Estate Planning Articles
David W. Steffensen, P.C.: Providing Estate Planning, Business and Real Estate legal services in Utah and Wyoming
David W. Steffensen specializes in estate planning and tax planning, business formation and representation, and real estate law and has authored numerous articles on related issues.
Articles and Resources:
- What Would You Do If Your Spouse Died?
The typical estate plan consists of wills for each spouse, a revocable, living family trust to avoid probate and fully utilize each spouse's unified credit, durable powers of attorney to avoid conservatorship proceedings in the event of an incapacitating event, and living wills. Too often, the estate planning discussion and service provided go no further. As a consequence, spouses are too often left wondering what to do when a loved-one passes away. - When to Use a Trust in Your Estate Plan
The questions I ask my clients with minor children are first, do you want your minor children's estates managed by conservators, and second, do you want your children to get their share of your estate when they reach age 18. If the answers to those questions are "yes," then a Will works just fine. If the answer to either of those questions is "no," then a Trust is the appropriate tool used to delay the distribution of such assets to such children until a later date. - Advantageous Uses of Limited Liability Companies
ADVANTAGEOUS USES OF LLC's: - To Hold Real Property. LLC's are an excellent vehicle for acquiring, holding, developing and selling real estate.
- To Hold Tangible Personal Property or Intangible Assets. An LLC may also be formed to hold tangible personal property or business property. A family LLC created to hold tangible personal property may provide an effective vehicle for holding and gifting extensive tangible personal property holdings. In addition, an LLC may be an effective vehicle to develop and exploit intellectual property or other intangible assets.
- Limited Liability Companies in Utah/LLC as an Asset Protection Tool
An oft stated estate planning goal of clients is to obtain some measure of protection from creditor claims for their assets. Limited partnerships and LLCs have often been touted as a tool to provide some asset protection benefit. Here's how. - The Limited Liability Company as an Estate Planning Tool
To a great extent, the LLC has replaced the family limited partnership as a vehicle for estate tax planning. Parents will form the family LLC and transfer assets to it while reserving management control to themselves. Then over a period of years, using the annual exclusion gift provisions on the Internal Revenue Code, the parents make gifts of member interests to their children and other descendants. By naming themselves managers of LLC, the parents retain control of the LLC and its assets.
The substantial advantage of the family LLC over the family limited partnership is that the parents in the LLC have no personal liability for the activities of the family LLC unlike general partners in a family limited partnership. - Using an LLC or Insurance Trust to Hold Life Insurance Policies
Like a limited partnership, an LLC may be a viable alternative to an irrevocable life insurance trust in estate planning. The use of an LLC may provide a more flexible approach.
David W. Steffensen, P.C.: Contact Us for dedicated Estate Planning and Tax Planning, Business and Real Estate legal services.
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