Regarding one of the drawbacks to joint trusts in a non-community or separate property state: Loss of Creditor Protection All of the assets of both spouses may become subject to the claims of creditors of just one spouse. In addition, all of the assets of both spouses may become subject to the environmental liabilities of […]
Here’s a disconcerting claim at Frontline: A new working paper by professors from the University of Chicago and the University of Minnesota suggests cause for concern. According to the study, 7 percent of advisors have been disciplined for a fraud dispute or some form of misconduct. That can include anything from putting a client […]
“Revocable living trusts are useful vehicles for many people. Establishing a trust is certainly an act of love for one’s heirs – the streamlined transfer of assets upon one’s death being the main benefit of a revocable trust.” Susan Bondy National Financial Expert and Columnist September 23, 2001
Well, last we talked, Utah House Bill 251 had passed the House of Representatives and had just been assigned to the Senate Business and Labor Committee. It’s purpose was protect employees from overly onerous non-compete agreements. To that end, it allowed such agreements if (1) they protected only “trade secrets,” “proprietary information or processe[s],” or the […]
“Income tax returns are the most imaginative fiction being written today.” Herman Wouk
The University of Wyoming Extension office provides some good estate planning advice for farmers and ranchers in its online offering, Passing It On: An Estate Planning Resource Guide for Wyoming’s Farmers and Ranchers. Check it out. By the way, my use of their logo doesn’t imply their endorsement, nor does it imply my endorsement of […]
“Think about the [gun] trust as a means to keep the client safe and legal, and to provide all of the guidance to their beneficiaries so they stay safe and legal.” Matthew Bergstrom, attorney
Under current gift and estate tax law, if you pay a gift or estate tax, it will be at a flat rate of 40%. Forty percent. But most people will never pay that rate, or any rate at all, because their estates are not large enough and what estate or gift taxes they could have […]
“Creative solutions to common problems will be found. The potential is limitless, needing only–as has always been the case in the West–the people to match the challenges: ‘a society to match the scenery,’ as Wallace Stegner expressed it.” Teno Roncalio, Special Master of the Bighorn Adjudication of water rights, quoted in Wyoming’s Big Horn General […]
Yesterday, I clicked on the Deseret News and discovered a story of intense interest to me, a story about the Utah business community’s reaction to House Bill 251. I’m a businessperson. I work with businesses in my law practice. I’m about as pro-business as they come. And yet, I support this bill. A little background–a […]