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Estate Planning Archives

What taxes are due in Utah when a testator dies?

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.

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

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.

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

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.

What are the different types of guardianships?

When it comes to estate planning, it's never too early for an adult to draft a will, advanced directive or a durable power of attorney to protect his or her interests. It's not necessary for an individual to be rich, married, own his or her own home, have kids, a really good job or own a business to have these drafted. Everyone can benefit from planning their estate.

What is a guardianship and what does the guardian control?

A guardianship gives one person the ability to make decisions for another should he or she become either temporarily or permanently disabled. The incapacitated individual that a guardian may be appointed to represent is known as a ward.