. . . "Now that the government has increased the estate-tax exemption to $5 million, do we still need a Living Trust?" The answer depends on what you want to happen to your estate (house, savings, life insurance money, retirement accounts, investments) if you die unexpectedly. A mainstream Living Trust can still provide: Protection for some (or possibly all) assets in the event of a lawsuit Safeguards so that children/grandchildren do not inherit too much, too soon Incentives so that a … [Read more...] about People Are Asking Me . . .
Just released, LIFE AS WE KNOW IT www.youtube.com/watch?v=_TXMVOjloos stars Katherine Heigl and Josh Duhamel as an unmarried couple legally appointed to become legal guardians of a baby -- if its parents die. Well, the parents do die, so the unmarried couple takes over the legal responsibility of raising the baby to adulthood (about 18 years). I've seen the trailer (but not the movie) and it looks both fun ... and also thought provoking. Most people with minor children have never had their … [Read more...] about Asking Someone to Raise Your Children if you Die
I have been throwing mine away since I became a card-carrying AARP member 5 years ago (age 50). Every month I put it in the dumpster (or recycling bin ... if I remember ... hey, I'm trying). Perhaps my subconscious thought "if you read it, you'll age faster." The human mind can think up some bizarre reasons for doing/not doing things. Last night I had a little "relax" time (when's the last time I had that?), so I took a chance and opened the recent issue of AARP The Magazine and decided to … [Read more...] about Still Throwing Away Your AARP Magazine?
Pets are an important part of life for the majority of Utahns and Americans. One of my clients refers to her dogs as "my children." Pet owners are devoting more and more time, concern and money to the care and well-being of their pets. I have many clients ask me if their Will or Trust can be designed to include directions for the care of their pet(s) and how that care will be paid for. I'm now including "Pet Provisions" in Living Trusts and Wills that I prepare. The general themes … [Read more...] about Don’t Read This If You Don’t Have a Pet
My wife and I and another couple recently tried a new Salt Lake City restaurant. Frida Bistro. It was definitely a Top 5 experience. Incredible food, atmosphere and service. I highly recommend it. Entrees are $15-25. The restaurant is housed in a warehouse neighborhood, so don't be shocked when you're trying to find it. 700 South 545 West. The menu appears to be "Mexican" but I don't think I saw burritos, tacos, or enchiladas. It is definitely upscale, but may be more Spanish than … [Read more...] about Just Tried Frida Bistro in SLC — Superb!
Life Is What You Make It" is a new book by Peter Buffet, son of Warren Buffet. Son, Peter, expresses gratitude to his famous, financial father for the "immaterial" wealth his father has given him. The monetary support from father has been sparse, and son, Peter, recognizes it and appreciates it. Click on this link for an NPR (National Public Radio) audio and print review of the book. I think you'll enjoy it -- no matter your own personal monetary wealth. … [Read more...] about Warren Buffet’s son grateful that Dad was financially stingy with him
People ask me "What's the difference between an Executor and a Trustee?" They are similar, but different. Similarities: They are each responsible for seeing that your wishes are carried out when you die. To ensure that your desires and instructions are carried out, choose someone who is dependable, responsible, and available to serve. Differences: An executor takes care of administering a Will. That includes the process of "probating" the Will. A trustee takes care of administering a … [Read more...] about What is an Executor?
Yesterday (4/23/2010) my wife walked across a stage at Brigham Young University (BYU) and received her Bachelor of Arts degree. She started when she was 18. I interrupted the process by marrying her, hauling her away to my law school, and then she birthed our 5 children who are now mostly "raised." A few years ago she decided she wanted to to finish earning her degree and graduate from college. It was a long and hard eight years for her. We live nearly 50 miles from the campus so she … [Read more...] about How Time Flies
If you have a Living Trust, and you are relying on it save your survivors (family, spouse, relatives) the cost and hassle of probate, REMEMBER that it must be the owner of your assets at the time you pass away. For example, a surviving spouse met with me this week. She and her husband owned a vacation cabin in another state. My office had prepared a deed to transfer the cabin to their Trust, but the husband wanted to record it with the County Recorder instead of us mailing it to the Recorder for … [Read more...] about YOUR LIVING TRUST needs your attention
When parents age, and adult children reach out to assist them with activities of daily living, there is frequently a tension created between the children who are able to help, and do . . . and the children who are not able to help or won’t. This “TIME” magazine article is a good discussion of the issues. … [Read more...] about Who’s Taking Care of Mom?