Monthly Archives: June 2015

Estate Planning

How to Prevent Unnecessary Delays in a Probate

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When an estate must go through the probate process, everyone involved wants to get it done as quickly as possible. In order to ensure that the probate case goes smoothly and quickly as possible, contact our seasoned estate planning lawyers for assistance.

While no two cases are identical, below are a few general tips for avoiding unnecessary delays in a probate case:

  • Meet all deadlines. When important deadlines are missed, it can result in additional court appearances and filings. All of this takes time and the case cannot move forward until the matter is resolved. Further, failure to make deadlines often results in disgruntled beneficiaries.
  • Provide timely notice. Failing to give timely notification of the probate filing to all creditors and other interested parties prolongs the process. It also leaves the estate open longer and subject to further claims.
  • Inventory and accounting. The quicker you inventory the property and assets of the estate, the better. It is also essential that you provide the court with an accurate accounting of the money spent in administering the estate. Thus, it is important to maintain a correct accounting as the probate case proceeds so you are prepared to submit the final report and close the estate as soon as possible.
  • Communication with heirs. Regular communication with heirs keeps them from becoming concerned with what is being done, and avoids suspicion. Involving heirs in certain decisions also maintains good will, and avoids dissatisfaction.
  • Retain The Astill Law Firm. Working with one of our experienced estate planning lawyers helps ensure that you avoid any delays and obstacles in the probate case. We will guide you through the probate process step by step and protect you from making costly and time-consuming errors.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Creative Estate Planning that will Motivate Your Heirs

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If it is important to you that your children or grandchildren have the financial ability to attend college, we can help you create an estate plan that will motivate them to obtain their degree. There is a lot of flexibility in estate planning and with the right strategy in place, we can help ensure that your goals for your family are met.

When it comes to planning for a beneficiary’s inheritance, your estate plan can set forth that a certain amount of money will be set aside for each child, grandchild or other loved one that attends college. In fact, you can restrict the beneficiary’s ability to receive the money upon whether or not he or she attends a higher education institution.

For instance, your estate plan can provide that every year of college or vocational school that is completed, your beneficiary could be a set amount of money. Another option is to set a lump sum payment to be made upon your heir’s graduation from a university. Further, you could set an additional amount or “bonus” that will be paid if a beneficiary obtains a graduate degree such as masters, law degree, medical degree or other similar form of advanced education.

Many people set a specific age they want their heir to reach before inheriting his or her money, but this doesn’t ensure that they will use it to pursue their education. We often create education trusts for grandchildren and even great-grandchildren, which not only reward completion of a degree, but provide funds for education in a way that provides minimum requirements, to avoid wasting funds on someone who doesn’t finish classes or who is not fully engaged. Additionally, if you have other goals in mind that you would like to use your estate plan to motivate your loved ones to accomplish, we can help. Contact us today to get started!

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

How to Know if your Loved One Needs a Conservator

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It can be difficult to know when you should seek to be appointed as a conservator for a loved one. Every person’s situation is unique, so let us review all of the circumstances and help you determine the best course of action. To learn more about conservatorships, please read our blog titled “What is the Difference Between a Guardian and a Conservator?”

There are numerous situations that warrant seeking a conservatorship. Your loved one may need help if he or she:

  • Does not properly monitor or take his or her medication
  • Refuses to seek medical care, even if his or her health is suffering
  • Will not grant you access to his or her medical information or refuses to give you permission to confer with his or her healthcare providers
  • Is not capable of making proper healthcare decisions
  • Cannot safeguard his or her finances
  • Permits assets to be lost or wasted
  • Is the victim of financial, physical or emotional abuse
  • Fails to pay his or her bills
  • Refuses to give you authority to sign checks on his or her behalf
  • Is at risk of harming himself or herself
  • May be required to file a personal bankruptcy if you do not act

There are many reasons to act quickly if you think a conservatorship is needed. Being granted conservator powers will help you protect your loved one from physical harm and financial ruin.

To learn more about being appointed as a conservator or to discuss other elder law matters, contact our office to schedule an appointment.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Understanding Why You Need an Advanced Health Care Directive (” Living Will”)

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If you remember the case of Terri Schvaio, you understand the importance of having a written plan for your healthcare in the event you are unable to communicate your wishes. Ms. Schvaio was comatose for more than two months when the doctors caring for her declared her to be in a vegetative state. Her husband came to the difficult decision that her feeding tube should be removed, but Terri’s parents disagreed with his decision. The dispute between Terri’s husband and parents lasted seven years. Congress even got involved at one point and it sparked a national debate! Not only is this type of emotional turmoil devastating to a family, it is also financially overwhelming.

