Tag Archives: finances

Estate Planning

How to Know if your Loved One Needs a Conservator

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It can be difficult to know when you should seek to be appointed as a conservator for a loved one. Every person’s situation is unique, so let us review all of the circumstances and help you determine the best course of action. To learn more about conservatorships, please read our blog titled “What is the Difference Between a Guardian and a Conservator?”

There are numerous situations that warrant seeking a conservatorship. Your loved one may need help if he or she:

  • Does not properly monitor or take his or her medication
  • Refuses to seek medical care, even if his or her health is suffering
  • Will not grant you access to his or her medical information or refuses to give you permission to confer with his or her healthcare providers
  • Is not capable of making proper healthcare decisions
  • Cannot safeguard his or her finances
  • Permits assets to be lost or wasted
  • Is the victim of financial, physical or emotional abuse
  • Fails to pay his or her bills
  • Refuses to give you authority to sign checks on his or her behalf
  • Is at risk of harming himself or herself
  • May be required to file a personal bankruptcy if you do not act

There are many reasons to act quickly if you think a conservatorship is needed. Being granted conservator powers will help you protect your loved one from physical harm and financial ruin.

To learn more about being appointed as a conservator or to discuss other elder law matters, contact our office 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

3 Reasons We Avoid Estate Planning

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Most everyone agrees that having an estate plan is extremely important, yet it seems everyone wants to put off doing it. While there are a variety of excuses for why people procrastinate their estate planning even though they acknowledge it could save them significant amounts of money and protect their loved ones, below are three of the most common reasons we hear:

  1. Fear of dying. Nobody enjoys thinking or talking about dying. The topics you must cover in creating an estate plan – from personal finances to the appointment of guardians for your minor children – can be uncomfortable and feel awkward. How to you get past this? Start with something that you feel comfortable with and go from there. This may include scheduling a family meeting, discussing your ideas with loved ones individually, or simply making an appointment with us to learn more. You don’t have to tackle it all at once. Let us help you take it one step at a time.
  2. Emotional upheaval. If your family relationships are strained, the estate planning process can feel stressful. However, if you fail to take action while you are alive to handle matters on your own terms, it can cause even further damage to your loved ones. If you are open and honest with your family members now, it will help them understand your point of view. It also gives you the opportunity to hear what your loved ones have to say and make them feel understood. In short, if everyone knows your true wishes before you are gone, it will prevent disputes from occurring after you are gone.
  3. Fear of losing control over your finances. Many people wrongly believe that they will lose control over their financial security by creating an estate plan. They fear that by placing assets in a trust or gifting away property, they will put their financial future in jeopardy. However, our seasoned estate planning attorneys work hard to create an estate plan that is tailored to fit your needs. We ensure that you are comfortable with your ability to continue to control your finances while also protecting your loved one’s future. We always strive to help you maintain control over your estate and property.

If creating an estate plan is a New Year’s resolution that you haven’t kept yet, maybe it is time to stop procrasting. Take one simple step and contact us to schedule an initial consultation 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.

Estate Planning

Estate Planning Lawyers Help with more than Wills

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Most people think that estate planning lawyers only help with drafting wills and trusts. However, creating a comprehensive estate plan involves more than simply drafting documents. We assist you with reducing financial issues and stress for your family and loved ones. Having a will is part of this process, creating a trust may be included, but there are many other important things we can help you accomplish.

If you have accumulated wealth that you want to protect, we can create effective asset protection strategies, including creating an offshore trust. We also work to protect you from paying an overwhelming amount of taxes, we can reduce your liability for medical costs and establish other plans for preserving your assets. A seasoned attorney works with you to create a plan to protect your family and your estate. Once you have a plan, we create the necessary documents to put it into effect.

Most of our clients are surprised at the variety and depth of advice they receive from us. There are numerous options for distributing your assets and property. You also have flexibility in determining how and when your beneficiaries receive their inheritance. We will review your individual finances and circumstances, listen to your goals, and establish a plan that will not only carry out your wishes, but also protect your family.

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

Talking to your Family about Money

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Many families run like fine-oiled machines when it comes to handling chores, errands and daily activities. However, when it comes to their finances it is an entirely different story. Talking about money is often uncomfortable, but it is also one of the most important things for you to be on the same page about.

Out of convenience, it is common for one family member to be tasked with paying the bills. While this can help keep the process organized, it only works if all family members are abiding by the budget. For example, if one partner is working to save money and maintain a balanced budget and the other partner is spending frivolously, it can lead to financial problems quickly. Resentment and anger over money can lead to fighting and, in extreme cases, it can be a major contributor to divorce.

It is imperative for spouses to communicate openly and honestly about their finances. When your children are old enough, they should play a role in creating a financial plan for the family. Teaching your children about the value of money is a lesson that will benefit them for the rest of their lives. It can be as simple as teaching them to earn an allowance by performing chores or making sure they are aware of what items cost at the store. When you allow your children to take part in financial decisions it helps them feel important while also teaching them how to be financially responsible.

