Tag Archives: assets

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

What a Living Trust Can do for You

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Most people associate a trust with somebody who is wealthy or famous. However, creating a living trust can provide numerous benefits to people with all sizes of estates. For example:

  • Trusts provide you significant flexibility in controlling when, how and who inherits your assets.
  • Trusts allow your loved ones to avoid the time-consuming and expensive probate process.
  • Trusts help ensure that your affairs remain private. A will that is submitted for probate usually becomes a matter of public record.
  • Trusts can provide a means for avoiding certain taxes.
  • A living trust permits you to choose another party to manage your financial affairs if you should become incapacitated and unable to handle them yourself.
  • A living trust can avoid certain claims that could be made in a probate estate.

It is important to understand that you will not receive the benefits of a trust if it is not properly “funded.” In other words, you must transfer your property and assets out of your individual name into the name of the trust. This means that the trust becomes the lawful owner of your property and assets. Common examples of property and assets that should be transferred into a trust include real property, business interests, bank accounts, investment accounts, royalty contracts, patent/copyrights, antiques and other valuables. Generally speaking, you should transfer your most valuable assets into the trust.

When you create a trust, you should also create a “pourover will.” This type of will provides that anything you did not specifically transfer into the trust is “poured” over into the trust upon your death. In effect, it is a catch-all to make sure all of your possessions are transferred into your 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

Probate Property – What is it?

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When you think about your estate going through probate, you may wonder what it means for your property. Probate is the procedure used by the court to administer the estate (i.e. pay creditors and locate assets) of a deceased person, including distributing his or her assets as directed by a will or under the law.

So, what constitutes probate property? Any assets held solely in the name of the decedent are considered property of the probate estate. Common examples of probate property include:

  • Real property (houses, commercial property, land, rental property)
  • Cars, trucks, boats, ATVs, and motorcycles
  • Bank accounts
  • Investments
  • Stocks and bonds
  • Proceeds from a life insurance policy (if payable to the decedent or his/her estate)
  • Any other personal or real property

The above list is not exhaustive and there could be a variety of other types of assets that could be included in your probate case. Thus, it may be easier to understand the types of assets that will not be included in a probate action such as:

  • Property the decedent owned jointly with another party
  • Assets where there is a designated beneficiary upon death such as life insurance and retirement assets
  • Pay-on-Death or Transfer-on-Death accounts
  • Life estate assets of the decedent

Again, this list is not exhaustive. In sum, however, assets that are not included in the probate process are those that no longer belong to the decedent at the time of his or her death because they transferred by operation of a contract or under the law.

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

Are your Assets Protected if you are Sued?

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Lawyers and financial advisors spend a lot of time telling their clients that they need to take measures to protect their assets. However, most individuals do not realize that they are at risk for being sued. As you go about your daily life, you may not even be aware of the various potential sources of potential liability you encounter.

If you own a business or otherwise provide services to other parties, you are vulnerable to a lawsuit. Even owning property, driving a vehicle or other similar activities can expose you to the risk of litigation. To determine your own personal risk of a lawsuit, visit a one of the numerous websites where you can take a quiz and get an idea of where you are vulnerable. An example is the “Personal Liability Risk Scorecard” developed by ACE Private Risk Services.

The online quizzes can provide you with a general idea of how much risk you have for being named in a lawsuit. You might be surprised by the amount of risk you have in your life. However, for an extensive understanding, let one of our experienced asset protection attorneys review your unique circumstances and assist you with creating an effective strategy for minimizing your vulnerabilities.

Don’t assume that you are not at risk for being sued or that you do not need to take measures to protect your assets. Let us help you understand and address any areas of concern. Pre-planning can save you time, money and heartache. Taking action now, before any problems occur, will provide you the most protection available.

Many people shy away from using a lawyer for asset protection because of the expense. But DIY (Do It Yourself) plans rarely work. A qualified lawyer can help you evaluate your risk and help you understand the strategies that can be employed to avoid the risk. Some obvious things are:

(a) increasing your insurance, but more importantly, the right type of insurance;

(b) if you own a business, properly organizing and operating your business; or

(c) if you own rental properties, setting up proper business organizations to own the properties in order to isolate risk.

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 Assets in a Trust During a Dispute

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When there is a dispute regarding the management of the trust, it often begins because the objecting party does not have sufficient information to determine the true value of the trust and/or if trust assets are being depleted. In this situation, it is imperative that you take steps to ensure the trust assets are being safeguarded while the dispute is being resolved.

The most common way to protect trust assets during litigation is to “freeze” them. This means that the court enters an order for injunctive relief, typically on an emergency basis in order to provide protection to the assets as quickly as possible. In order to prove that an injunction order is necessary, it must be shown that there is a likelihood of irreparable harm to the property in the trust and no other adequate remedy at law. Further, you must demonstrate the likelihood of your success on the merits to the court as well as that your interests outweigh any possible damage to the trust.

When trust assets are frozen, they cannot be used or otherwise depleted. In many cases, the court will appoint a fiduciary to supervise and maintain the property in the trust until the dispute has been resolved.

