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Utah Estate Planning Questions & Answers
1 Answer | Asked in Estate Planning and Real Estate Law for Utah on
Q: Should an LLC be formulated in the state at which I reside or the state in which my rental properties are located?

2 rental properties in Utah in which I am the sole owner, I reside in WA. I formulated an LLC in Utah but never used it \. Would like to reuse that LLC but the address is under a former business partners address that lived in Utah. I am now sole owner of LLC. I already have a seperate bank... Read more »

Wesley Winsor
Wesley Winsor answered on Mar 21, 2022

Best practice is to set up an LLC where the real estate is located. We can update addresses and registered agents as well as ownership information in order to bring your business information current.

If you don't have the LLC in the same state as your real estate you will often have...
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1 Answer | Asked in Estate Planning and Probate for Utah on
Q: What can I do to ensure that my son's father's assets are properly distributed after his father's recent death?

My 19 year old son's father died 8 days ago, and the mother of the deceased has self-appointed herself executor and claims that the assets need to go to her because her son borrowed money and never repaid her. There was no legal contract for this supposed debt, but she is already trying to... Read more »

Wesley Winsor
Wesley Winsor answered on Feb 24, 2022

If your son wants to assert his authority as personal representative of his father's estate, then he can do so through a probate process. I have pasted the relevant code section below. In addition, if your son doesn't want to do it, he can nominate you serve as his father's... Read more »

1 Answer | Asked in Estate Planning and Tax Law for Utah on
Q: Who pays thetax on income received to House in a family trust?

Father put house into trust with me and sister as trustees and now has passed. There is income paid to the house so it pays the mortgage $500 in $500 out. Does the house count it as income or would me and my sister take care of it on our taxes? The trust has an IEN tax number already?

Nina Whitehurst
Nina Whitehurst answered on Feb 13, 2022

You need to review this with a CPA, but most likely the trust became irrevocable when your father died and is, therefore, a separate taxpayer that is now obligated to file annual income tax returns the same as you are. As such, the income "belongs" to the trust and is reportable on its... Read more »

1 Answer | Asked in Estate Planning, Real Estate Law and Tax Law for Utah on
Q: I have estate with it’s own EIN. We are selling a house. Does the estate pay takes and what rate?

At time of death it was valued at $270,800. Selling at 373k. It’s the only asset. Do we pay capital gains tax? What rate? Or does each descendant get a 1099 and pay their own taxes?

Wesley Winsor
Wesley Winsor answered on Feb 10, 2022

This is a better question for your accountant, but normally the estate will issue a K1 to each beneficiary that received cash distributions from the sale of the house that year. The house appreciation from the date of death will be attributable to the beneficiaries to whom it was distributed to at... Read more »

1 Answer | Asked in Estate Planning for Utah on
Q: Can you answer questions about an executor in another state not communicating what's going on?

My mother in law passed away January 2021 and the executor has still not completed anything. Her house sold in October of 2021 and he said it'll be done soon. Checked in with him in December and he said "well, we have to give a couple of people small amounts of money that she... Read more »

Wesley Winsor
Wesley Winsor answered on Feb 10, 2022

Hello,

I am sorry for your plight. If this is in Utah and it is a Will, then your husband as a beneficiary is entitled to a copy of the will. Legally they are and the PR / Executor has to give him a copy as well as the inventory when it is completed. The only real stick you have in order to...
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3 Answers | Asked in Estate Planning and Family Law for Utah on
Q: How do I get a court order and the letters of guardianship on my child?

My ex wife passed away and our 10 year old daughter is the beneficiary on her life insurance policy. In order to get a lump sum payment, State Farm Insurance is requiring me to provide a Certified Copy of the Court Order and Letters of Guardianship of the minor’s estate. I shared custody of my... Read more »

Mike Branum
Mike Branum answered on Feb 3, 2022

I believe what you actually need is a conservatorship. You are already the child's guardian by virtue of your status as surviving parent.

Be forewarned: as conservator, you will be responsible to the Court for every cent in your daughter's account. You may only spend funds from...
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3 Answers | Asked in Bankruptcy and Estate Planning for Utah on
Q: Is prior "Small Business Administration" debt inherited after marriage?

