Category Archives: Estate Planning

Estate Planning

Could Your Assets go to an “Unintended Beneficiary?”

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When you create an estate plan, it is important to pick your beneficiaries carefully. However, it is also important to understand that if one of your beneficiaries dies shortly after you, the assets you leave to that person will pass to his or her beneficiaries. For example, if you leave your estate to your second wife and nothing to your kids, but she dies a few weeks after you die and her will names her children from a prior marriage as her sole beneficiaries, your children will inherit nothing from you. Obviously, this is not what you would have wanted to happen.

How can you prevent this from happening? You may want to include a survivorship clause in your will. This provision requires a 90-day waiting period before any assets can be distributed to your heirs. You should also think about the relationship with the named beneficiary. For instance, in the situation where your beneficiary is a second spouse and you both have children from previous marriages, you should consider including a contingency that if your spouse (the primary beneficiary) does not survive you for a set period of time, then the remainder of your estate should transfer to your children (or other named secondary beneficiaries).

You should also consider leaving your assets in Trust. By using a Trust you can provide support and use of assets to your spouse, but when your spouse dies, the assets go to your children. In second or blended family situations, a Trust is often the preferred tool.

When you are creating your estate plan, it is essential that you ask the “what if” questions. We can help you with trying to anticipate the different scenarios you should plan for in your estate plan. If you have an existing estate plan, we can help you review your beneficiary designations and ensure that your assets will be distributed exactly how you want.

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

Protecting Your Medical Future

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When you are signing medical documents, it is important that you fully understand what you are agreeing to and the consequences that will result. Two of the documents that are important to consider in protecting your medical care in the future are an Advanced Health Care Directive, and a Do Not Resuscitate Order (DNR)

DNR

Many people do not want to be kept alive under certain circumstances, such as if they are being kept alive solely by machines. A DNR provides your instructions to health care providers that you do not want heroic measures, such as cardiac compression, defibrillation and artificial ventilation, to be used to resuscitate you or keep you alive. A DNR should only be used when you are close to death, and must be signed by a physician. An elderly person who is otherwise healthy and active, should not sign a DNR which would prohibit emergency providers from restoring life in an accident or other health care event.

Health Care Directive

You can appoint another individual to act as a health care agent to make medical decisions on your behalf if you are unable to do so for yourself. Your Advanced Health Care Directive can also give your agent authority to review your medical records. It is crucial that you provide the person you appointed to serve as your agent, your primary doctor and your lawyer with a copy of your health care documents. The Advanced Health Care Directive also allows you to give end of life care instructions if you have a health care event where you are unlikely to survive or recover, or you have a disease which leads to death and you are in the last stages of that disease.

Your Utah Advanced Health Care Directive should include your name, telephone and address and the name, telephone and address of the individual you are appointing as your agent, the name and similar information for an alternate agent, the power and authority being granted to the agent, your signature and witnesses. Having your medical documents witnessed is necessary to establish that you signed the document willingly and that you were of sound mind.

If you are interested in learning more about how to properly plan for your future medical care and end of life decisions, contact 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.

Asset Protection, Estate Planning

Special Needs Trusts in Utah

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When you have a child with disabilities, it is imperative that you obtain help from a knowledgeable and experienced estate planning attorney. You will want to plan for your child’s care when you are no longer able to provide it, but you cannot leave outright funds to your special needs child. An inheritance from you could result in your child exceeding the limit for assets or income allowed in qualifying your child to receive government benefits. The most effective way for protecting your child is to create a Special Needs Trust.

A Special Needs Trust, also commonly referred to as a Supplemental Needs Trust, permits an individual with a physical or mental disability to hold an unlimited amount of property and assets in a trust for his or her benefit. If this type of trust is drafted properly, the assets it holds will not be considered when determining if the beneficiary qualifies for certain government benefits such as Supplemental Security Income (SSI), Medicaid, and other benefits that are based upon need. The Special Needs Trust provides for additional care and luxuries over and above the benefits provided by the government.

It is important to understand that the Supplemental Needs Trust be created before the beneficiary turns 65 years old. It is typically recommended that this type of Trust be created early in the child’s life as a long-term means for holding property for the benefit of the disabled individual. This can prove beneficial if the disabled family member receives money or gifts from personal injury settlements, transfers from relatives or friends, insurance proceeds, or similar payments.

