Tuesday, 31 March 2020

Can You Withdraw Money From A Deceased Person’s Account?

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Can You Withdraw Money From A Deceased Person's Account

It depends. Best to call our office and talk about it. On the off chance that an individual passes away without a Will or a trust, and names a child as the beneficiary, at that point it will be the Trustee’s business to deal with that tyke’s property as per the particulars of the archive. On the off chance that an individual bites the dust and makes a blessing to a tyke under that individual’s state’s Uniform Transfers to Minors Act, the tyke’s cash will be put in a custodial record for that kid’s advantage to a specific age. At long last, if an individual bites the dust and leaves cash to a kid straightforwardly, or names that kid as a beneficiary of a disaster protection arrangement or a retirement account, a court will need to choose a property watchman to deal with that tyke’s cash to age eighteen. In the event that a tyke is the beneficiary of a trust, the Trustee will need to get an assessment recognizable proof number for that youngster’s trust, open up a bank or money market fund for the sake of the trust (utilizing that new duty id number), and after that appropriate the resources for the kid as coordinated by the trust. For instance, if a youngster is the beneficiary of a trust to age twenty-five, and the trust guides the Trustee to circulate the cash for that child’s, “wellbeing, training, upkeep, and backing,” (which would be an ordinary dispersion standard), it will be the Trustee’s business to convey cash to that kid until the child turns 25.

From that point onward, the trust would end, and the youngster would be responsible for overseeing and disseminating the cash themselves. It will be the Trustee’s business to document a guardian government form for this trust every year, to keep great records of how the cash has been contributed and spent, and to speak with the kid/beneficiary, to ensure that the cash is in effect enough conveyed and very much spent. Once in a while people leave blessings to youngsters without making a trust to hold that cash. The most straightforward approach to do this is to leave cash for a kid under what’s known as the Uniform Transfers to Minors Act. Each state has a variant of this law, which permits a grown-up, called the “caretaker” to oversee resources for kids to a particular age. A Will, for instance, may leave a blessing to a youngster along these lines: “To my dear nephew, Philip, I leave an endowment of $12,000 to Sarah Jackson, as caretaker for Philip Jackson, under the Utah Uniform Transfers to Minors Act to age 18.” Each state sets a period limit for UTMA accounts that are set up by Will or trust when somebody bites the dust. In Utah, as far as possible is 21, which implies that an UTMA record built up in Utah must end before the minor achieves age 21. The trust or Will would indicate what age inside this range applies. For instance, a Will may say, “I leave an endowment of $25,000 to Jane Smith, as overseer for her child, John Smith, under the Utah Uniform Transfers to Minors Act, to age 18.” The overseer of an UTMA record has the privilege to gather, hold, oversee, contribute and reinvest a minor’s property. They should act sincerely and wisely and they needn’t bother with a court’s endorsement. The cash in an UTMA account, which can be opened at a bank or a business organization, can be utilized for the minor’s advantage like instruction or travel or really anything that the minor may require.

At the point when the custodianship closes, the cash has a place with the beneficiary, out and out, to be utilized anyway they need to utilize it. All advantages that are moved to minors are irreversible once made – if a tyke chooses not to set off for college, for instance, the cash is as yet theirs when the record ends. UTMA records can likewise be made by the agent (if there is a Will) or trustee (if there is a trust), on the off chance that the individual in question needs to move property to a minor, however the Will or trust didn’t name a caretaker.

In many states like the state of the Utah, this should be possible except if the record surpasses a specific dollar limit, in which case the court must endorse the exchange. In Utah, an agent or trustee can build up an UTMA account along these lines: A custodial record might be built up by an agent or Trustee that finishes at 18. Notwithstanding, if the sum that is talented to the minor is more than $10,000, the court must support it.
On the off chance that benefits are left to minor kids and no custodial record or trust was set up to deal with that property, the probate court will need to select a property watchman to deal with that property until a tyke turns eighteen. For instance, if an individual names a minor kid as the beneficiary for their life coverage approach, and passes on, that tyke will not have the option to acquire the $50,000 continues until a property watchman is delegated to deal with that cash for them until age eighteen. Or on the other hand, on the off chance that somebody passes on without a Will and their minor kids acquire their property, a court will need to name a property gatekeeper for every tyke, to deal with that property to age eighteen. Being a property watchman resembles being the caretaker, or Trustee, since they must cautiously deal with the cash to assist the minor. However, in contrast to a caretaker or a Trustee, the property watchman’s activity must end when the youngster turns eighteen since that is the point at which the court’s jurisdiction over that kid ends. Likewise, in contrast to an overseer or a Trustee, the property gatekeeper needs to record formal accountings with the court, demonstrating how the cash was contributed and dispersed, and, now and again, the cash must be put resources into certain, prohibitive records.

In the state of Utah after somebody bites the dust, somebody (called the perished individual’s ‘agent’ or ‘administrator’) must arrangement with their cash and property (the expired individual’s ‘home’). They have to pay the expired individual’s duties and obligations, and appropriate his or her cash and property to the general population qualified for it. On the off chance that the perished individual left a substantial will, the individual who manages the home is known as the expired individual’s ‘agent’. Addendum to that the perished individual left an invalid will or no will by any stretch of the imagination, the individual who manages the expired individual’s home is called an ‘administrator’. An administrator might be designated by the court before they can manage the expired individual’s bequest. On the off chance that the expired individual left a great deal of cash or property in his or her domain, the agent or the administrator may need to apply for an award of portrayal to access the cash. An application for an award is made to the Probate Registry. In the event that the perished individual left a substantial will, the Probate Registry will give probate of the will. In the event that the perished individual left an invalid will or no will by any stretch of the imagination, the Probate Registry will issue an award of letters of organization. A few homes need to pay Inheritance Tax(external connection opens in another window/tab). A few or the majority of this must be paid under the steady gaze of the court will issue a Grant of Probate of Letters of Administration.