None of us know what the future holds for us, so it is vital that you make decisions about what type of medical intervention and treatments you want to receive if you are incapacitated and unable to make those decisions for yourself. You can make these types of decisions in an advance healthcare directive, which is also commonly referred to as a living will or advance directive. This type of document permits you to set forth whether you want to be kept alive on life support and under what circumstances you want life support removed. You can detail the type of extraneous measures that should be used to keep you alive. Making these decisions for yourself removes the heart-wrenching burden from your loved ones. It keeps family members from fighting over what you would want, because you have made your wishes known. An advance healthcare directive allows you to:

  • Protect yourself. Making decisions about healthcare, especially in an end-of-life scenario, is personal and private. Only you know what you consider “living” and under what circumstances you want to be kept alive.
  • Reduce medical expenses. Medical care is costly, especially when an individual is being kept alive by artificial means for an extended period of time. Even if you have insurance, it may not cover certain treatments or your coverage may run out. This can leave your estate liable for overwhelming sums. If you don’t want your loved ones to lose everything by keeping you alive artificially, you need a living will.
  • Prevent litigation. If Terri Schvaio had a living will, it would have prevented her family from battling in the courtroom for years and incurring significant amounts of lawyer’s fees. One simple document can clearly state your wishes and ensure that your estate is used to provide for your loved ones, not to pay attorneys.
  • Appoint a Health Care Agent. Rather than have several people trying to agree on managing your health care when you are incapable of making decisions, you can appoint an agent with authority to act on your behalf. You can also have alternates or successors if the first agent cannot act for any reason.

To learn more about creating an Advanced Health Care Directive or “living will” or other estate planning documents, contact us to schedule an initial consultation. We include an Advanced Health Care Directive in each estate plan we create because it is such an important document and is easily misunderstood.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

3 Reasons We Avoid Estate Planning

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Most everyone agrees that having an estate plan is extremely important, yet it seems everyone wants to put off doing it. While there are a variety of excuses for why people procrastinate their estate planning even though they acknowledge it could save them significant amounts of money and protect their loved ones, below are three of the most common reasons we hear:

  1. Fear of dying. Nobody enjoys thinking or talking about dying. The topics you must cover in creating an estate plan – from personal finances to the appointment of guardians for your minor children – can be uncomfortable and feel awkward. How to you get past this? Start with something that you feel comfortable with and go from there. This may include scheduling a family meeting, discussing your ideas with loved ones individually, or simply making an appointment with us to learn more. You don’t have to tackle it all at once. Let us help you take it one step at a time.
  2. Emotional upheaval. If your family relationships are strained, the estate planning process can feel stressful. However, if you fail to take action while you are alive to handle matters on your own terms, it can cause even further damage to your loved ones. If you are open and honest with your family members now, it will help them understand your point of view. It also gives you the opportunity to hear what your loved ones have to say and make them feel understood. In short, if everyone knows your true wishes before you are gone, it will prevent disputes from occurring after you are gone.
  3. Fear of losing control over your finances. Many people wrongly believe that they will lose control over their financial security by creating an estate plan. They fear that by placing assets in a trust or gifting away property, they will put their financial future in jeopardy. However, our seasoned estate planning attorneys work hard to create an estate plan that is tailored to fit your needs. We ensure that you are comfortable with your ability to continue to control your finances while also protecting your loved one’s future. We always strive to help you maintain control over your estate and property.

If creating an estate plan is a New Year’s resolution that you haven’t kept yet, maybe it is time to stop procrasting. Take one simple step and contact us to schedule an initial consultation today.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Estate Income Tax Returns

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If you have been appointed to administer the estate of a loved one, you may be confused about the need to file, or why you must file an income tax return on behalf of the estate. The short answer is that the deceased may continue to receive income following his or her death. For example, income from a business, rental property or even interest from bank accounts and dividends from stocks or mutual funds, which the Internal Revenue Service (IRS) considers as income to the estate.

You should understand that income tax is different from estate taxes. Income tax is based on the amount of the income being made by the estate. Estate taxes are based on the value of the estate itself.

The income that is received by the deceased’s estate from the time of death to the time all assets and property are distributed to the beneficiaries must be reported to the IRS. The report must be submitted to the IRS on the Fiduciary Income Tax Return or Form 1041. Assets that are received directly by beneficiaries from the decedent should be claimed on that beneficiary’s individual income tax return. The same is true for property that does not remain in the decedent’s estate for long before they are transferred to the beneficiary.

If you want to avoid the fiduciary income tax, some or all of the assets must be transferred to the beneficiaries before the end of the first tax year. Also, if the assets are transferred before they earn sufficient income to report, the estate will not hold the property long enough to earn income. There are several strategies to consider to determine the best method for managing income tax responsibilities in the estate. Property that is held in a trust or in joint tenancy is typically distributed quickly in order to reduce the tax consequences. Of course, if the probate process is stalled by legal complications or other issues, the distribution of the assets is put on hold. This means that the estate could hold the assets for a period of time that allows it to earn income and results in an estate income tax return being required.