My partner has a SBA loan from 2019. Will it become my debt after we get married?

W. J. Winterstein Jr.
W. J. Winterstein Jr. answered on Jan 24, 2022

On those simple facts, no. You marry the partner, not his/her premarital debts. You would only become liable for the debt if you consented, e.g., by assuming the obligation with a writing signed by you for some new consideration.

But, if, for instance, you somehow participated in your...
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2 Answers | Asked in Estate Planning, Banking, Collections and Elder Law for Utah on
Q: Is the surviving spouse responsible for the debts of the deceased spouse
Wesley Winsor
Wesley Winsor answered on Nov 22, 2021

Yes and no. Nor for personal debts, student loan debts, credit card debts etc. but yes to medical bills. The creditors have a right to make a claim against his estate and the estate has an obligation to pay it as long as the assets in the estate are over and above the exemption amount. The... Read more »

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2 Answers | Asked in Arbitration / Mediation Law, Probate and Estate Planning for Utah on
Q: How do I get a tax id number on my family trust I'm trying to collect on a annuity and don't have the actual trust
Kenneth Prigmore
Kenneth Prigmore answered on Aug 23, 2021

Your best answer depends on a few things that an attorney would need to discuss with you. If you don't have a copy of the Trust, you need help proving your authority as the Trustee. If you are the creator of the Trust, you can always sign an updated version of the Trust. If you are an heir and... Read more »

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1 Answer | Asked in Estate Planning, Tax Law and Probate for Utah on
Q: What kind of tax is applicable (estate or income) on the dividend distributions made to decedent after his death?

Decedent received dividend distributions after his death. Does Estate have to pay estate tax or income tax?

Wesley Winsor
Wesley Winsor answered on Aug 13, 2021

Hi, dividend income would be considered income tax. The estate tax has to deal with the total amount of value passing from the decedent to others. So, it can be counted as both--income when received by the estate and an amount chipping away at the estate tax exemption credit. Most people are not... Read more »

1 Answer | Asked in Estate Planning, Tax Law and Probate for Utah on
Q: Is cash in the savings account of the non resident alien decedent taxable by the federal estate tax?

IRS states as follows in their website

The property includible in the U.S.-situated gross estate for a nonresident not a citizen includes only assets “situated” in the United States, such as:

1. U.S. real estate,

2. All tangible property located in the United States,... Read more »

Wesley Winsor
Wesley Winsor answered on Aug 13, 2021

Cash is considered tangible personal property. In your case, money held in the bank would either be deemed "cash" or "intangible" property.

I hope this helps.

1 Answer | Asked in Estate Planning for Utah on
Q: Can a successor trustee live in the house owned by the trust while settling the trust, as payment for trustee services?

The house is a long distance from the trustee’s residence and full of personal property to be garnered, valued, and distributed. The house is to be sold with equal shares to beneficiaries. The trustee is one of those beneficiaries.

Wesley Winsor
Wesley Winsor answered on Jul 5, 2021

It sounds reasonable as long as it doesn't take too long. If the trust doesn't speak to that ability, then the trustee probably can. A trustee's actions need to be reasonable or some other standard as outlined in the trust agreement. If this is done, then the trustee will still... Read more »

1 Answer | Asked in Animal / Dog Law, Estate Planning and Probate for Utah on
Q: My neighbor, a close friend, asked me to take his dog when he died. He died of cancer last week.

When he was alive, he told me that he put his dog in his will and specifically told me that it was important (he was acting very cryptic and secretive about it). His estranged wife keeps asking me if I'm going to keep her. I told her yes, and that I suspected my friend (her estranged husband)... Read more »

Wesley Winsor
Wesley Winsor answered on Apr 26, 2021

If you are to receive his dog (which is deemed "property") then you are a beneficiary of the will. As such, you are entitled to see the Will unless the Will says otherwise (something like, no beneficiary is entitled to a copy of the will and will be subject to judicial review only).... Read more »

2 Answers | Asked in Estate Planning for Utah on
Q: What happens with a family trust wherein one of the heirs does not cooperate with the trustees?