The expenses related to establishing the Trust may be tax deductible. However, if the trust receives funds outright, it could have some tax consequences. Thus, it is crucial that you confer with a seasoned estate planning attorney that can ensure the Trust is properly drafted and that you are fully aware of the tax implications. In certain instances, it may be wise to allow the trust to pay the taxes and invest the net proceeds. Let us review your individual circumstances and give you the advice and guidance you need to protect your loved one with special needs.

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

Is Your Estate Plan Complete?

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If you have an estate plan, you may be wondering if it is complete and comprehensive. This is especially true if your plan was created several years ago and your life circumstances have changed. Below is a checklist of questions you should consider regarding your current estate plan:

  • Do you have a Will and/or Trust, Healthcare Proxy and Power of Attorney?
  • Are the individuals or entities named as your executor, successor trustee, power of attorney or healthcare agent still the persons you want to serve in these roles?
  • Have you relocated since your estate planning documents were drafted? If so, do your documents still comply with the applicable law where you live?
  • Are you transferring any personal property to a person under the age of 18 years?
  • Are the beneficiaries you are giving your assets to capable of properly handling the bequests or new wealth?
  • Are there any specific gifts to certain individuals that you want to make?
  • Are any of your assets held in joint accounts or where you have a designated beneficiary? If so, do your estate planning documents match your designations?
  • Is your property being distributed to your beneficiaries outright or in trust?
  • Do any of your beneficiaries have special needs that should be considered?
  • Will your estate plan provide you with tax advantages?
  • Have you notified your loved ones of where your estate planning documents are located?
  • Have you left information regarding how to access your digital assets?

The above list is not exhaustive, but it provides you with a good start in determining where your estate plan stands. If you need assistance understanding the consequences of your plan as it is currently drafted or whether it should be updated, we can help. If you are like most people (and most of our clients), you understood your documents when they were signed, but they can be complex and you may not be clear now. A review with a good estate planning attorney can give you great peace of mind, or help you spot changes you may want to consider.

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

Ensuring You are Cared for in your Senior Years

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In recent years, it has become more common for couples to decide not to have children. If this is the decision you have made, the question arises as to who will care for you in your senior years. While there is never a guarantee that having children will mean that they will care for you when you are in need, it is often expected that children will play some role in providing your care. With childless couples, it is important to understand that you have an even greater need to plan for your future care.

It is important for all individuals to have a healthcare proxy or healthcare agent, but even more so for childless people. A healthcare proxy permits another individual to view your medical records and make any necessary medical decisions on your behalf. Appointing a healthcare proxy involves a fairly simple and inexpensive document to be completed, which is surprising when you consider the amount of protection it affords to you.

When naming your healthcare agent, it is important to select somebody you trust and who has a comprehensive understanding of your wishes. You are not allowed to appoint your physician, nurse, social worker, or an owner of a health care facility where you are being cared for. The only exception to this general rule is if you are related to the individual by blood, marriage or adoption.

Other considerations for childless individuals are whether to purchase long-term care insurance. Having this type of policy can help ensure that you can afford the type of care you want when your health begins to decline. Additionally, childless couples should create an estate plan that sets forth how their assets will be distributed upon their death. Many of our clients who have no children favor charitable gifts. You can only accomplish this with a proper estate plan.

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

What Your Loved Ones Need to Know About Your Trust

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One of the benefits of a trust is that it allows the creator to keep the contents of it private. If privacy is of upmost importance to you, we can help create a trust with this mind. However, it is also important to provide your loved ones with certain pieces of basic information regarding the trust, including:

  • The individual you appointed to serve as the trustee should be provided all the relevant information regarding where your original trust document is located. If you have stored it in a safe or lockbox, you must inform him or her with the combinations, keys, or other information on how to access it.
  • The individuals appointed to serve as the trustee (or successor trustees) should be provided copies of the trust document.
  • Your trustee and beneficiaries should be given the contact information for your estate planning attorney. Your lawyer can be of great assistance to your family.
  • If you have loved ones that you trust, you should discuss your desires for how your affairs should be handled when you die. Being clear about your decisions and your reasons for making them can decrease confusion and family fighting.

