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Category: Estate Planning

Pharos Law Podcast–Sticking a fork in the toaster (the estate planning equivalent)

Pharos Law Podcast–Sticking a fork in the toaster (the estate planning equivalent)

This is the podcast version of an earlier blog post on how sticking a fork in the toaster can be likened to some of the very common “self-help” tax planning and estate planning method.  In other words, not good and most often very unwise in all respects.  Thankfully, there are some very simple solutions if […]

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How do I form a trust in Utah?

How do I form a trust in Utah?

Very carefully.  🙂 Ok, joking aside, there are a few different ways to form a trust under Utah law. Requirements for creation of Utah trust under Utah Code 75-7-401 When in doubt, look at the applicable state statute. In this instance, if we want to understand what is required to form a valid trust under […]

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Is it better to have a will or a trust in Utah?

Is it better to have a will or a trust in Utah?

That is a good question, but perhaps not the right question. What is good for one person may not be the best solution for another person.  Let’s briefly compare the use of Wills and Revocable Living Trusts in Utah. Last Will and Testament A Will, sometimes known as a Last Will and Testament, sometimes referred […]

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digital assets and your estate plan

digital assets and your estate plan

Digital assets are an increasingly important part of our lives. However, when it comes to estate planning, these items are most often overlooked. I recently read an article published by Fidelity on this topic. I would commend this article to everyone, whether you are a Fidelity client. It is free to read and contains useful […]

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Should you update your trust?

Should you update your trust?

If you already have a trust, you should be commended for your wise planning. However, as time passes and laws change, it makes sense to review and update your trust to ensure that it remains consistent with your goals. I spend a significant amount of my time each week reviewing legal documents drafted by other attorneys (and sometimes […]

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death of the death tax? what would repeal of estate tax mean for you and me?

death of the death tax? what would repeal of estate tax mean for you and me?

The Republicans have been talking about and working on repeal of the federal estate tax for years.  Now that Trump is on his way to the White House, there are many who believe that the federal estate tax (also known as death tax) will soon be a thing of the past. In theory and principle, […]

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Single Member LLCs–what, why and when?

Single Member LLCs–what, why and when?

What is a single member LLC and why would you want one? We have previously written a fair amount on LLCs generally, including what they are and why they can be useful legal entities. This post will focus on single member limited liability companies. As the name indicates, a single member LLC has one owner–and […]

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lenders and LLCs–rental property stuff

lenders and LLCs–rental property stuff

It is usually a good idea to own rental property through an LLC. As the name suggests, an LLC is designed to limit liability. Think of a limited liability company as a legal liability firewall vehicle. In other words, if some sort of legal claim arose from the operating of your rental property (say a […]

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The Special Needs Fairness Act is a welcomed change!

The Special Needs Fairness Act is a welcomed change!

Before this new law, there was a mistaken legal presumption law that disabled persons always lacked mental capacity to manage their own affairs.  While this is true in some cases, it is certainly not true in all situations. This new law is an excellent change in favor of the rights of disabled individuals. The US […]

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How long should you keep your tax records? IRS issues updated guidance

How long should you keep your tax records? IRS issues updated guidance

One of the “small talk” questions which I receive often is this very question: namely, how long are you and I required to keep copies of our tax returns and related records?   Yesterday, the IRS issued a statement which generally seems consistent with past practices (at least according to my understanding), with perhaps a […]

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