To protect your personal assets - Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you're ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself?
To protect your business - You may have spent a lifetime building your business. Take a moment to make sure that your hard work will survive the death of you or one of your partners. As the owner of a closely-held business, much of your wealth is probably tied up in the business. While returning earned income back into the business helps finance growth, it can cause severe liquidity problems for your estate when you die.
After paying probate and estate taxes, your estate and surviving family members also may encounter liabilities that become payable upon your death. They may also face the potential of decreased business earnings, due to your absence.
To protect your business - You may have spent a lifetime building your business. Take a moment to make sure that your hard work will survive the death of you or one of your partners. As the owner of a closely-held business, much of your wealth is probably tied up in the business. While returning earned income back into the business helps finance growth, it can cause severe liquidity problems for your estate when you die.
After paying probate and estate taxes, your estate and surviving family members also may encounter liabilities that become payable upon your death. They may also face the potential of decreased business earnings, due to your absence.
Services
James R.(Jim) Baker has been in practice since 1978.
He graduated from Brigham Young University (B.A. 1974, J.D. 1977).
Prior to that time, he owned a business management company (Baker Business Management Ltd) specializing in business management for small companies.
During his practice he has participated in entrepreneurial enterprises in the fields of manufacturing, oil, service and real estate development and has lectured to business and professional groups.
He has written a legal treatise on ancient law entitled Women's Rights in Old Testament Times, published in 1992 by Signature Books.
He graduated from Brigham Young University (B.A. 1974, J.D. 1977).
Prior to that time, he owned a business management company (Baker Business Management Ltd) specializing in business management for small companies.
During his practice he has participated in entrepreneurial enterprises in the fields of manufacturing, oil, service and real estate development and has lectured to business and professional groups.
He has written a legal treatise on ancient law entitled Women's Rights in Old Testament Times, published in 1992 by Signature Books.
Identify the family members and other loved ones that you wish to receive your property after your death.
Ensure that your property will be transferred to those you have identified, as quickly and with as few legal hurdles as possible.
Minimize the amount of taxes that will need to be paid in order for your property to pass to others after your death.
Avoid the time and costs associated with the probate process by utilizing estate planning devices like living trusts and "payable on death" bank accounts.
Ensure that your property will be transferred to those you have identified, as quickly and with as few legal hurdles as possible.
Minimize the amount of taxes that will need to be paid in order for your property to pass to others after your death.
Avoid the time and costs associated with the probate process by utilizing estate planning devices like living trusts and "payable on death" bank accounts.
Is created by Trustor(s) for the benefit of Beneficiary(s) to be administered by Trustee(s).
A directive under the Utah Personal Choice and Living Will Act.
You direct your physician not to use heroic means to preserve your life under terminal circumstances.
Yes - James Baker has done Estate planning in about 42 of the 50 states.
There are some differences that usually need to be addressed, but essentially the same required documents are accepted.
It's both an honor and a burden to serve as someone's executor.
A directive under the Utah Personal Choice and Living Will Act.
You direct your physician not to use heroic means to preserve your life under terminal circumstances.
Yes - James Baker has done Estate planning in about 42 of the 50 states.
There are some differences that usually need to be addressed, but essentially the same required documents are accepted.
It's both an honor and a burden to serve as someone's executor.
Fill out as much as you can, as all the information is required to complete your estate plan.
All information will be reviewed and you will be contacted by a lawyer.
If you have more than six children the remaining children will be added during the interview process.
Note: You will be contacted and all of the information reviewed before preparation of your plan.
At that time, you may ask any questions that you (and/or your spouse) may have.
If there are to be any additional charges such as additional or a need for a second trust, etc. it will be discussed at that time.
All information will be reviewed and you will be contacted by a lawyer.
If you have more than six children the remaining children will be added during the interview process.
Note: You will be contacted and all of the information reviewed before preparation of your plan.
At that time, you may ask any questions that you (and/or your spouse) may have.
If there are to be any additional charges such as additional or a need for a second trust, etc. it will be discussed at that time.
Living trusts (also known as revocable trusts, inter vivos trusts and family trusts) are legal entities that can hold title to assets while permitting the trustees -- you and your spouse -- to have complete control over such assets as long as either of you is alive.
Since they are revocable, you can change the terms, add and subtract assets and change beneficiaries and distributions whenever and however often you wish.
Every individual U. S. taxpayer has a $1,500,000 estate tax exemption (in 2003).
Since they are revocable, you can change the terms, add and subtract assets and change beneficiaries and distributions whenever and however often you wish.
Every individual U. S. taxpayer has a $1,500,000 estate tax exemption (in 2003).
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