Can the trustees bypass that heir and have it closed anyway? Does an heir who is uncooperative with the trustees and their attorney have any rights to contest what the trustees have done with the trust? The uncooperative heir is myself because of the dysfunctional relationships in my family. Thank... Read more »

Kenneth Prigmore
Kenneth Prigmore answered on Mar 8, 2021

If a Trust is handled incorrectly, you can contest that in court. You definitely have the right as an heir to contest.

Being uncooperative won't be appreciated by a judge. You want to have a good reason to contest, and be prepared to pay for attorneys fees that are not paid back if...
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1 Answer | Asked in Estate Planning, Probate and Securities Law for Utah on
Q: What are my chances to force a publicly traded company to lift the restrictions on stock in the court I have inherited

I am about to inherit restricted stocks from my father who was an insider in the company. I dont know what the restrictions are exactly yet, but whatever they are, can I and how likely can I succeed to force the company to lift those restrictions in the court?

Do they need to have... Read more »

Wesley Winsor
Wesley Winsor answered on Feb 3, 2021

Hello,

That questions is difficult to answer. If your Dad died while working at the company, perhaps the stock will come restriction free. Usually restrictions are in place to prevent insider trading, so if there is no chance at insider trading anymore, they may lift them. Other...
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1 Answer | Asked in Estate Planning for Utah on
Q: How can a home with multiple beneficiaries in a trust be converted to a single beneficiaries name?

A 62 year old female continues to live in her parents home after they have been dead for several years. She receives minimum disability benefits. The home was part of a trust to multiple family members, one of which has died and the others seem to have no interest in the property as far as... Read more »

Nina Whitehurst
Nina Whitehurst answered on Dec 28, 2020

If the house has been retitled in the names of the multiple family members as a result of administration of the trust, then the other owners need to sign one or more deeds transferring their interests to the 62 year old lady.

If the house is still in the name of the trust, then the trust...
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2 Answers | Asked in Estate Planning for Utah on
Q: The attorney that wrote up our trusts died one year ago. No one contacted us. No one answers phone or email. Records??

My parents and I both used an attorney in South Jordan, Utah to write up trusts in 2014. My parents are now trying to refinance their reverse mortgage. We need information from the attorney. We tried to contact him via telephone and email. Can't leave message and emails kicked back. Checked... Read more »

Brian Craig
Brian Craig answered on Dec 10, 2020

As a best practice, clients should safeguard estate planning documents rather than the lawyer or law firm. Having a scanned digital copy is also a good idea. You might be able to find some records with the county recorder's office if real estate was transferred to the trust. Otherwise, you... Read more »

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1 Answer | Asked in Bankruptcy, Estate Planning and Workers' Compensation for Utah on
Q: Can your v. Successful x husband leave you homeless after 20 years of marriage and 4 kids?
David Luther Woodward
David Luther Woodward answered on Dec 1, 2020

I don't know! You live in Utah and things are done differently there! LOL

Please go see a divorce lawyer ASAP. Most good family lawyers will hear you out in the first sitting. Here in Florida (and in Texas and Oklahoma) the court can award temporary alimony, child support and...
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2 Answers | Asked in Estate Planning for Utah on
Q: Can anything be done when in the process of a trust and the grantor dies before signing?

We were in the process of setting up a trust for my sick mother when she suddenly became so sick (the day of hoping to sign in fact). Hindered by getting a notary public because of Covid, is there anything we can do?

Steven J. Fromm
Steven J. Fromm answered on Nov 16, 2020

Sadly, if the document is not signed it has no legal impact on the estate. If she died with a prior will and trust then that would be controlling. If there is no will or trust signed, dated, witnessed and notarized, then she died intestate. The rules of intestate succession in the state where... Read more »

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1 Answer | Asked in Business Law, Estate Planning and Tax Law for Utah on
Q: What price of the stock should be used for estate tax valuation? At the date of death or at the date of collection?

The father died in 2012, but due to personal circumstances, the probate was opened in 2020. Now the stock value increased. Which price of the stocks should be considered for estate taxation: at the date of death or at the date i collected it?

Wesley Winsor
Wesley Winsor answered on Oct 12, 2020

The date of death value. Even though the stock didn't transfer, your right to the stock activated at his death.

I hope this helps.

Wes

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