JensenBayles: You May Regret Transferring Assets to Your Children Now

Attorneys Phillip G. Gubler and Thomas J. Bayles

Parents often think about transferring assets to their children outright or as joint-tenants during their life.  They may believe that the transfer will avoid probate and make it easier for the children upon the parent’s death.  Lifetime transfers are sometimes used as an estate planning tool in limited circumstances and may avoid probate; but, for most of the population these transfers could trigger unfavorable consequences.    

There are several problems associated with an outright gift of an asset to a child or children.  What if you regret your decision or realize later that you need the asset for your daily needs?  Your child may choose not to give it back, or your child may not be in a position in which they can give it back.  For example, your child could be involved in court proceedings with creditors or in the midst of a divorce, and now your assets look like they are your child’s assets, because they are. 

Let’s look at some risks involved in transferring your home to your child by gift during your life.  First, you may lose your ability to access the equity of your home if that becomes necessary for your living expenses.  You will not be able to apply for a reverse mortgage, and you may be disqualified from receiving Medicaid benefits if you need full time nursing home care.  What if the child you give your home to predeceases you?  Will your son-in-law or daughter-in-law take care of you? 

There are big income tax disadvantages, and maybe gift or inheritance tax consequences to giving assets away to someone other than your spouse.  Before transferring assets during life or at death you should consult with an attorney experienced in income, estate and gift tax planning.  In addition, you should never transfer an asset that you may need later in life for your health care, maintenance and support.

JensenBayles, LLP provides a broad spectrum of legal services.  Thomas J. Bayles has been actively providing advice in the areas of trusts, wills, probate and tax planning in the St. George market for over 15 years. Please visit our web site www.jensenbayles.com or call 435-674-9718 and ask for Thomas J. Bayles or Phillip G. Gubler.

September 2014 Student of the Month Recipients

The September Students of the Month recipients were recently honored by the St. George Exchange Club.  The St. George Exchange Club sponsors the Student of the Month Program, which honors one student from the area high schools each month. This program recognizes the students’ accomplishments in academics, service and leadership in their respective schools. Dixie State University recently partnered with the St. George Exchange Club and will provide each of the Student of the Month recipients a one-year, full-tuition scholarship.

The 48 students recognized each school year by the St. George Exchange Club equates to a commitment of over $175,000 from Dixie State University. The Exchange Club is honored to work with Dixie State University in recognizing and supporting the outstanding high school students of our community.

In addition, one student from the eight students honored as Student of the Month from each high school will have the opportunity to become Student of the Year for their school and receive a college scholarship to the college of their choice from the St. George Exchange Club.

The St. George Exchange Club meets Thursday mornings at 7:30AM at George's in Ancestor Square. For more information about the St. George Exchange Club, contact Shonie Christensen at 435-767-9000.  We congratulate the St George Exchange Club 2014 September Students of the Month.

Back Row:  Randon Coleman (Desert Hills High School) Chloe Condie (Snow Canyon High School) Shonie Christensen (St George Exchange Club President)
Front Row: Lauren Mickey (Pine View High School); MaKady Miller (Tuacahn High School); Nikki Andersen (Dixie High School)

Mark Eubank to Speak at BYU Management Society Luncheon September 25

The 2014-15 BYU Management Society luncheons will begin on September 25, at noon at the Courtyard by Marriott, located at 185 South 1470 East, St. George. http://www.marriott.com/hotels/travel/sgucy-courtyard-st-george/.  Our guest speaker will be Mark Eubank.

Cost is $15.00. Please RSVP to Drew Gubler at drewgubler@gmail.com.

Mark Eubank

Mark Eubank is the former chief broadcasting meteorologist for KSL TV in Salt Lake City, Utah. Mark joined the KSL-TV channel 5 Television news team in 1990. Prior to KSL, he was employed as a meteorologist for KUTV channel 2 in Utah, a position he held since 1967. Eubank began his meteorology career at age 24 in Redding, California, at KRCR-TV. Mark also served as chief meteorologist for the 2002 Winter Olympics. He attended UCLA and graduated from the University of Utah in 1972 with a Bachelors of Science in Meteorology. Eubank also owned and operated a weather consulting firm, WeatherBank, Inc. for 20 years.

On November 29, 2006, Mark signed off the air for the final time. He passed his job and white coat to his son Kevin Eubank. Shortly after retiring, Mark and his wife served two missions for the LDS Church; first they served a one year mission in St. George, Utah and then at the Laie Hawaii temple visitors center for three years where Mark served as the director of the visitors center.

Mark Eubank is married to his lovely wife Jean and has 7 children and 17 grandchildren.

Hearing Loss and Healthy Aging - Advanced Hearing & Balance

Hearing Loss and Healthy Aging

Healthy aging is a popular topic of interest. Studies have found there are connections between healthy aging and hearing loss. Hearing loss is a very common issue. It can affect nearly every portion of a person’s life.  People who have a hearing loss who can effectively use hearing devices and communications strategies may find they are able to improve their quality of life and age healthier.

About 2% of children and 7% of people under the age of 65 have a hearing loss. This percentage traumatically increases past the age of 65. About 40% of people between the ages of 65 and 84 have hearing losses. The percentage of people who have a hearing loss increases again when they past the age of 85 to about 66%. As people age they want to be able to maintain their independence, perceive themselves as healthy, be socially active, and maintain their cognition and physical abilities. Having a hearing loss greatly affects these goals if not appropriately diagnosed and treated.

As just mentioned above healthy aging includes many aspects and studies have made connections between these aspects and hearing loss. Some of these studies suggest that people with poor hearing are at an increased risk of falls, disabilities and traffic accidents. They have less functional reserve and find it more difficult to do two things at once.  Hearing loss has also been found to be associated with brain atrophy, dementia and even mortality. 

The last thing any of us want to have happen as we age is to be unhealthy and isolate ourselves from the experiences and relationships that matter so much to us.  Having a hearing loss that goes undiagnosed, untreated or thought of as something that is not “that big of a deal” could eventually lead to these effects. The connection between hearing loss and aging healthy is real and important. By being able to effectively use hearing devices and communication strategies people with a hearing loss may be able to improve their quality of life and age healthier.

Eric Bunnell, Doctoral Intern

Eric Bunnell is a doctoral intern for Advanced Hearing and Balance Specialists and will be graduating in May of 2015 from Utah State University. He grew up in Ogden, graduated high school and then served a two-year LDS mission in Brazil. Eric has been married to his beautiful wife, Katie, since June of 2007. They have two boys, Samuel who is four and Kij who is one. They also have two dogs, a lab and a beaglador. He loves spending time with his family and enjoys exercising.