What is the Purpose of Estate Planning?
Estate planning is the process of managing your estate, including your assets and beneficiaries, so your will is executed as you want it to be. Estate planning, such as the kind offered by Bingham Law Group, will help you minimize estate taxes, ensure your information is up-to-date, and allow your family to handle your affairs privately and with confidence.
Am I Too Young To Start Estate Planning?
No. Estate planning can be started at any time, no matter your age. Even if you do not have much valuable property or assets, estate planning will allow you to ensure that what you do have passes to the people you care about. Without estate planning, your estate will be handled through public courts without any sort of plan, reducing the chances that your wishes will be respected. Estate planning will also allow you to decide medical treatment plans ahead of time in case of sudden illness or incapacitation. No matter your age. Bingham Law Group is ready to help you ensure your assets are saved for those you care about the most.
Do I Need a Trust?
If you have a large estate, a revocable trust is generally a more effective option compared to a will. Wills activate after death and must go through a public court probate process, which can involve expensive legal fees. A revocable trust will allow you to bypass the probate process, maintaining your privacy and saving as many of your assets as possible for your loved ones. Revocable trusts are also active during your lifetime, allowing you to retain control of your assets and change or cancel your plan at any time. Bingham Law Group is ready to help you draft your trust and ensure your assets are safely passed on to your chosen beneficiaries.
How Can Tax Planning Benefit My Business?
Tax season can be stressful for everyone, especially for businesses with large and complex accounting sheets. Bingham Law Group’s tax planning services will help your company minimize tax liabilities and protect you from penalties and audits. Our licensed attorneys will work with you to craft a customized business plan that supports your unique situation, allowing you to maintain your tax compliance and maximize your returns.
How Will My Business Structure Affect My Tax Plan?
The structure of your company will greatly affect your business’s tax plan. If you are a sole proprietor, your business plan will be simple to set up, but your business income will be counted as personal income, which can increase taxes. A Limited Liability Company structure will offer you more flexibility in your taxes and better protection from personal liability, but will require you to pay self-employment taxes. C-corps and S-corps are considered separate from your ownership, which greatly reduces personal cost to you, but will require your corporation to pay income taxes. Bingham Law Group offers business planning services to help you decide what structure is best for you.
Bingham Law Group Is Here to Help
From initial business formation to long-term succession planning, Bingham Law Group guides you at every stage of your business journey. We work with entrepreneurs, closely held businesses, and established companies across Utah, Idaho, and Wyoming who want legal counsel they can count on. Our team believes that a strong business structure and a well-crafted succession plan are two of the most valuable investments a business owner can make. We think you will find real peace of mind knowing your business is built on a solid legal foundation.