Jun 10
Many people think that because they are not wealthy, a trust isn’t for them. In fact, a trust can be an effective estate planning tool, especially for families with younger children. A testamentary trust (see last week’s post) can allow the trustee the flexibility to provide for the needs of the young children should something […]
Jun 5
One of the more devious provisions of the 2005 Bankruptcy Code amendments is the means test. This test acts as a gatekeeper for those filing bankruptcy. Meet the means test and the promised land of Chapter 7 is available. Fail the means test and you are consigned to Chapter 13. Now, don’t get me wrong; […]
Jun 2
As we discussed last week, a trust is just a way of holding and disposing of assets. I like to think of a trust as a basket to put things in. In general, there are four main types of trusts: Revocable, irrevocable, inter vivos, and testamentary. A trust is either revocable or irrevocable, and either […]
May 27
A question lawyers get a lot is, “should I file bankruptcy.” That’s a question to which there isn’t a right or wrong answer, and it’s not a legal question, so most lawyers will say it’s up to you. Many people feel that it is immoral to file bankruptcy and walk away from thousands of dollars […]
May 26
If you talk to anyone about estate planning, you’re likely to hear the word “trust.” What is a trust and what does it mean in estate planning? A trust is simply a vehicle to hold assets. The reasons for creating trusts are varied, but usually including wanting to protect assets and avoid probate. Probate is […]
May 22
An Illinois lawyer appealed a trial court’s award of $80,000 in legal fees against him for vexatious claims he brought against defendants on behalf of his clients. The lawyer claimed that the court shouldn’t award fees because he had no assets and didn’t earn very much because he really wasn’t a good lawyer and people […]
May 21
The question often arises about tax refunds when someone files bankruptcy. It usually arises in a Chapter 7, known as a liquidation. The rule is, if you are entitled to a tax refund at the time of filing, it belongs to your estate, which means the bankruptcy trustee might take it to pay creditors. So […]
May 18
A well executed estate plan is very little help if key documents can’t be found. The most important are the will and any trusts that may have been executed. But besides these obvious documents, financial records are just as important. The executor of your estate or the trustees under the trust need to know what […]
May 15
318 new laws went into effect on Tuesday, May 12. That’s 60 days after the legislature adjourned and that is the usualy time period for new laws to take effect. Some of the more interesting are: Marriage license fees went up $10 It is now illegal in Utah to text while driving. Talking on a […]
May 13
If you file a Chapter 7 bankruptcy, you might be able to keep your house. If there is substantial equity in the house (value above the mortgages and other liens) the trustee might force a sale to get money to pay creditors. But most states have a homestead exemption of some type. In Utah, it […]
