#1 – Act as a Disability Plan. A revocable trust provides protection during three phases: what happens while the trust maker is alive and well, what happens if the trust maker is alive but not so well, and what happens after the trust maker dies. It’s during the second phase that trust really outshines a…
In 2012, at the age of 77, my mother passed away unexpectedly. We had just helped her move from St. George to South Jordan, Utah, where she could be closer to her children and grandchildren. Being that her mother had lived a relatively healthy life for nearly 102 years, we thought Mom would be around for a while…
A “Will Substitute” is an instrument that transfers ownership of a property from the owner to the beneficiary upon the owner’s death while avoiding probate. Examples of will substitutes include the “Payable on Death” (“POD”) designation of a bank account or the beneficiary designation of a life insurance policy. PODs and insurance contracts are powerful…
Not long ago I attended an excellent business law seminar presented by Mr. Paul Swegle, an accomplished and experienced attorney from the Seattle area. Of all those things Paul presented and discussed in our 8-hour session, I highlight three for consideration by our business clients who want to start a company or are early in…
Occasionally, politicians, like lawyers, do something useful. In 2007, Utah passed the “Advanced Health Care Directive Act”. The Act offers a standardized form (often called a “Living Will”) that directs health care providers regarding a person’s life-sustaining medical care, and withholding or withdrawing such care. The form itself is sort of a hot mess and…
Here’s a story we all know well, often through personal experience. Blended families are common this day and age when nearly a quarter of all marriages are a second marriage for one of the spouses. This raises some interesting estate planning issues. New spouses typically want to make sure the assets each brought into the…
If you have ever participated in an employee stock ownership plan (ESOP), you’ve acquired some equity in your employer. Participation over time allows the stock to the vest and can add up to a nice investment for you. Most investors don’t want to hold a stock perpetually, however. At some point, you will probably want…
As of May 2018, Utah has joined the ranks of many states in the passing of its own “Transfer on Death (TOD) Deed” statute. UCA 75-6-4. Basically, the owner of a piece of real estate executes a deed transferring ownership of the property upon his or her death. If done properly, when the owner dies, the property…
I have had the pleasure to work closely with and get to know some very capable and talented financial consultants. Most have developed specialized practices in things like social security, buy-sell agreements, medicare, portfolio management, real estate, disability insurance, life insurance, IRA alternatives, trust funding, etc. I am always happy to give a referral if you are looking…
During the home buying process, you worked with a lot of individuals: your realtor, the seller’s realtor, the title company, the loan officer, and the home inspector. Now that you have finalized the purchase of your house, there is one more expert you need to call: your estate planning attorney. Aligning Your Ownership with Existing Estate…