Money management skills are a lifetime gift to your children. When they become adults and you are ready to discuss their inheritance or how you wish for your estate to be administered, it will be a much more comfortable discussion. It can make the estate planning process easier and less stressful when you have your family’s input and support.

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

Why do I need a Power of Attorney?

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When you think about creating an estate plan, you probably think about a Last Will and Testament or a trust. However, an equally important part of your estate plan is the power of attorney (POA) document. A POA addresses matters that are not covered by a Will or trust. The POA document is applied while you are still living and it ceases to be effective upon your death (yes – that’s right, a POA terminates when the person dies!). As a result, it is an important document to have as part of your estate plan.

Don’t get confused when considering a POA. Many people think of their health care decisions when considering a POA. Under current law, a POA only works to assist you in managing financial affairs. An Advanced Health Care Directive (“AHCA”) is needed to assist in health care decisions.

Financial POA

When you appoint a POA over your property, it allows the appointee to have authority over your assets. This means your financial POA can access and manage your finances and also safeguard your assets. You can set forth what your appointee can and cannot do in the POA document. Most financial POA’s are granted broad authority.

It is important to understand that the POA document may provide that it is not effective until you are mentally incapacitated. You can also make it effective on the day you sign it. We usually recommend it be effective immediately, unless the person you are appointing is not someone you feel comfortable giving immediate authority. Whatever approach you take, it is essential that you appoint someone that you trust and that will have the ability to effectively manage your finances.

Advanced Health Care Directive

An AHCA can grant authority to another person to make medical decisions on your behalf if you are unable to make those decisions for yourself. This includes decisions regarding your medical care, hospitalization and long-term care. In some cases, your physician may have to determine whether you are unable to make medical decisions for yourself. Most of the time it is obvious.

Your AHCA provides you flexibility to set forth your wishes regarding end-of-life care or your wishes regarding certain treatments. The law requires that your express wishes govern your care and your health care agent must abide by your wishes as set forth in the AHCA. If your AHCA document does not address certain matters, your Agent will make the decision based upon what he or she believes is in your best interests.

If you are interested in learning more about power of attorney documents or other estate planning matters, call us for 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

Should You Take Over Your Parents’ Finances?

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As your parents enter their golden years and they need help attending to their affairs, it is essential that you approach the topic with them carefully. The most effective way to handle this process is by preplanning, which may include establishing a trust, guardianship, conservatorship, and durable power of attorney. One of our experienced estate planning attorneys can assist you with any of these legal documents that can provide you a legal means for taking over your parents’ finances when they need help. The absolute best method (and least costly overall) is to help them create a trust where you, or some other trusted family member (or a bank), become a co-Trustee to help them manage their finances.

It can be difficult to approach your parents with this topic. Depending on your family relationships, you may want to consider whether you should appoint one person to discuss it with them, have a family meeting or include an attorney in the meeting. Whatever you decide is the best strategy for your family, it is imperative that you take action while they have the necessary mental capacity to execute the necessary legal documents.

One thing you should make clear to your parents is that you are not attempting to take control over their finances at this time. Rather, you are merely taking steps to prepare for when it may become necessary. If your parents are reluctant, you should also inform that it is not necessary for them to make a full finanical disclosure to you (or anyone else) at this time. All that is required is that you are told where their financial information is located and how to access it. Remember, you will want them to include their online login information and passwords so you can access their digital assets.

If you need help discussing these matters with your parents or you believe the information will be better received from an estate planning lawyer, we can help. If your parents will view this discussion as part of their estate planning process, it may help them not be as defensive about it.

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 you in the “Sandwich Generation?”

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You may have heard the term “Sandwich Generation” being used to reference individuals who have become a caretaker not only for their children but also for their own parents or their in-laws. Being in this position can be extremely difficult and leave you exhausted and stressed. Additionally, it can take a major toll on your finances to spread them among three generations. As a result, it is imperative that you plan ahead and safeguard your immediate family as well as your parents and/or in-laws.

Where do you start? You should immediately have a conversation with your parents/in-laws about planning ahead. If they do not have a comprehensive estate plan, they should contact us immediately to create one. This includes establishing a will and/or trust setting forth how your assets should be distributed, health care directives, power of attorney, and possibly whether you should purchase long-term care insurance. You should also have an open and honest discussion regarding whether your parents want to be kept alive with life-sustaining equipment or measures. Your parents will likely feel a sense of relief knowing that their affairs are in order and that their wishes will be carried out.

While every situation is different, if you have taken on the role of caretaker for your parents it is important to protect your own finances. In other words, find a balance between providing for your parents and children, while also protecting your savings, retirement funds, and your future. Remember, your children can obtain student loans or work while they are in school to pay for their education. Additionally, your parents should use their own finances and assets to pay for their care as long as possible.

If you or your parents need help planning for the future, we can help. Let us review both your and your parent’s individual circumstances and determine the best strategy for you to take.

