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. Welcome After reviewing Utah’s impending New ‘uniform’ LLC Act, attorneys at Armstrong Law Offices, P.C. prepared this information to help our clients and […]
Guidelines For Operating Family LLCs
Over the years, decisions from the U.S. Tax Court have developed guidelines for when family limited partnerships will be recognized for tax purposes and when they won‛t. Those guidelines apply as well to family LLCs. The current leading case for what NOT TO DO is the 1997 decision of the Tax Court involving a Salt […]
Wills vs. Trusts: A Comparison
There are several useful comparisons between a Will and a revocable Trust: a Will becomes effective only at death, but a Trust becomes effective when signed and funded a Will must be approved by probate court to become effective after death; a Trust needs no such approval to be effective a Will does not require re-titling […]
Misconceptions About Estate Planning in Utah
by Brent R. Armstrong Estate planning involves three inevitable factors — death, taxes and clients’ misconceptions. This article attempts to clarify some of the more persistent notions held by some clients. This article is based on federal and Utah law. The laws of other jurisdictions may differ. Wills If I die without a will, the […]
Suggestions for Disposing of Tangible Personal Property
“Tangible personal property” includes items such as jewelry, mementos, hobby items, collections, tools, books, scriptures, pets, genealogy, heirlooms and sentimental items. Utah law allows persons making a Will or Trust to create a separate list that disposes of the person’s tangible personal property at death. The list need not be typed into the Will or Trust […]
Additional Estate Planning Info
What To Bring To First Meeting
Items For New Clients to Assemble Before Initial Meeting on Estate Planning Prepare list of family members (names, dates of birth, current addresses) Prepare list of your major assets–giving simple description, approximate current value, current ownership and location For each major asset, collect copy of title documents that show current ownership and value–such as deed, […]
Estate & Trust Disputes
In a perfect world, Trustees and Personal Representatives would carry-out their duties with absolute fidelity and good sense. Similarly, heirs and beneficiaries would never gripe about inheritance matters. Unfortunately, in the real world disputes arise when Trustees, Personal Representatives, beneficiaries, and heirs are at odds over administration or disposition of an estate or trust. Children do […]
On-Call Outside Counsel
We want to be members of your business team. For many businesses the most cost-effective way to gain access to strategic legal advice is to retain us as Outside General Counsel. As Outside General Counsel, we manage the legal aspects of businesses, answer legal questions from management, and provide strategic advice. We offer Outside General […]
Non-Profit ≠ Tax-Exempt
Most people assume that all non-profit organizations are naturally and automatically tax-exempt. That is false. Moreover, people often erroneously assume that donations to non-profit or tax-exempt organizations are tax deductible charitable contributions. That, too, is not always the case. Non-profit status is a state law concept. For example, many non-profit organizations in Utah are incorporated […]