the Adoption and Safe Families Act. This act requires permanency planning for children placed in foster care, including family reunification. Furthermore, this act emphasizes the safety of each child in the foster care system. In certain circumstances, the state does not have to file a petition under the act. For example, a state can place a child directly into foster care if the parent(s) abandoned the child as an infant, the parent murdered one of their other children, or the parent committed a felony resulting in serious bodily harm to the child or another child in the family. Most states don’t allow parents to reinstate their parental rights after they terminated them. To understand what occurs when you voluntarily terminate your parental rights, consider contacting a skilled family law attorney to discuss options with you. It’s a life-altering decision. Arm yourself with the information you need to make sure it’s the right one.

Relinquishment Deed

Many times it happens that a person dies intestate (without leaving a will or testamentary will) in such cases the property of that person is inherited by his/her legal heir. Then it’s up to the heirs as what they want to do with the said property. If the heir’s come to the conclusion of separation of property, then anyone of the co-owner (who is not willing to keep the property) can relinquish his share in favour of the other owner. This process of transferring property from one owner approving the other is known as “Relinquishment of Property”. Relinquishment deed is a legal document/instrument where a legal heir gives up or releases his legal rights in an inherited parental property for another legal heir such as his mother, son, daughter, brother, sister, etc.

The term relinquishment refers to the abandoning and surrender of the rights, title, and interest, by one co-owner of property for the other co-owners. The consequences of relinquishment of one co-owner’s share in property are the enlargement of the shares of the other co-owners.

Essentials Elements of Relinquishment Deed

• Legal document: Relinquishment deed is a legal document. Through this legal document, an heir can transfer or release his legal right of the inherited property.
• Consequences: The effects of such transfer of rights are the release of the share of one co-owner and the enlargement of the shares of the other co-owners.
• Irrevocable: A release or relinquishment deed is irrevocable even if it made without any consideration. For a valid relinquishment, the property must be owned by more than one person.
• Relinquishment cannot be done in favour of a 3rd person: Relinquishment of property can’t be made in favour of a person other than a co-owner. If a relinquishment is made in favour of a person who is not a co-owner, the transaction will be treated as a gift.
• Must be in writing: The relinquishment of right in the case of immovable property needs to be done only through a written document called relinquishment deed which must be signed by all the parties and witnessed by at least two witnesses.
• Must be registered: Relinquishment deed falls under Section 17 of the Registration Act, 1908 and hence, a release of rights in the immovable property must be registered. The registration takes place in the office of the sub-registrar within whose jurisdiction the property is situated.
• Consideration: A relinquishment deed can be done with or without any consideration.
• Easy process: A relinquishment deed can be made and registered in few days, and this process is not expensive.

Relinquish Property

The relinquishment of property can only be done by someone who has a share in the property. In case there is more than one owner in a property, either of the co-owners can do relinquishment. For a valid relinquishment, the essentials of a valid contract are to be followed other than the compensation. Some states provide for counseling to parents considering relinquishment. The following is an example of one state’s law governing such counseling:
• List of counselors.–Any hospital or other facility providing maternity care shall provide a list of available counselors and counseling services compiled pursuant to subsection (b) to its maternity patients who are known to be considering relinquishment or termination of parental rights pursuant to this part. The patient shall sign an acknowledgment of receipt of such list prior to discharge, a copy of which receipt shall be provided to the patient.
• Compilation of list.–The court shall compile a list of qualified counselors and counseling services (including all adoption agencies) which are available to counsel natural parents within the county who are contemplating relinquishment or termination of parental rights pursuant to this part. Such list shall be distributed to every agency, hospital or other facility providing maternity care within the county and shall be made available upon request to any intermediary or licensed health care professional.
• Court referral.–Prior to entering a decree of termination of parental rights pursuant to section 2503 (relating to hearing) or 2504 (relating to alternative procedure for relinquishment), if the parent whose rights are to be terminated is present in court, the court shall inquire whether he or she has received counseling concerning the termination and the alternatives thereto from an agency or from a qualified counselor listed by a court pursuant to subsection (b). If the parent has not received such counseling, the court may, with the parent’s consent, refer the parent to an agency or qualified counselor listed by a court pursuant to subsection (b) for the purpose of receiving such counseling. In no event shall the court delay the completion of any hearing pursuant to section 2503 or 2504 for more than 15 days in order to provide for such counseling.
• Application for counseling.–Any parent who has filed a petition to relinquish his or her parental rights, or has executed a consent to adoption, and is in need of counseling concerning the relinquishment or consent, and the alternatives thereto, may apply to the court for referral to an agency or qualified counselor listed by a court pursuant to subsection(b) for the purpose of receiving such counseling. The court, in its discretion, may make such a referral where it is satisfied that this counseling would be of benefit to the parent.

For example, a state can place a child directly into foster care if the parent(s) abandoned the child as an infant, the parent murdered one of their other children, or the parent committed a felony resulting in serious bodily harm to the child or another child in the family. Most states don’t allow parents to reinstate their parental rights after they terminated them. To understand what occurs when you voluntarily terminate your parental rights, consider contacting a skilled family law attorney to discuss options with you. It’s a life-altering decision. Arm yourself with the information you need to make sure it’s the right one. If you voluntarily terminate your parental rights, you won’t have any financial obligations to your child anymore, but you will likely also lose the ability to play a role in your child’s life or have any say in major decisions about your child’s upbringing, education, spiritual life, or any similar matters. It’s very important to take this decision very seriously, as it is very difficult to reverse or alter. In some cases, you and your ex-spouse may be able to devise a mutually agreeable solution that allows for visitation, but this will only be an option if your ex-spouse is agreeable to the idea after you voluntarily terminate your parental rights. It’s also important to remember that you have no guarantee of approval with a request to terminate your parental rights. The court’s primary focus is the best interests of the child. If your ex-spouse does not wish to have a role in your child’s life but you cannot afford to support your child on your own, the court may decide that what is expedient for the parents is not in the child’s best interests. There must be good cause for a parent to voluntarily terminate his or her parental rights. Simply not wishing to be a parent is not good enough. A judge will also refuse to grant a termination of parental rights simply so you don’t have to pay child support.

Adoption Reversal

In adoptions, birth parents voluntarily give up parental rights to the adoptive parents. However, if a birth parent does so under coercion or duress and does not truly wish to give up a child, he or she can sometimes secure a reversal through the family law system. The parent arguing for reversal and reinstatement of parental rights will need to provide evidence that the termination occurred under coercion or duress. Ultimately, when it comes to voluntary termination of parental rights or reinstatement of involuntarily terminated parental rights, the court will decide with the child’s best interests in mind. Just remember that if you file for termination of your parental rights voluntarily, it is very difficult to reverse such a decision, and you may be giving up any chance of having a relationship with your child.

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Estate Planning Attorney Ogden Utah

Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated. Assets that could make up an individual’s estate include houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding children’s or grandchildren’s education, or leaving their legacy behind to a charitable cause.

The most basic step in estate planning involves writing a will. Other major estate planning tasks include the following:
• Limiting estate taxes by setting up trust accounts in the names of beneficiaries
• Establishing a guardian for living dependents
• Naming an executor of the estate to oversee the terms of the will
• Creating or updating beneficiaries on plans such as life insurance, IRAs, and 401(k)s
• Setting up funeral arrangements
• Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate
• Setting up a durable power of attorney (POA) to direct other assets and investments
Wills

Most people don’t know it, but they have an estate. An estate is simply the sum of your possessions at a given point in time during your lifetime or when you die. It can consist of your house, car, jewelry, stocks, bank accounts, life insurance and other professional or personal interests. Some estates are worth a lot more than others, of course, but large or small, most Utahans have one. The most basic, and likely the most well-known, estate planning instrument is the last will and testament. This document details your wishes regarding the distribution of your assets. In short, it specifies who gets what when you die. If you die intestate, without a will, the state steps in and decides how your estate will be handled. For your own peace of mind and the welfare of your heirs, it’s best to leave a will behind. This way, you’re more assured that others will handle your estate according to your wishes and not the state’s laws. While a valid will takes precedence over state laws, it will not keep your estate out of probate. Before a judge enforces a will, the court must first determine that it is, in fact, the decedent’s final instructions. The executor has to file the will in court and inform all known beneficiaries that the probate process has begun. Then the executor or his/her attorney must place a notice (or several notices) in a local paper. This will give creditors and unknown heirs a chance to step forward and stake a claim on your estate. A probate can be time-consuming and costly. Worse, it is only at the end of this process that your heirs can access the assets you left behind.