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

Getting Married? Time to Discuss Finances!

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If you are engaged, you are probably making a wide variety of plans for your future. Many couples spend considerable time planning their wedding, but they do not plan for how to combine their financial lives. Before you say “I do,” below are several issues you should discuss with your future spouse:

  • If you have always had your own accounts, you should consider each other’s spending habits and how to best organize your finances. In many cases, it makes sense to wait a while before combining your accounts, including credit cards. Many financial advisors believe it is wise for each spouse to maintain one individual credit card.
  • You will need to decide how your bills will be paid. Will one spouse be in charge of paying everything? Will you split the bills?
  • Should you consider a premarital agreement? If this is not a first marriage, or you have acquired significant assets prior to marriage, this is something you should definitely consider.
  • Both individuals should fully disclose their debt. You want to enter your marriage being open and honest about what you owe. It is surprising how many people get married only to discover their spouse has tax debt, credit card debt or even old DUI fines or court related payments being made. You should not undertake to pay these debts for your spouse!
  • If only one spouse has a job, you should discuss how the non-breadwinner will access and have some control over the family funds.
  • You should confer with a tax professional regarding whether you should file your taxes jointly or separately. This decision may make a significant difference in saving you money. It should not be done without thought, and each spouse should participate and understand the filing of tax returns. If one spouse has their own business they can create havoc on the household if they do not honestly and scrupulously report taxable income and expenses.
  • Once you are married, it is critical that you create a comprehensive estate plan. Not only will you want to protect your spouse if something should happen to you, your estate plan can provide you with many protections as well. We can assist you with creating wills, trusts, a health care proxy, power of attorney and an asset protection 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

Why do we Avoid Estate Planning?

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Most people believe that estate planning is important and they have every intention of doing it, yet they continue to procrastinate creating a plan. While no two individuals are the same, below are a few of the most common reasons people delay establishing their estate plan:

Fear of Death

Most people do not like to think about (or talk about) their own death. Estate planning forces you to think about how to provide for your loved ones after you are gone. You must make decisions on how to distribute your assets and who to appoint to be the guardian of your minor children. These types of decisions are uncomfortable and difficult. However, dying without providing for your loved ones is even worse. While discussing your estate plan can be awkward, you might be surprised at the peace of mind you feel once the task is done. Also, it will show your family members that you care enough to plan for their future.

Reduce Stress

If you have strained relationships with some of your family members, it can add tension to the estate planning process. You may have specific goals that you want to accomplish with your estate plan, but your relatives may be placing pressure on you to do otherwise. It is important to work with an experienced attorney who can help you create the plan you want that will achieve your goals. Additionally, you should remember that this is your estate plan. Be honest with your loved ones and listen to what they have to say, but ultimately it is your decision on how to handle your estate.

Loss of Control over Finances

Some people incorrectly believe that by creating an estate plan they will lose control over their money and/or their property. Ironically, by establishing a comprehensive estate plan, it provides you with financial security and you are better able to maintain control. Without proper planning, if someone becomes incapacitated, the probate courts take control and you lose all control. We can help you protect your assets from creditors, provide for your family’s future, and create strategies for reducing the amount of taxes your estate must pay.

If you are ready to set aside your fears and take the first step in creating an estate plan, call us. 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 is the Difference Between a Guardian and a Conservator?

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The terms “guardian” and “conservator” are often used interchangeably because they are related concepts, but they have two different and distinct meanings in Utah. It is important to understand these differences when making plans for the care of your loved ones or for yourself.

Guardian

The appointment of a guardian allows that person to make decisions about another person’s or the “ward’s” well-being. As a result, the guardian should be somebody you trust to act in the ward’s best mental and physical interests. A guardian is often appointed by parents who wish to provide for their children’s care in the event they both should die. A guardian can also be appointed to assist a ward who cannot take care of themselves due to age or disability. The guardian is responsible for taking care of the ward’s daily living needs. A guardianship can be limited if the ward is able to take care of themselves partially but not completely.

Conservator

A conservator is appointed to handle a ward’s finances and assets. When you appoint a conservator, you want to select somebody who will act prudently in handling the ward’s estate. A conservator can be appointed to manage the estate of a minor who is too young to handle it, or because the ward is not mentally capable to do so. Unfortunately, you may not be able to select the person who acts for you if you are already incapacitated. Further, you don’t have the right to select a Conservator for a minor child.

A professional institution or an individual can be appointed by a court to serve as a guardian or conservator. In many cases, the person or institution can serve in both roles and take care of the ward’s daily living needs and their financial needs. Depending on the circumstances, this may or may not be advisable.

While guardians and conservators are important tools for protecting persons who are underage or have disabilities, when it comes to protecting assets, the use of a trust is far superior to use of a conservatorship. You retain control because you choose who becomes your trustee and how assets are managed.

If you have questions regarding appointing a guardian or conservator for a loved one or for yourself, contact us to schedule an initial consultation.

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.