What Happens When the Estate Tax Exclusion Goes Down?
The Internal Revenue Code imposes a tax on the value of wealthier estates that is payable after the owner passes away. In 2017, an individual could bequeath $5,490,000 to his or her heirs, free of...
View ArticleSubmitting Form 2848 to the IRS Online
The IRS now allows taxpayer representatives to submit Forms 2848 and 8821 online. Any taxpayer representative with an IRS e-Services account can use their e-Services credentials to log on to the new...
View ArticleControl of Disposition of Remains
Anyone completing an estate plan should consider leaving written instructions regarding their wishes for their funeral and the disposition of their body. Section 3-701 of the Uniform Probate Code...
View ArticleUtah Adult Guardianship Appointment Procedures
Individuals who have executed an advance health care directive and power of attorney are far less likely to need a court-appointed guardian or conservator. However, those who did not execute such forms...
View ArticleReducing Estate Taxes with Annual Exclusion Gifting
Subject to new legislation passed under the Biden administration, United States taxpayers pay an estate tax on death to the extent that the value of their estate exceeds $11,700,000 in 2021; the estate...
View ArticleWhat is an Advancement?
In the estate planning and administration context, an advancement is a gift made to an heir prior to death that is treated as an advance on the heir's ultimate share of the estate. For example, if dad...
View ArticleUtah Recognizes the Tort of Intentional Interference with Inheritance
On July 1, 2021, the Utah Supreme Court held that the tort of intentional interference with inheritance is a valid cause of action in Utah. See generally, Matter of Est. of Osguthorpe, 2021 UT 23, 491...
View ArticleEstablishing an Unregistered Birth or Death
In Utah, an individual, an immediate family member, or a legal representative "may petition for a court order establishing the fact, time, and place of a birth or death that is not registered or for...
View ArticlePresumption of Beneficiary Designation Revocation by Divorce
When a couple gets divorced, the division of each and every asset they own must be specified in the divorce decree. Equally as important, the former spouses must update their estate plans after their...
View ArticleAllocating a Decedent's Joint Debts Secured by Jointly-Owned Property
One of the tasks that needs to be completed in the process of administering a decedent's estate is to determine what debts the decedent owed and arrange for payment of those debts. Sometimes, decedents...
View ArticleThe Uniform Transfer on Death Security Registration Act
In a prior post, I discussed the trend in probate law whereby nontestamentary arrangements are increasingly favored as ways to transfer property upon death without the need for probate. One such...
View ArticleUtah's Guardianship Bill of Rights
According to the American Bar Association, "Since 2015, at least 18 states have passed legislation to focus on the rights of individuals under guardianship, while others with existing laws have...
View ArticleUtah Declaration for Mental Health Treatment
The Utah Advance Health Care Directive Act, among other things, allows an individual to sign an Advance Health Care Directive and appoint an agent to make health care decisions on their behalf....
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View ArticleCo-Fiduciaries in Probate and Planning
The terms of fundamental estate planning documents always include designating a fiduciary in each such document. Specifically, a last will will designate a personal representative of the estate, a...
View ArticlePosthumous Common Law Marriage in Utah
In Utah, like many states, marriage-like relationships that were never solemnized can be declared valid by court or administrative order. "A petition for an unsolemnized marriage shall be filed during...
View ArticlePetition for Essential Treatment and Intervention
As I discussed in a prior post, completing a Declaration for Mental Health Treatment can be a useful way for someone with drug abuse or mental health challenges to provide for their own care if they...
View ArticleLegal Pitfalls for Inexperienced Fiduciaries
As a simple local news search will reveal, criminal charges are regularly brought against fiduciaries who have allegedly breached their fiduciary duties. Criminal charges in the area of estate and...
View ArticleTransfers Not Subject to Gift Tax
United States taxpayers pay an estate or gift tax on wealth transfers to the extent that the aggregate value of the transfers, whether upon death or during lifetime, exceeds $12,920,000 in 2023. On...
View ArticleProbate Code's One-Year Nonclaim Statute Protects Estates
In Utah, a creditor of an estate must present their claim within one year from the decedent's death or be forever barred. A court-appointed personal representative has the option, but not the...
View ArticleSupported Decision Making Agreements
An emerging phrase in the estates and trusts world is that of "supported decision making." The concept of supported decision making is exactly as unremarkable as it sounds and is simply the idea of...
View ArticleIntroduction to the Corporate Transparency Act
On January 1, 2024, the new federal Corporate Transparency Act will require the vast majority of small U.S. entities to start filing an online report with the Financial Crimes Enforcement Network...
View ArticleFiling a BOIR Report for New LLC
The Corporate Transparency Act ("CTA") is now active law, and most new entities formed in 2024 must file a Beneficial Ownership Information Report ("BOIR") identifying their beneficial owners with the...
View ArticleUtah Repeals Charitable Solicitation Registration Requirement
As I discussed in a previous post, many states require charitable organizations that solicit money to register before fundraising. Until this month, Utah was included in this group of states where...
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