Revocable Trust

Trusts keep your estate out of probate and your private affairs beyond the public scrutiny of prying eyes. There are different types of estate planning trusts you can use. The revocable living trust is the most commonly used trust for estate planning purposes. The assets you place in this type of trust go directly to the named beneficiaries without passing probate. You can be both grantor and trustee of such a revocable trust. It is also referred to as an inter vivos trust. You retain control over the assets even if, technically, you no longer own them – the trust does. Because you still control the assets in a revocable trust, they may be considered in the valuation of your estate. They will skip probate but will likely include living trust assets in figuring out the estate tax your heirs have to pay. Majority of Utahans estates will likely not end up having to pay estate taxes. The current exemption is at $5.45 million per individual, twice this for married couples. As a rule, if you pass on with an estate that’s worth less than this amount, no estate taxes are due.

Irrevocable Trust

If your estate exceeds the exemption, a wise strategy is to use an irrevocable trust to hold your estate assets. The terms of an irrevocable trust cannot be changed once it has been set up. Therefore, as grantor, you no longer control the assets in an irrevocable trust. That is now a task that falls on the trustee. Assets in an irrevocable trust are exempt from probate and are not part of the valuation of a decedent’s estate. This could mean substantial savings in terms of estate taxes for your heirs. A Medicaid Trust is a power irrevocable trust into which you can convey assets. Once you do, you can become eligible to have the government cover 100% of nursing home costs.

Living Will

Sound estate planning should also make provisions for your care in the event you’re unable to do so yourself. Towards this end, you need to have a health care declaration, also known as a living will. This gives someone you name (and trust) the power to make healthcare decisions on your behalf if you become incapacitated. You may already have made your wishes known to your spouse or adult children. But if you don’t have it down in writing, the state could intervene and a legal mess can ensue. This at a time when your family cans least affords to deal with one. Along the same vein, it’s prudent to give someone power of attorney over your financial affairs. This could already be the trustee or your financial advisor, but again, this has to be in writing. When you inform them of the task you’re asking them to perform for you, make your wishes clear. Understandably, this could be a difficult and emotional conversation. But, if you want your wishes to be honored, it is a conversation you must initiate. When you can no longer make decisions for yourself, the people you want on your side are those you can trust to carry out your wishes.

Insurance

Life insurance is often included in carefully thought-out estate planning checklist. Life insurance benefits can provide continued income for your loved ones at your death. An estate planner typically advises creating an irrevocable life insurance trust (ILIT) to hold a life insurance policy. This can be especially prudent if you know you’re leaving behind an asset-rich but cash-poor estate. Your estate may consist of priceless heirlooms and antiques that place it well outside the current exemption. In this case, it makes sense to create an ILIT to hold your life insurance policy. Since trust assets are outside probate, your heirs will have access to the life insurance benefits sooner. They can then use some of this money to pay for any estate taxes that become due. Life insurance is not the only type of insurance you should include when planning your estate. Consider taking out disability income insurance. This can replace your income if you’re suddenly injured and can no longer work. There is also long-term care insurance to help pay for your care in the event of a prolonged illness. The more safety nets you have, the greater your chances of not hitting the ground with a crashing thud.

Bank Accounts and Beneficiaries

Make sure you have a beneficiary for your bank and retirement accounts and that this is kept current. Naming a beneficiary automatically makes these types of account ‘payable on death’ to the beneficiary. If the beneficiary is an ex-spouse or deceased, your present heirs will have a tough time accessing the funds. Worse, this can result in your estate having to go through probate, which would cause additional delay. Stocks and brokerage accounts can be registered as well so they transfer to your named beneficiary upon your demise. Keeping your list of beneficiaries current can be easily overlooked. However, something as simple as this can cause major problems for your heirs down the road. As your life circumstances change, your plans for your estate could evolve as well. Keep in mind that laws that impact estate planning can change too. An experienced estate planning lawyer or professional can prove to be invaluable in terms of keeping up with these changes. This is all the more true if your estate plan includes offshore trust vehicles.

Importance of Estate Planning

Estate planning helps an individual to decide how his/her assets will be managed and owned after their death or incapacitation. It is a tax-proficient, easy way of transferring the assets to the family. Below lists reasons that estate planning is important:
• Plan how the assets are to be segregated: In the absence of an estate trust, governments may decide on the allocation of assets. It could mean that a friend or a non-family member could get the assets ahead of the immediate family members. Hence, it is important to plan the allocation of assets so that the right people who the grantor of the estate planning deems to be the beneficiaries are allocated the assets.
• Proficient and faster transfer of assets: Without a plan, many estates take a long time to settle, as disputes may arise among the family members on the allocation of the assets. Hence, it is important to have a plan in advance so that the estate can be transferred proficiently to the beneficiaries.
• Plan how assets are managed during their lifetime: Estate planning can also help an individual in deciding who will manage and own the assets when the grantor is alive but is not in a position to manage the assets due to an accident or illness.
• Reduce fees and taxes: As mentioned above, without an estate plan, there can be a lot of fees and taxes involved in the transfer and segregation of assets. Hence, with an estate plan, the grantor can reduce fees and taxes, which will help avoid more money being taken out of the estate to pay the said fees and taxes.
The tangible assets in an estate may include:
• Homes, land or other real estate
• Vehicles including cars, motorcycles or boats
• Collectibles such as coins, art, antiques or trading cards
• Other personal possessions
The intangible assets in an estate may include:
• Checking and savings accounts and certificates of deposit
• Stocks, bonds and mutual funds
• Life insurance policies
• Retirement plans such as workplace 401(k) plans and individual retirement accounts
• Health savings accounts
• Ownership in a business
Once you inventory your tangible and intangible assets, you need to estimate their value. For some assets, outside valuations like these can help:
• Recent appraisals of your home
• Statements from your financial accounts

When you don’t have an outside valuation, value the items based on how you expect your heirs will value them. This can help ensure your possessions are distributed equitably among the people you love.

How to Choose an Executor

In addition to drawing up your will and trusts, you’ll also have to choose an executor. Your executor will be responsible for administering your assets after your death and ensuring your final wishes are met. An executor’s duties may include:
• Filing court papers to begin the probate process
• Taking inventory of the entirety of the estate
• Distributing assets to named beneficiaries
• Filing final personal income tax returns
• Paying remaining bills, including taxes and funeral costs

Often, people choose a family member, such as a child or spouse, to fill this role. You can also select a friend. What’s important is to make sure you pick someone who is dependable, trustworthy and organized. Also consider a person’s age and health, as you want your executor to be around after you’re gone. If your chosen executor lives in a different state, be sure to check your state’s laws as there may be requirements regarding an out-of-state executor.

Free Initial Consultation with Lawyer

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Estate Planning Software For Attorneys

Estate Planning Attorney Near Me Free Consultation

Tax And Life Expectancy Considerations And Estate Planning

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Ascent Law Ogden Utah Office

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About Ogden Utah

Ogden, Utah

From Wikipedia, the free encyclopedia

Ogden, Utah
City
From top left to bottom right: Ogden High School, Weber State University Bell Tower, Peery’s Egyptian Theater, Downtown, Gantry Sign, aerial view
Flag
Nickname: Junction City
Motto: Still Untamed
Location in Weber County and the state of Utah
Coordinates: 41°13′40″N 111°57′40″WCoordinates: 41°13′40″N 111°57′40″W
Country	United States
State	Utah
County	Weber
Settled	1844
Incorporated	February 6, 1851 (As Brownsville)
Named for	Peter Skene Ogden^[1]
Government
• Type	Council-Mayor
• Mayor	Mike Caldwell
Area ^[2]
• Total	27.55 sq mi (71.35 km²)
• Land	27.55 sq mi (71.35 km²)
• Water	0.00 sq mi (0.01 km²)
Elevation	4,300 ft (1,310 m)
Population (2020)
• Total	87,321
• Density	3,169.55/sq mi (1,223.84/km²)
Demonym	Ogdenite ^[3]
Time zone	UTC−7 (MST)
• Summer (DST)	UTC−6 (MDT)
ZIP Codes	84201, 84244, 844xx
Area codes	385, 801
FIPS code	49-55980^[4]
GNIS feature ID	1444049^[5]
Website	http://ogdencity.com/

Ogden /ˈɒɡdən/ is a city in and the county seat of Weber County,^[6] Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 87,321 in 2020, according to the US Census Bureau, making it Utah’s eighth largest city.^[7] The city served as a major railway hub through much of its history,^[8] and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University.

