Contact us
855-239-8015

Category: Basic Stuff

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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, […]

Read More

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 […]

Read More

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 […]

Read More

Buy-Sell Agreements: Mistakes to Avoid (Part 2)

If you are in business, you almost certainly need to consider some sort of buy-sell arrangement. Don’t take my word for it, listen to the contributing writers are Forbes.com.  Though this article is not new, the applicability of the February 2011 article by Robert W. Wood, titled “In Business, Get a Buy-Sell Agreement!” has not […]

Read More

the similarities between knives and powers of attorney

the similarities between knives and powers of attorney

Are knifes dangerous or useful instruments? That depends on how they used and for what purpose (and by whom). Most of us would not see a typical kitchen knife and immediately have feelings of panic and fear.  We understand that kitchen work often requires the use of knives.  And it is difficult in most instances to prepare […]

Read More

who can access your e-mail? (status of laws relating to digital assets)

who can access your e-mail? (status of laws relating to digital assets)

At the moment, you likely don’t want anyone (other than perhaps your significant other) to have access your e-mail, social media, online bank account, i-tunes and/or any of a number of other online accounts.  If something were to happen to your parent, your spouse, your child or other family member, you might need to access that […]

Read More