Estate Planning 2017-08-22T22:11:29+00:00

Estate Planning

Creating effective estate planning documents is an essential part of planning for your future and your estate.

The S.M. Moran Law Office, P.C. works with clients to identify and document their wishes for their health care, finances, and dependents. We create comprehensive estate plans that are customized to your unique needs and objectives.


WillsPower Of AttorneyTrustsQDRO

Living Will

A living will, or advance directive, is a document that expresses your desires and preferences about medical treatment in case you are unable to communicate these instructions due to illness or unconsciousness. By creating a living will, we can help you ensure that your wishes for end-of-life medical care are protected. For example, do you wish to remain on life support, to receive pain medications and nutrition? If so, for how long and under what circumstances would like these measure to be taken? By clearly stating your wishes in a living will, you can prevent your family and loved ones from having to guess at your wishes and agonizing over the decisions.

Will

Unfortunately, all things must come to an end, including our lives. The biggest issue is that we never know when we will reach this end. By being proactive and prepared, you can ensure that your assets, property, and possessions are distributed according to your wishes. A carefully crafted will can not only make sure that your loved ones are cared for, but provide peace of mind to you and your family. We can help you determine the best kind of will to suit your needs and the needs of your family (a basic will, a will with a contingent trust, or a pour over will).

Power Of Attorney

A power of attorney is a very helpful legal document because it authorizes someone to act for you in making medical, financial, or business decisions. A power of attorney is tailored to meet your needs and wishes, so the power granted can be broad or limited. This means that your chosen agent cannot act outside the scope of powers that you designate in the document.

Trust

Most people believe that they do not have enough assets for a trust. However, trusts can be used in many ways: to put conditions on how your assets are distributed after you die, to protect assets from being spent too quickly by future generations, to maximize tax advantages by reducing estate and gift taxes, to protect assets from creditors, to distribute assets to heirs efficiently, and to keep information private by avoiding the publicity of probate. In addition, a trust can be used for effective Medicaid planning to preserve some of your estate for your children or other heirs while still meeting the Medicaid asset limit.

We can assist you in making certain that your pet is cared for should anything happen to you. A pet trust is a legal arrangement to provide for a pet in the event of the owner’s disability, infirmity, or death. Pets become family members, and many people, as part of their estate planning, want to make sure their pets are cared for in case they are no longer able to do so. Simple, informal requests to friends and relatives to care for a pet may not be followed, or possibly ignored if they have issues with allergies or pet-restricted living arrangements. Thus, the best way to ensure that a pet-owner’s wishes are fulfilled is by making a formal plan that specifically covers the care of the pet for life.

Gun Trust

A gun trust is designed to hold ownership of various firearms, and is used to adhere to stringent government regulations, like the National Firearms Act of 1934 (NFA), Title II of the Gun Control Act of 1968, and the Firearm Owners’ Protection Act of 1986. A gun trust can make it easier to handle firearms after the owner’s death and prevent family members from inadvertently breaking the law should they give or sell the gun to someone else. The gun trust keeps the gun, or guns, in trust after the owner dies, thus avoiding probate and the usual transfer requirements (transfer tax, completion of the ATF transfer form, permission from local law enforcement, and fingerprinting). In addition, a gun trust allows the trustee, or several trustees, and the beneficiaries to legally possess and/or use the weapons held by the trust.

Medicaid & Special Needs Trust

Does your loved one need to apply for Medicaid but is concerned about being eligible? A special needs trust is designed to hold assets that can be used for the benefit of someone who is receiving Medicaid for long-term care (e.g., nursing home). A carefully crafted trust can be used to make sure that a senior or other person in need will qualify for Medicaid assistance.

There are lots of tools to set up special needs trusts, Utah/Miller Gap Trusts, or Irrevocable Trusts. Contact us to see how we can help you navigate the assistance available. This may include examining financial planning services, insurance services, or long term care financing offices.

Qualified Domestic Relations Orders

In a divorce or legal separation, a qualified domestic relations order (QDRO) is entered to divide a spouse’s pension or retirement plan. Under this order, a retirement plan can be split, or ownership can be changed, so that each spouse receives their fair share of this marital asset. QDROs are subject to the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code, and state law, meaning three different bodies of law need to be considered when handling any QDRO issue.