Ogden is a principal city of the Ogden–Clearfield, Utah Metropolitan Statistical Area (MSA), which includes all of Weber, Morgan, Davis, and Box Elder counties. The 2010 Census placed the Metro population at 597,159.^[9] In 2010, Forbes rated the Ogden-Clearfield MSA as the 6th best place to raise a family.^[10] Ogden has had a sister city relationship to Hof in Germany since 1954. The current mayor is Mike Caldwell.

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Estate Planning Attorney Near Me Free Consultation

Inherited IRA in Estate Planning — Estate Planning Attorney Near Me Free Consultation

If you’ve got people in your life who you love and want to take care of, it’s wise to build an estate plan. This plan, which you can put together with the help of an estate planning specialist, will make sure loved ones are taken care of in the event of your death. An estate plan is more than just drawing up a will. It also involves formalizing how you want to be looked after (medically and financially) if something happens to you, or if you’re unable to make your own decisions later in life. Your estate plan will also clarify how you want your assets to be protected during your lifetime and distributed after your death. State planning entails the preparation of will or codicil, setting up trusts, bequeathing gifts to persons or entities and/or granting authority to do certain acts by way of power of attorney. This discuss will explain the various forms of estate planning and highlight its benefits.

Reasons to Create Your Plan

Very few people wake up in the morning and wish they could spend the day working with their attorney to create an ‘estate plan.’ However, creating (or updating) a plan is among the most important things you can do. When you do, you can:
• Ensure the property you have accumulated over your lifetime goes exactly where you want it to go and when. If you don’t have a will or living trust, the state has a distribution plan for you, which may or may not be in accordance with your wishes.

• Give directions to be followed in case you become incapacitated and can’t make decisions for yourself.
• Organize your affairs and designate who will handle them when you are gone.
• Appoint a guardian for any minor-aged children.
• Provide for any special needs your loved ones may have.
• Minimize possible estate taxes and costs.
• Specify the type of funeral arrangements you would like.
• Remember and provide for friends, pets, and organizations you care about but are never a part of the default state distribution scheme.

By planning, you also make things easier for your family. If something happens to you, it will already be a very difficult time for your family and other loved ones. How wonderful it will be if they know exactly what you want to have happen and have the means at hand to follow your wishes. Consider the planning you do now to be your final future gift to your loved ones. While estate planning can entail some difficult choices and means confronting uncomfortable issues, it does provide a sense of relief and peace of mind when it is done. You’ll know that you have done your best to plan and provide for yourself and for loved ones, as well as for the causes you’ve cared about during your lifetime. There is great satisfaction in knowing what your legacy on earth will be.

Will

A valid will is generally type written, dated, and signed by you as well as two legally competent witnesses. States differ as to the exact requirements for a valid will and whether a handwritten will, with or without witnesses, are valid. The probate court oversees administration of a valid will at death to carry out your instructions. The court charges probate fees to administer an estate and the documents and proceedings are public record.

Revocable Living Trust

This replaces the will as the main document disposing of your property. You might hear it referred to as a “living trust” or “RLT.” The trust is created while you are living, and the power to change and even revoke it can be retained. Most often people serve as the trustee for their own revocable living trust. A living trust requires that you actually transfer your property into it for it to be effective. A living trust allows assets to pass to heirs outside of the probate process, potentially saving probate fees, and keeps your affairs private. Typically, if a living trust is recommended your estate planning lawyer will also suggest a will as a backup document, to transfer any assets that weren’t included in your trust at the time of your death.

Beneficiary Designations

Your will or living trust does not control distribution of assets such as your IRA, commercial annuities, and some other assets at death. Your IRA or annuity administrator will distribute these types of assets according to a beneficiary designation form on file with their office. These are the forms you fill out when you establish IRAs or other types of retirement plans, or purchase a commercial annuity or life insurance policy. This form directs the administrator as to who will receive whatever remains upon your passing. You can also request a beneficiary designation for a bank or investment account. Since your will and living trust do not apply to these important assets, these beneficiary designations can have a profound impact on how your overall estate is distributed and should be part of any coordinated plan.

Power of Attorney (POA) for Financial Matters

This document grants to someone you trust the ability to act on your behalf for a variety of potential transactions and responsibilities. You decide when the POA will become effective and the extent of the authority granted. A POA is only effective during your lifetime and automatically terminates at your death.

Health Care Power of Attorney (HCPOA) for health care decisions

This document appoints someone to make decisions for you regarding medical treatment if you are not able to make these decisions for yourself. It allows you to specify who is in charge of making critical treatment decisions and, perhaps more importantly, who does not have that authority.

Physician’s Order for Life Sustaining Treatment (POLST).

This document describes what health care treatment you want in case of an emergency. You work with your doctor to document your wishes regarding resuscitation and other life sustaining procedures.

Managing and Distributing Your Wealth

You might conceive of the estate planning process as constructing a pyramid from the ground up. Primarily, you want to do what you can to ensure your own well-being. In so doing, keep in mind that it’s not selfish to look out for yourself! Only by meeting your own needs now and in the future are you able to build the next level of the pyramid. If you’re fortunate enough to accomplish some important basics, you’re then in a position to provide for family members and other loved ones. Thereafter, if you have the desire and the means, it becomes appropriate to think about a legacy you can leave for causes dear to you in addition to family and friends.

The Benefits of Estate Planning

For the management of an individual’s property in the event of incapacity
In circumstances where a person is unable to manage their properties or finances due to severe illness or unavailability, an estate plan sets helps a person properly determine how their assets should be managed. A power of attorney, personal directives through letters of instruction and trusts can be effective tools for proper estate management.

For proper distribution of assets

Estate plan is very beneficial for accurate distribution of an individual’s assets. Wills, codicils, deeds of gifts and trusts enables an individual determine how their assets will be distributed to their beneficiaries after their death to prevent disputations in future. Without an estate plan, the court will determine how the assets of a deceased will be distributed.

For the protection of beneficiaries

An estate plan invariably protects the interest of beneficiaries by ensuring that their shares are properly specified and preserved. If an individual has a child who is a minor, the individual can designate guardians and trustees who will oversee the financial and other needs of the minor. On the other hand, if the individual’s children are adults, but are unable to manage finances or assets, the individual can create a trust to protect the children from making bad decisions.

For a speedy and efficient transfer of an individual’s assets

The deed of gift and trusts are very speedy and cost effective ways to transfer one’s assets to a beneficiary. Without proper estate plan, the process of transfer of assets may be extremely cumbersome. Estate planning helps an individual to identify cost effective and peaceful way to transfer their asset to their beneficiaries either during their lifetime or after their death.

To minimize cost and avoid disputes

An estate plan will specify how an individual’s assets will be managed and distributed to beneficiaries thereby leaving no room for speculations and confusion. Hence this will prevent disputations and invariably save time and money.

To minimize estate taxes

The significant loss of a part of one’s estate to the payment of taxes is a factor that should motivate people to establish an estate plan. Through strategic planning, people can substantially reduce or eliminate taxes by setting up trusts as part of their will, living trusts or bequeathing gifts to their beneficiaries during their lifetime. In conclusion, it is important to note that not every form of estate plan is suitable for everyone.

Each form of estate planning has its distinct and unique features and people’s. If an individual desires a speedy and cost effective process of property transfer, it’s important to consider the various forms of estate plan that will help the individual achieve their desired purpose. For example, executing a deed of gift or setting up trusts depending on the individual’s preference can be preferred to making a will because of the lengthy process of obtaining probate. Choosing the appropriate estate plan can ensure simple, tax efficient and organized transfer of assets to beneficiaries, it removes uncertainties and prevents disputes.

Factors To Consider In Estate And Financial Planning

Many individuals delay estate planning in Tracy because it involves end-of-life issues. However, regardless of your age or health, it’s always in your family’s best interests to consult an estate planning lawyer sooner, rather than later. Unexpected tragedies occur all too often; by dealing with these matters promptly, you can ensure that your family’s financial future is protected in the event of your passing. When you meet with an attorney to address matters such as your last will and testament, you’ll need to consider the following factors.

Evaluate Your Financial Situation

After scheduling a meeting with an estate planning lawyer, it’s time to gather together important financial documents. Review all of your financial information to determine the total value of your assets, and your current and anticipated cash flow. Compare your cash flow and assets to your total liabilities to determine your net worth. Consider other factors that may affect your finances in the future, such as the rising cost of living, your retirement or your spouse’s retirement, and unexpected, yet significant expenses, such as those related to a major illness. By understanding your particular financial situation, your estate planning lawyer can help you develop a sound financial plan for the future and for your heirs.