While no two cases are identical, below are a few warning signs that a trust is not being managed properly and you should confer with an attorney:

  • Trustee fails to file tax returns for the trust
  • Trustee fails to file an annual report on the trust
  • Trustee refuses to make financial disclosures, including investments made using trust funds
  • You discover a conflict of interest on the part of the trustee
  • You discover proof that the Will or its original terms and conditions were tampered with
  • The trust has experienced unexplained financial losses

If you believe that a trustee has breached his or her fiduciary duties, contact us for the advice and guidance you need. We can help you determine whether the assets of the trust should be frozen and the best strategy for resolving your concerns.

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

How to Protect Your Assets from Paying for a Nursing Home

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We have all heard stories about how expensive nursing home care is, but hoping that you don’t ever need that type of long-term care is not enough. If you want to prevent your life savings from being used to pay the nursing home while also qualifying for government assistance, it will take a significant amount of pre-planning.

Medicaid has restrictions on when and how you can gift your assets in order to qualify for assistance. Certain transfer penalties can be applied. The general transfer penalty law has a five-year look-back period, so the sooner you start your planning, the better off you will be.

Below are three suggestions on how to pre-plan your gifting of assets while also retaining sufficient wealth to provide for your care during the five-year look-back period:

  1. Early inheritance. If you can afford to give your children a portion of their inheritance while retaining sufficient assets to privately pay for any necessary long-term care during the five years, it can be an effective means for protecting your assets and your loved ones. It also allows you to see your beneficiaries enjoy the money while you are still alive.
  2. Long–term care insurance. If giving an early inheritance to your loved ones is not feasible for you, purchasing long-term care insurance is an option to consider. It is important to research the long-term care insurance policies and make sure you truly understand what is and is not covered.
  3. Asset protection trust. An asset protection trust is often a very advantageous option for you and your family. You can transfer property into a Medicaid irrevocable trust that will safeguard your assets from being vulnerable to paying for nursing home expenses. You should discuss whether an asset protection trust would be beneficial for you with one of our experienced estate planning attorneys.

The above three options are just a few considerations if you are concerned about the costs of long-term care. The sooner you begin your asset protection planning, the easier it is for us to find the most beneficial means for protecting your family and your assets.

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

Using Common Sense in Your Estate Planning

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When you think about estate planning, you probably envision it being a very complex process. While it can involve complicated issues, estate planning should also encompass a significant amount of common sense. For one, take time to really think about what you want to accomplish with your estate plan. You take time to plan your daily tasks and figure out ways to make life easier, so apply these same principles to your estate plan:

  • Stop procrastinating. If you wait until you are under a deadline (or until it is too late), it makes the process more expensive as well as more stressful. The more you can pre-plan your estate plan, the more likely you will have success in meeting your goals. In fact, there are certain areas of estate planning (such as Medicaid, retirement and long term care) that you should start thinking about years before you believe you’ll actually need it.
  • Get organized. You have probably learned that making a list of what you need before you go to the store makes your shopping trip easier and quicker. The same principle applies to estate planning because the more forethought you put into setting your goals, the easier it is for your lawyer to efficiently achieve those goals.
  • Understand it is an investment. Don’t be tempted to use the cheapest attorney you can find without investigating his or her experience and reputation in the area of estate planning. Your estate plan is an investment for the future, so you want to ensure that your plan will stand the test of time.
  • How do you know whether you have found someone with experience and ability? Try this test: (i) ask how many will or trust clients they met with in the last week and month; (ii) ask whether they understand probate and tax laws; and (iii) go online and see what areas of law they practice. If their online presence includes personal injury, divorce, DUI, criminal defense, bankruptcy, etc. they are not a specialist in estate planning.
  • You may not make everyone happy. It is important to realize that your estate plan may not please all of your heirs. However, it is your property, assets and wealth that is being distributed, so you should do what you want in creating your estate plan.

If you do not have an estate plan or you have one that is outdated, 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.

Estate Planning

How to be Prepared for the Unexpected

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We all know that life can change in an instant. Regardless of your age or your financial status, estate planning is critical to protecting your loved ones in the event an unexpected negative event occurs. Below is a checklist to consider in creating a “safety net” for your family:

  • If tragedy should strike, you want to have the financial resources to deal with it. This means having medical insurance and life insurance.
  • Execute the necessary documentation evidencing how you want your end-of-life medical treatment to be handled. This may include signing a living will, appointing a health care proxy, and/or signing a Do Not Resuscitate (DNR) order.
  • If you have minor children, it is essential that you appoint a guardian to care for them in the event you are unable to care for them yourself.
  • It is important to create a will or trust that sets forth who will inherit your property and assets. You should verify that any real estate, bank accounts, or financial assets that you own are titled to reflect your intent as set forth in your estate plan.
  • Take steps to organize your important records and make sure your loved ones know how to access them. You should include instructions regarding your digital assets as well.
  • Consider pre-planning your funeral and/or burial arrangements.
  • Review your beneficiary designations on your retirement accounts, life insurance policies and other pay-on-death assets.
  • If you have a pet, consider creating a plan for its care.
  • Have open and honest conversations with your family, friends and other loved ones so your intentions are clear.

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

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.

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.