If you are considering asset protection planning, you may be wondering if an offshore trust would be beneficial to you. An offshore trust is similar to a typical trust created in the United States, with the settlor and beneficiary being the same person. The most commonly used jurisdictions for offshore trusts include the Cook Islands, Nevis, Bermuda and the Cayman Islands.

The most important decision in creating an offshore asset protection trust is selecting the trustee. The trustee should be an individual who is not a U.S. citizen or a trust company that has no affiliation with the U.S. Most offshore trusts have trust advisors who are not under the settlor’s control, but have the authority to step in to protect the trust assets. In fact, an offshore trust is the most effective if the settlor is willing to relinquish control over the trust and all parties to the trust, except the settlor, are outside the jurisdiction of the U.S. Thus, it is imperative to select an offshore trust plan with a trustee that is professional, trustworthy, and willing to defend the trust against creditor attacks.

The use of an offshore trust is probably the most effective asset protection strategy, but it is one that should be used cautiously and it is an expensive solution. This type of trust is not used for purposes of reducing or avoiding U.S. income taxes. In fact, there are very stringent rules about tax reporting that must be complied with if you have an offshore trust. If you fail to properly report you can incur substantial fines and penalties. If you are interested in creating an offshore trust, it is essential to work with a knowledgeable and experienced attorney that can assist you with finding the right offshore parties to partner with in establishing the trust. We have assisted clients in offshore trust planning and have relationships with offshore trustees and advisors.

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.

If you have decided it is time to protect your family and create an estate plan, there are several steps you can take to assist your attorney. Below are a few tasks you should consider:

• Financial Accounts. Make a list of all of your financial accounts and any log-in information for the accounts you access online.
• Safe Deposit Boxes. If you own a safe deposit box, you should have another person’s name on it and provide them with a key. Failure to do so makes it more difficult for your family to access it when you are gone. If you own a home safe, make sure you leave the combination to it with somebody you trust. Consult with your attorney before deciding who this should be. Your attorney should provide specific counsel on this.
• Life Insurance. You might be surprised to learn that many policies never have a claim made on them because the beneficiaries were unaware that the policy existed. It is important to make a list of your life insurance policies and where they can be located, along with who the beneficiaries are. Making sure the insurance is considered as party of your estate plan should be a task your attorney assists with.
• Personal Information. It can be extremely helpful to your loved ones to have a record of your personal data. For example, your Social Security number, driver’s license number, loan numbers, credit cards, and any other identifying information or financial matters that will need to be taken care of once you are gone.
• Benefits. You should keep a record of the benefits you receive, including Social Security, retirement or pension payments, military benefits and other similar types of payments.
• Professionals. Provide your loved ones with the contact information for the accountants, attorneys, real estate agents and any other professionals you routinely use to handle your business or financial matters.

The above information will assist your attorney in creating a comprehensive estate plan. It will also make the handling of your estate as simple as possible for your loved ones. Taking a few hours to assemble the above lists can save your family months of trying to locate the information, as well as ensure that your loved ones obtain the payments you intended for them to receive upon your death. My favorite story about preparation came from a client whose spouse died unexpectedly. At the time of death, the client found that the spouse had created a file on their computer titled “If I Die” which contained all of the above and more information.

Don’t let the foregoing list prevent you from getting the essential estate planning documents prepared. Your attorney will assist you in deciding the priorities and essential information for the plan and documents to be prepared for you. The rest of the information is extremely helpful and will be valuable to your heirs, and make administration of your will or trust easier.
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.

If you have a family member with special needs, your estate plan may need to include a Special Needs Trust. If you leave a special needs person a lump sum payment to assist with the cost of care, it could make them ineligible to receive government benefits that he/she would otherwise be entitled to receive.

Pursuant to 42 U.S.C. § 1396p(d)(4)(A) and Utah Code Ann. § 62A-5-110, this type of trust allows an individual under the age of 65 years to be provided resources beyond that which Medicaid supplies without disqualifying the recipient from receiving the government benefits. You can create a Special Needs Trust while you are alive, or you can create a will that directs funds to flow into the trust when you die. There are other provisions of law regarding Social Security Disability Income, provisions for health care subsidies, subsidized housing and others which need to be considered in setting up a Special Needs Trust.

If you have a disabled dependent, the creation of a Special Needs Trust can provide your loved one the ability to receive services or have some of the luxuries of life that the government benefits do not cover. This may include specialized equipment, travel expenses for medical appointments, education, therapies, or other similar costs not covered by Medicaid or other programs, including clothing or other needs.

If properly constructed, the assets held by a Special Needs trust are not included when the government determines the individual’s eligibility for benefits because the funds are not available to the beneficiary on demand. Distributions from the trust are given on a discretionary basis by the Trustee.