Managing the tax issues resulting at the death of someone is complicated and requires an experienced estate planning attorney with knowledge in tax matters for estates and trusts.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Estate Planning Lawyers Help with more than Wills

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Most people think that estate planning lawyers only help with drafting wills and trusts. However, creating a comprehensive estate plan involves more than simply drafting documents. We assist you with reducing financial issues and stress for your family and loved ones. Having a will is part of this process, creating a trust may be included, but there are many other important things we can help you accomplish.

If you have accumulated wealth that you want to protect, we can create effective asset protection strategies, including creating an offshore trust. We also work to protect you from paying an overwhelming amount of taxes, we can reduce your liability for medical costs and establish other plans for preserving your assets. A seasoned attorney works with you to create a plan to protect your family and your estate. Once you have a plan, we create the necessary documents to put it into effect.

Most of our clients are surprised at the variety and depth of advice they receive from us. There are numerous options for distributing your assets and property. You also have flexibility in determining how and when your beneficiaries receive their inheritance. We will review your individual finances and circumstances, listen to your goals, and establish a plan that will not only carry out your wishes, but also protect your family.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection

Tips for Minimizing your Business’s Liabilities

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If you own a business, it is imperative that you take steps to safeguard your company and yourself from liability claims. Sadly, threats of liability to businesses and their owners are more abundant than ever. Most business owners are unaware of the broad range of actions that can place their personal and their business assets in jeopardy.

The following are a few items to consider in how to protect your business:

  • Have you properly incorporated your business as a C-corporation, an S-corporation, or a limited liability company (LLC)? If so, are you following the corporate formalities to ensure your business is treated as a legal separate entity and to protect you from personal liability?
  • Do you have a written agreement with your business partners?
  • Does your business have adequate liability insurance in amount and scope of coverage?
  • Is your stock owned by a Trust or other separate legal entity to ensure that you are protected from personal liability if the corporate veil of the business is pierced?
  • Do you maintain separate corporate entities for each business venture in order to segregate liability?
  • Are your personal assets protected by a Trust?
  • Do you have an attorney assisting your business with tax-saving opportunities?
  • Does your business have guidelines and policies that comply with applicable government regulations? If your business has employees, does your employee handbook comply with the law?

Advising business clients for nearly 30 years, we can help you navigate these issues with ease and peace of mind. Protection of your personal and business assets is a primary focus of our firm. Don’t wait until an issue arises and your entity is in trouble. Take preventative and protective action now to save yourself time, money and heartache in the future.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection, Estate Planning

Don’t Overlook the Importance of Life Insurance

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When it comes to creating an estate plan, you want to be as comprehensive as possible. Many people may not consider life insurance as part of their estate plan, but it is an important component in protecting your loved ones. In fact, if you have young children or a loved one with a disability, obtaining life insurance can be an effective way to ensure that they are provided for after you die. It allows your loved ones to obtain immediate cash at a critical time.

Determining the amount of life insurance you need may not be simple. You must consider both your long-term and short-term goals, as well as the needs of your family members who have been dependent on your income.

When you have minor children, you must consider how long it will take before they will be financially independent. If you have older children that are employed, they may require less monetary support than the younger children.

As general guidance, you must calculate the long-term needs of your dependents. This includes figuring how much of your income is provided to them every year, subtract the value of the assets you will pass down to them as well as any monetary support they will receive from other family members. This gives you an estimate on what each dependent will need.

In considering the short-term needs of your dependents, consider whether they will require quick access to money or assets. If most of your property is not easy to access or able to be immediately liquidated, then proceeds from life insurance can provide money for your loved ones to live on while they convert assets to cash.

It is our goal to provide you with the most comprehensive estate plan and asset protection plan as possible. Let us review your individual circumstances and help you create the best strategy for you and your family.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection

Talking to your Family about Money

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Many families run like fine-oiled machines when it comes to handling chores, errands and daily activities. However, when it comes to their finances it is an entirely different story. Talking about money is often uncomfortable, but it is also one of the most important things for you to be on the same page about.

Out of convenience, it is common for one family member to be tasked with paying the bills. While this can help keep the process organized, it only works if all family members are abiding by the budget. For example, if one partner is working to save money and maintain a balanced budget and the other partner is spending frivolously, it can lead to financial problems quickly. Resentment and anger over money can lead to fighting and, in extreme cases, it can be a major contributor to divorce.

It is imperative for spouses to communicate openly and honestly about their finances. When your children are old enough, they should play a role in creating a financial plan for the family. Teaching your children about the value of money is a lesson that will benefit them for the rest of their lives. It can be as simple as teaching them to earn an allowance by performing chores or making sure they are aware of what items cost at the store. When you allow your children to take part in financial decisions it helps them feel important while also teaching them how to be financially responsible.

Money management skills are a lifetime gift to your children. When they become adults and you are ready to discuss their inheritance or how you wish for your estate to be administered, it will be a much more comfortable discussion. It can make the estate planning process easier and less stressful when you have your family’s input and support.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.