Snow Jensen & Reece Law Blog

Women entrepreneurs are offered venture capital far less than men

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Business Organizations on Friday, February 15, 2019.

A researcher with the University of Utah's Department of Entrepreneurship and Strategy noticed a gender gap when she looked at how many women business owners there are compared with male ones in the state. She set out learn why that's the case by conducting a detailed study on the topic.

What she ultimately found is that a female entrepreneur's experience in finding a venture capitalist willing to invest in her start-up or a banks willing to extend her loans is much different from what men have to deal with.

What taxes are due in Utah when a testator dies?

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Estate Planning on Friday, February 1, 2019.

In some states, there's an estate tax that is tacked on to the money or assets that an individual leaves behind before they are distributed to their beneficiaries. Utah is one of 39 states that doesn't collect estate taxes, though. There's no gift or inheritance tax that you're responsible for paying here either. There is a federal estate tax that you're responsible for paying, though.

While Utah doesn't have estate, inheritance or gift taxes that must be paid before or after money or assets are distributed, individuals living out-of-state may be taxed if there are laws that exist allowing them to be in their own jurisdiction.

What is a promissory note and how should it be written?

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Business Organizations on Friday, January 18, 2019.

If you've taken out student loans before, then you've likely heard the terminology "promissory note" thrown around. You may not have heard of it used in the context of business operations though, but it operates much the same as it does in any other situation. Put quite simply, a promissory note is simply an "IOU" or a signed promise to pay someone that lended you money back.

Before any lender, whether it's a bank or a private investor, offers you any money, they'll have you sign a document outlining how much that you owe them, when payments are, what interest rates are and any penalties that may exist if you pay early or late. It may also list whether you had to put up anything as collateral to secure the loan.

Zoning at the heart of a Utah medical center dispute

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Real Estate Law on Friday, January 4, 2019.

Over the past several months, a group of Salt Lake City residents has been leading a drive to attempt to force a medical care center for seriously ill and dying homeless people to leave their neighborhood or at least limit the expansion of its number of beds.

They have been worried that crime and traffic would increase, contending the center would be a gathering spot for other homeless people.

Should I store my estate planning documents online?

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Estate Planning on Friday, December 21, 2018.

There's no disputing how important it is for you to keep all your estate planning documents together. By doing this, you will help ensure that the executor of your estate is easily able to find them when you pass away.

If you're considering storing them in an online dropbox though, you'll want to first check into how secure it is. If you plan to store passwords or financial data in it, you'll want to make sure that it encrypts the information. If you're planning to include health data there, you'll want to check to see if the tool is Health Insurance Portability and Accountability Act (HIPAA) compliant.

Understanding the benefits of publicly-held corporations

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Business Organizations on Friday, December 7, 2018.

Many companies in the state of Utah decide to keep their shares private between owners, and there are many potential benefits to this. These companies are often referred to as closely held companies.

Other companies, however, come to the conclusion that it will be beneficial for them to open up their company in order to make it possible for public individuals to purchase shares. This can increase the potential for external investment; however, it also means that the company will be subject to very stringent requirements when it comes to reporting. This is to ensure that public buyers are not misled or coerced by inaccurate information.

Can I cancel a contract to buy a house in Utah?

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Real Estate Law on Friday, November 23, 2018.

You found the house you want to buy in Utah, make an offer, sign the real estate contract and put down a large deposit.

A few days later, something happens. Maybe you unexpectedly got laid off. You discover the house needs a new roof. You found out the baby you're expecting really is triplets and the new house just won't be big enough. Or you have major cold feet.

What must I do when selling a house with a notorious past?

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Real Estate Law on Friday, November 9, 2018.

You have a property you hope to sell on the market. But you have an unusual challenge facing you. The house has a murderous history attached to it. What should you do?

There are many homes on the market that have unfortunate histories attached to them. If yours is one, there are some things that you should know before putting it up for sale.

Tips to help you prepare your children to take over your company

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Estate Planning on Friday, October 26, 2018.

The most valuable asset you own is your business. You're very proud of it and you have put decades of your life into it. After you retire, you hope that your children and their children can keep it going for generations to come.

This is a delicate situation because you cannot assume that your child will be great at running your company just because you are. The following tips can help the transition go smoothly.

Who can be a personal representative in Utah and what do they do?

On behalf of Matt Ence of Snow Jensen & Reece, P.C. posted in Estate Planning on Thursday, October 11, 2018.

When a person drafts a will, they'll be asked to appoint an executor of their estate to handle their final affairs. This individual, who's also known as a personal representative, is generally made aware of their role beforehand by the person writing the will, or testator, dies. Their responsibilities only kick in once they're notified of that person's passing.

After the testator passes away, the executor must locate the decedent's most recent will and file it with the local probate court. Soon after doing this, they'll be asked to appear in front of a probate court judge where they'll be informed of their responsibilities and asked whether they can handle them.

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