Looking for estate planning assistance in Hurricane, Utah? At Ruesch & Reeve, our team of qualified professionals are here to help.
Some think that estate planning is only for those with extreme wealth. This isn’t true and actually, everyone should prepare some sort of estate planning. Whether it be a straightforward will, a basic trust, using powers of attorney, or advance directives.
While others might need more complex plans. Maybe multiple trusts, or even advance tax planning to business succession planning. Let us help you prepare what’s best for you!
What is Estate Planning?
To define estate planning, it’s about directing what you leave behind at your time of death to the people you would like it to go to. This means what you want, to whoever you want and when/how you’d like it to be done.
This is a great way to keep maybe the wrong people out of receiving your assets, etc. after your passing. Also reducing the negative effects such as: taxes, creditors, and any predators going for your beneficiaries.
Estate planning could also be described as preserving your assets and handing them to the persons whom you’d want to manage your affairs at two stages: In the untimely event you become no longer able to yourself, or when you pass away.
Our professional estate planning team in Hurricane, Utah provides our knowledge.
When executed properly, your comprehensive estate plan should include the following:
- Personal Property Memorandum
- Financial Powers of Attorney
- Healthcare Powers of Attorney
- Living Will
- HIPAA Authorization to Release Medical Records
- Memorial Instructions
- Proper Titling / Transfers of Property consistent with your estate plan
In some cases, you may need Advanced Estate Planning to address specific circumstances, including:
- Asset Protection
- Charitable Planning
- High Net Worth Planning
- Income Tax Planning
- Estate Tax Planning
- Pet Trust Planning
- Retirement Planning
- Business Succession Planning
- Special Needs Planning
Is Estate Planning for Me?
In short, yes, everyone should have plans for their estate. This is regardless of the level of assets they possess, their age, or family situation.
Say you don’t take the time to do estate planning, to document how you’d like things to be delegated after you become no longer able or pass. The state will then happily take over the management of yourself and your assets. (That’s according to the state statutes.)
At Ruesch & Reeve in Hurricane, Utah, our clients include all walks of life. Say, members of the middle class, as well as some clients who hold substantial assets and income. All of these clients ensure their estates are properly planned to be managed and distributed to their wish when they’re no longer able.
When Should I Make an Estate Plan?
Though, it is important to have an estate plan made as soon as you own assets of any kind. It’s also important if you have anyone who is dependent upon you, or you are an adult with specific requests about your own medical care.
A lot of people are mistaken when they think that estate planning isn’t something they need to worry about. This is not true, let us explain why!
It is wise to create an estate plan if any of the following are true:
- You have a spouse and/or child you want to be provided for if something happens to you.
- Having a child or children and you want to name a guardian for them, should you pass away.
- Wanting to plan ahead for your medical care, just in case you become incapacitated.
- Hold strong opinions about your end-of-life care.
- Your wishes are being carried out to the letter regarding your assets/property.
- Wanting to protect your assets from estate taxes, lawsuits, and creditors.
- Hoping to qualify for Medicaid in the future, without “spending down” your assets.
So, we all know life is not certain. With estate planning in Hurricane, Utah, we don’t want your assets losing value. Due to the mismanagement, or even others fighting over your property.
An estate plan addresses issues such as reducing, or avoiding estate taxes. It may also issue the chance of dealing with irresponsible heirs and making sure that you have someone you trust to be in place.
Maybe to take care of your kids in case of a sudden passing. Whatever the issue, estate planning will help you achieve them.
Estate Planning Requirements in Hurricane Utah
When creating an estate plan in Hurricane, Utah, you want it to meet your specific needs/circumstances. Do this with the assistance of a Utah estate planning attorney.
Whether you’re considering a simple will, an advance health care directive, a family trust, or even something more complex. You should consult with a Utah estate planning attorney!
There are many free estate planning forms online, available to public use. They create somewhat, one-size-fits-all documents, that may fail to cover your own estate planning goals. They cannot substitute for professional advice from an attorney who specializes in estate planning.
Online websites offer general answers about estate planning, but we encourage you to contact an estate planning attorney in Hurricane, Utah. They will provide information and advice, as well as the process of creating an estate plan.
Estate Planning in Hurricane Utah FAQ’s
Estate Planning can become confusing and we understand clients looking into it have a lot of questions. Here are some of the most frequently asked questions about estate planning in Hurricane, Utah.
Do I Need a Will or Estate Plan?
Many people incorrectly assume that their property will somehow be distributed according to their wishes. Others assume that their possessions are not valuable or complex enough to require solid planning. However, every person needs and deserves an estate plan that captures their goals and specific ideas for the distribution of their assets at their death.
Remember, if you do not have a Utah Will, Utah law will dictate how your assets will be distributed. Only through careful preparation and the help of a skilled estate planning attorney can you truly ensure that the plans you have for your own property and heirs will actually be carried out if you are disabled or pass away.
What is a Will?
A will is a fairly simple legal document that only becomes effective when you die. It designates a person, called a Personal Representative or Executor, to carry out your instructions in the Will at your death. It names the relatives, friends, or charities who you want to receive your assets and any rules for distribution of those assets to children or others.
A will can also name a guardian to take care of your minor children. It also can give directions regarding the burial or cremation of your remains and detail instructions about a memorial service. A will requires formalities in its creation and modification to be valid. Mistakes in the formalities are easy to make and can invalidate it, so it is recommended that you consult a competent estate planning attorney.
A will has to be probated. Probate is the legal process (litigation) to validate the Will and transfer the estate’s assets. Probate in Utah can be formal (requires court oversight) or informal. If the will requires formal probate or if disgruntled relatives contest the Will or the appointment of the personal representative, formal Probate will be required.
Formal probate involves going to court and getting a judge’s permission to distribute assets under the will. In some circumstances, the probate process can be lengthy and expensive. Probate will take months, if not years, to complete.
A successful will-based estate plan requires careful planning with an experienced attorney to minimize the risks associated with probate.
Can I avoid unnecessary taxation of my estate?
Yes, with proper advance planning! However, without a good estate plan, your estate could be subject to heavy income tax and/or estate (death) taxes when you die. For instance, post-death distribution of retirement accounts such as 401(k)’s and IRA’s must follow complicated rules to take advantage of the best tax-deferral options.
Additionally, if your assets are large enough, your loved ones could have to pay up to 55% of their inheritance subject to estate tax to the IRS at your death if you do not start planning now. Using an attorney with expertise in this area can be critical.
Contact Estate Planning Attorneys in Hurricane Utah
At Ruesch & Reeve we work to understand your estate planning goals and develop the strategy to implement those to protect your family’s success. We provide standard estate planning for smaller estates, including preparation of simple wills and trusts always providing expert advice.
We also specialize in estate planning for large more complex estates including preparation of complex wills and trust agreements, tax planning advice, implementing probate avoidance techniques, initiating gifting programs and rearrangement of property ownership and beneficiary designations to achieve estate planning goals.