Page 12
March 29, 2012
Boulder Mountain Realty, Inc.
Cathy Bagley, Broker Amanda Brown, Sales Agent 245 East Main, P.O. Box 9, Torrey 425-3200
www.bouldermountainrealty.com
NEW LISTINGS AND NEW PRICES FIXER-UPPER. 1388 square foot home with 3 bedrooms and 2 baths. 1.2 acre lot. Corrals and outbuildings. 212 North 100 West, Lyman. $47,000. CLOSE TO JUNCTION OF HIGHWAY 12 & 24. 1.25 acres close to junction of Highway 12 and 24 in one of Utah’s most scenic areas. Close to Capitol Reef. Torrey City water connected. Approved for septic. Ideal for many commercial opportunities. $55,000. PIONEER BRICK HOME. 3 bedroom pioneer brick home in good condition. Huge front porch. 200 square foot studio, plus 200 square foot shop with many possibilities. .3/acre corner lot with mountain views to the south. Privacy fence. 274 South Main Street, Loa. $93,000. CEDAR-SIDED. Manufactured home with 2 bedrooms, 1 bath on 1.4 acres. Needs updating. 2 shares of Sand Creek Irrigation water. Garage. 250 North 100 West, Torrey. $125,000. TEASDALE. Lots of space with 4 bedrooms and 2 baths. Built in 1976, remodeled and added to in 1995. One acre, one share of water. Garden spot and pasture. 65 North 100 East, Teasdale. PRICE REDUCED! $155,000. Check the website for price changes and new listings.
ASSET PROTECTION AND ESTATE PLANNING Many individuals are concerned about asset protection. By doing estate planning, you can often increase their asset protection. The key to effective asset protection is to structure your affairs in order to minimize exposure to potential lawsuits prior to a threatened claim. If steps are taken to manipulate assets after a threatened claim, there can be potential problems with fraudulent conveyance laws. This article will set forth a few techniques that are important for preserving and planning an estate while emphasizing asset protection. Insurance. It is crucial to review insurance coverage to be certain that it is
adequate. Personal liability umbrellas are relatively inexpensive and are a must. Business Entity. If you own rental property, investment real estate, or business assets you should strongly consider forming a business entity such as a corporation (either an S Corporation or C Corporation) or limited liability company. By forming a business entity, you can shield your personal assets from claims. This is especially important if you have employees. Without a business entity to separate your business affairs and your personal assets, your personal assets would be subject to claims resulting from misdeeds of your employees. Separation of Assets. An important form of asset protection and estate planning is the separation of assets between spouses. Often, it is advisable for one spouse to own the business interests and the other spouse to own the assets
which are less subject to potential creditors. If something does go wrong for the spouse involved in the business, the assets owned by the other spouse should be protected. Exempt Assets. An important form of asset protection is to own assets that are exempt from creditors’ claims. Significantly, personal residences, qualified retirement plans, life insurance and annuities can be exempt from creditor claims. Conclusion. Because most individuals want to protect their assets, it is important to coordinate asset protection efforts with estate planning. By coordinating these efforts, the family’s assets will be better protected from creditors, and estate taxation of the assets can be minimized. Jeffery J. McKenna is an attorney licensed in three states and serving clients in Utah, Nevada, and Arizona. He is a partner at the law firm of Barney, McKenna and Olmstead, with offices in St. George and Mesquite. He is a founding member of the Southern Utah Estate Planning Council. If you have questions or topics that you would like addressed in these articles please email him at jmckenna@barney-mckenna. com or call 435 628-1711.