Consider Your Beneficiaries’ Needs

When you create a will with the help of your estate planning attorney, you’ll designate beneficiaries for your assets. You’ll also designate beneficiaries for your life insurance policy, retirement accounts, and similar accounts. It’s entirely your decision as to how to divide your estate among your family members, friends, or charitable organizations. However, when designating beneficiaries, you should consider their future needs and their spending habits. Many individuals earmark funds in a trust to cover specific expenditures, such as college tuition or special needs expenses.

Reduce Your Taxable Estate

Estate and income taxes can take a significant portion of the assets you allot to your beneficiaries. Your estate planning lawyer can help you develop efficient strategies to minimize tax obligations. You might also consider purchasing a life insurance policy that will cover the estate tax your heirs will owe.

Create An Inventory Of What You Own And What You Owe

Compile a comprehensive list of your assets and debts, including account numbers and contact information, as well as names and contact information for your important advisers. Keep the summary in a secure, central location – along with original copies of important documents and provide a copy of the summary for the executor of your will. This list could be a piece of paper or also a digital file kept in a secure location.

Develop A Contingency Plan

An estate plan allows you to control what would happen to your property and assets if you or your spouse passed away today. It also puts a documented plan in place so that if you became incapacitated, your family could carry on your affairs without having to go through court. This includes a strategy for providing income if you were to become disabled and covering potential expenses for care giving that may be needed at some point.

Provide For Children And Dependents

A primary goal for many estate plans is to protect and provide for loved ones and their future needs. Your estate plan should include provisions for any children, including naming a guardian for children under age 18 and providing for those from a previous marriage if you remarry, your assets may not automatically pass to them.

It also would specifically address the care and income of children or relatives with special needs that must be planned carefully to avoid jeopardizing eligibility for government benefits.

Protect Your Assets

A key component of estate planning involves protecting your assets for heirs and your charitable legacy by minimizing expenses, and covering estate taxes while still meeting your goals. If necessary, your estate plan would include specific strategies for transferring or disposing of unique assets like a family-owned business, real estate or investment property, or stock in a closely held business. Many people use permanent life insurance and trusts to protect assets while ensuring future goals can be met.

Document Your Wishes

If you want your assets distributed in a certain way to meet financial or personal goals, you need to have legal documentation to ensure those wishes are followed if you die or become incapacitated. This includes designating beneficiaries for your life insurance policies, retirement accounts and other assets that are in line with your goals. It also means ensuring that titles of material assets, such as automobiles and property, are named properly. Work with an attorney to be sure you have an updated will disposing of your assets, a living will reflecting your end-of-life wishes, as well as powers of attorney for health-care and financial matters.

Appoint Fiduciaries

To execute your estate plan, you must designate someone to act on your behalf if you are unable to do so as executor of your will, trustee for your assets, legal guardian for your dependents and/or personal representative or power of attorney if you became incapacitated. You need to be sure your fiduciaries are aware of and agree to their appointments, and that they know where to find your original estate planning documents.

Fiduciaries can be family members, personal friends or hired professionals such as bankers, attorneys or corporate trustees. Whether you are just starting out or have accumulated wealth over a lifetime, an up-to-date estate plan helps you minimize the impact of unexpected events on you and your family by preserving, protecting and managing your assets. A financial advisor can help you create a financial security plan to meet your goals, and provide tools and resources to build an estate plan that makes an impact well into the future.

Free Initial Consultation with Lawyer

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Estate Planning

Estate Planning Software For Attorneys

Source: https://ascentlawfirm.com/estate-planning-attorney-near-me-free-consultation/

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

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Estate Planning Software For Attorneys

Estate plan software needs accurate documentation, workflow automation, and expert legal education. You will want to be sure the estate plan software you review for ease of use, what’s included, support, and compliance with regulations. It is important to take time reviewing estate plan software. Ask about how the estate plan software billing occurs both for you and/or your clients. You will want an all in one solution for your estate plan software. You want it to include documentation, automation, and education with a simple subscription monthly.

Schedule Your Demos

You will want to outline your decision making for your estate plan software. This will include your demos of estate plan software for ease of use, review of what’s included, and pricing and the return on investment. Give yourself time in between each one to take notes on ease, inclusions, pricing, and investment. Then, compare all other software and see what’s best for you.

Analyze Estate Planning Software for:
• Asset Inventory
• Family Liabilities
• Outlining Directives
• State and National Laws
You will want the software to have the ability to draft these elements into a:
• Will and Revocable Trust
• General Durable of Attorney
• Health Care Power of Attorney
• and Living Will

Beyond Counsel

Beyond Counsel focuses on better systems, better practice, and a better life. They offer subscription models with different levels including increasing value at each level. Their estate plan software includes estate plan drafting, workflow management, and legal education. When there is no automation or workflow set up to flag time-sensitive items, it costs the firm reputation, time, and money. Think of how this estate planning software will save you and attorneys at your firm time and money. You want automated scheduling for your clients. Think of all the hours you and your firm spend on this alone.

In your demo or trial, review the questionnaires for the clients covering all estate planning elements such as:
• Asset Inventory
• Mortgage and Insurance
• Directives
• Beneficiaries

They also offer added ongoing value for free via their blog with topics including online estate planning, software insights, and attorney checklists. As an attorney, you want to be on top of expert education in the legal field. With estate plan software, you want to ask if expert legal education is included in the estate plan software subscription and/or package.

Clio and Schedule Once

These tools help you transform the way you work as well. Any of the tools will help modernize your law firm. They include automation, scheduling, legal education, payment processing, and timekeeping at a variety of levels. With each of the tools, you will want to experience the demo, see what is offered, get insight on the support, and updates for education. Depending on your caseload, this may be done within less than two weeks.
Ask about education with estate plan software such as:
• Age Requirements
• Specific Distributions
• Age Requirements

In addition, you will want to check on the legal education components review for updates to regulations. It is not enough to simply have expert education, it is key that it is continuously updated for accuracy. As a successful estate planning attorney, it’s important to keep up with law marketing trends. This is mostly because it gives your practice an edge over your competitors. Estate planning is an intricate process that, in this age and day, requires an automated document management system. Preparing, securing, and managing estate planning files can be a tedious task that may require many hours of manual work. An automated system can make things much easier and less frustrating for you while ensuring the utmost ensure efficiency in your practice.

Additionally, estate planning requires high levels of organizational skills. You don’t want to subject your clients to your personal assistant’s typos and other mistakes. In a nutshell, estate planning software can do wonders in your practice as an attorney. But is it really worth it? Why use estate planning software?

Less Stress in Your Practice

From ensuring that the right assets are marched with their rightful owners, to maintaining an up-to-date list of beneficiaries, keeping wills in order and updating the clients’ named trustees, these tasks can be quite challenging and time-consuming, especially for an attorney with more than just a few clients. Using an estate or will planning software can make things much easier for any estate planning attorney, thus improving efficiency and boosting the reputation of their legal practice. With your clients’ legal file and document management automated, you will have less stress and more time to utilize in other areas of the business as you expand your practice.

Reduces Estate Planning Costs

Given the complex nature involved in estate planning, there are so many costs associated with the process. A wise lawyer knows what their target legal consumers look for. Well, most of today’s legal consumers have become savvy and are looking for law firms that give them value for money. Using an estate planning software can help you to cut tax and court expenses, meaning that you’ll not be charging your clients for the probate process.

Security

Most times, estate planning also involves handling sensitive private information. In the wrong hands, this information can be used in the wrong way, especially by dissatisfied family members who may decide to challenge a will. It’s, therefore, important that such information is treated with the care it deserves. Some documents may include/contain:
• Medical history
• Family relationships
• Financial records and assets
• Title deeds and logbooks

As you can see, these are sensitive documents that if lost, could lead to serious consequences and liabilities. A good estate planning software will also ensure that such confidential information is safe and secure.

Less Room For Errors

The simplicity utilized in estate planning software makes it easy to manage your client list, document management, and boosting staff productivity. In addition to this, using an estate planning solution will help you to customize the estate planning documents depending on the clause preferences and terms. This helps to reduce the odds of making mistakes and errors.

