Trusts & Estates
A trust enables an individual, known as the grantor or donor, to transfer property to another person. Commonly utilized in estate planning, trusts impose specific conditions on the use or distribution of assets, allowing the designated individual to gain possession of the property.
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. 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
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.