Utah Estate Planning Attorney

A trust allows an individual to act as the grantor or donor and transfer property to someone else. Often used in estate planning, trusts place conditions on the use or distribution of the assets, so the chosen individual can take possession of the property without a probate proceeding. Many business owners take advantage of the favorable tax treatment and other benefits of a trust, so their company and profits will transfer down to their chosen beneficiaries in the event of their passing.

Estate planning and managing trusts may take considerable time away from the everyday necessities of managing a company. The legal, financial, and emotional aspects of overseeing trusts and estates can place a burden on your shoulders. However, an experienced Utah Estate Planning attorney will provide you with resources and knowledge for successful management. Speak with an attorney at Cardon Law for more information on managing your assets.

Factors You Should Consider When Estate Planning

An estate is the total net worth of an individual and comprises all the land, financial securities, real estate, and other assets they may have an interest in or own. When an individual passes away, they leave behind their assets and liabilities. For an individual to pass down their capital, they’ll need to invest in estate planning.

The fundamental building blocks of estate planning include:

  • Will
  • Power of Attorney
  • Medical Directives
  • Tax Planning
  • Trusts
  • Buy-Sell Agreement
  • Life Insurance

While some individuals may choose to pursue estate planning later in life, there is never a designated timeline of when someone may choose to start planning the aftermath of their death. Find a reliable trusts and estates attorney in Pleasant Grove as soon as you choose to start the process of managing your estate and trusts.

6 Steps of Estate Planning for Business Owners

It begins by asking the right questions – and listening carefully – to ensure your needs are appropriately met. This may include gaining clarity on your legacy. And making deliberate moves to promote family harmony. For entrepreneurs with complex financial situations – including multi-general wealth – it may be necessary to take special steps to avoid loss, over-taxation, or theft.

Jeffrey ensures the most basic part of your estate plan – your will – fully considers potential contingencies and reflects your wishes. If a trust is appropriate, in plain English, he’ll walk you through your options, make it easier to arrive at the right decision, and put your trust in place. And if a business succession plan makes sense, this veteran entrepreneur will ensure your legacy isn’t put at risk down the road.

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6 Steps of Estate Planning for Business Owners

For business owners, it’s essential to detail who is in charge of your assets in the case of your passing for your company’s sake and all those involved. Consider some basic steps of estate planning for business owners:

Create a Will and Estate Plan

Creating a will is one of the first and most important parts of your estate plan. Your will allows you to choose who inherits your business property and manage transactions after you pass. Other essential estate plan components include a power of attorney and healthcare directive. These individuals will act on your behalf in cases regarding your health and decisions.

Prepare for Tax Efficiencies

Since tax laws are constantly changing and depend on many factors, tax planning is a significant part of estate planning. You will need to discuss the legal obligations and financial requirements with your lawyer and financial advisor. While the federal government levies and estate taxes is taken out of your estate before inheritance, states charge their own taxes, which your lawyer can minimize with proper estate planning.

Invest in Life and Disability Insurance

In the event of your death or disability, life and disability insurance coverage will provide your named beneficiary or family with a source of income. This is extremely important for business owners since life insurance can stream income to your business for a short time in your absence. Even when your company doesn’t necessarily rely on your presence, life insurance can still provide a security net in case of any sudden changes.

Communicate With Affected Parties

Whenever there is a change in your company, you need to explain the essential details to those running your business. Informing those affected by your estate plan about their responsibilities plays a significant role in your company's success after your death. Communicating your wishes will help avoid conflict and stabilize your assets before it becomes time for others to take control.

Update Your Estate Plan

After completing your estate planning, you may need to regularly update your plan and make sure it reflects your wishes and current laws. Creating an estate plan early on will allow you to ensure your company and assets are safe in the case of your sudden death. You will then be able to update it to make sure it reflects your current views.

Hire an Experienced Trusts Lawyer

Throughout this complex process, a Pleasant Grove trusts lawyer will be able to provide you with guidance on complicated terminology, required information, and documentation, as well as analyze any legal problems. Managing your estate and trusts will come with numerous legal obligations, and with the help of an experienced lawyer, you can create a valid estate plan.

The sooner you contact a lawyer in the estate planning process, the more time they have to navigate documents, requirements, and discussions with financial analysts and business partners. Speak with a trustworthy estate and trusts lawyer in Pleasant Grove as soon as possible to learn how they can help you.

I think we should be the ones thanking you!

Thank you for making things so easy to understand. It is a great feeling knowing that our family... and [my husband] and I for that matter... will be taken care of when we get older. There is definitely something to be said about “peace of mind.” So thank you and I would definitely give you ⭐️⭐️⭐️⭐️⭐️!!”
When my business was going through a difficult stage of growth, you were with me every step of the way to make sure I was taken care of. I was able to achieve faster growth in part to your insights and how to navigate the murky waters of legal paperwork.
Jeanette W.

Pleasant Grove estate planning lawyer Jeffrey Cardon leverages the law in your favor in these areas and more:

Estate Planning

Tax Strategies

Grantor Trusts

Non-grantor Trusts

Asset Protection Trusts

Succession Planning

Revocable Trusts & Wills

Trust Administration

An attorney for every phase of your entrepreneurial life.

An attorney for every phase of your entrepreneurial life.

A Pleasant Grove Estate Planning Attorney for Every Phase of Your Entrepreneurial Life.

Managing your estate and trust has complications. Having trusted professionals by your side will make sure your plan is executed properly. Without an individual with experience in estate and trust law, you may place your assets at risk.

With 15 years of experience, Jeffrey Cardon at Cardon Law understands the hardships that come with estate planning and ensuring the safety of your company. His firsthand knowledge of business negotiations and management provides Pleasant Grove investors, executives, and business owners with the tools they need for a successful estate plan.

Contact our estate planning law firm in Pleasant Grove, UT by calling (801) 225-6700 or filling out our contact form today.

Find out more about this entrepreneurial attorney who’s always available when you need him. Experience a different level of service by taking the next step. We think you’ll be likely to soon refer to Jeffrey as “my attorney.”

Schedule a Call with Jeffrey
Schedule a Call with Jeffrey

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