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What is a pass-through legal entity?

What is a pass-through legal entity?

C-Corporations are soon to become extinct, or so it appears.  Today, only about five percent of businesses in the United States are C-Corporations.  The other ninety-five percent of U.S. companies are established and taxed as pass-through entities.  Basics of pass-through businesses in America As the name indicates, a pass-through business is one that is not […]

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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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Toys “R” Us Bankruptcy—is this the end of Geoffrey the Giraffe?

Toys “R” Us Bankruptcy—is this the end of Geoffrey the Giraffe?

No. Chapter 11 bankruptcy is somewhat like going to the hospital for a major medical procedure.  But this does not equate to a trip to the mortician.  A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. (see uscourts.gov website for more information).  The theory […]

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Its ok to be an introvert. Really, it is.

Its ok to be an introvert.  Really, it is.

  “Those who know do not speak.  Those who speak do not know.”   Ok, that quote may be somewhat of an overly-broad generalization, but it got your attention, right?  What do Abraham Lincoln, Wolfgang Amadeus Mozart, Albert Einstein and Dr. Seuss have in common? Among other things, they were all introverts.  You can add to this […]

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Secrets of “THE LAW”

Secrets of “THE LAW”

If you meet an attorney claiming to know THE LAW, find a different attorney.   There are many misconceptions in the world of lawyers and law stuff.  A great many.  One of the most prominent is the mistaken belief that just because someone has a law degree and has passed a bar exam that person knows “THE […]

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McDonald’s and the emergency room–what they have in common; but also why you will never see drive-through brain surgery

McDonald’s and the emergency room–what they have in common; but also why you will never see drive-through brain surgery

What do the hospital emergency room McDonald’s have in common? Answer: on-demand access. In this era of on-demand services, along with all-access TV and movie resources and all the other things instantly accessible via the internet, we sometimes find that clients and customers have unrealistic ideas about similar on-demand access to professional services.  Some people […]

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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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The surgeon and the scalpel

The surgeon and the scalpel

What are you paying for when it comes to surgery–the surgeon or the scalpel?   We all have knives around the house. Some of us even have surgical scalpels (or other very sharp instruments).  Likewise, many of us have access to medical supplies. Why then do we not just perform surgery in our homes, especially in […]

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What Thomas Jefferson Might Say About Your Business Arrangements (Part 2)

What Thomas Jefferson Might Say About Your Business Arrangements (Part 2)

If Thomas Jefferson were to have a gander at your business operations, what would he say? Wise people listen to other wise people. In the last post, we introduced the idea that part of what made the Declaration of Independence so powerful, clear and durable was the fact that it was written, not just an […]

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