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Snow Jensen & Reece Law Blog

Have you considered a charitable remainder trust? - III

In a series of ongoing posts, we've been examining how those who find themselves in the unexpected position of being able to leave a not insubstantial amount to a favorite charity need to carefully consider all of the their options, including the creation of a charitable remainder trust. 

To recap, a charitable remainder trust is an estate planning instrument that facilitates the giving of sizeable charitable gifts while simultaneously providing the trust creator -- i.e., the trustor -- with considerable advantages relating to income tax, estate tax and capital gains tax. 

Developments in the economic loss rule

It looks like the Utah Supreme Court has abrogated fraud and other intentional torts as exceptions to the economic loss rule in Utah. An associate attorney and I at our office have been defending a fraud claim that is based upon obligations in a land contract. The previous owner of the property is claiming fraud and one million dollars in punitive damages. Quoting the Colorado Supreme Court, our Court said:

Bean companies talking acquisitions and sales

Beans are a staple ingredient in a vast majority of diets in the United States. Many Utah residents actually grow their own beans in backyard gardens; others purchase various types in stores for making soups, stews and other delicious recipes. In a recent acquisitions and sales deal, a natural foods company, Hain Celestial, has acquired the Oregon-based Better Bean Company. Both companies say they are thrilled with the merger.

Better Bean Company is primarily known for its non-GMO bean products. Hain Celestial says its subsidiary company, Cultivate Ventures, acted on its behalf to purchase Better Bean Company. Hain Celestial said it's excited to provide customers new access to vegan, non-GMO and gluten-free beans.

Understanding business formation: LLCs - II

In a post last month, our blog began discussing how even though many entrepreneurs might think of a limited liability company as being a business formation option reserved for the private practices of accountants, attorneys, doctors and dentists, it’s actually a viable structure for many ventures.

To that end, we examined how LLCs function as a sort of hybrid of general partnerships and corporations in that they provide both pass-through taxation and limited liability. We'll continue our discussion of LLCs in today's post.

Utah businesses concerned about impact of new drunk driving law

As most Utah residents are aware, the state has long taken what could be characterized as a less than accommodating approach toward alcohol, adopting a network of complex and rather stringent liquor laws in an attempt to curb its influence.

In fact, state lawmakers recently took these regulatory efforts to another level by adopting a first-of-its-kind drunk driving standard initially introduced by the National Transportation Safety Board back in 2013 -- one that has long been dismissed by critics as perhaps being too rigid.

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.