Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you …
Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the best …
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required …
THE SECURE ACT: How It Will Affect You and the Beneficiaries of Your Retirement Accounts Read More »
In light of the current pandemic, many Americans are becoming aware of the importance of creating or updating their estate planning documents. With the extension of some states’ stay in place orders, it may be tempting to create your own documents all on your own. Whether you are considering writing your own will or using …
The Utah legislature recently adopted the Uniform Power of Attorney Act (the “Act”). The Act became effective on May 10, 2016, and makes some significant changes to current Utah law. With its enactment, Utah joins 20 other U.S. States in enacting this uniform legislation, though Utah has made some non-uniform changes of its own. Here …
Powers of Attorney are powerful and potentially risky documents. A person signing a power of attorney (the “Principal”) is delegating certain authority listed in the power of attorney to another person (the “Agent”). Properly drafted, a power of attorney can be a useful tool in dealing with incapacity or absence. However, persuading banks, title companies, …
New Power of Attorney Law Holds Promise and Risk Read More »
Many states have taxes designed to get in on the gifting of property during lifetime and at death. Not so in Utah. The Beehive State has no estate or gift tax. However, the federal estate and gift tax still applies to Utah residents. That said, with a bit of careful and early planning most can …
A trust is an entity (like a corporation) established to hold and manage property. It has its own separate existence apart from the grantor or creator of the trust. Trusts can be established during one’s lifetime (a “living” trust) or they can be established at death through a will (a “testamentary” trust). In the case …
A sole proprietorship is the simplest form of business entity. It requires no formal organization papers or formalities for conducting the business. Essentially, the individual functions as a business and is liable for all of the debts and liabilities incurred. A sole proprietorship is generally considered an informal business organization. That is, it does not require any …
What are the Pros and Cons of a Sole Proprietorship? Read More »
A partnership is simply a joint venture of two or more individuals conducting a business together for profit. Like the sole proprietorship, the partners are liable for the debts and liabilities of the business individually. Again, no formal organization is required, though a written partnership agreement is always recommended. This type of business entity is …
What Is a Partnership and When Is It a Good Idea? Read More »