The expired may likewise be owed an assessment refund, or may need to settle some government obligation. ‘Property’ incorporates houses, land by and large, shares, collectibles, adornments, masterpieces, and elusive property, for example, licenses and copyrights. On the off chance that the expired held property in their sole name, and they left a substantial will managing the property, at that point the property will as a rule go in accordance with the will. In the event that the expired left no substantial will, or a will that did not manage the property, it is managed under the law of intestacy. Notwithstanding that the perished held property with someone else or individuals, the expired’s agent or administrator needs to discover how the property was possessed. Where the property is a house, there ought to be composed narrative proof of the sort of proprietorship. On the off chance that you sell the perished’s property or different resources at an addition (benefit) Capital Gains Tax will be payable if the increase over the market an incentive at the date of death (not the date of procurement) surpasses the present Capital Gains Tax limit. Moreover the perished individual claimed property with someone else or individuals as ‘gainful joint occupants’, the expired individual’s offer naturally goes to the enduring joint owner(s). Property possessed as joint inhabitants does not frame some portion of an expired individual’s home on death. However, the estimation of the perished a lot of mutually possessed property is incorporated when ascertaining the estimation of the bequest for Inheritance Tax purposes. In different cases, where the perished individual possessed property with someone else or individuals, the expired a lot of the property structures some portion of their domain and is managed by the agent under the conditions of the will or by the administrator under the law the law of intestacy. Organization of the home is probably going to be mind boggling and looking for free legitimate counsel is prescribed.
payable-on-death record is a bank or investment fund with an assigned beneficiary. Once in a while these are likewise called “Totten Trusts” or move on-death accounts. Whatever they’re called, at the passing of the record proprietor, the benefits in the record are circulated to the individual or individuals assigned as record beneficiaries. Generally, such’s required at the passing of the record proprietor, is for the assigned beneficiary to round out a case structure and to supply a duplicate of the demise declaration.

That is it. In case you’re uncertain about whether or not a record had an assigned beneficiary, you’ll have to check with the bank or business organization and keep an eye on the record’s enlistment. For instance, in the event that Aleezay opened a financial records and, at that point assigned her sibling, Jack, as the payable-on-death beneficiary, upon Aleezay’s passing, Jack will get the record’s advantages. Property held in joint tenure passes naturally to the enduring joint occupant (or inhabitants) when a joint occupant bites the dust. It is likely the most widely recognized way that individuals possess property together. No probate is fundamental, simply some desk work. This is designated “right of survivorship” and it makes the exchange of property upon death extremely simple. Hitched couples can claim the greater part of their property along these lines: homes, vehicles, financial balances, and money market funds. Inconsequential accomplices can claim property as joint occupants, and here and there guardians will possess property with their kids along these lines, also. Property held mutually goes outside of whatever a Will or trust says. This can be a wellspring of disarray and upset- – if a parent’s Will leaves everything similarly to each of the three children, however just a single youngster is a joint proprietor of a financial balance, that one kid is the proprietor of that account, and is under no legitimate commitment to impart to his or her kin. Bank and money market funds will more often than not list the names of the joint proprietors with a shortened form like “JTWROS.” You may need to check with the bank to ensure if two individuals were joint proprietors on a record. Now and then, two individuals are recorded on checks, for instance, however just one is the proprietor; the other is there for mark purposes/comfort, this is frequently the situation among guardians and kids. For a vehicle, you first need to see precisely how the pink slip is worded. In certain states, similar to California and Connecticut, the world “or” between gatherings makes a joint tenure. Be that as it may, in others, similar to Arizona, the words “as well as” are utilized. Check with Utah’s branch of Motor Vehicles to perceive what the required language is. Snap here for a catalog of the majority of the state’s divisions of engine vehicles. For genuine property, the deed will say something like: ” Jane and John, as joint occupants with right of survivorship.” In certain states, wedded couples can claim property in ‘Tenure by the Entirety’ or as ‘Network Property With Right of Survivorship,’ the two types of property possession additionally have a privilege of survivorship, and move outside of probate.

Probate Law and Estate Lawyer Free Consultation

When you need to access money from a deceased person’s account, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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What Is A Hardship Loan Modification?

What Is A Hardship Loan Modification

Some types of modification are better than others, and your lender might not offer all of them, although it might have additional options.

• Principal reduction: Your lender can eliminate a portion of your debt, allowing you to repay less than you originally borrowed. It will recalculate your monthly payments based on this decreased balance, so they should be smaller. Lenders are typically reluctant to reduce the principal on loans, however. They’re more eager to change other features which can result in more of a profit for them—not a loss. If you’re fortunate enough to get approved for a principal reduction, discuss the implications with a tax advisor before moving forward because you might find that owe taxes on the forgiven debt. This type of modification is usually the most difficult to qualify for.

• Lower interest rate: Your lender can also reduce your interest rates, which will reduce your required monthly payments. Sometimes these rate reductions are temporary, however, so read through the details carefully and prepare yourself for the day when your payments might increase again.

• Extended term: You’ll have more years to repay your debt with a longer-term loan, and this, too, will result in lower monthly payments. This option is commonly referred to as “re-amortization.” But longer repayment periods usually result in higher interest costs overall because you’re paying interest across more months. You could end up paying more for your loan than you were originally going to pay.

• Convert to a fixed rate: You can prevent problems by switching to a fixed-rate loan if your adjustable-rate mortgage is threatening to become unaffordable.

• Postpone payments: You might be able to skip a few loan payments. This can be a good solution if you’re between jobs but you know you have a paycheck out there on the horizon somewhere, or if you have surprise medical expenses that will be paid off eventually. This type of modification is often referred to as a “forbearance agreement.” You’ll have to make up those missed payments at some point, however. Your lender will add them to the end of your loan so it will take a few extra months to pay off the debt.

Government Loan Modification Programs

Depending on the type of loan you have, it might be easier to qualify for a loan modification. Government programs like FHA loans, VA loans, and USDA loans offer relief, and some federal and state agencies can also help. Speak with your loan servicer or a HUD-approved counselor for details. The federal government offered the Home Affordable Modification Program (HAMP) beginning in 2009, but that expired on Dec. 31, 2016. The Home Affordable Refinance Program (HARP) expired two years later at the end of 2018. But HARP has been replaced by Freddie Mac’s Enhanced Relief Refinance Program and by Fannie Mae’s High Loan-to-Value Refinance Option, so these might be a good place to start for assistance.