It is ideal for the trust to have available funds throughout the disabled individual’s life. One common way a Special Needs Trust is funded is by naming the trust as the beneficiary of the parent’s life insurance policy. It is imperative that the trust assets are carefully invested so they continue to grow. Family members and friends can also make gifts to the Trust, including naming the Trust as the beneficiary of their own Will or Trust or even a life insurance policy.
Planning for a loved one with special needs can be complex and confusing and Special Needs Trusts require specialized knowledge. Let us help. 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.

There are certain requirements that must be met when creating an estate plan. The law requires that the individual signing the Will, Trust or other similar legal documents must have adequate mental “capacity.” In general, capacity means that the person understands the consequences of executing the documents, understands who their family is, and has a basic understanding of their assets. However, determining whether a person is competent to sign legal documents is not always easy.

Each state has its own definition of competency, but below are a few general guidelines:

• Comprehension. The individual signing the estate planning documents must have the ability to understand what it means to sign the Will. The signer must understand the extent and nature of the estate being disposed of by the Will. The signer must also comprehend the relationship he/she has with those individuals who would have some claim to the estate.
• Timing. When it comes to capacity, it is possible for the individual’s abilities to change from day to day. The testator must have capacity at the time the Will is signed. If there is any question regarding the signor’s capacity, it is imperative that you document the individual’s capacity on the day the documents are signed.
• Document type. The required capacity of the signer may be greater for some legal documents than it is for others. It important to confer with an experienced attorney to help ensure that the capacity requirements will be met.

If you have questions regarding capacity or you need assistance in creating an estate plan, let us help. We can make sure the appropriate steps are taken to establish the competency and capacity of the person signing the estate planning documents.

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.

When it comes to a probate action, attorneys can provide you a laundry list of reasons why you should try to avoid it. Probate is the legal process the court uses to administer the estate of a deceased person. During the probate proceeding, the court supervises the resolution of claims against the estate as well as how the assets of the deceased person are distributed under the terms of a will or as provided by law if no will exists. To keep it simple, the two primary reasons you should try to avoid the probate process are:

• It is time-consuming. Even if your estate is small and only involves a few parties, there are still a variety of forms that must be completed, procedural requirements that must be followed, and deadlines that must be met. As a result, a probate case can create roadblocks to administration, depending on the size and complexity of the case. For your loved ones, especially children, delays can be devastating financially and emotionally.
• It is more expensive. There are a variety of fees associated with a probate case, including attorney’s fees. Typically, a lawyer is paid a “reasonable” fee from the estate, as determined by the court. In some states, a probate attorney’s fees are a set percentage of the value of the estate. That is not the case in Utah. If a probate matter has contested issues or other complexities, the attorney’s fees can increase quickly, which lowers the value of the estate available to be distributed to your loved ones.

The executor of your estate is also entitled to be paid his/her fees from the estate. Depending on who is appointed to serve as the executor, the amount of the fee can vary greatly. In some cases, if the executor is a named beneficiary who will inherit from the deceased, the executor may waive payment of the fee.

There are other costs that can be incurred in a probate case. This includes court filing fees, appraiser’s fees, accountant’s fees and other similar expenses.

While the Utah probate system is one of the most user friendly in the country, you can still avoid significant costs and expenses by using a trust to avoid probate.
There are several other reasons for wanting to avoid probate, but if you can save time and money by handling your financial affairs now, why not do it? By taking care of your financial affairs now, you will have the peace of mind that your loved ones are protected.
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.

If you are entering your senior years and you are interested in spreading your wealth, you are probably considering ways you can help financially protect your grandchildren. Gifting to your grandchildren is not only an act of generosity and love, but it can also be financially smart for you too.

When it comes to gifting, it can be difficult to know where to start. The first step is to determine what amount you can comfortably give. The Internal Revenue Service currently allows you to give a maximum of $14,000 yearly free of any gift tax to each of your grandchildren. A married couple is allowed to give $28,000 yearly to each grandchild if they each make a gift. Again, it is important to verify that whatever amount you decide to gift will not have a negative impact on you. However, if you can afford it, gifting is a beneficial estate planning tool.

How do you “gift” money to your grandchildren? Outside of simply cutting them a check, below are a few ways you can help plan for your grandchildren’s futures:

• Create a 529 Plan educational account and deposit the funds into it
• Establish a trust for the benefit of minor grandchildren. Through a trust you can control the gifted funds or investments for many years, and provide asset protection of the gifted amounts for the benefit of your grandchildren.
• Ask your bank to set-up a custodial account for each grandchild
• Buy a life insurance policy that has a cash-value component and name the grandchild as the beneficiary
• Establish a brokerage account in the grandchild’s name and transfer stock purchases into it
• Investigate options provided by websites such as Upromise and Babymint

The above list is not exhaustive, so if you are interested in learning more, contact an experienced estate planning attorney at The Astill Law Firm to discuss your options! Also, check back to our blog for more detailed discussions on your gifting options.
If you have any questions about gifting to your grandchildren, contact The Astill Law Office at 801-438-8698. We have been providing 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, give us a call.

