James R Baker Lc

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46 Years

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(801) 438-1222Call Visit WebsiteVisit Website Map & DirectionsDirections7109 S. Highland Dr., Ste. 201Salt Lake City, UT 84121 Write a ReviewWrite Review

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James R Baker Lc

Business and Corporate Law

Limited Liability Companies
Other advantages of a limited liability company are that it offers much less paperwork and administration than incorporation and there are fewer requirements to keep records or hold formal business meetings or report to shareholders. Some disadvantages include the fact that a number of states are putting additional taxes or levies on limited liability companies and that in some cases it may be harder to raise money from outside investors than in an incorporated business.

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Phone: (801) 943-3474

AKA

Baker, James R Lc

James R Baker Attorney

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https://www.jamesrbaker.com

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Attorneys, Bankruptcy Law Attorneys, Bankruptcy Services, Business Law Attorneys, Estate Planning, Probate, & Living Trusts, General Practice Attorneys, Trust Companies, Wills, Trusts & Estate Planning Attorneys

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Details

Phone: (801) 438-1222

Address: 7109 S. Highland Dr., Ste. 201, Salt Lake City, UT 84121

Website: https://www.jamesrbaker.com

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James R Baker Lc

Business and Corporate Law

Limited Liability Companies
Other advantages of a limited liability company are that it offers much less paperwork and administration than incorporation and there are fewer requirements to keep records or hold formal business meetings or report to shareholders. Some disadvantages include the fact that a number of states are putting additional taxes or levies on limited liability companies and that in some cases it may be harder to raise money from outside investors than in an incorporated business.

Trusts and Estates

Estate Planning
In the right time and place, a charitable remainder trust is an incredibly effective estate planning tool. Let's say you own an asset that has appreciated considerably in value since its acquisition. For instance, years ago you purchased stock for $1000. Today it is worth $600,000 (true story). Annual dividends are only 2% or $12,000. You don't want to sell because you would have to pay capital gains tax and lose almost a third off the top. You gift $500,000 of the stock to a charitable remainder trust which is a non-taxable transfer, keeping $100,000 to sell personally or to be allowed to grow. The trust sells its stock for $500,000 and invests the money in annuities which pay 8.5%. Now the trust pays you and your spouse $42,500 per year (up from $12,000) and you buy replacement insurance (a $500,000 joint and survivor policy) for an annual premium of (approximately) $3500 so that when the survivor of you and your spouse dies, the estate is reimbursed the $500,000. Because there are things you wish to do with the $100,000, you did not include it in the trust. You sell the stock and the capital gains tax is more than offset by the tax credit for the gift to charity so you effectively sold the stock tax-free. (Watch out for alternative minimum tax!)
Wills
Whether to make a living will is a personal decision, much like becoming an organ donor. The impact of a severe medical condition on our loved ones is great, and the emotional and financial costs of being kept alive when there is no real chance of recovery can be severe. Avoiding depletion of an estate that could be passed to loved ones was, and is, a primary reason for the creation of living wills.
Trusts
Living trusts (also known as revocable trusts, inter vivos trusts and family trusts) are legal entities that can hold title to assets while permitting the trustees -- you and your spouse -- to have complete control over such assets as long as either of you is alive. Since they are revocable, you can change the terms, add and subtract assets and change beneficiaries and distributions whenever and however often you wish.
Power of Attorney
While a living will is easily obtainable, many practitioners do not provide their clients with a power of attorney for health care. This is a disservice. It is one thing not to be put on the machine. It is quite another to have a spokesperson who can interface with physicians, review your records and make decisions on your behalf with legal authority to do so. Often the living will will be ignored if your agent, under the power of attorney, does not insist on its application.
Probate

Bankruptcy
Managing the Inheritance. Often heirs are not capable of managing their own affairs. Minor children, mentally incompetent heirs, handicapped heirs or heirs with serious addictions should have their assets managed by successor trustees appointed by you who are better qualified to deal with your heirs' inheritance. NOTE: A Living Trust will not protect assets against the claims of creditors or against personal bankruptcy. Such protection can only be obtained through other entities such as family limited partnerships, family corporations, irrevocable trusts or land trusts.

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