Why Lenders Modify Loans

Modification is an alternative to foreclosure or a short sale. It’s easier for homeowners and it tends to be less expensive for lenders than other legal options. You get to stay in your home, and your credit suffers less from modification than it would after a foreclosure. Otherwise, your lender has several unattractive options when and if you stop making mortgage payments and it must foreclose or approve a short sale. It can:
• Attempt to collect the money you owe through wage garnishment, bank levies, or collection agencies
• Write the loan off as a loss
• Lose the ability to recover funds if you declare bankruptcy

How to Get a Loan Modification

Start with a phone call or online inquiry, and let your lender know about your financial situation. Just be honest and explain why it’s hard for you to make your mortgage payments right now. Lenders will require an application and details about your finances to evaluate your request, and some require that you also be delinquent with your mortgage payments, usually by 60 days. Be prepared to provide certain information:
• Income: How much you earn and where it comes from
• Expenses: How much you spend each month, and how much goes toward different categories like housing, food, and transportation
• Documents: Proof of your financial situation, including pay stubs, bank statements, tax returns, loan statements, and other important agreements
• A hardship letter: Explain what happened that affects you making your current mortgage payments, and how you hope to or have rectified the situation. Your other documentation should support this information.
• IRS Form 4506-T: Allows the lender to access your tax information from the Internal Revenue Service if you can’t or don’t supply it yourself.
The application process can take several hours. You’ll have to fill out forms, gather information, and submit everything in the format your lender requires. Your application might be pushed aside or worse, rejected if something your lender asked for is missing or outdated, such as a tax return that’s three years old. It might be several weeks before your lender gives you an answer, and it can take even longer to actually change your loan when and if you get approved. Keep in frequent contact with your lender during this time. It might have questions and just hasn’t gotten around to calling you yet. It’s usually best to do what your bank tells you to do during this time, if at all possible. For example, you might be instructed to continue making payments. Doing so could help you qualify for modification. In fact, this is a requirement for approval with some lenders. Lenders have different criteria for approving modification requests, so there’s no way to know if you’ll qualify. The only way to find out is to ask.

Mortgage Modification Scams

Unfortunately, homeowners in distress attract con artists. Beware of promises that sound too good to be true. It’s best to work directly with your lender to be on the safe side. Some organizations will promise to help you get approved for a loan modification, but these services come at a steep price and you can easily do everything yourself. They typically charge you, sometimes exorbitantly, to do nothing more than collect documents from you and submit them to your lender on your behalf. In some states, they’re not legally permitted to charge a fee in advance to negotiate with your lender, and in other states, they’re not allowed to negotiate for you regardless of when you pay them. Of course, don’t count on them telling you this.

Refinance the Loan Instead

Modification is typically an option for borrowers who are unable to refinance, but it might be possible to replace your existing loan with a brand new one. A new loan might have a lower interest rate and a longer repayment period, so the result would be the same you’d have lower payments going forward. You’ll probably have to pay closing costs on the new loan, however, and you’ll also need decent credit.

Consider Filing For Bankruptcy Protection

If all else fails, you might have one other option filing for Chapter 13 bankruptcy. This isn’t the same as a Chapter 7 bankruptcy where the court takes control of your non-exempt assets, if any, and liquidates them to pay your creditors. Chapter 13 allows you to enter into a court-approved payment plan to pay off your debts, usually for three to five years. You can include your mortgage arrears if you qualify, allowing you to catch up and get back on your feet, but you must typically continue to make your current mortgage payments during this time period. This might be possible, however, if you can consolidate your other debts into the payment plan as well. You must have sufficient income to qualify.

Loan Modification: What Are Considered Hardships

Loan modification is the process of negotiating the terms of your loan for any number of varying factors. In the case of financial hardship, you are seeking a modification on your loan based on circumstances that have affected your ability to pay. Loan modifications are common on home loans today, but they may also be available on student loans, car loans and personal loans. In today’s economy, lenders are willing to work with people who claim financial hardship in order to keep those people in their homes and financially stable.

Unemployment For Loan Modifications

Unemployment is among the most common reason to seek loan modification for financial hardship. Many car dealerships are offering to make payments for purchasers for up to a certain amount of time in the case that purchaser loses his or her job. Even cable companies are reducing monthly fees for the unemployed. This does not just apply to a lost job, either. Students graduating from college or graduate programs who have been promised jobs that have been deferred for a certain amount of time can additionally defer their loans. For example, if you are graduating from law school and were promised a job starting in October which is now not starting until January, you may defer your loan repayments with the claim of financial hardship.

Reduced Income

If you are facing a reduced income for any reason, you may be able to negotiate the terms of your loan. Many people are facing a reduction to part-time employment in response to the recent recession. If you were forced to leave one job and take another in a lower pay bracket, consider writing a financial hardship letter to your lender for loan modification purposes. Your lender may likely already have forms and letter you can use as a sample.

Divorce or Family Problems

Divorce is one of the most common drains on a family’s income. Legal fees, splitting of assets and moving from one mortgage to two can drastically decrease a family’s ability to make ends meet. Likewise, if your spouse passes away you will be eligible for loan modification based on financial hardship. When you are speaking with your attorney regarding divorce settlement or estate settlement, discuss the loans you are currently repaying. Your attorney may be able to offer advice on programs to reduce your payments based on financial hardship.

Disability or Illness

You may be eligible for loan modification if you or your spouse is out of work for an extended period of time due to disability or illness. Many lenders will offer this same benefit to couples that are cohabitating, but not all lenders recognize this as a legitimate claim of financial hardship. You must be able to show how your disability or illness has affected your ability to receive the loan modification. You will likely additionally be required to show medical records stating the illness and treatments you received.

Hardship Letter Tips for your Loan Workout

If you are trying to obtain a loan modification or other loan workout plan, then your bank’s guidelines are going to require that you write a hardship letter.

A hardship letter is required by lenders when negotiating a loan modification or any loan workout. It is a letter you have to write explaining your financial distress and what caused you to fall behind in your mortgage payments. When writing your hardship letter remember that lenders will not modify your loan because they feel sorry for you, but rather because you have convinced them that you will be able to make future payments under the proposed loan modification. As a result, while you need specify your financial hardship, your letter should concentrate on how you plan to rectify your situation, rather than focusing on the causes of your financial distress and missed payments.

Acceptable Hardship

Make sure that when you write a hardship letter, you provide a specific cause for missing mortgage payments. Below are examples of acceptable hardships according to bank guidelines:
• Loss of job or reduction in income
• Death of the homeowner, spouse or family member
• Illness of homeowner or family member or other medical emergency
• Divorce or separation
• Job transfer (voluntary or involuntary)
• Adjustable rate reset-payment shock
• Military service
• Incarceration
• Increased expenses
• Unexpected home repairs

Instructions for Writing a Successful Hardship Letter

• Include your name, mortgage loan number, and property address at the top so your bank can locate your home loan easily.
• Describe your financial hardship and the circumstances that caused you to miss mortgage payments.
• Provide your mortgage lender with a specific plan to get back on track and remain in good standing to make mortgage payments..
• Assure the lender that you are a responsible homeowner who needs a second chance and that you are very motivated to save your home.
• Be concise – Do not exceed one page.
• Thank the lender for their time.
• Sign and date the bottom.

