Utah Estate Planning
Estate Planning for Every Family in Utah
Estate Planning Experts based in Ogden, Utah providing expertise to families all across Utah.
Many Utah residents still have this wrong idea that Utah Estate Planning is only for the rich or the elderly.
Estate planning will help a person with very few assets just as much as one who has a large estate.
Failure to plan your estate can cause major problems for the loved ones you leave behind.
Having a family plan gives parents of minors the ability to nominate a guardian should the time arise that they can no longer provide support.
The family plan ensures that wealth and property will pass down to the descendants or other beneficiaries even without court proceedings.
What is Estate Planning?
Estate Planning refers to the branch of law that is dedicated to give the maximum amount of wealth a person can transfer to surviving beneficiaries.
The goals of estate planning are the following:
- Avoid taxes
- Avoid vreditors
- Avoid probate
- Avoid strife and quarrel among beneficiaries
- Preserve assets
Benefits of Estate Planning
A well-planned and thought out estate plan will be beneficial to your family even when you leave them behind.
Our estate planning experts at Godfrey Law can help you come up with an estate plan that will ensure a smooth transfer of your assets to your beneficiaries.
You wouldn’t want your family to fight over your assets once you are gone, wouldn’t you?
An estate plan makes it clear who gets what, and lawfully transfers the assets without spending much for court proceedings.
Your assets are also protected from predators who are just waiting to pounce on your assets, and leave your family dry.
You can assign a trusted person to act on your behalf when you are already unable to do so yourself.
This reduces the stress on your loved ones as they focus on taking care of you during your declining years.
Many elderly folks in Utah fail to plan for their needs during retirement or in times of sickness.
Our estate planning experts can craft an effective estate plan for you that will provide for your long term care after retirement without consuming the assets that you want to pass on to your family.
Tools Used by Estate Planning Experts In Utah
There is no such thing as a perfect estate planning tool, but there are several that our lawyers can use to achieve the goals that you want.
Here are some of them:
You can avail of life insurance, and assign a designated beneficiary. Creditors can’t garnish the proceeds in this case.
You also get to avoid income tax on life insurance proceeds, but in some cases, you need to pay an estate tax.
This is a transfer of property where you can’t change the beneficiaries. You can avoid creditors, but may still pay a gift tax in some instances.
You will have no control over the property once the trust is created.
A popular tool used in estate planning because there is no current transfer of property involved. You create a trust which can be revoked or changed anytime you wish.
There is no shield against creditors, and you still pay income tax while you are living and estate tax once you die.
This tool is an affordable way to plan your estate while retaining full control of your property.
You can’t avoid taxes, probate and creditors in this situation. There is an appointed executor of your will, who makes sure that your plans are carried out.
Heirs are notified about what you want to happen to your estate once you are gone.