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Snow Jensen & Reece Law Blog

Does your estate plan consider your pets?

While the prospect of sitting down to create a comprehensive estate plan is not necessarily the most enticing prospect, those who have invested the necessary time, money and energy often find themselves left with considerable peace of mind once the process is completed.

That's because they know how hard-earned assets will be divided upon their death, who will handle finances in the event of their incapacity, and what type of medical care will be administered should they be suddenly stricken. 

Understanding business formation: LLCs

From corporations to general partnerships, most prospective business owners are undoubtedly familiar with at least a few of their options when it comes to organization. However, what they might not realize is that there is a business formation option that functions as a sort of hybrid of these two: limited liability companies.

While they might associate limited liability companies -- or LLCs -- with the private practices of physicians, dentists, accountants or even attorneys, it's actually a viable business structure for many other ventures.

Study examines use of non-compete agreements among Utah employers

It's been less than one year since Utah enacted the Post-Employment Restrictions Act, the landmark law dictating that any non-compete agreement executed on or after May 10, 2016 cannot last for longer than one year after the end of employment.

In the wake of the law's passage, there was some concern as to the impact that it would have on business in the state. Interestingly enough, a recently published study funded by the Utah Legislature and various interested parties provided an answer to this question and others.

Have you considered a charitable remainder trust? - II

Last month, we began discussing how even though people might harbor doubts about ever being able to give more than a nominal amount to a favorite charity at the outset of their careers, they may ultimately find themselves in a position to do exactly this after 30-40 years in the working world.

We also discussed how one of the preferred methods of doing this might be through a charitable remainder trust, which, to recap, is an estate planning instrument that facilitates gifts to charity while also providing the trustor -- i.e., trust creator -- with considerable tax benefits. We'll examine these tax benefits in today's post.

No Good Cause? No Unemployment Benefits.

About 2 million Americans quit their job every month, at least some of those being here in our mountain home. The Utah Court of Appeals recently clarified and confirmed that an employee who unreasonably quits her job without good cause is ineligible from receiving unemployment benefits. Doxon v. Department of Workforce Services

While selling a business isn't always as easy as 1, 2, 3

While it might be the furthest thing from their mind at this juncture, there may come a time in the not-so-distant future when a business owner decides that they would like to pursue another venture or perhaps even retire while profit margins are good.

When this time comes, a business owner will have several options, including turning over management to a partner or family member, initiating the process of permanently shuttering operations and, of course, selling the operation to an interested party.

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.