Hardship Mortgage Programs

Job loss, serious illness, increased expenses or reduced income can lead to a hardship that prevents your from paying the mortgage. In many cases, you can ask your mortgage lender for assistance. Hardship mortgage programs involve modifying one or more terms of your current loan program, replacing the loan with a new loan via a refinance, or restructuring the payment schedule to help you catch up.

Hardship programs vary by lender, loan type and your financial circumstances. For example, your lender may offer certain assistance programs if you have a reduction in income, and offer other types of hardship programs if you lose your job and have no income. Lenders typically require you to prove your financial hardship through pay stubs, income tax returns, bank statements and a hardship letter. Lenders use this information to evaluate the extent of your financial distress and determine eligibility for a hardship program.

Loan Modification Programs

A loan modification is a temporary-to-permanent solution to your mortgage hardship. Your lender may offer it on a temporary basis for three or four months. If you complete the trial run, it can make the modification permanent. Modification involves lowering your interest rate, extending your repayment term, switching your program from an adjustable-rate to a fixed-rate, or a combination of these methods to achieve an affordable payment. Lenders may offer their own brand of modification programs or participate in the government’s Home Affordable Modification Program, which streamlines guidelines among participating lenders.

Refinance Options

You may qualify for a traditional refinance if you have yet to miss a payment but anticipate financial hardship due to increased expenses, reduced income or an upcoming payment increase on your mortgage. A traditional refinance can lower your interest rate and monthly payment if you have sufficient equity and good credit. If your loan is not in good standing or have little to no equity, however, your lender may offer a refinance due to financial hardship. For example, the Federal Housing Administration offers the Short Refinance for borrowers who owe more than the value of their home. The government also offers a refinance if you have an “underwater” loan through the Home Affordable Refinance Program.

Forbearance, Reinstatement and Repayment

If you have a temporary financial hardship or are just recovering from one, your lender may offer a few options for getting your payments back on track. A forbearance entails temporarily reducing or suspending your payments for a set period of time without the threat of foreclosure. A lender may also reinstate your loan after several missed payments if you can pay the arrears in a lump sum and you can prove that you have overcome the financial hardship. Your lender may also offer a repayment plan if you have recovered from your hardship.

Loan Modification Lawyer Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Monday, 30 March 2020

Does It Matter Who Files For Divorce First In Utah?

Does It Matter Who Files For Divorce First In Utah

Ultimately it does not matter.

When marriages begin to fall apart, most spouses know that something is wrong. However, many spouses are hesitant to be the first one to file for divorce. Some are unsure about whether divorce is really the solution, others may wonder if they are being hasty and still others may just not know how to proceed. While people’s hesitation to file divorce is understandable, people considering divorce should be aware of the potential benefits that accompany being the first spouse to file for divorce.

Financial Benefits of Filing For Divorce First

Being the first spouse to file divorce means that a person can begin the proceedings at a time when he or she is financially prepared to do so. A person would have had time to collect copies of all important legal documents, such as deeds, bank and investment account statements, wills, life insurance policies, social security cards, titles to property. They will need these papers as part of the property division process, and it may be more difficult to obtain copies after the divorce starts. Also, a person can assess the family finances and determine the extent of their assets and debts, so they will have an accurate idea of what will be divided in the property division. People filing for divorce first also have the advantage of doing so after they have ensured that they have access to money and credit to meet their needs during the divorce process.

Possible Legal Benefits Of Filing First

One of the main legal advantages that a person gains by filing the divorce petition before his or her spouse does is that the filer can request a Standing Order from the court when filing the petition. Such an order prevents either spouse from making changes to beneficiaries on policies such as life insurance or retirement accounts, selling, borrowing against or transferring property, changing bank accounts and other similar financial moves. This can be important if the spouse filing divorce suspects that the other spouse will attempt to hide assets. The person who files for divorce also chooses the jurisdiction in which they litigate the divorce. In situations where spouses have lived apart from each other for a substantial period of time, possibly great distances from each other, filing the divorce petition first can prevent having to conduct matters related to the divorce far away from where a person lives.

If the matter should go to a hearing, the person who files the petition usually presents his or her case first. This can be a drawback for a spouse if he or she does not wish to reveal his or her strategy to the other spouse. The other spouse then has the opportunity to adjust the presentation of his or her case after seeing the other side.

Advantages of Filing First

If you file the initial Utah divorce petition, the court considers you to be the petitioner. Being the petitioner can be beneficial for several reasons:

• You don’t have to scramble to select a divorce attorney in time to file a response.

• You get to choose a convenient start time and establish deadlines for the case.

• You have time to prepare for the financial costs of divorce.

• You may have more of an opportunity to protect community assets.

• You won’t have to worry about your spouse stalling the divorce.

Advantages of Being the Respondent

If your spouse serves you with divorce papers, you’re the respondent. While playing this role may not have as many obvious advantages, being the respondent can be beneficial because:

• You have a chance to review your spouse’s requests before making decisions.

• Your divorce attorney can build an effective strategy based on the petition.

• You save money on filing fees and, in some cases, on service fees.
If you’re the respondent, you need to seek out legal counsel as soon as you’re served. You only have 21 days to respond if you were served in Utah, or 30 days if you were served outside of the state. If you fail to file a response within that time, the court may grant a default judgment, giving your spouse exactly what they have requested. Many people want to file first, but there are no consequences to being the respondent. Both parties in a Utah divorce are equal in the eyes of the law, and both have the opportunity to present their case. In the end, it won’t matter whether you’re the petitioner or respondent. Your Utah divorce attorney will be on your side, fighting for your rights and working to achieve the best possible outcome. If your marriage is over and you’re ready to file for divorce, having a skilled advocate in your corner is far more important than being the first to the courthouse.

The Divorce Process

A divorce starts with a divorce petition. The petition is written by one spouse (the petitioner) and served on the other spouse. The petition is then filed in a state court in the county where one of the spouses resides. It does not matter where the marriage occurred. The petition includes important information regarding the marriage. It names the husband, wife and any children and states if there is any separate property or community property, child custody, and child or spousal support.