Many people associate only senior citizens as needing a power of attorney (POA). In fact, everyone should consider having a power of attorney document in place, regardless of age, health or any other factor. A POA is written authorization from you that gives authority to another individual to act on your behalf in personal and/or business matters. A POA can also be used by parents to transfer their parental rights over their children for a certain period of time. For example, if you are traveling out of the country and you want your child’s caretaker to be able to make medical decisions for them in an emergency. A POA is an essential part of even the simplest estate plans.

The POA permits you to appoint an individual that you trust to act as your agent or attorney in fact. This means that the person can manage your personal or financial affairs if you are unable to do so for yourself, but even more importantly, it also imposes a fiduciary obligation on him/her to act in your best interest and in accordance with your wishes. Most people choose to appoint a relative or close friend to act as their POA, but you can also name a lawyer, bank or other third-party.

Unless you specify otherwise, your POA will be revoked automatically if you should become incompetent. However, you can create a “durable” POA while you are competent and specifically set forth that your POA should remain intact upon your incapacity. You can also create a POA that does not become effective until certain conditions set forth by you are met. This is referred to as a “springing” POA. The most common condition for causing a POA to “spring” into effect is your incapacity. Typically, your incompetence must be verifiable by a qualified health care professional.
If you are interested in learning more about a power of attorney and how it can benefit you, 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 how longevity insurance may fit in with your estate plan, contact The Astill Law Office at 801-438-8698.

Nobody likes to think about the possibility of not being there for their children. One of the most difficult decisions a parent can make during the estate planning process is who should raise their child if they should die or become incapacitated. It is also one of the most critical decisions they can make.

Parents must plan for their children’s future, including who would raise their children if they both should die. While this is an unlikely event, it does happen. We understand that nobody else will raise your children exactly as you would, so it can be very difficult to decide who to appoint. We also understand that the individual you select to raise your children may not be the best choice to manage the finances for them.

These are issues we can discuss and help you create an estate plan that addresses each of them. In your Will you can appoint a guardian of your minor children. This is the individual you want to have physical custody of your children and to raise them until they reach the age of 18 years old.

If you create a trust, you can name a trustee over the property you leave to your children. This is the individual who will supervise and manage the money and assets you leave for the benefit of your children. If appropriate, this person can be the same person you appoint as the guardian over your children

There are pros and cons to having the same person serve as the guardian over your children and their finances. It allows the individual raising your children the ability to provide for their needs in an efficient and effective way. It can be easier on everyone involved. However, in some cases it can also create problems if the guardian is not financially responsible. Thus, you have to do a “gut check” and decide whether you truly trust the guardian to invest wisely and only use the funds for the best interests of your children, and not for their own personal gain.

Estate planning can provide you with flexibility in how your children’s inheritance is distributed. You can create a trust that sets forth unique instructions from you. For instance, you can set a certain age your child must reach before they receive the money. You can also create a schedule for when each child receives a distribution of funds. We can help you create a plan that works for your family and ensures that your wishes will be carried. Most importantly, we can help you create a plan that protects your children.

If you have questions regarding appointing a guardian for your children, we can help. 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 an intimidating concept for many people. Yet, it is also one of the most essential actions you can take to safeguard your family now and in the future. Below are a few basic tips for your consideration:

• Comprehensive estate plan. Having a comprehensive estate plan requires more than just signing a Will. You should also consider establishing a Trust, appointing a power of attorney, appointing a guardian for your minor children, and taking advantage of other tools available to protect your assets and wealth. An estate plan can reduce tax liability, ensure assets are distributed according to your wishes when you die, and help avoid the time and expense of probate.
• Assets. When creating an estate plan, it is beneficial to inventory all of your assets. This includes real estate, retirement savings, investments, insurance policies and business interests.
• Make difficult decisions. There are many tough decisions that must be made when creating an estate plan. Who will inherit your assets? Who will make your medical decisions if you are incapacitated? Who will handle your financial affairs when you are unable to do so? Who will raise your children if both you and your spouse die?
• Make tax-free gifts. If you want to help your loved ones while you are living and reduce your taxable estate, consider making tax-free gifts.
• Be charitable. Donations to a charitable fund or community foundation are an investment that grows tax-free. You can select the charities to receive your contributions both while you are alive and after you die.

Both federal and state laws must be considered when establishing an estate plan, so it is imperative that you obtain counsel from an experienced estate planning attorney. Let us help you get started on your estate plan 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.