Wasatch Peaks Credit Union has teamed up with Summit Administrators, LLC to offer wills, trusts, and estate planning services to our members. There are two options for members to complete their estate plan:
Do it yourself. Now, you can download the software application from mytrustandwill.com. This easy app will walk you through the step-by-step process giving you the forms you need to complete your Estate Plan.
Meet with an attorney. You sit down with a Summit Administrators attorney who will prepare your Estate Plan and record it.
No matter which option you choose, both options are very economical when compared to competitive services. What's important to Wasatch Peaks is making an Estate Plan affordable for every member and protecting individuals and families.
Trust. A trust is a legal entity that is controlled by you. A trust is a device that allows you to transfer legal title of your property to another person (or to yourself as trustee) to hold for the benefit of yet another person (beneficiary) in the cheapest and most effective way. (Excerpt from Suze Orman’s book: “You’ve Earned It, Don’t Lose It!”)
The advantages of a trust include the following:
It holds title to your assets, thereby avoiding probate courts with their costs and delays.
It preserves each spouse’s $5,430,000 estate tax exemption. ($10,860,000 total—2015).
It can manage your estate, if you become disabled.
It protects your privacy because you do not have to expose your assets to the public scrutiny of the probate courts.
It can manage the assets of minor or incapacitated heirs.
Living Wills. Living Wills keep you off life support systems, if you are brain dead.
Special Powers of Attorney for Health Care. You name an agent who can interface with doctors, if you are incapacitated.
Durable Powers of Attorney. You appoint an agent to sign legal and financial documents for you, if you become incapacitated.
Counseling. Regarding the treatment of insurance, bank accounts, brokerage accounts, real estate, money market accounts, retirement plans, and any other strategies needed to preserve your estate.
Who needs a Complete Estate Plan?
You now own or plan on owning real estate property.
You have minor children that would need a guardian in case of their parents’ premature death.
You have Credit Union, Bank, Brokerage, Money Market accounts or Life Insurance policies.
You want to keep your family from paying probate fees and other taxes and fees to settle your estate after your death.
Summit Administrators, LLC works with experts in their fields who offer services at a proven high level and are willing to provide such services at prices which are affordable and allow many to enjoy the opportunities they otherwise would not be able to have in their lives.
LAW OFFICE OF JAMES R. BAKER, LC
James R. Baker, an Estate Planning and Asset Protection Attorney.
Admitted to the State Bar of Utah in 1978, he has focused his practice on estate planning including wills and trusts, asset protection, tax planning through family limited partnerships, irrevocable life insurance trusts, charitable remainder trusts and gift annuities, corporations including limited liability companies and limited partnerships, and ERISA, including pension plans, welfare benefit plans (VEBA’s) and life and health insurance law. He has worked on several national estate planning campaigns and has been a consultant to several tax and employee benefits specialists.
Born in Edmonton, Canada in 1942, he studied at York University in Toronto, Canada, then finished his B.S. in Political Science at the Brigham Young University in 1974 and completed his law degree from Brigham Young University Law School in 1977. Following this he attended Hebrew University Law School in Jerusalem in a post-graduate program and has written a legal monograph entitled Women’s Rights in Old Testament Times, which was released in December, 1992.
James Baker is a member of the Utah State Bar, admitted to practice before the Utah State Courts, the Federal Courts and the Tax Court. He is fluent in Finnish and has studied Latin, French, Hebrew and Arabic. He has been a part-time instructor at the Brigham Young University, a part-time Institute Instructor at the University of Utah and has conducted numerous seminars on Estate Planning.
Services the Law Firm Provides
Estate Plan: Includes Trust, Pour-Over Wills, Living Wills, Advanced Health Care Directives and Durable Powers of Attorney for Legal/Financial Issues.
Uncontested Probates: If everyone is in agreement on the Personal Representative or there is a will, we can have it done very quickly.
Irrevocable Life Insurance Trust: If you want your Life Insurance to be paid outside of the estate.
Family Limited Partnership: An Entity that provides additional asset protection when combined with LLCs and Land Trusts.
Series Limited Liability Company: An LLC that can have sub LLCs that have their own limited liability protection.
Limited Liability Company (LLC): Separate your business liability from your personal liability.
Charitable Remainder Trust: A 501(c)(3) Trust that allows you to get an income for your lifetime from assets you want to give to charity. You may get a life insurance policy to cover the asset as well.
Corporation: Separate your liabilities with a C or S Corp.
Land Trust (Private and Commercial Trusts): Protects your home or a rental that you want to sell as a rent to own.