Serving the Divorce Petition

The petition (or the divorce papers) must be served on the other spouse. This phase of the process is called “service of process.” If both spouses agree to the divorce, the other spouse only needs to sign an acknowledgement of the receipt of service. However, if the other spouse refuses to sign or is difficult to locate, you can hire a professional process server to personally deliver the papers. Completing service of process starts the clock running on your state’s waiting period. It also sets automatic restraining orders on the spouses and helps establish the date of separation. At this point, the spouses are not permitted to take any children out of state, sell any property, borrow against property, or borrow or sell insurance held for the other spouse.

Divorce Petition Response

The other spouse is known as the “respondent.” Although it’s not required, the respondent can file a response to the petition saying he or she agrees. Filing a response shows both parties agree to the divorce. This makes it more likely the case will proceed without a court hearing, which could delay the process and cost more. Generally, if a response is not filed within 30 days, the petitioner can request that a default be entered by the court. The responding spouse can also use the response to disagree with information presented in the petition.

Final Steps of a Divorce

Both spouses are required to disclose information regarding their assets, liabilities, income and expenses. If the divorce is uncontested and the spouses can agree on the terms of the divorce, there is only a bit more paperwork to file. Once the court enters the judgment, the divorce is final. However, the marriage is not formally dissolved and the spouses cannot remarry until the end of the state’s waiting period. If there are disputes that cannot be resolved, court hearings and maybe even a trial will be required.

What is an Uncontested Divorce?

If you and your spouse are worried about expensive, protracted court hearings, you can probably relax. According to CBS News, only about 5% of cases ever make it to trial. Other sources cite the number as being less than 5%. While estimates vary depending on who you ask, it’s easy to see what they all share in common: they’re tiny. Even in the worst case scenario, the likelihood of going to trial is minimal. That being said, it’s certainly not unheard-of. The good news is that the course your divorce follows is largely up to you and your spouse. In order to understand why, you have to have a general understanding of the Utah divorce process.

First, the petitioner files a complaint (petition) for divorce, which initiates the legal process. The spouse on whom the petition is served is known as the respondent. Once the respondent has been served with divorce papers, he or she has just 21 days to file an answer. (Out-of-state respondents have 30 days.) The nature of the respondent’s answer can set the divorce down a few different paths:

• If the respondent fails to file an answer within the allotted time period, then the petitioner can ask the judge to grant a default judgment. Ignoring divorce papers will not stop the divorce from happening; it will simply strip the respondent of his or her legal ability to challenge the petitioner’s demands.

• If the respondent agrees to everything in the complaint, including requests for alimony and/or child support payments, then the divorce is uncontested. If a divorce is uncontested, you can move ahead with the divorce process by filing the appropriate forms. However, even if you and your spouse are able to agree on the petitioner’s proposals regarding division of property, child support, and so forth, it is prudent to retain a family law attorney to ensure the proper and timely filing of legal documents. Some of the documents you will need to file include:

• Acceptance of Service
• Affidavit
• Certificate of Divorce, Dissolution of Marriage, or Annulment
• Financial Declaration
• Stipulation
• Summons
• If the respondent disagrees with something in the complaint – for example, he or she wants to fight for sole custody instead of agreeing to joint custody – then the divorce is contested.

Even if aspects of the divorce are being disputed, it still doesn’t mean that trial is inevitable or even necessary. If you and your spouse initially disagree on how matters like custody, alimony, and division of property should be handled, then you will be sent to mandatory mediation. Mediation is not like litigation (going to court). In litigation, the parties stand in opposition to one another, and each party seeks a different outcome. A judge presides over the trial, and renders a judgment based on the facts which are presented. If the court’s orders aren’t obeyed for instance, if a spouse stops paying child support, rather than trying to have the terms of the support order modified then the non-compliant person is in contempt of court and can be fined and jailed. In mediation, a qualified mediator works with both parties to help them come to a resolution that both people can agree on. While mediation isn’t always effective, it does have several distinct advantages over litigation: it tends to be quicker, less expensive, and less formal. Plus, because mediation is inherently less adversarial than litigation, it can be desirable for divorcing spouses who want to stay on good terms for the sake of their children. Trial is essentially a last resort, the final method of resolving the disagreements between you and your spouse. If mediation fails to solve your disputed matters, it will become necessary to go to trial before a judge. You and your spouse are not officially divorced until the judge grants the final divorce decree. However, even at this stage, either party may appeal if he or she disagrees with some aspect of the judge’s decision. The notice of appeal must be filed within 30 days of the decree’s entry.

Divorce in Utah

If you enter into marriage under the age of 20 and/or have an income of less than 25,000, your risk of divorce skyrockets. Throw in a spouse losing their job or a surprise pregnancy, and your marriage may be doomed before it begins. Here in Utah, we have a tendency to marry quite young. The median age of marriage in the United States is 27 for women and 29 for men. Now compare that to the average age of marriage in Utah, which is 24 for women and 26 for men.

Utah’s divorce rates run slightly higher than the national average. Statistics often attribute this to Utah having larger families than the national average, citing more than 5% of families have 7+ family members compared to the 3.25 national averages (2013).

Utah Requires Divorcing Couples to Attend a Divorce Education Class
Utah legislators have created a mandatory divorce orientation course that couples must complete. Your divorce cannot be finalized until both you and your significant other have completed the course. You are only required to take the divorce education class if there are minor children involved. The one-time class reviews resources for custody and child support issues, clarifies the divorce process, and consequences of divorce.

The news that you are getting divorced has spread through your church, neighborhood, and/or workplace, and we are a curious species. Don’t be surprised when people you barely know ask you why you the nitty-gritty on why you are getting divorced. There is much guilt and regret present in nearly every divorce. You may easily blame yourself because you run through all the things you could have done differently, because your children blame you, or you may feel guilty simply because you were the one who filed the divorce papers. This is normal!! Make a choice to move forward, and take care of yourself. Throughout the divorce process you will have good days and bad days. Feeling guilty or overwhelmed does not mean that you should give the other spouse everything. Doing so will probably not lessen the grief on either side, and you are still entitled to half of everything. Additionally, people may want to tell you their divorce horror stories. Please remember that every situation is different, and you shouldn’t let someone else’s negative experience stress you out. When you are feeling stressed, rely on professional advice from your family law attorney, mental health counselor, or financial advisor as they are qualified to give you answers pertaining to your specific situation.