It’s A Client-Friendly Solution

As a successful estate planning attorney, you know all too well that your clients are the backbone of your practice. This means that they should come first in all that you do. Manually handling estate planning tasks, as iterated earlier, can be tedious and time-consuming. This means that you don’t have enough time to attend to your clients or other matters and at the end of the day; it weighs down on your efficiency. A simplified estate planning process that is to the specification of the clients means a happy customer, which is exactly what the estate planning software provides. Utilizing an estate planning software will ensure flawless execution of the estate planning process, allowing you to attend to more clients. So, if you’re looking for ways to save time and money and at the same time increase your client base, an estate planning software is the way to go. To get back to the title question, estate planning software is well worth it!

Wealth Docx

The power of Wealth Docx to automate your document solutions makes client interviews more intuitive, lets you customize your solutions, and provides the consistency you need.

The Features In Wealth Docx Will Give Your Firm The Edge.

With Wealth Docx, you get the input and expertise of leading trusts and estates attorneys. Use the dynamic content and contextual help to keep your practice up-to-date and a step ahead.

LWP’s cloud-based, integrated software isn’t just the industry standard, it has helped revolutionize the way attorneys practice estate planning, elder law, and asset protection. LWP software dramatically reduces the amount of time you and your team devote to drafting without sacrificing accuracy or customization. This in turn frees up your time to focus on other aspects of running a profitable firm, such as the pursuit of new business. Finally, the software is fully integrated with all LWP cloud-based systems, processes, and workflows.

Client Centered

The name says it all: Lawyers with Purpose Client-Centered Software. The estate planning software is designed to address the specific needs of each client. When you meet with a client, the design template is organized to help you firmly establish what clients want their plans to accomplish at every stage of life’s journey: while they are alive and well, if and when they become disabled, and how and when assets are distributed to loved ones when the client passes away. A fully customized plan can be created during a one hour and 30-minute initial interview.

Single Entry System

When you enter a client’s information during the initial interview, all of his or her relevant information will be incorporated into each of the planning documents automatically. In addition, as you move through the interview, the software will warn you if you make choices that are inconsistent or could lead to potential problems. You are protected against errors (and potential malpractice) at every keystroke.

Customized Planning

Most software results in cookie-cutter, one-size-fits-all estate planning documents. LWP software allows for unsurpassed customization. It permits generational planning using various trusts and sub-trusts each allowing customizable distribution standards, individual trustee selections, and various uses of powers of appointment.

Comprehensive

LWP document creation software has all the templates an estate planning, elder law, and asset protection attorney needs to run a practice. From powers of attorney, healthcare directives, simple wills to enhanced wills, which include testamentary trusts and estate tax planning, powers of attorney and healthcare directives, revocable and irrevocable trusts, plus a fully customizable personal care plan. Then there are more specialized features, including:

Medicaid

LWP Medicaid qualification software is the only software in the entire industry that allows you to properly calculate Medicaid eligibility for any type of client. Not only does it help you identify the maximum amount of assets that can be protected in the shortest period of time, it helps you present information to clients in a way they can understand. It warns you about potential conflicts and errors, and even helps you demonstrate the value of your services to clients.

Veterans Benefits

LWP VA software allows you to quickly determine if a veteran or surviving spouse is currently eligible for benefits or if planning is required to become eligible. It also includes every document needed to prepare and submit the VA Intent to File, Formal Claim, or Appeal.

Special Needs

The software also includes both first and third-party stand-alone Special Needs Trusts. All of our wills and trusts also include standby Special Needs Trusts for special needs beneficiaries. To be a successful estate planning attorney, you must be extremely well organized and an excellent communicator, your clients’ legacies depend on it. That’s why Smokeball keeps your clients’ estate details in one easy-to-manage and secure place, with files and estate planning specific forms accessible within seconds. No matter what your estate clients need from you, Smokeball acts as your will and estate software, trust software, estate tax planning software, and executor software.

Smokeball includes one of the best apps for lawyers so you can update information and view documents from anywhere, making it easy to get out and see clients in person at their homes. Manage contacts, property information, and other financial assets in our secure and unlimited cloud storage solution. And with advanced document automation features, flawless execution of wills and living trusts come together for you with the click of a button. Smokeball is legal estate planning software for attorneys with a library of documents built by attorneys and other legal professionals. Using Smokeball as your estate planning software means that there is one single place for storage of all estate information details like will and codicil dates and witnesses, executors, agents, and family members, and even detailed trust and property information.

Automated Task Workflows for Estates, Wills & Trusts

Estate planning can be the most important service provided to your clients and their families during and after their lifetime. For attorneys, having a comprehensive estate planning software and trust software should ensure that you never drop the ball. Build standard sets of tasks so that you and your staff know exactly where each matter stands and what needs to be done next. Much of what you do can feel repetitive, so let Smokeball hand you documents and to-dos automatically at the right times. Let Smoke ball’s estate planning software tell you when it’s time to gather financial and asset information, draft documents, schedule client reviews and signings, and make adjustments. Smokeball does something that no other estate planning software for attorneys does, it tracks all your time spent within the system automatically! Even if you bill your clients a flat fee for your estate planning work, knowing where and how your time is spent can quickly help refocus your priorities. Smokeball for estate planning attorneys helps you gain a deeper understanding of your profitability by matter and matter type. Once you put in your staff cost and fee (either hourly or flat), Smokeball will automatically calculate which estate planning services are making you money with the legal billing and time tracking software. It also provides important law firm insights into staff efficiency so that you can better manage your team’s time and positively impact your bottom line. No other will and trust software for attorneys on the market can do this for your practice.

Free Initial Consultation with Lawyer

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
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A Comprehensive Guide to Asset Protection and Estate Planning

A trust is basically a legal contract created to transfer one’s properties and assets to another person at a certain point in time. A trust is a legal entity. It’s like a real, living, breathing person, but it is just a legal document. Some trusts are asset protection in nature and other types of trusts are not. A good asset protection lawyer will know whether to use trusts or corporate entities or other types of businesses (think LLCs or corporations, partnerships, etc.) When there is a trust, typically there are three parties to this document. There is a trustor, a trustee and the beneficiary.

A trustor is also called a settlor or a settler or a trustmaker or a donor or a creator. We usually used the terms trustor or settlor most often. A trustor is the person who makes or establishes the trust. The first is the most common. It should be spelled with the -or and not with the -er. This is because the a settlor is different legally than a settler. The trustor sets up or makes the trust. This party is essential to the creation of a trust, including an asset protection trust.

A trustee is a name that many people have heard of before (some people put it down as “trusty” but that is an incorrect spelling). A trustee is the person who is in charge of the trust who holds the property “in trust” for the beneficiaries. The trustee has a position with a fiduciary duty for the trust and the beneficiary. They are in a position of trust. The settlor or trustor holds confidence and trust in the trustee to do their best for the beneficiaries.

Other words for a beneficiary is: devisee or cestui que trust. A devisee is the recipient of a devise or a benefit. This word dates back to at least the nineteenth century (see e.g. Bigelow v. Gillott, 123 Mass. 102, 107 (1877)) which meaning is someone who receives an inheritance. Similar to an heir, but a devisee or a beneficiary is specially named in the trust document and so it’s not a right by blood, it’s a right by naming the individual or entity in the trust agreement.

You may have heard of a living trust because the assets of the trust or property eventually gets divided and/or disseminated to the beneficiaires upon the trustor’s death or when the trust document provides for a distribution.

As we mentioned previously, there are several types of trusts. A revocable trust, simply put, can be changed by the trustor at anytime they want to; whenever circumstances change, or if they feel the need to do so, while the irrevocable trust cannot be changed.

Irrevocable Trusts for Asset Protection

The irrevocable living trusts provide asset protection for the trustor and the trustor’s family. By putting assets into an irrevocable trust, the trustor surrenders control and access to the trust assets and making it unreachable for a creditor of the trustor or settlor. The trustor’s family can be the beneficiaries of this irrevocable trust. In that way, the trustor still provides the family with financial support, but remains out of the reach of creditors. Also, the irrevocable trust can offer asset protection of the trust’s beneficiaries.

Having irrevocable living trust asset protection means that you and your family have secured your assets and property. It all depends on the planning or the actual living trust information. Knowing the provisions of your irrevocable living trust asset protection should all be in you and your families benefit.

