Trusts & Estates
A trust is the most common tool people use in their estate planning. It is a great way to start planning for your future. A trust enables an individual (the grantor or donor) to transfer property to another person. It is used for distribution of assets, avoiding probate, protecting against unwanted threats, and providing for familiess. It’s never too early for you to plan for our future. But it can be too late. Start now to prevent complications, estate litigation and family issues.
Your Trusted Attorneys for Trusts and Estates
A trust allows an individual to act as the grantor or donor and transfer property to someone else. A trust is used as a tool in your estate planning to help distribute your assets to your descendants. Estate planning is the way to keep your estate, your inheritors and your assets out of the probate courts. A trust places conditions on the use or distribution of assets. A will and trust will help provide for your family in the event of a death. Besides planning for future events, estate planning can help with current issues. Many business owners use a trust to take advantage of favorable tax treatment and protection of assets. Estate planning can also focus on issues that will affect you and your family during your lifetime. A competent estate plan can provide you options in the event of needed medical care, illness or injury. It will also provide your best option for guardianship for minor children or descendants with special needs.
Managing trust can take considerable time. Time away from managing your successful company. Let Cardon Law and their Pleasant Grove Utah team do the heavy lifting in managing and administrating your estate plan. Your family relationships and peace of mind are worth investing in. Call us today and let us represent your interests.
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, it’s never too early to start preparing for your future. It is possible to be too late. Call our experienced trust and estate team at Cardon Law in Pleasant Grove today. Help your family avoid estate litigation, complicated legal challenges and any issues between beneficiaries in the event of a death in the family. Find peace of mind today by contacting the experienced trust and estate attorney, Jeffrey Q Cardon, and his team at Cardon Law today!
6 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.
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.
Legal Services Offered by Trusts and Estates Attorneys to Clients
The field of trusts and estates law is extensive and intricate, encompassing a variety of legal issues that can impact asset distribution and estate planning. An estate attorney is a legal expert who specializes in advising and representing clients on matters related to wills, trusts, and the administration of estates, ensuring that their clients’ wishes are honored and their assets are protected.
Estate Planning
Tax Strategies
Grantor Trusts
Non-grantor Trusts
Asset Protection Trusts
Succession Planning
Revocable Trusts & Wills
Trust Administration
Contact us to Protect the Interests of Your Company
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 (385) 438-3914 or filling out our contact form today.