Parenting after Divorce May Become More Difficult

There will be many disagreements maybe not fair or logical ones. There may be pain when you refer to your ex as “mommy” to your kids, however that is her name to them, and you need to be the adult about it. No matter what age your kids are, please practice high levels of self-control and not bad mouth the other parent in front of your children. You may think with the other spouse out of the picture, that you can make all parenting decisions by yourself. If you’re granted sole legal custody, then you can make major decision about the kid(s) by yourself. Having sole physical custody simply means that you are the parent the kid(s) live with. Make a choice to try to co-parent as best you can. If you can’t get along, you may need to have separate birthdays, and the more times in your kids’ lives you are going to miss out on. Just because you are divorced, doesn’t mean that you have to be enemies.

If the Utah Divorce Decree is Violated, There can be Serious Consequences.
Once the court has ruled and the papers have been signed, both parties are bound to the terms set forth in the divorce decree. Violating any part of the agreement may put the violator in contempt of court, and your family law attorney can help you file a contempt motion. The most common divorce violations are non-payment of child support, not complying with the visitation schedule, withholding visitation, and non-payment of alimony. If your ex does not bring the kids back at the time set forth in the divorce decree, the police will not help you bring them back unless there is an immediate threat to them. What the police will do is come to your house and makes a record of “visitation interference,” which your family law attorney can use as evidence in a contempt hearing. In your court hearing you must be able to state what areas of the decree have been violated, and the burden of proof always lies with the accuser. If you are found in contempt, the violator may be given a period of time to correct the issue or they may face jail time until the matter is resolved. If you ex is not paying alimony or child support due to unemployment, you can’t make your spouse pay if they do not bring in an income, however, past due child support will accrue.

Free Consultation with Divorce Lawyer in Utah

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Do You Always Lose Your License After A DUI?

DUI is the abbreviation used for the term Driving Under Influence. It is sometimes also called DWI (Driving While Intoxicated). It is the act of driving the motorized vehicle during or after the consumption of alcohol or drug or both.

DUI is a criminal offense in many countries and the person can be charged high fines or imprisonment for this crime. A driver has to lose his license for a specific time period or permanently depending on the severe-ness of the crime.

A DUI offense is considered as serious as any other criminal offenses in the United States. Those who get DUI have to face many consequences that a DUI can pose. The consequences can be both short term and long term affecting your work life as well as your personal life. This article explains how DUI affects your life detailing both the aspects of your life.

DUI Work And Life

A DUI can affect your work life to a great extent. You will lose your existing job as well as find difficult to get a new job. You may inevitably need to disclose your DUI to your current boss since you are required to attend court-ordered alcohol education classes and community services around your working hours. This leads to loss of job and as a result loss of income no matter how proficient you are at work. You may also find difficult to get a new job despite being highly qualified for the position since every employer requires a criminal background check.

Also, due to license suspension after DUI arrest, you may find difficult to drive to work. And if you are in a job that requires you to drive, you may lose your job.

DUI Affects Your Personal Life

Another main area of DUI can affect greatly is your personal life. It could affect your family, financial situation, transportation, car insurance, and rental transactions. Below we will see how DUI affects each area of your personal life.

Getting a DUI not only affects you but your family as well. Most states publicize DUI arrests. This can cause embarrassment for both you and your family in front of your friends, coworkers and neighbors.

DUI can be very expensive and it varies from state to state. DUI could cost you roughly $10000. This includes fines, legal fees, car insurance, license reinstatement fee, bail, alcohol evaluation, and other miscellaneous fees. Besides this, you would also incur a loss of income due to loss of job. Hence one may suffer financially after getting a DUI.

After getting arrested for DUI, your driver’s license is immediately suspended. As a result, you may need to opt for public transportation or depend on your friends or family members for rides. It can be frustrating for you and a burden for them.

A DUI conviction will skyrocket your car insurance rates. It also affects your life insurance premiums.

Like employment, you will find difficult to get a rental house since landlords require a background check. You would also be denied for renting vehicles.

Expunge your DUI record “completely” with the help of DUI Process Manual. It offers little-known strategies to clear your DUI record completely and pass employment background checks in a step-by-step approach. Especially, this strategy is helpful if your state (US) does not allow formal expungement.

Getting caught driving drunk is serious business in most states. Some states are more lenient while others are very harsh. – Like Utah for example. Once you are convicted of a DUI in Utah, it’s there for 75 years. You can’t seal the record and you can’t have it expunged. This can impact your life in multiple ways, and for the worst. Also, the legal implications of a DUI charge can be a nightmare.
Below are some of the possible penalties you may face for a DUI. Also below are the ramifications of a DUI conviction as it relates to your personal life.

DUI License Suspension

License suspension will vary from state to state and depend on past offenses. – But just for a first offense, if you get convicted of DUI in Utah, you will have your license suspended for 6 months. If you get convicted of drunk driving in Alabama for the first time, you will lose your license for 90 days. – And get this, just your first DUI offense in Utah, you can expect a license suspension of 1 year.

A drunk driving conviction is bad all the way around and paying hefty fines is just another part of the many penalties. You can pay as little as $100 for your first DUI offense in states like Virginia, but in states like Utah, you can pay $500 to $1000 for your first offense with these numbers increasing after each offense. Add in the potential loss of employment, attorney’s fees and court costs and your bank account are going to take a beating.

DUI Car Impoundment

Even if you do get to keep your job, how are you going to get there without a car and without a vehicle? Having your car impounded will be another inconvenience for you and your family. It will also mean having to spend even more money to get to work. That is unless you have a friend that likes you enough to carry you back and forth every single day.

DUI Community Service

This DUI penalty will give you the opportunity to impress friends and family. No, not really, your community service may actually involve you picking up trash on the highway. Not glamorous, not fun, but undoubtedly humbling and a great opportunity for a person to think about their DUI.

DUI School

You will also probably get another chance to go to school, but not to party down at some cool college. You will have to go to DUI School.
Interlocking Device Installment
In order to earn this penalty, you were either really drunk at the time of your arrest or you have multiple offenses. An interlocking device is placed on your car’s ignition and will not allow you to crank the car unless you are sober.

DUI Probation

Yes. It’s true. Getting a DUI may land you on probation. You will have to meet with your new friend, a probation officer, regularly. – And be sure not to miss an appointment.

DUI Jail Time

Nobody wants to end up in jail, but depending on the circumstances of your DUI, you could do jail time. This is definitely one of the worst DUI penalties in my opinion.

