Trusts for Everyone…Not Just the Wealthy

A few months ago I wrote an article for this newsletter about protecting your family by creating an estate plan.  Part of an estate plan is a trust.  Many people believe that trusts are only for the wealthy, but in reality, most people should have a trust.

The reason why many people believe that trusts are only for the wealthy is because trusts help wealthy people avoid paying estate taxes upon their death.  However, trusts serve many other purposes that are helpful to everyone who has a family and/or owns property.

One purpose for a trust is that upon your death, your estate can be managed and distributed without having to go to court.  Without a trust, your heirs will be forced to report all of your property to the Court, and the Court will decide who will distribute it.  This process is called Probate, and at a minimum will cost $1,500.00, if not thousands of dollars.  If you have a trust, you create a document which elects who will manage and distribute your estate and provides for how your property will be distributed.

Another reason trusts help the less-wealthy, is that you can protect your assets from your heir’s creditors.  If, for example, your son has racked up a large amount of debt that he does not intend to pay, then if you were to pass away without a trust, his creditors could take your assets to satisfy your son’s debts.  However, if your son were to receive his inheritance in a trust, then his creditors would only be able to access that money which the trust distributes to your son, which can be nothing if the trust is set up correctly.

Also, if you have a child or heir who suffers from addiction, then a trust can ensure that your assets are not distributed to your child as long as they are engaging in activities that fuel that addiction.  If it becomes apparent to the Trustee that your child is using their inheritance toward an addiction, the Trustee can stop payment to that child until the child recovers from the addiction..

So, avoid costly probate and protect your hard-earned assets by setting up a trust.  If you have any questions at all about trusts, call me at 801-668-2490.

With summer break just around the corner, it is important to make the most of the time we have with our loved ones. In recent years, most of us have learned the value of the “Staycation” and how to make memories without breaking the bank. So what can you do without having to open up your wallet too much? Here are a few ideas to get you started.

Family Friendly

Every Saturday from May 10 until September, the Golden Spike National Historic Site reenacts the coming together of the transcontinental railroads. It’s an 1800’s homage and a good reminder at the wonder and monumental impact of national transportation. Enjoy reenactments, trackside talks, and live demonstrations of authentic replica steam locomotives. Open year round, prices start as low as $4 per person, or $7 for a single vehicle.

Take a trip to Cedar City and you’ll find an extensive horse-drawn wagon collection, historic buildings, Paiute native camp, sawmill and replica blast furnace at the Frontier Homestead State Park Museum. Open six days a week, you can relive the pioneer and early industrial history of Cedar City, Iron County, and southwest Utah while enjoying many hands-on activities and interpretive programs throughout the year, including children’s history camps. The price of admission? $3 for a day of memories.

Spilt between Utah and Colorado is the Dinosaur National Monument. The remains of these fantastic creatures are still visibly embedded in the rocks. Petroglyphs hint at earlier cultures, while later on, homesteaders and outlaws found refuge here. Whether your passion is science, adventure, history or scenery, Dinosaur National Monument offers a lot for your family to explore. The cost for seeing these ancient wanderers starts as low as $5.

Outdoors Fun

If you’re trying to get the older children outside and away from the computer and cell phones, maybe a trip to Timpanogos Cave National Monument is just the thing. Timpanogos doesn’t charge an entrance fee to enter the monument and there is no charge for driving through the area, using the picnic areas, or hiking. The monument also offers cave tours throughout the day. Tickets range from $4 – $8 and they sell out fast. So I recommend going online and purchasing them ahead of time.

Natural Bridges National Monument invites you to ponder the power of water in a landscape usually defined by its absence. Declared a National Monument in 1908, the three natural bridges are named “Kachina,” “Owachomo” and “Sipapu” in honor of the Native Americans that once made this area their home. Natural Bridges is open year-round with the visitor center open daily from 8:00 a.m. to 6:00 p.m. May through September. $3 allows anyone on a bicycle, motorcycle or a hiker entrance for seven days. Taking the car down? No problem. $6 assures entrance and all day fun for the family.

