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Snow Jensen & Reece Law Blog

Have you considered a charitable remainder trust?

When most people start out in their professional lives, they likely never envision themselves being able to give more than a nominal amount to a favorite charity. After all, there are student loans, mortgage payments, credit card bills and, of course, child-related expenses to consider.

As the years pass, however, people often start to see their income grow as a result of promotions, new employment opportunities or going back to school. They may also see their net worth grow through shrewd investments and prudent financial decisions.

Understanding business formation: Corporations -- II

Last month, our blog continued its efforts to help budding entrepreneurs understand all of the business formation options available to them by examining corporations, focusing specifically how they are formed and how they are organized.

To recap, all that is required to form a corporation, a legal entity that exists independently of its three-tiered management structure of directors, officers and shareholders, is filing articles of incorporation with the appropriate state entity along with a fee and any other requested documents. In today's post, we'll examine the important issue of liability as it relates to corporations.   

Are you among the 58 percent who've neglected to plan for the future?

While most of us would prefer to think otherwise, the simple truth is that procrastination is not a habit that disappears as we mature. Indeed, most people can just as easily find a reason for not cleaning the house or examining the household budget during their older years, as they could for not doing their homework during their younger years.

As further evidence of this reality, consider a recently released study, which determined that people of all ages are finding reasons not to execute a formal estate plan.

Understanding business formation: Corporations

In a previous post, we discussed how one of the most important considerations facing any group of budding entrepreneurs is how they would like to organize their for-profit business, and how there are multiple options in this regard, including corporations, limited liability companies, limited partnerships, general partnerships and sole proprietorships.

To that end, we spent some time examining some basic background information on general partnerships and in today's post, the first in a series, we'll shift gears by examining corporations.

Comprehensive representation for corporate clients across Utah

Anyone looking to start their own business is undoubtedly aware that they if they decide to proceed with their vision, they will have a tough road ahead. That's because there will be commercial leases to sign, assets to purchase, employees to hire and, of course, a business entity to select.

It's important for budding entrepreneurs to keep in mind, however, that the challenges won't magically stop once operations are up and running. Indeed, this is true not just from a financial or managerial perspective, but from a legal perspective as well.

How familiar are you with powers of attorney? - III

A few months back our blog began discussing how powers of attorney, which allow a person to vest a trusted individual with the authority to act on their behalf, are a truly vital component of any comprehensive estate plan.

Indeed, our previous post examined some of the requirements for executing a power of attorney here in Utah, and the people whom the principal -- the person executing the document -- can appoint to serve as their agent. We'll continue our examination in today's post.

Why any estate plan must account for your digital assets

It seems as if major corporations or tech companies now release new apps, software or electronic devices designed to make our lives that much simpler on a semi-regular basis. Indeed, it can be easily argued that thanks to these regular releases it's now easier than ever for us to order items, deposit checks, monitor bank accounts or perform other essential everyday tasks.

It's important to understand, however, that the technological mediums that make this possible, and which otherwise comprise our digital lives are viewed as more than just mere conveniences or tools in the eyes of the law. Rather, they are viewed as assets and, as such, must be provided for accordingly in any estate plan.

How are nonprofit corporations organized?

At this time of the year, people's thoughts naturally gravitate toward more than just making holiday purchases for friends and friends. Indeed, many are motivated to write a check to a favorite charity or take a few hours out of their busy schedule to volunteer for a favorite cause.

One question to naturally arise in the face of all this altruism is how our favorite charities are organized under state law and any advantages that are extended to them based on their chosen business structure.

Careful estate planning now may help loved ones later

There's no question that some people in Utah and other areas tend to avoid discussions about their own mortality like the plague. Others understand that discussing such issues ahead of time may help family members avoid problems later. Some say it is never too soon to develop careful estate planning skills, whether one is still young and just starting out in life or approaching the so-called golden years with a well-established amount of assets.

Basically, the process of estate planning is highly customizable according to the wishes of an estate owner. For many, staple documents of a thorough plan include wills, trusts and powers of attorney. Preseerving one's written wishes in a will is a relatively easy means for ensuring that assets are distributed to those of one's own choosing after death.

What residential landlords should know about Utah's eviction process - II

As we discussed in a previous post, those investors who put their money in rental property in the wake of the recession are now grateful for their bold move, as the rebounding real estate market and resurgent economy have allowed them to realize a handsome profit.

We also discussed how those investors thinking about following suit should know that being a successful landlord requires more than just collecting rent checks and paying the mortgage. Indeed, it requires vetting of prospective tenants, regular upkeep of the premises and, of course, the possible eviction of problem renters.