Not only will you pay fines, lose your license, go to DUI school, etc., but a DUI will impact your life in many other ways as well. You will carry around the DUI stigma. You may lose your job. Your car insurance will definitely go up. Your credit may be hurt and depending on the circumstances of your case, you may lose your right to own a firearm.
The person is considered drunk when his BAC count is above 0.08. The penalties for DUI charge can vary from state to state. The period of suspension of the license of the driver can vary depending on the percentage of the BAC count, the state in which you live and the severe-ness of the crime. The BAC limit of 0.08 is the same for all countries.

How Long Will I Lose My License?

The charges for the DUI can be as follows:
• Imprisonment: Maximum of 6 months
• License suspension for 12 months if BAC count is within the range of 0.08 to 0.15
• License suspension for 18 months if BAC count is within the range of 0.15 to 0.19
• License suspension for 24 months if BAC count is greater than 0.20
• Fine can be charged ranging from $500 to $1500
The length of the suspension of the license can vary depending on the charges. It can be increased from the above mention period in some cases. In some states, license suspension is obligatory if the driver refuses for the breath analyzer test.

If you possess the commercial driver’s license, you may face additional suspensions for the charge of drunk driving. All countries have made it mandatory to suspend the license of the driver found guilty under DUI charge. Typically, the suspension period can vary from 30 days to one year if you are charged the first time for DUI.

The Rules Revocation of License under DUI Charge:
• First DUI conviction results in license cancellation for 1 year
• Second DUI conviction results in license cancellation for 5 years
• Third DUI conviction results in license cancellation for 10 years
• Fourth DUI conviction results in license cancellation for lifetime
Your license can also be revoked for the first DUI conviction in some countries. It can also be canceled if you refuse for the chemical test after your arrest. Repeated convictions can lead to the revocation for long term or lifetime. It is also possible to reduce the period of your license suspension or complete dismissal of your revocation, but the sudden action is needed to check these options. You can consult with your lawyer for these options. Your lawyer should request a DMV hearing within 10 days of completion of your hearing. Failing to do this can leave you without any further options.

It is not that you will lose your license if you are charged for DUI. There are various ways where you can defend against these charges. You can consult with your attorney for the substitute ways.

You probably know, that if you have been charged with a DUI, you are the midst of some serious business, with serious consequences. Driving under the influence of alcohol or drugs is a dangerous criminal act. Driving under the influence is a severe crime in every state. For this reason, you don’t want to try to defend yourself. Also, for this reason, you definitely should not throw in the towel and just plead guilty to get it over with.
A DUI lawyer can be of huge help and benefit to you. DUI lawyers know much about how the court system operates and are also up to date on new laws and regulations. This will benefit you much more than if you were to try to defend yourself and clear up your record on your own. And, no matter how guilty you may feel about what has happened, it may definitely benefit you more than if you simply pleaded guilty. Certainly, hiring a good DUI lawyer is absolutely your best decision and ought to be your first move.
The law is a large and complicated beast with many, many heads. Not every lawyer has the same training, education, and experience to handle all types of cases.

A given lawyer will have more knowledge and experience in one area than in another, so your choice of which type of lawyer to hire is very important. Using a DUI attorney or DUI Lawyer who focuses on drunk driving defense could make a big difference in the outcome of your case.

Also consider that there are many specialized DUI lawyers out there, and it makes a difference which one you ultimately choose to work with. Just as in any field, simply put, some DUI lawyers are much better and more experienced at what they do than others. DUI lawyers and their fees vary depending on the skill and experience of the attorney as well as the complexity of your DUI case. For example, many attorneys claim to be DUI defense lawyers, but they simply handle guilty pleas! Because of the seriousness of the crime and the lasting consequences that are often the result of a DUI, it is probably worth every penny and every minute to meet and work with a DUI lawyer who can do the most for you by virtue of their experience and track record.

Frankly, you need a lawyer who focuses on DUI with expertise tackling cases the same as yours – with positive results. You want to understand how many DUI trials has the lawyer handled in the last year. (You got to understand this figure to make sure that your lawyer has the power to defend you just in case your DUI suit goes to trial.) The more cases of DUI the lawyer has handled, the more competent he or she is probably going to be in DUI defense. Even more so, the more expertise the lawyer has with cases very similar to yours, the more he or she is probably going to be ready to give you with the most effective advantage, increasing your probabilities of success, with or without a trial.

The penalties in drunk driving cases are very difficult. You can potentially lose your driving privileges and in extreme cases might face jail time or maybe jail. On the opposite hand, bear in mind DUI cases conjointly get dismissed, DUI charges get reduced, DUI punishments get reduced, and people are found clean-handed on a consistent basis by DUI lawyers who investigate and who have the required knowledge and skill. (This, however, is not always the case. If the DUI causes injury or property damage and in cases where the DUI is not a first offense- the DUI charge can become and be treated as a felony. But remember, many cases of DUI/DWI also get dismissed on simple technicalities with the help of experienced DWI lawyers.

The DUI lawyer’s help is also very important during pre-trial conferences (the negotiations before an actual trial is set). They will research and use any technical defects they find to build a strong defense, in preparation for either settlement or trial. The last step in the court process is an actual criminal trial. Finally, if a trial has been set, the DUI lawyer will participate in the juror selection and naturally, stand for and defend you during the actual trial. Of course, a great many cases are resolved before they go all the way to trial.

Yes, if the DUI case you’re facing is complicated and there is a strong possibility that your case will actually go to trial, then your attorney’s quote (cost estimate) can go up to as high as $10,000 or even more. But, don’t give up just because your situation will have a cost. The alternative also comes at a cost.

Remember that if you do go to trial, the prosecution must do more than prove you “may be guilty” – they must prove that your guilt is the only reasonable conclusion based on hard evidence. So if you’re facing a DUI charge, don’t just throw up your hands and say, “Oh well, I might as well plead guilty. Remember, if you don’t seek professional DUI lawyers to protect your rights, you may face jail time.

DUI Attorney Free Consultation

When you or a loved one has been charged with a DUI in Utah, please call Ascent Law for your Free Consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Sunday, 29 March 2020

How Much Does It Cost For Estate Planning?

How Much Does It Cost For Estate Planning

The last thing anyone wants to do is plan for their death. There are a lot of important decisions you need to make decisions you shouldn’t leave to your loved ones. These include saving for and planning your funeral, appointing a power of attorney, designating beneficiaries for all your accounts, setting up your kids especially if they’re fairly young, planning your estate, and setting up your last will and testament. This last one is probably one of the most important things you’ll have to do. Drawing up a will isn’t as easy as you may imagine. Most people hear the word will and think it’s a fairly simple process.