There are a wide range of irrevocable trusts used primarily for estate planning purposes. However, irrevocable trusts can also provide asset protection benefits by insulating the trust assets from liabilities of trust beneficiaries and to some extent, the trust settlor. The assets in an irrevocable trust are protection from the liabilities of the beneficiaries if the beneficiaries do not have a certain, defined interest in the trust (i.e., the beneficiaries interest is contingent on a future event or the interest is subject to the discretion of the trustee), or the trust agreement includes a “spendthrift” provision which prevents creditors from making claims against the beneficiaries’ interest in the trust and also prevents the beneficiaries from transferring or pledging their interests. If the trust includes these protections, the only time assets would become subject to creditors of a beneficiary is after the assets are distributed from the trust and become the beneficiary’s personal property. Consequently, as long as the assets are retained in the trust they are protected and can continue to provide for and benefit the beneficiaries beyond the reach of their creditors.

The irrevocable nature of a trust can also limit the reach of creditors of the trust Settlor. Since the trust is “irrevocable” the Settlor cannot later change his mind and terminate the trust and take back the assets. Rather, upon transfer into the trust the Settlor has no power or authority to change the terms of the trust, use the trust assets or derive any benefit from the trust except as provided in the trust agreement. In the absence of fraud, generally creditors of a Settlor cannot reach an asset within an irrevocable trust if the Settlor gives up complete control over the trust. However, if the Settlor retains any interest in the trust or the pwoer to change the trust terms of dispositions, the Settlor’s creditors may be able to reach the trust assets to the extent of the Settlor’s retained power or interest.

Thе Mаnу Bеnеfitѕ оf an Irrevocable Trust

Many of my clients have asked me about the benefits of using a trust as part of their estate plan or asset protection plan but they are unaware that there are many different types of trusts and each may serve an important purpose as a part of your estate plan, depending on what your ultimate goals are concerns are.

For example, a special needs trust allows for your beneficiary to receive a stipend of money or financial help of some sort from the trustee without affecting or negating any financial aid they receive from the government due to a disability or disorder of some sort. Of all the many different categories of trusts, the two most basic are the revocable living trust and the irrevocable trust.

Every trust, no matter what its purpose is, will be labeled as either revocable or irrevocable. An irrevocable trust serves dual purposes of (1) asset protection; and (2) estate tax reduction (in some situations). It can also be a form of estate planning. The assets in an irrevocable trust are protected because the grantor no longer owns them pursuant to the terms of the law.

When an irrevocable trust is created, a new legal entity is formed with its very own federal tax ID number (this is like a social security number for the trust so it can file tax returns, open a bank account, etc.) Remember, it is not an extension of its maker. To the contrary, it is its own entity that can accept, manage, buy, sell, and distribute assets through the named trustee and only by the wording of the initial trust language. once the irrevocable trust is created and funded, it can no longer be amended or revoked. The only parties with access to the trust assets are the trustee and the beneficiaries through the trustee’s actions. All actions must be governed by the trust document.

Normally, the grantor is not permitted to be the trustee or the beneficiary of an irrevocable trust – but it really depends on the type of the irrevocable trust that is set up. The trustee may be the same party as the beneficiary and this is often the typical situation. Once the trust is funded (meaning that the assets are placed into the trust and the trust owns them); then, they are now protected from the creditors, litigants, and even spouses. There is a look back period however along with the fraudulent conveyance statute that you need to be aware of in setting these up. A good asset protection lawyer will be able to guide you on these issues.

A Few Asset Protection Trust Issues To Keep In Mind

Before drafting an irrevocable trust, a revocable living trust or an asset protection trust, you should speak with your family and loved ones. Some of them might not want to be involved, but it can be helpful to have other people’s input. You surely should speak with an attorney about all this. To avoid problems that the trust’s benenficiaires might encounter, it might be a good idea to have them involved.

After the estate plan and/or asset protection plan is in place, sit down and speak with your family, significant other, spouse, etc. so that they know what you are thinking. If there is a post-nuptial agreement or pre-nup or some other type of marital documents, be sure you tell your lawyer about it so they can incorporate that into the overall plan. Your spouse may have other assets or other issues that you may or may not have considered that would need to be transferred into the trust.

Finally, it is also important to keep in mind that much like an estate plan, an asset protection plan must be carefully considered and drafted to meet each person’s individual circumstances. With the many tools available to lawyers in Utah and the myriad of ways in which they can work together, asset protection should only be done with the guidance of experienced professionals who can correctly analyze your specific situation and help formulate a plan that will work for you now and in the future. Our lawyers have seen way too many cases where good people try to save a few dollars by doing it themselves and wind up in a bigger mess than when they started. It’s always best to get help. After all, you don’t do your own dental work – especially if you never went to dental school. You get the point.

Asset Protection Free Consultation

It’s not a matter of if, it’s a matter of when someone decides to come after you for all you’ve got. You must you have a legal question about asset protection, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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Tax And Life Expectancy Considerations And Estate Planning

A vast majority of people believe they do not require estate planning and that it is only for the wealthy. Estate planning is for everyone, not just the wealthy and it is a plan a person makes for the management and administration of their property during their lifetime and after their death.

When a person dies without an estate plan, the courts will be forced to make crucial decisions for the deceased such as: the distribution of the deceased properties, appointment of guardians (for the deceased minor children) and personal representatives, dissolution of business, etc. This process is very expensive and can lead to disputes among the members of the deceased families. Estate planning entails the preparation of will or codicil, setting up trusts, bequeathing gifts to persons or entities and/or granting authority to do certain acts by way of power of attorney.

Estate planning is the arrangement a person makes during their lifetime for the management, distribution and/or disposal of a their property during the person’s lifetime and/or after death. Assets that can make up an individual’s estate include real properties (such as buildings and lands), intellectual properties, cars, insurance, shares/stocks, bank accounts and other personal properties.

Forms of Estate Planning

1. Wills and Codicils
The Last Will and Testament is a legal document that expresses how the properties of a testator (the party making the will) should be distributed and administered after the death of the testator. The testator expresses his wishes through a Will or Codicil and appoints executors and/or trustees to carry out the intentions of the will. In a will, the testator may make several arrangements such as: the distribution of their assets (which includes all personal and real properties), distribution of residue (the remainder of the testator’s assets that is not specified in the will), appointment of executors and/or trustees to manage and distribute the properties of the testator, the appointment of guardians (where any of the testator’s children is a minor), establishment of trusts, funeral arrangements and other instructions of the testator.
A Codicil is an addendum to a will, that is, it is an addition or supplement that explains, amends, or nullifies part of an already executed will. The codicil is also ambulatory, that is, it takes effect only after the death of the testator and it is executed in the same manner as the will.

Validity of a Will or Codicil

For a Will or Codicil to be valid, the following must be present:
• It must be in writing.
• The testator must have the capacity to make the will or codicil. The testator must be at least 18 years old at the making of the will.
• The will must be made voluntarily. The testator must have written the will without coercion or fraud.
• At the making of the will, the testator must be a person of sound mind, illustrating that he understands the extent of his properties and the effects of making a will.
• There must be at least two witnesses who will attest to the making of the will. At times, for a will to be valid, at least two persons are required to attest a will. This requirement varies in some other jurisdictions where only one or more than two witnesses may be required to validate a will.
• Signature of the Testator: The testator’s signature must be appended or acknowledged in the presence of at least two witnesses.
• Signature of the witnesses: The witnesses must sign (attest) the will in the presence of the testator.

The authenticity of a will or codicil is determined by a legal process which is called probate. After the demise of the testator, the custodian of the will (that is a bank, lawyer or any private person) is required to take the will to the probate registry. The probate is a court supervised process that proves the authenticity of the will to be valid and accepted as the last will and testament of the deceased and grants powers to the executors named in the will to fulfill the tenets of the will. On the other hand, when a person dies without a will, the family and dependents of the deceased will apply for letters of administration. The letter of administration is the power granted to a person to administer and distribute the properties of the deceased in accordance to the state laws of intestacy and succession.

2. Trusts
A trust is a process whereby a party called the grantor transfers properties to another called the trustee to hold and manage the properties on behalf of the grantor’s beneficiaries. A trust can be set up by the grantor’s last will and testament, in which case, it is called a testamentary trust and it can also be set up during the grantor’s lifetime, in this case, it is called a living trust. The establishment of trusts gives the trustee the powers to distribute the property of the grantor without applying for probate or any court ordered process hence, it reduces estate taxes and saves time.

3. Deed of Gift
A Deed of Gift is a gratuitous arrangement that voluntarily transfers the ownership of a property from the owner (called the donor) to another (called the donee) without any consideration or compensation from the donee. Examples of gifts that can be transferred are real properties such as land or building and personal properties of the grantor. Under the law, a minor has no the legal capacity to grant gift. However, minors can accept gifts through their legal guardian.