If you make your way up north, it’s memorable to take a short detour to the Spiral Jetty, a remote decades-old art project that’s as bizarre as it is famous in the art world. The jetty is a gradually eroding spiral structure jetting out into the waters of the northern shore of the Great Salt Lake. It’s oddly beautiful, it’s unique, it’s hidden and it makes for cool family photos.

Hidden away at the Great Basin National Park, Lehman Caves offers tours of a beautiful marble cave ornately decorated with stalactites, stalagmites, helictites, flowstone, popcorn, and over 300 rare shield formations. Two different guided tours of Lehman Caves are offered, the Lodge Room Tour and the Grand Palace Tour. Reservations are strongly recommended in the summer months, as well as over holiday weekends. Lodge Room Tours are approximately 60 minutes long. The Lodge Room Tour travels 0.4 miles, and is ideal for families with young children. Grand Palace Tours are approximately 90 minutes long. The Grand Palace Tour travels 0.6 miles, and children must be at least 5 years old to join the Grand Palace Tour. These tours are limited to 20 visitors and during the peak of summer (May 23- September 1) are offered five times a day. Ticket prices are $4 – $5 for children under 15, and for adults its $8 – $10 depending on the tour you take. I strongly recommend you call ahead of time to purchase your tickets.

Museums

The respective art museums at the dueling schools of the University of Utah and Brigham Young University are some of the best art museums in the entire mountain west and exhibit an impressive collection of international as well as local art. In Salt Lake City, the Utah Museum of Fine Art “is Utah’s only visual arts institution that collects, exhibits, interprets and preserves a comprehensive collection of over 5,000 years of art from around the world,” according to the museum’s website. And it’s free on the first Wednesday of every month.

For a bit of modern history, a two-hour ride from Provo to Delta is the site of Topaz, the Japanese internment camp in use during World War II. Currently seeking funds to build a museum, the actual site can be toured for a chilling and often overlooked important element of U.S. history during the war.

Hopefully these ideas will help get you on the road with your family and see just how much fun can be had when you explore the great outdoors that is our own backyard.

By: Leigh Ann Day

Tired of the mess accumulating in your house after being stuck inside all winter?  Here are a few tips for getting your house clean and organized.

Clear the Air

Now that the weather is changing and the temperature outside is at the very least moderate, open your windows.  The air inside of your home can be significantly more dirty that the air outside.  One way to make your home feel fresh immediately is to open a few windows and allow the breeze to blow fresh spring air through your home.  Allow all the nasty germs from winter illness to be go out the window.

Clean that Dirt

Spring has traditionally been the time people deep clean their homes.  One reason might be that the weather is finally warm enough to clean the inside and outside of the windows.  Clean off your blinds and shades, then wash your curtains.  Finally, roll up your sleeves and wash those windows, inside and out.  Getting rid of all of the dead bugs in the window sills (don’t lie, we all have them) will make your home feel instantly more clean.

Clean your carpets.  The harsh elements of winter are tracked into our homes all winter dragging dirt, salt, and other contaminates into our home and grinding them into our carpets.  Rent a carpet cleaner, or call your favorite professional cleaner.  Having clean carpets will make your home feel fresh.

Wash your walls.  This can be a tricky task because some chemicals and cleaners will take your paint right off the wall.  Always start cleaning with the least intense chemical available.  For example, start with a dry rag.  If that doesn’t work try a sponge with plain water.  From there you could try adding mild dish soap.  After that there are an array of cleaning chemicals available for cleaning, but make sure to try it in an inconspicuous spot in case it pulls your paint off.

Declutter that Mess

If your house is like mine, then your garage, shed, and closets have become completely unorganized during the winter months.  Move methodically through your home and pull old clothes out of closets, get rid of junk, and reorganize everything that is left.  Now that all of your junk and old clothes have been piled in the garage, do the same thing in your garage.  You can donate your old stuff to thrift stores and receive a deduction on your income taxes for the value of the property you donate.  You could also put together a garage sale and try and make a little money.  However you dispose of your old clothes and junk, your home will feel more clean after its gone.

Cleaning up after a long winter can improve your overall wellness.  Whether you are recovering from an injury, a divorce, or simply want to feel better, spring cleaning can make you feel fresh and renewed.