The idea most people have is that it requires a few minutes to designate the recipients of all your worldly belongings. But that isn’t true. In fact, there are many important facets to the document you have to consider right down to how you word it. If you have a lot of assets, run a business, and have more than one child and/or grandchildren, you need to take some time to make careful decisions about what happens after you die. Doing so now will help those you leave behind in the end. Make a list of all your assets, your home, vehicles, any valuables along with all of your financial accounts such as checking and savings accounts, certificates of deposit (CDs), and life insurance policies. Then jot down all of your dependents and who inherits each asset. Also note if there are any special considerations you’d like to include in your will such as when minors inherit your assets, how accounts will be split up, or what happens to your home after you die. You can try drafting the will yourself or you can hire a lawyer to do the work for you. But even if you hire an attorney, you’ll still have to make these important decisions on your own. We’ll look at the benefits and drawbacks of both a little later in this article.

The fee for having a basic will written can be as little as $150 fairly reasonable and affordable for most people. Consider purchasing a do-it-yourself will creation kit that can be purchased online or in stores for less. These are generally templates you can fill in with your pertinent information online. If you require more complicated or additional estate planning documents, be prepared to dish out more cash. It can cost $1,000 or more in advanced situations. But this may be too generic for you, leaving you the option to hire a professional. The low end for having a lawyer draft a will is around $300, but it can easily cost $1,000 or more if your situation is more complicated. Do-it-yourself kits to create and file a legally enforceable will have gained in popularity due to the minimal cost involved. If you don’t have a lot of complicated issues about your final wishes, your finances are fairly straightforward, and you don’t have any children, this may be the most suitable option for you. Kits can be purchased for as little as $10, so they give you the option of drawing your will at your convenience without having to pay an outrageous cost. There is a lot less time involved, and you can generally make updates at your leisure without much difficulty or cost. Before you settle with one of these kits, make sure you understand everything the kit entails including the legal language. You don’t want to sign a document you don’t fully understand. Also consider whether the document is enforceable in your state, as some documents don’t coincide with guidelines in certain areas. You may be required to have witnesses or have your document notarized.

The best option is to hire a lawyer if you have a complicated situation, a lot of assets, many beneficiaries, and a lot of dependents. While the decisions of what happens to your estate after you die are yours, an attorney can guide you through the process and help you word your will properly so there are no mistakes. After all, you are paying for legal advice, so it makes sense that you get the full benefit of an error-free will.

Advantages of Estate Planning

Taking care of your family has always been the number one priority in your life, and that isn’t going to change. The best way to make sure they are taken care of after you pass is to establish an estate plan while you are still of sound mind. Here are the advantages of creating an estate plan:

• Provide for your immediate family: The estate plan will provide enough money for your surviving spouse to continue to care for the family. If both you and your spouse pass, an estate plan will name appointed guardians to care for your children.

• Ensure property goes to the right beneficiaries: Your estate plan will outline exactly where your assets are to go in the event of your death. This leaves no questions to be resolved by the courts or cause for family discord.

• Minimize the expenses and taxes: When you take care to create an estate plan, you should be able to keep the cost of transferring any property to your named beneficiaries.

• Ease the burdens of your family: It can be difficult to plan the funeral of a loved one when grieving. When working on your estate plan, you can outline your wishes for funeral arrangements and even set aside funds for them. This takes some of the burden off your family during this difficult time.
• Support a favorite cause: If you are passionate about a local cause or charitable organization, an estate plan can allow you to support them after your passing.

• Plan for any kind of incapacity: Life is unpredictable. If you should ever become mentally or physically incapacitated, an estate plan will outline your wishes regarding life and who will make medical decisions on your behalf.

• Reduce taxes that take place on your estate: By crafting an estate plan, you should be able to minimize the amount of taxes collected on your estate, which results in your beneficiaries keeping more of the money you set aside for them.

• Establish trustees over your estate: You’ll need someone to serve as the executor of your estate to make sure everything is handled properly. Your estate plan will name this person, which will save money and simplify the administration process.

• Provide for those who many need help: Do you have a child who has a disability? Or perhaps you have grandchildren who will be attending college in the future. Through your estate plan, you can set up a special trust to provide funds to support them.

• Ensure a business continues with a succession plan: If you own your own business, you’ll want to establish some kind of plan to keep it going after you pass. An estate plan will name your successor and outline what happens to your interest in the business.

As you can see, there is a lot that goes into estate planning, and none of these areas are ones you want to leave up in the air. By working with professional estate planning attorneys, you can make sure you have thought of everything. Without a will, your property may not go to who you want. Much of it can be tied up in probate for years, which means your family won’t get the assets they want and potentially need until it’s all settled. You can’t make assumptions that everything is going to go the way you want. Legal documentation is the only way to ensure your wishes are met.

Estate Planning

• Loss of control: Once an asset is in the irrevocable trust, you no longer have direct control over it. However, in the case of a husband and wife, it is possible to create separate trusts for each, thereby collectively maintaining control. There are many pitfalls with this technique, such as observance of the Reciprocal Trust Doctrine, so this strategy should only be employed with the assistance of a skilled estate planning attorney.

• Fairly Rigid terms: Irrevocable trusts are not very flexible. Once the terms are established, they can be difficult to change.

• The Three-Year Rule: If you include life insurance in an irrevocable trust and pass away within three years, the proceeds return to your estate and become taxable.

• The Five-Year Rule: If you put assets in an irrevocable trust and need Medicaid within a five-year period, you may have to repay all prior transfers to the trust by covering the costs of a nursing home privately. Only after you have repaid all gifted assets will you be eligible for Medicaid.

Because they have such strong advantages and disadvantages, the suitability of an irrevocable trust depends on a person’s individual circumstances. An experienced estate planner can help you decide if such an arrangement is right for you, or if you would be better off setting up a revocable trust instead.

Estate Planning Process

As you go through life, you’re likely to accumulate some amount of wealth, assets and even just family treasures. What will happen to all those things if you die or become incapacitated? That’s where estate planning comes in. An estate plan allows you to legally specify your wishes and how you want them carried out. A well-crafted estate plan can help avoid disputes that may arise and can keep details about your family’s financial affairs private. When you’re ready to work with a qualified attorney and financial planner to write your estate plan, here are some of the key steps you’ll go through:

• 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 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.

Estate Planning Lawyer Free Consultation

If you are here, you probably have an estate issue you need help with, call Ascent Law for your free estate law consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

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