Preplanning & maintenance matter greatly in all things Estate Planning. Know that we are here to help secure your financial future and well-being.

Read further to stay current with today’s Estate Planning highlights regarding:

• How 2 New Healthcare Initiatives Impact Tax Advantages & Estate Planning
• The Integral Role an Estate Planning Attorney Plays in Gifting Provisions
• Need To Knows Re: The IRS’s Ruling on Irrevocable Grantor Trusts & How Essential Regular Estate and Asset Planning Maintenance Truly Is
• The IRS Roth Catch-Up Extension Deadline
• IRS and DOJ Crack Down on “Sham” Trust Schemes

Click the link below to access more in-depth information for each.

Here is the Link

Every January, The University of Miami School of Law organizes and hosts the Heckerling Institute on Estate Planning. It is considered to be one of the best, if not the best, Estate Planning conferences in the United States.  Attorneys, CPAs, Financial Advisors, and other professionals gather to learn the latest cutting-edge estate planning techniques.  Travis Bowen, Esq., the CO of Bowen Law Professional Group (“BLPG”), attended the week-long conference and learned valuable insights that will benefit clients and strategic partners of BLPG. The topics included:

• Navigating the Shoals of Nonprofit Board Service
• Planning and Drafting for the Married Couple in an Era of Mobility, Portability, and Liability
• A New World Order for Estate
• Rejuvenating Stale Irrevocable Trusts Through Trust-To-Trust Transfers

The brochure of all topics covered, and the speakers covering those topics can be found here:  https://media.law.miami.edu/heckerling/2020/brochure/54_Heckerling_Brochure.pdf  The conference was nearly five (5) full days of seminars and instruction.  Mr. Bowen said “I was able to learn from the lectures, as well as interact with colleagues from around the country to discuss estate and asset protection planning that will greatly enhance BLPG’s planning offerings and available planning strategies. I intend to attend the conference each year going forward.”

For more information about the conference, please visit their website:  https://www.law.miami.edu/heckerling

For more information about BLPG, please visit the website at: www.bowenlaw.com.

When we refer to the legal process of protecting assets; we are of course referring to the umbrella term of “estate planning”.  Despite an inclination to put these tasks on the backburner, few actions are more critical for the future of your family or business than a proper estate plan.  By working with our asset protection law firm, you can protect the wealth you have worked hard to accumulate for future generations.  The attorneys and legal professionals at BLPG are here to assist individuals, entrepreneurs and companies throughout all of Utah, New York, California, Florida, and Tennessee.

Create or modify your estate plan

January is always a great time to think of the future.  Along with immediate personal goals, we should all take a moment to consider long-term priorities.  Getting started with an estate planning attorney is typically not a difficult task if you are working with the right firm for your needs.  A comprehensive approach can have many facets, but just as many benefits.  This process can begin in just a few steps.

The base of almost all estate plans is a Revocable Trust and Pour-over Will.  This legal document will dictate how the writer intends to see their property and assets distributed at the time of their death.  In many states, if a person passes away without a will they are known to have died “intestate.”  These “laws of intestate succession” are based on primary statutes that can vary from state to state.  In most situations, these laws are inflexible, do not account for an individual’s situation, and are not equipped to consider the desires of the deceased.  This is why it is important to not leave your final wishes up to legislation.  When a revocable trust or pour-over will have been established, the court will verify the will and then distribute the assets after completing the probate process.

Other factors to consider

There are many factors that should be taken into consideration when it comes to planning for the future.  Along with a will and trust; there are living wills, financial powers of attorney, and healthcare power of attorney documents that should be considered.  All of these various legal documents address various situations and outcomes.  If you do not have an estate plan or do not believe that your current plan reflects your wishes, contact our office.

Protecting your assets is best handled in preparation for circumstances, not as a quick response to them. It is important to remember that these steps should be taken before any legal action, such as a lawsuit, has been filed.  Below are several common ways that your personal or primary home can be protected should a legal cause ever happen.

Homestead Exemption

Almost every state has statutes that protect a certain amount of value of your home from creditors or during bankruptcy.  Essentially if someone such as a creditor files a lawsuit against a respondent, the resulting case may require the sale of the home.  The creditor will only get the remaining balance after selling fees, the mortgage balance and the homestead exemption amount.  If homeowners want to take advantage of this exemption, they should contact us.

Tenancy by the Entirety

Certain states offer unique protection called “tenancy by the entirety.”  Essentially this protects the home if one spouse is sued for reasons that have nothing to do with the other spouse.  Essentially this law asserts that it is not fair for one spouse to lose their home because of the actions of the other.  Even if your state does not have this law in the books you can accomplish the same result in the other ways described herein.

Create a Domestic Asset Protection Trust

This is a self-settled trust created and protected under certain state statutes.  In general, these types of trusts are becoming more accepted each year as new states adopt some form of DAPT trust laws.  This type of trust can provide certain protections to homes, farms, vacation homes or beach houses that you plan on keeping for life or a very long time.  In most states, the longer a property is held in a DAPT, the more it will be protected in the future.

Speak with a professional today

There are many ways in which your personal and business assets can be protected.  Perhaps you run a business where you must take financial risks.  Putting the house in your low-risk spouse’s name, for example, could help protect your home should legal concerns arise.  You may also consider getting an “Umbrella Risk” insurance policy that protects you from a wide variety of situations.  These Asset Protection techniques should be components in your Asset Protection System™.  Remember that it is wisest to plan for a storm while the skies above are blue.

When we think of estate planning or writing a will, we often think of big-ticket items.  This includes items such as real estate, expensive items, vehicles, retirement plans, business, and personal investments.  While these items have a monetary value associated with them, they are not always the most important possessions in a persons’ life.  It is vital that when a person passes away, they know their Items that have sentimental value have been considered as well.  This includes things like family heirlooms, paintings, jewelry, antiques or anything that has an emotional attachment associated with the property.  Many individuals seek peace of mind by knowing that their wishes as followed and that the desired party receives the items that were meant for them.  Below is information about a personal property memorandum and how this document can be easier and more direct than a traditional will when it comes to sentimental items.

Why a personal property memorandum can be an ideal choice

A will or trust can become a lengthy and cumbersome document to constantly change or make addendums to.  This is especially the case if you are an active collector and need to add specific directions with each new addition.  The process of updating a will or trust usually requires a formal codicil or trust amendment for even minor changes to go into effect.  If you utilize a personal property memorandum, you can transform these legacies without worrying about all the traditional formalities.  It’s typically much less complicated to merely remove an old memorandum and replace it with a brand-new one when you want to make changes.  This can also avoid potential conflict in the future because the dispersal of personal property can be outlined.

It is important to realize that the validity and use of a personal property memorandum is handled on a state law basis.  Some states require that the memorandum needs to be specially stated in your last will and testament or revocable living trust, while others just won’t recognize this sort of a casual checklist in any way.  Making a list of your most treasured items and deciding which family members and friends will receive them can be highly beneficial.