Estate Planning Attorneys in Salt Lake City, Utah
Estate Planning is about planning more than about the amount of wealth you have. Plan
- Who will raise your Children
- How you will help children to become independent
- To prevent fighting among your children and heirs
We begin by critically examining and analyzing our client’s situation and goals. We take that information to produce high quality legal documents, which, depending on the client’s goal, may include drafting a basic will, a will with testamentary trusts, a revocable trust, an irrevocable trust, powers of attorney, advanced health directives or living wills, and/or family limited liability companies, partnerships or corporations.
We understand and appreciate that every person’s situation is different. Rarely is there a “one-size-fits-all” approach to estate planning, wealth protection, and tax savings. That’s why each case gets a custom solution. Once we fully understand your goals, then our team goes into action developing the mechanisms that ensure that your goals are met, and your interests are protected. Our estate planning attorneys are experienced in providing you with the information to help you make an informed decision. We look forward to serving you.
Protecting Assets in Utah
In Utah, through the use of estate planning and business entities, a person can protect a bulk of their assets from future creditors. Asset protection techniques do not provide protection from existing creditors and they provide no guarantees. Estate Planning includes the use of wills, trusts, power of attorney, and the like. You can learn more about wills & trusts by clicking here. Below is an overview Utah’s two most common business entities.
Limited Liability Company
A limited liability company protects its managers and members from being held personally liable for actions of the business. LLCs allow for pass-through taxation, meaning that the members of the company to report the taxes on their individual return rather than on a business level.
Corporations also protect their shareholders from being held personally liable for actions of the business. A corporation’s business structure and legal compliance is more in depth than LLCs and corporations are generally taxed on a business level. However, an S-corporation may elect for pass-through taxation. Through the use of estate planning, business entities, and titling property, a Utah resident may protect their assets and avoid probate.