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WHAT IS A POWER OF ATTORNEY?
Almost everyone has heard of a Power of Attorney (POA), but not everyone actually understands what a POA is, or why having one is important. A POA is a written document that allows you to legally assign another person to do specific acts for you. This can be especially important if you are getting older,…
WHAT IS A POWER OF ATTORNEY?
Almost everyone has heard of a Power of Attorney (POA), but not everyone actually understands what a POA is, or why having one is important. A POA is a written document that allows you to legally assign another person to do specific acts for you. This can be especially important if you are getting older,…
How Does a Revocable Living Trust Work?
A revocable trust, sometimes called a “living trust” or “family trust,” is one of the best tools for transferring property from one generation to another. The proper use of a revocable trust can provide safety and security during a person’s lifetime, so that if they are incapacitated, there is already a person and structure in…
MEDICAID PLANNING AND THE 5-YEAR LOOK-BACK PERIOD
One of the most overlooked aspects of the Medicaid program is the 5-year look-back period. A basic understanding of Medicaid is needed before you can understand the look-back period. Medicaid is different from Medicare (although many people, by mistake, refer to the two programs interchangeably.) Medicare is an entitlement program paid for through payroll withholding….
Misconceptions About Estate Planning
Below, we have addressed a few common misconceptions about estate planning. We have seen these misconceptions cause damaging effects in estate planning, and we encourage individuals to work with an experienced estate planning attorney to learn more about estate planning and avoid costly mistakes. Specifically, here we clarify a few things about taxes, joint ownership,…
Misconception About Probate
The laws of estate planning are confusing, and they are different based on what state you are in. Because of this, there are common, reoccurring misconceptions, especially when it comes to wills and probate. Probate Many people have unreasonable fears of the probate process. Utah has adopted the Uniform Probate Code, which provides for a…
What Will Happen If Your Family Members Sue Each Other Over Your Estate?
One of the reasons people create living trusts is to reduce the likelihood of disputes among family members. Most estates do get settled without disputes, and those with disputes are often easily resolved because the trust, will, and beneficiary designations are clear. Unfortunately, sometimes family members are determined to be fractious, and in that case…
How Exactly Can a Will Protect Me and My Property?
If you are beginning the estate planning process, there are surely several questions swirling around in your head. When it comes to deciding on the terms of your will and then drafting it, there are many considerations. To address these issues about wills, we have organized some frequently asked questions below. 1. WILL A WILL…
Do I Need An Attorney to Make a Will?
Wills and trust are two of the most important and fundamental planning documents, yet an astonishing number of people still do not have one or the other. This is understandable, as it can be extremely stressful to confront one’s own mortality, and estate planning takes time and money. That said, there is no substitute for…
Why Do I Need a Will?
There are several reasons to consider meeting with an attorney to begin drafting a will. Without a will, your assets, children, and personal possessions may not be properly protected. What is a Will? A will is a document signed by a person that directs how his or her property should be disposed of and who…