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ESTATE PLANNING UTAH

Most people start well and plan from a very young age for success by attending school and college, saving, working hard, starting businesses, gaining employment or whatever they pursue to achieve their goals. As wealth and success is obtained, most people are blindsided in the end when they realize they have overlooked a plan to protect their hard-earned wealth. This may be a result of failing to plan for incapacities, death, taxes, family dynamics, business succession planning, lawsuits, or any other threat to you and your family’s well-being.

 

All your hard work during your lifetime to obtain wealth could be for naught if you do not plan. This is true for your personal or business assets. Many people do not realize that incapacity or long-term care issues due to health complications is one of the biggest threats to our well-being. These health issues can last several years, which can be devastating to one’s finances and well-being. Further, a court may oversee your financial and health decisions for the rest of your life through a guardianship. Even after your death, a court may still oversee how your assets, if any after high fees, are distributed upon your death. These guardianship and probate procedures through court are costly and time consuming but can be avoided with the proper use of power of attorney documents, wills, and trusts. These documents can further assist individuals who may be facing adverse tax consequences due to estate (death) taxes.

 

Planning to transfer the management and ownership of a successful business takes years to properly plan and execute. Many successful business owners assume that a family member will take over the family business. This is not always the case. Other considerations such as tax implications (income, gift, transfer, and estate taxes), need to be carefully considered to minimize any tax exposure. Your business assets need to be carefully considered in conjunction with your personal assets to achieve the best results.

    

Take control of your own planning and do not leave your estate planning decisions to the courts or others. Contact the attorneys at Law Office of John Park today to schedule an appointment to discuss a comprehensive personal or business estate plan for you.