Salt Lake City Estate Planning Lawyer

Start Preparing for the Future Today

It's never too early to begin planning for your future and ensuring that your loved ones are taken care of. Unfortunately, many people delay or neglect estate planning altogether. Don't settle for default laws dictating the distribution of your assets after you're gone. Take control of your legacy on your own terms with a comprehensive estate plan.

At Pearson Butler, our team of experienced Salt Lake City estate planning attorneys specializes in handling estate planning matters. Whether you have questions about this complex area of law or need assistance with specific aspects, we're here to help. Collaborating closely with you, your attorney will design a customized estate plan to achieve your goals and provide you with peace of mind.

Our Salt Lake City estate planning services include:

• Wills
• Asset protection and business planning
• Trusts
• Farm or family business planning
• Trust administration and probate
• Incapacity planning
• Legacy planning
• Retirement planning
• Special needs planning
• Powers of attorney
• Pet planning
• Income tax planning
• Estate and gift tax planning
• Medicare and Medicaid planning
• Veteran planning
• Business succession planning
• Charitable planning
• Asset Protection Trust assistance
• Foreign trusts

To learn more about our services and discuss your needs with a qualified Salt Lake City estate planning lawyer, call (800) 265-2314 or reach out to us online. Pearson Butler serves all of Utah.

Understanding Estate Planning

Estate planning is the process of making legal and financial arrangements for the distribution of your assets and property after your death. It also involves planning for potential incapacity, such as illness or injury.

By creating a comprehensive estate plan, you can ensure your wishes are followed, protect your loved ones, and minimize potential legal and tax complications.

A skilled Salt Lake City estate planning attorney can help you create a personalized plan, which typically includes:

• Last Will and Testament: A legal document outlining how you want your assets to be distributed.
• Trusts: Legal entities that can hold and manage your assets, protecting them from taxes and other liabilities.
• Advanced Directives: Legal documents specifying your healthcare wishes in case you become incapacitated.
• Power of Attorney: A legal document authorizing someone to make decisions on your behalf.

Factors to Consider in Your Estate Plan

Several factors should be taken into account when crafting your estate plan. These include determining who will inherit your assets, who will make healthcare decisions for you if you're unable to do so, how to provide for a minor or child with special needs, and how to avoid probate and guardianship proceedings.

Creating a comprehensive estate plan is essential to ensure your wishes are carried out and your loved ones are protected. Here are some key factors to consider when crafting your Salt Lake City estate plan:

1. Asset Inventory:

• Real Estate: Identify all properties you own, including homes, land, and rental properties.
• Financial Assets: List bank accounts, investment accounts, retirement accounts, and other financial holdings.
• Personal Property: Inventory valuable possessions like jewelry, art, collectibles, and vehicles.

2. Beneficiary Designation:

• Wills: Specify how you want your assets distributed after your death.
• Trusts: Consider creating trusts to manage assets for beneficiaries, especially minors or those with special needs.
• Life Insurance Policies: Designate beneficiaries for life insurance proceeds.
• Retirement Accounts: Name beneficiaries for retirement accounts like IRAs and 401(k)s.

3. Estate Taxes:

• Federal Estate Tax: While Utah doesn't have a state estate tax, federal estate tax may apply to large estates. Consult with a tax advisor to understand potential implications.
• Gift Tax: If you plan to make significant gifts during your lifetime, be aware of gift tax rules.

4. Healthcare Directives:

• Living Will: Outline your wishes for medical treatment in case of terminal illness or incapacity.
• Healthcare Power of Attorney: Appoint a trusted person to make healthcare decisions on your behalf.

5. Guardianship for Minor Children:

• Guardianship Designation: Name a guardian to care for your minor children if you're unable.
• Custodianship: Consider setting up a custodial account to manage assets for your children's future.

6. Probate Avoidance:

• Revocable Living Trust: Transfer assets to a trust to avoid the probate process, which can be time-consuming and costly.

7. Asset Protection:

• Irrevocable Trusts: Consider using irrevocable trusts to protect assets from creditors and lawsuits.

8. Business Succession Planning:

• Business Ownership: If you own a business, plan for its future ownership and management.

9. Digital Assets:

• Digital Estate Planning: Address how you want your digital assets (online accounts, social media, etc.) to be handled.

10. Review and Update:

• Regular Review: Regularly review your estate plan to ensure it aligns with your changing circumstances and goals.
• Update Beneficiaries: Keep beneficiary designations current to avoid unintended consequences.

When Should You Create an Estate Plan?

It's essential to establish an estate plan as soon as you acquire assets, have dependents, or reach adulthood with personal opinions about your medical care. Many people mistakenly believe that estate planning can be put off, but this is a misconception.

Consider creating an estate plan if any of the following apply to you:

• You have a spouse and/or children whom you want to provide for in the event of your absence.
• You have children and want to designate a guardian for them if you pass away.
• You wish to plan for your medical care in case of incapacitation.
• You hold strong views regarding end-of-life care.
• You want to ensure your wishes are meticulously followed regarding your assets and property.
• You want to safeguard your assets from estate taxes, lawsuits, and creditors.
• You want to qualify for Medicaid in the future without depleting your assets.

How Often Should You Review Your Estate Plan?

While there's no strict timeline, it's generally recommended to review your estate plan every 1-3 years. However, there are specific life events that should prompt a more immediate review:

Major Life Events:

• Marriage or Divorce: These significantly impact your beneficiaries and asset distribution.
• Birth of a Child or Grandchild: Consider guardianship and inheritance provisions.
• Death of a Loved One: Reassess beneficiary designations and estate distribution.
• Significant Financial Changes: Major purchases, inheritances, or changes in investments may require adjustments.
• Moving to a New State: State laws vary, so ensure your plan complies with your new state's regulations.
• Changes in Health: If you develop a serious health condition, review your healthcare directives.

Other Considerations:

• Changes in Tax Laws: Tax laws can change, impacting your estate plan.
• Changes in Your Wishes: Your preferences and goals may evolve over time.
• Changes in Your Executor or Trustee's Situation: If your executor or trustee is no longer able to serve, you'll need to appoint a replacement.

Life is unpredictable, and you don't want your assets to lose value due to mismanagement or your family to endure disputes over your property in unforeseen circumstances. Your estate plan can address issues such as minimizing or avoiding estate taxes, dealing with irresponsible heirs, and appointing a trusted guardian for your children. Whatever your goals may be, estate planning is instrumental in achieving them.

Contact Pearson Butler's Salt Lake City estate planning lawyers today at (800) 265-2314.