Utah Estate Planning and Trust Administration
Planning for your future is extremely important, at Plan Right Law we work with you to design the best plan for your family. Through our counseling and understanding of the law, and your understanding of your specific needs and goals, we help you plan for now and down the road. Your family legacy and protection are our top priority.
Asset Protection
We use a combination of proven tools and strategies to protect our clients’ assets. Together, we take prudent steps to plan ahead to reduce risk. Our team can help you put a plan in place that protects your business and personal assets, eliminates unnecessary exposure to lawsuits, or other potential liability hazards. We can also help you prepare for long-term care costs by guiding you through the Medicaid Qualification process, helping to protect your assets where possible.
One of the most common mistakes people make regarding assets is when they give them away too soon, sometimes without even recognizing it. Putting your child’s name on a business asset, a property deed, title, or financial account, can create a liability and exposure to creditors, to say nothing of potential tax implications.
An outright gift to an adult child can create problems for long-term care needs. Not only are gifted assets at a high risk for threats like divorce or creditors, but giving away your assets can also affect your Medicaid eligibility.
Additionally, your estate plan should not only protect you and your spouse from threats but should also secure your heirs’ inheritances against any additional threats after you’re gone. For example, some children may need protection from making poor decisions if they are not mature enough to manage their inheritance. Even your grandchildren may need protection in the event that your child passes away and your son or daughter-in-law remarries. Our planning process will cover all these eventualities and possibilities.
Contact Us Today to Discuss Your Unique Needs and Goals
Probate Planning
Probate is a court process by which estate assets are distributed after a person passes away. An appointed estate administrator will manage the assets, repay any debts, file final tax returns, and a variety of court documents. They are also responsible for the distributions to the heirs of the estate. In certain situations, such as when concerns have been raised about the administration of the estate, the probate judge may supervise the administrator and must approve all aspects of the estate’s administration.
Probate can be a time-consuming, expensive, and frustrating process. It is also a process that becomes a matter of public record, meaning anyone can obtain information about the decedent’s finances and debts. For these and many others, many people seek to avoid the prospect of their estates being probated, and there are a number of ways to accomplish probate avoidance. Let us help walk you through that process now to avoid frustration for your family later.
Trusts
There are many different kinds of trusts, each capable of helping you accomplish a wide range of planning goals. A revocable living trust, for example, will allow your estate to avoid probate and give you greater control over how and when your assets will be distributed. Whereas an irrevocable trust can provide you with robust asset protection against the high cost of long-term care, lawsuits, creditors, and other threats. We can help you determine if a trust is right for you and the type of trust (or combination of trusts) best-suited to your unique needs.
Even though trusts can be powerful tools, they must be properly administered to be effective. That’s why many of our clients choose to work with our firm, for guidance every step of the way to ensure their trusts are managed properly.
Contact us at (801) 432-7028 to get started today.
Last Will and Testament
A will is a foundational part of, and essential base document, to any estate plan. A will allows you to specify who receives your assets after you pass away. It also allows you to name a guardian for any minor children or other dependents in your care.
However, while a will is an important part of a comprehensive estate plan, it is often not enough. One reason a will isn’t a complete plan to protect your interests is that a will is only valid after you die and it cannot provide control over your finances and care in the event of your incapacity, and most of all having only a will does not avoid probate court.
Call our team at (801) 432-7028 or click here to get the process started.
Powers of Attorney
Powers of Attorney documents; for both financial and healthcare concerns, all you to appoint an Agent to help you and be the point of contact for decisions and action on your behalf, in the event that you are incapacitated.
A power of attorney may grant limited or broad powers to your representatives so they can make a variety of decisions regarding the management of your finances and/or your medical care. Choosing your representative is a decision you shouldn’t make lightly. It’s extremely important to keep your power of attorney document up-to-date so that if a temporary or permanent incapacity happen to you, your affairs will be dealt with under your instruction by a person you chose.
The standard, state available forms for establishing a power attorney are insufficient to protect your best interests. That’s where our firm’s personalized expert services stand above the rest – we will help you plan and protect your interests.
Contact us at (801) 432-7028 to get started today.
Advance Directives
An advance directive is a legal document that specifies the type of medical and personal care you wish to receive if you lose the ability to make or communicate your wishes on your own. Your advance directive can also name the person who will make or communicate your wishes for you and set forth the types of care you want in an end-of-life situation. These can be as detailed or as broad as you desire and we can help walk you through the available options. Most people do not realize they have full control over how they are cared for in this stage of life; even if they cannot communicate it themselves, and what happens to their body post death. A well thought out advance directive plan can give immense peace of mind.