A deed of gift once delivered to the donee is irrevocable that is, it cannot be changed or reversed except the donor lacks the legal capacity to grant the gift; the gift was granted under duress, misrepresentation or mistake surrounding the circumstances or the gift was transferred with an intention to evade tax or breach the law.

4. Power of Attorney
The power of attorney is an instrument of delegation which allows a party (called the donor) appoint another party (called the donee) to act on behalf of the donor. Usually, the donor delegates powers to the donee where the donor is unavailable to perform the acts delegated, incapable of performing the delegated tasks due to ill health or when the donee’s expertise is required for the proper execution of the delegated tasks.
A Power of Attorney may confer either general, specific powers or both powers to the donee:

• General Powers: These are powers that are broadly provided to cover the subject matter. For example, a power given to the donee “To do all that the donor can lawfully do”. This does not specify what the donee is authorized to do; it rather gives the donee broad powers to do anything the donor can do lawfully.
• Specific Powers. These are powers given in respect to specific or particular acts, thereby limiting the acts the donee is authorized to do. Examples of specific powers are: power to collect rent, issue notices and manage the real properties of the donor, execute contracts on behalf of the donor, etc.
A power of attorney is further classified as follows:
• Revocable Power of Attorney. If a power of attorney is revocable, the donor can withdraw the power at anytime and for any reason.
• Irrevocable Power of Attorney. This is the power of attorney that cannot be withdrawn or cancelled at anytime. It is either irrevocable for a fixed period or irrevocable for a valuable consideration or coupled with interest.
When a power of attorney is irrevocable for a fixed period, it cannot be withdrawn until the period stated in the document has elapsed, usually not more than 12 months. When a power of attorney is for a valuable consideration, the donee is given monetary compensation as consideration for the instructions he/she will carry out on behalf of the donor. Also, if the power of attorney is coupled with interest, the donee has an interest, a right or title over the property which is the subject matter in the power of attorney and the power of attorney cannot be cancelled or withdrawn until the donee recovers his interest in the subject matter.

The Benefits of Estate Planning

 For the management of an individual’s property in the event of incapacity
In circumstances where a person is unable to manage their properties or finances due to severe illness or unavailability, an estate plan sets helps a person properly determine how their assets should be managed. A power of attorney, personal directives through letters of instruction and trusts can be effective tools for proper estate management.

 For proper distribution of assets
Estate plan is very beneficial for accurate distribution of an individual’s assets. Wills, codicils, deeds of gifts and trusts enables an individual determine how their assets will be distributed to their beneficiaries after their death to prevent disputations in future. Without an estate plan, the court will determine how the assets of a deceased will be distributed.
 For the protection of beneficiaries
An estate plan invariably protects the interest of beneficiaries by ensuring that their shares are properly specified and preserved. If an individual has a child who is a minor, the individual can designate guardians and trustees who will oversee the financial and other needs of the minor. On the other hand, if the individual’s children are adults, but are unable to manage finances or assets, the individual can create a trust to protect the children from making bad decisions.
 For a speedy and efficient transfer of an individual’s assets
The deed of gift and trusts are very speedy and cost effective ways to transfer one’s assets to a beneficiary. Without proper estate plan, the process of transfer of assets may be extremely cumbersome. Estate planning helps an individual to identify cost effective and peaceful way to transfer their asset to their beneficiaries either during their lifetime or after their death.
 To minimize cost and avoid disputes.
An estate plan will specify how an individual’s assets will be managed and distributed to beneficiaries thereby leaving no room for speculations and confusion. Hence this will prevent disputations and invariably save time and money.

6. To minimize estate taxes.
The significant loss of a part of one’s estate to the payment of taxes is a factor that should motivate people to establish an estate plan. Through strategic planning, people can substantially reduce or eliminate taxes by setting up trusts as part of their will, living trusts or bequeathing gifts to their beneficiaries during their lifetime. It is important to note that not every form of estate plan is suitable for everyone. Each form of estate planning has its distinct and unique features and people’s. If an individual desires a speedy and cost effective process of property transfer, it’s important to consider the various forms of estate plan that will help the individual achieve their desired purpose. For example, executing a deed of gift or setting up trusts depending on the individual’s preference can be preferred to making a will because of the lengthy process of obtaining probate.

Choosing the appropriate estate plan can ensure simple, tax efficient and organized transfer of assets to beneficiaries; it removes uncertainties and prevents disputes. When preparing or updating your estate plan, you will need to have a basic understanding of the different types of taxes that can affect your estate: gift taxes, estate taxes, inheritance taxes, generation-skipping transfer (or GST) taxes, and income taxes.

Gift Taxes

The gift tax is probably the most ignored tax that can affect an estate. Currently, the federal tax code exempts up to $15,000 per year in gifts made by any individual to any number of other individuals. This is referred to as the annual exclusion from gift taxes. Once you make a gift over $15,000 to the same person in any given year, you’ll be making a taxable gift, and you’ll incur gift tax.1 However, instead of paying the tax immediately, the 2021 federal tax code gives you a lifetime gift tax exemption of $11,700,000 that can be used to offset your taxable gifts. Taxable gifts made during the course of the year need to be reported on IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.

Federal and State Estate Taxes

For decedents who died in 2021, the federal estate tax applies to estates that are valued at more than $11,700,000, which is referred to as the federal estate tax exemption. Current law provides that the federal estate tax exemption will continue to be indexed for inflation in future years.

State Inheritance Taxes

As of the tax year 2020, there are six states that collect a separate inheritance tax, which is a state tax imposed on certain beneficiaries who receive a deceased person’s property. In all of these states, assets passing to the deceased person’s surviving spouse and charity are exempt from the inheritance tax, while in several of these states assets passing to the deceased person’s descendants are also exempt.

State laws change frequently, so it is best to consult with a qualified estate planning attorney in your state to determine whether your assets will be subject to a state estate tax or a state inheritance tax after you die. Also, if you own personal effects or real estate outside of your home state and the other state has an estate tax or an inheritance tax, then there may be an estate tax or an inheritance tax due on your out-of-state property after your death.

Generation-Skipping Transfer Taxes

For decedents dying in 2021, the generation-skipping transfer tax (GST) applies to transfers of more than $11,700,000 that “skip” one or more generations. “Skipping” refers to either a transfer that is made to a relative who is two or more generations below your generation (for example, a grandparent to a grandchild) or to a non-relative who is more than 37 1/2 years younger than you. Current law provides that the GST exemption will be indexed for inflation in future years.

Some states that still impose their own separate state estate tax also assess a separate generation-skipping tax. However, as with state estate taxes and inheritance taxes, it is best to consult with a qualified estate planning attorney in your home state to determine whether your state has its own generation-skipping tax.

Income Taxes

For deaths, the decedent’s heirs had the choice of subjecting the estate to federal estate taxes or applying the modified carryover basis regime. What modified carryover basis means is that instead of the beneficiaries of an estate or trust receiving an asset with a full step-up in basis to the date-of-death fair market value, the beneficiaries received the lesser of the fair market value of the property or the decedent’s original basis, which could be adjusted following specific basis adjustment rules. Depending on the modified carryover basis of an asset, the beneficiaries could owe capital gains taxes when the inherited asset is later sold.
For deaths occurring in any year, during the course of settling an estate or trust after someone dies, the estate or trust assets will undoubtedly earn interest until they can be distributed out of the estate or trust to the ultimate beneficiaries, and if certain types of assets are sold (such as stocks and bonds), the sale may result in a capital gain, even after taking into consideration the step-up in basis. Aside from this, certain types of accounts have built-in income tax consequences referred to as “income in respect of a decedent” (or IRD) when the owner dies, such as non-Roth IRAs, 401(k)s, and annuities. Thus, while many estates and trusts may not be affected at all by gift, estate, inheritance, or generation-skipping transfer taxes, the majority will be affected in some way or another by income taxes. Income earned by an estate or trust is reported on IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, for federal income tax purposes, and the estate or trust may also need to file a state income tax return for estates and trusts.

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Estate Planning

Estate planning is a process that involves making advanced plans for end-of-life issues and for property and assets when one passes away. Any person may become sick or hurt, creating a situation where they need nursing care or where tough choices must be made about medical treatment. Every person will eventually pass away, which cause undue problems if no plans could have been made regarding assets and property. Estate planning utilizes legal and financial tools to address the issues that arise in case of illness, incapacity, and death. The planning process is different for everyone, because you may have your own unique goals, like supporting a charity or paying for your child’s college education. A good attorney will listen carefully to you, ask questions that help you to shape the estate planning process, and assist you in using the right tools.