We understand the need to maintain your privacy, but it is also important to make sure that your loved ones have the information necessary to carry out your wishes.

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

Retirement Planning

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It is difficult to think about planning for your retirement when you are saving for your children’s college and simply trying to pay for daily expenses, but it is important to do so. Of course, the priority of your retirement will vary depending on what stage of life you are in, but you must have a plan. Below are 5 phases of retirement planning:

  1. Retirement planning can begin as soon as you enter the workforce. You can start setting aside funds for your retirement by taking advantage of your employer’s 401k and/or pension plan. It may be necessary to start with small contributions and increase them over time, but it is vital that you get started as soon as possible. You can earn a significant amount of money by compounding your savings.
  2. When you are approximately 15 years away from when you want to retire, you should start investigating your options for the conversion of your employer retirement savings into an Individual Retirement Account (IRA). You should also begin educating yourself about Social Security and other benefits. It is also imperative that you update your estate planning documents, including verifying that your end of life decisions have been made.
  3. During the time between the day you retire until you are approximately 70 years old, you should assess your finances, your investments and your living situation. You should confer with a professional for a projection of your cash-flow in comparison to your needs to help insure that you will be adequately protected.
  4. By the time you are 70 years old, it is essential that you discuss what you want to happen when your health begins to decline. While this discussion can be difficult, it is important that your family understands your wishes and that you document them (if you haven’t already done so) in a healthcare directive.
  5. As you grow older and your health worsens, you can rest easy knowing that your planning has paid-off. Your estate plan will allow your loved ones to carry out your wishes and you can have the peace of mind that you have done everything possible to protect yourself and your loved ones.

If you are interested in learning more about retirement planning and estate planning, contact our office today to schedule your 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

Your Estate Planning Attorney

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When you are ready to create your estate plan, it is important to work with an attorney that you trust. Estate planning is a private matter that requires you to have confidence in your lawyer, so you should be careful in whom you choose. It can be helpful to obtain referrals from family and friends. You should also contact your local bar association to further investigate the attorney’s qualifications.

Once you have scheduled your initial consultation with your attorney, you should take steps to prepare for the appointment. This includes writing down all of your questions and organizing your records. Additionally, you should start preparing to answer the questions your attorney is likely to ask you, including:

  • What is your approximate net worth?
  • Who do you want to appoint as the personal representative or trustee of your estate?
  • What are your most significant assets (real property, businesses, investments, etc.)?
  • Who will you name as your beneficiaries?
  • Are you going to specifically disinherit anyone?
  • Who will you appoint as the guardian of your minor children?
  • Is there any information about your family or the property you own that will impact the way your estate planning should be handled (such as a special needs child)?

If you are prepared to answer the above questions, it will help your estate planning lawyer get started on creating an estate plan that will effectively meet all of your needs and goals. Contact us today to schedule your initial consultation with an estate planning you can trust.

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 when you Live in Two States

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Many people choose to live in one state for part of the year and in a different state for the other part of the year. When it comes to estate planning, this can cause some confusion. The general rule is that the state of your “legal residence” controls. Your legal residence is the state that you designate as such. An individual typically does this by living in the state for at least 183 days out of the year and holding his or her driver’s license, vehicle registrations, voting rights and bank accounts in that state.

When you live in two states, if properly planned, you get to choose which state is more beneficial to you for estate planning purposes. As a result, it is important to seek legal counsel in making this decision so you can fully understand which state’s tax laws would be more advantageous. Your estate plan can be significantly impacted because some states have state tax laws in addition to the federal estate tax law. You can save significant income and estate tax by making the right decision.

You should almost always use a trust if you own property in two states. Otherwise, it is likely that your loved ones will have to go through the probate process in one or both states. A trust can hold both pieces of real estate and help avoid the time-consuming and costly probate process.

It is also important to note that you should create certain documents that are correct and effective for each state. For example, you should probably have a Durable Power of Attorney and Advance Medical Directive in each state to make sure you are protected if you encounter unexpected events or require medical decisions to be made on your behalf, and which are compliant with the laws of both states.

If you have questions regarding creating an estate plan when you live in two different states, contact us for the answers you need.

To learn more about how a trust can benefit your family, call us 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.