What is the Difference Between "Per Capita" and "Per Stirpes"?
Trusts and Wills often make reference to the Latin legal phrases “per capita” or “per stirpes” (pronounced ‘stir-peas’). These phrases describe methods for dividing property among an individual’s descendants, and describes what happens when one or more of the descendants dies before the person making the Will or Trust. “Per stirpes” (also called “by right […]
Do You Only Need a Will?
A “Will” is the backbone of every estate plan. However, a Will is often insufficient to meet an individual’s entire estate planning needs. At its heart, every estate plan has as its primary purpose to ensure that a person’s assets are distributed according to that person’s wishes. However, a Will alone is often an inadequate […]
Glossary of Types of Trusts
A “trust” is a legal relationship created when one party (the “grantor”) transfers property to another (the “trustee”) to be held for the benefit of other persons (the “beneficiaries”). The term “trust” commonly refers to a written document such as a “Trust Agreement” or “Declaration of Trust”. A/B Trust: A type of revocable living trust […]
How Could Drafting Decisions Be Affected By New LLC Act?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. Drafting decisions for an LLC are definitely affected by the New LLC Act–that is, for LLCs subject to the New […]
When Does New LLC Act Take Effect?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. Utah’s new ‘uniform’ LLC Act takes effect July 1, 2012 for Utah LLCs formed on or after that date. [§48-3-1405(1)(a)] For […]
What Changes Do SB 131 and New LLC Act Make to Existing LLC Act?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. Utah’s New ‘Uniform’ LLC Act is touted to be a complete replacement of the existing Utah LLC statute. It is […]
How Could ‘Choice of Entity’ Be Affected By New LLC Act?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. The traditional approach to advising clients as to ‘choice of entity’ when forming a new business organization has been to […]
How Could Due Diligence Be Affected By New LLC Act?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. In any transaction that involves an LLC on one side (or both sides) due diligence is a must. Due diligence is […]
How Could Fiduciary Duties Be Affected By New LLC Act?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. 1. The Existing LLC Act prohibits fiduciary duties from being reduced by the operating agreement or other documents. The New […]
What is Utah’s New ‘Uniform’ LLC Act?
Note: All articles on Utah’s New LLC Act are in the process of being updated to conform to the changes made before it was enacted in 2014. Please check back to see the revised articles. Utah adopted a new ‘uniform’ LLC act to be effective July 1, 2012. [Read the full text of the New LLC […]