An estate plan may involve the following steps:
• Creating a last will and testament.
• Creating trusts to protect assets during your lifetime and from loss by irresponsible heirs after your death.
• Creating advanced directives for healthcare, including a do not resuscitate order and/or a living will.
• Creating a power of attorney to give someone authority to act for you if you become incapacitated.
When Should I Make an Estate Plan?
It is important to make an estate plan as soon as you have assets, have anyone depending upon you, or have become an adult with your own opinions about your medical care. Many people mistakenly believe estate planning isn’t something they need to worry about yet, but this is simply not true.

It is wise to create an estate plan if any of the following are true:
• You have a spouse and/or child you want to be provided for if something happens to you.
• You have a child or children and you want to name a guardian for them, should you pass away.
• You want to plan ahead for your medical care, just in case you become incapacitated.
• You have strong opinions about your end-of-life care.
• You want to be sure your wishes are carried out to the letter regarding your assets/property.
• You want to protect your assets from estate taxes, lawsuits, and creditors.
• You want to qualify for Medicaid in the future, without “spending down” your assets.

Life is uncertain. You don’t want your assets losing value because of mismanagement or your family fighting over your property if something unexpected happens to you. Your estate plan can address issues like reducing or avoiding estate taxes, dealing with irresponsible heirs, and making sure you have a trusted person who will take care of your kids in case you pass away. Whatever your goals, estate planning can help you achieve them.

Simple Steps to an Estate Plan

You may have heard that you need to make an “estate plan,” but what does an estate plan cover and how do to make one? Here is a simple list of the most important estate planning issues to consider.

Make a will.

In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent.

Consider a trust.

If you hold your property in a living trust, your survivors won’t have to go through probate court, a time-consuming and expensive process.

Make health care directives.

Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself. Health care directives include a health care declaration (“living will”) and a power of attorney for health care, which gives someone you choose the power to make decisions if you can’t. (In some states, these documents are combined into one, called an advance health care directive.)

Make a financial power of attorney.

With a durable power of attorney for finances, you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle your own affairs. The person you name to handle your finances is called your agent or attorney-in-fact (but doesn’t have to be an attorney).

Protect your children’s property.

You should name an adult to manage any money and property your minor children may inherit from you. This can be the same person as the personal guardian you name in your will.

File beneficiary forms

Naming a beneficiary for bank accounts and retirement plans makes the account automatically “payable on death” to your beneficiary and allows the funds to skip the probate process. Likewise, in almost all states, you can register your stocks, bonds, or brokerage accounts to transfer to your beneficiary upon your death.

Consider life insurance

If you have young children or own a house, or you may owe significant debts or estate tax when you die, life insurance may be a good idea.

Cover funeral expenses.

Rather than a funeral prepayment plan, which may be unreliable, you can set up a payable-on-death account at your bank and deposit funds into it to pay for your funeral and related expenses.

Make final arrangements.

Make your end-of-life wishes known regarding organ and body donation and disposition of your body — burial or cremation.

Protect your business

If you’re the sole owner of a business, you should have a succession plan. If you own a business with others, you should have a buyout agreement.

Store your documents.

Your attorney-in-fact and/or your executor (the person you choose in your will to administer your property after you die) may need access to the following documents:
• Will
• Trusts
• insurance policies
• real estate deeds
• certificates for stocks, bonds, annuities
• information on bank accounts, mutual funds, and safe deposit boxes
• information on retirement plans, 401(k) accounts, or IRAs
• information on debts: credit cards, mortgages and loans, utilities, and unpaid taxes
• Information on funeral prepayment plans, and any final arrangements instructions you have made.

The Estate Planning Process

It is natural for many people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is tax planning, which can be done “later.” They may well be wrong on both counts. Your level of wealth and the ultimate tax consequences of your estate become secondary to the planning and care of your family and other heirs. A well-structured estate plan is invaluable. Through it, you can control the distribution of your assets and possessions, as well as name guardians for your children or plan care for other dependents. While the estate planning process can raise some difficult emotional and personal issues, your heirs will be glad you did it, and you will know that your wishes are assured. Your first step should be to assemble a competent, professional estate planning team. Your attorney, financial service professional, insurance agent, bank trust officer, and/or accountant are all possible members of your team, depending on the size and complexity of your estate. They can help you complete an analysis of your current estate by looking at your financial position as of today and helping you analyze your family’s needs for the future. Does a family member have special needs or require medical attention? How much will an education cost when your children reach college age? How will your family’s overall cost-of-living requirements change? How will estate taxes affect your assets as they are currently held? The answers to these questions can help you develop an estate plan that will adequately provide for your family’s needs.

What Information Should Be Gathered?

A thorough estate analysis requires gathering any and all materials involving current or future income, property ownership, insurance, and legal arrangements already in place. This includes records of the following:
• Current income from employment and all investments
• Any expected deferred compensation
• All retirement benefits, from Social Security (including survivors’ benefits), IRAs, pensions, and profit-sharing plans
• Investment documents, certificates, passbooks, etc.
• Deeds to primary and vacation residences
• Personal property
• Life insurance policies of which you are the owner, the insured, or the beneficiary
• Trust agreements, if any
• Your will, if you have one

Current and expected debts and obligations, including mortgage and loan balances, real estate liens, taxes payable, consumer debts, and estimates of funeral costs and estate settlement expenses. Once assembled, a complete analysis can begin, giving you the basis for a solid estate plan.

Reasons You Need an Estate Plan

While there are a variety of reasons why people decide to meet with an estate planning attorney and create an estate plan, here are the most valuable reasons.

• Avoid Probate: A probate is the process of validating a deceased person’s will and placing a value on their assets, paying their final bills and taxes, and distributing the rest to their beneficiaries. Avoiding probate is by far the most common reason why people seek out the advice of an estate planning attorney. While many have never dealt with probate, they still know one thing: they want to avoid it at all costs. This stems from probate horror stories covered by the media or told by neighbors, friends, or business associates. For the vast majority of people, avoiding probate is a very good reason for creating an estate plan and can be easily achieved.
• Reduce Estate Taxes: The significant loss of one’s estate to the payment of state and federal estate taxes or state inheritance taxes is a great motivator for many people to put an estate plan together. Through the most basic planning, married couples can reduce or even possibly eliminate estate taxes altogether by setting up AB Trusts or ABC Trusts as part of their wills or revocable living trusts. Also, a variety of advanced estate planning techniques can be used by both married couples and individuals to make the estate or inheritance tax bill less burdensome or completely go away.
• Avoid a Mess: Many clients seek the advice of an estate planning attorney after personally experiencing or seeing a close friend or business associate experience a significant waste of time and money due to a loved one’s failure to make an estate plan. Choosing someone to be in charge if you become mentally incapacitated or die and deciding who will get what, when they will get it, and how they will get it will go a long way towards avoiding family fights and costly probate court proceedings.
• Protect Beneficiaries: There are generally two main reasons why people put together an estate plan to protect their beneficiaries: To protect minor beneficiaries, or to protect adult beneficiaries from bad decisions, outside influences, creditor problems, and divorcing spouses. If the beneficiary is a minor, all 50 states have laws that require a guardian or conservator to be appointed to oversee the minor’s needs and finances until the minor becomes a legal adult at age 18 or 21, depending on the laws of the state where the minor lives. You can prevent family discord and costly legal expenses by taking the time to designate a guardian and trustee for your minor beneficiaries. Or, if the beneficiary is already an adult that’s bad at managing money or has an overbearing spouse or partner who you fear will squander the beneficiary’s inheritance or take it in a divorce, you can create an estate plan that will protect the beneficiary.
• Protect Assets: Asset protection planning has become a significant reason why many people, including those who already have an estate plan, are meeting with their estate planning attorney. Once you know or suspect that a lawsuit is on the horizon, it’s too late to put a plan in place to protect your assets. Instead, you need to start with a sound financial plan and couple that with a comprehensive estate plan that will, in turn, protect your assets for the benefit of both you during your lifetime and your beneficiaries after your death.

Essential Estate Planning Documents

If your current family and financial situations do not warrant the need for a revocable living trust, then your foundational estate plan will include the following four important legal documents:
• Last Will and Testament
• Advance Medical Directive
• Living Will
• Financial Power of Attorney
If your current family and/or financial situations warrant the need for a more sophisticated estate plan, then your foundational estate plan will include the following important legal documents:
• Pour Over Will
• Revocable Living Trust
• Advance Medical Directive
• Living Will
• Financial Power of Attorney

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Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506

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