Year: 2014

Your family members might NOT “do the right thing” when the time comes

December 15, 2014

Parents want to think the very best of their children and much of the time such children are worthy of their parent’s trust and reliance. However, there are also times when children are not quite as angelic in nature as their parents would like to believe and this is true regardless of whether we are […]

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Gift Tax Basics Part 2–Concepts for Married Couples

November 28, 2014

Special gifting rules apply for married couples, most of which are helpful in permitting couples to gift assets to each other and to other individuals while avoiding or minimizing gift taxes. What special rules apply to married couples? One of the most important (and helpful) rules is that customary annual gifting limits don’t apply to […]

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Gift Tax Basics Part 1–Uncle Sam May Benefit From Your Gift Giving

November 25, 2014

Gift tax is a real thing and not knowing is NOT a valid defense or an excuse that the IRS will accept. Next April, when you are filing your income tax return, don’t forget to also consider “Form 709”, which is the gift tax form. Is everyone required to file Form 709? Nope. However, there […]

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Sometimes a Gift Can Be a Bad Thing

November 21, 2014

Everyone likes to receive a gift, right? Likewise, we rightfully praise givers of gifts for their generosity. Even so, in the area of tax planning, giving a gift can sometimes be the wrong thing to do—or at least the giver of such gift should understand that gift tax, capital gains income tax and even estate […]

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Rebuilding a Trust and Lessons from Good Parents

November 19, 2014

Part of my afternoon yesterday was spent in a signing meeting with a very nice couple from Cache Valley. This husband and wife were in the office to sign their updated trust agreement, Utah Advance Health Care Directive and HIPAA Authorization forms, following our initial meeting last week. I have quickly developed an admiration and […]

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When Changes Happen–When and How to Amend Your Trust the RIGHT Way

November 18, 2014

Life is full of changes–some for good, some not so good. When the time comes to make corresponding changes to your estate plan, including your trust agreement, get help so that it is done right and your estate plan remains consistent with your desired objectives. We previously looked at adding assets to and taking assets […]

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Don’t leave home (or run an LLC) without this stuff!

November 17, 2014

If you have an LLC, you really should have a solid operating agreement that sets forth the rules and parameters to govern the ownership and operation of such LLC. Imagine a situation where you are headed into the wilderness for a lengthy camping trip. You would not only want to have a pack to take […]

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$5.34 Million And Counting…

November 15, 2014

In a move that surprised no one, the IRS recently increased the basic exclusion amount to $5.43 million for calendar year 2015. Through Revenue Procedure 2014-61, the Internal Revenue Service followed its recent precedent of a yearly increase of the basic exclusion and also specified that there will be no increase or change in the annual […]

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Last One Standing is NOT a “plan”

November 13, 2014

Survivor and beneficiary designations may bring unintended consequences. I was recently giving a short educational presentation and during that discussion, I was asked a very good and commonly asked question. A gentlemen in the room wanted to know whether putting someone else on his bank account (as joint owner) would prevent the potential need for […]

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Doing Business With Family and Friends

November 10, 2014

Working with family members or friends can present unique challenges and considerations. A client recently asked me some questions regarding an existing family business relationship, including whether a written contract was needed. In addition, earlier this week, I spent much of my day advising a different client with regard to some family business matters. Although […]

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