Monthly Archives: July 2015

Asset Protection

Top Threats to a Professional’s Assets

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If you are a professional or a business owner, it is important to understand that you are a potential target for a lawsuit. This is especially true if you have substantial assets. Thus, it is imperative that you take action to protect your assets from some of the top threats you face, including:

  • Breach of contract claims. When you are conducting business and have established a contractual relationship with other parties, any failure (whether intentional or not) to meet the terms of the agreement can result in a lawsuit.

  • Allegations of sexual harassment. If you own a business or you supervise other employees, even frivolous accusations can result in litigation.

  • Worker’s compensation cases. When an employee is hurt on the job, you can be held liable to pay for his treatment and/or rehabilitation, although the law typically requires an employee to carry worker’s compensation insurance.

  • Work-related car accidents. If you own a business that employs drivers, you could be included in a lawsuit resulting from your employee’s car accident. Even if it is your driver’s fault, you have the deep pockets.

  • Slip-and-fall accidents. If a customer or client slips and falls while visiting your place of work, you can bet his or her attorneys will target you as the liable party.

  • Product liability. If you manufacture, design or market products, you could be liable for damages if a consumer is injured by a faulty product.

  • Employment discrimination. Whether justified or not, an employee can allege discrimination is occurring in the workplace and file a lawsuit against you.

  • Trademark infringement. As competition increases, owners of trademarks are getting more aggressive about protecting their rights.

We all know that bad things happen to good people. Professional liability is a real threat to everyone because you don’t have to be negligent to get sued. Asset protection tools are available to help protect your wealth and assets from creditors in the event you are named in a lawsuit or your business is forced into bankruptcy. Contact us today to learn more about asset protection and how we can help.

If you are interested in learning more about being appointed as a guardian or conservator for a loved one, call us 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

Utah Guardianships & Conservatorships

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The terms “guardianship” and “conservatorship” are often used interchangeably. While they are both labels given to a party who is granted authority to act for somebody else (the “ward”), they have different meanings. A guardian or conservator is appointed by a judge.

A guardianship is comparable to the parent-child relationship, but the guardian is not legally responsible for the acts of the ward. Additionally, the guardian is not required to use his or her own money to provide for the ward. A guardianship is typically granted when the ward is mentally incapacitate or is otherwise no longer capable of taking care of him or herself. A guardian can be appointed to care for a child or adult.

In the order appointing a guardian, the court will set forth whether the authority is limited or full. If it is a limited guardianship, the guardian only has the power to make decisions about certain things. If the guardian is given full authority or a plenary guardianship, he or she can make decisions about all aspects of the ward’s life.

A conservatorship is similar to a guardianship, but it only grants the appointee the authority to manage the ward’s property and finances. A conservator is not able to make personal decisions for the ward. Only guardians have the ability to make decisions such as where the ward will live, the medical treatment the ward receives, how to meet the wards daily needs, and other similar decisions.

Both guardians and conservators are required to file reports with the court. Reports by guardians must inform the court of the ward’s status every year. A conservator’s initial report must include an inventory of all of the ward’s assets and each yearly report must contain an accounting of the ward’s estate. Failure to file a required report with the court or making a substantial misrepresentation in a report can result in a hefty fine.

If you are interested in learning more about being appointed as a guardian or conservator for a loved one, call us 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

Conflicts with your Estate

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When establish your estate plan, it is important to confer with a knowledgeable lawyer. Attempting to draft a Will or trust without professional help can result in many costly errors. To learn more, please read our blog titled “DIY + Estate Planning = Trouble.” One type of mistake that can have significant consequences is when a conflict occurs. Below are some of the reasons why conflicts occur:

  • You die without a Will or your existing Will has not been updated recently
  • Your Will is ambiguous, contradictory or otherwise written improperly
  • Your Power of Attorney was not written correctly or the appointee is abusing the powers granted to him or her
  • Your family is unaware of your wishes and expectations
  • Your estate plan makes unequal distributions to your heirs without any explanation
  • The validity of your Will can be challenged because it was signed while you were incompetent or under duress
  • Conflicts exist in the trust terms between current beneficiaries and the remainder for contingent beneficiaries
  • Your DIY will is not properly executed (meaning its invalid!)

Any of the above conflicts in your estate planning documents can result in confusion and even costly litigation between your loved ones.

Don’t be caught unprepared or with an estate plan that fails to accomplish your goals. If you are concerned with what will happen to your children or your property, or you want to eliminate estate taxes, let us help. We can assist you in creating an effective estate plan and asset protection strategy. It was pointed out to me recently that a good estate plan costs less than .02% of the average estate. That’s a very small price to pay, to know that your heirs are protected and that your estate plan will survive an attack from someone who may be unhappy with your plan. Clearly stating your intentions and unambiguous documents clear the way for a smooth distribution after you are gone!

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.