ESTATE PLANNING IN SECOND MARRIAGES - JensenBayles

ESTATE PLANNING IN SECOND MARRIAGES

We all know someone who is in a second marriage and many of us are in a second marriage.  Second marriages can be exciting and fulfilling while at the same time present special planning challenges. A second marriage may include his children, her children, and sometimes our children.  How will the new spouse be provided for in the estate plan?  Can the assets of each spouse be protected for their respective children while still providing for the new spouse? The competing interests are between the children of the first spouse to pass away and the surviving spouse. 

Estate planning challenges in second marriages can be solved with a combination of good communication and smart planning.  Creation of a trust is one way to provide for a new spouse after the death of a spouse while preserving the balance of the assets for the deceased spouse’s children.  A couple can also narrow the assets available for a new spouse with a trust by including a provision for a surviving spouse to occupy the residence during the surviving spouse’s lifetime. Upon the death of both spouses the residence is then distributed to the children of the spouse that contributed the residence.  There are many other solutions to planning in second marriages that will provide peace of mind.  An experienced estate planning attorney should be hired to identify the solution that works best for your situation. 

Utah law provides a default estate plan applicable to Utah residents in a second marriage with children from a prior marriage who fails to take the time to prepare a customized estate plan.  The default plan is likely not what a person in a second marriage would want or expect.  Generally, Utah’s intestate law provides that the surviving spouse could be entitled to the first $75,000, plus one half of the balance of the deceased spouse’s intestate estate.  The children of the deceased spouse receive the balance of the deceased spouse’s intestate estate.  There are several exceptions in this law so please do not rely upon the summary provided. 

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.

Phillip G. Gubler and Thomas J. Bayles.

The St. George Exchange Club Honors Those Who Fly the Flag

St. George, UT – The St. George Exchange Club recently honored local individuals and a business through a program they promote called PROUDLY WE HAIL, chaired by club member Mark Loosli. The program recognizes individuals and businesses in our community that fly the American Flag 24/7. Those honored were honored and presented plaques at the St. George Exchange Club’s regular weekly breakfast meeting held on Thursday, June 12th at 7:30 am at George’s Corner Restaurant.

The St. George Exchange Club honored Mae and JC Broadhead and Southwest Behavioral Health Center for flying the American Flag 24/7. Mr. Broadhead mentioned that even though he served 20 years in the US Navy, it is his wife who really served the military by helping raise their children. JC said he has always wanted to show his love for the United States by flying the flag 24/7. Mr. Robert Powell of Southwest Behavioral Health Center said that since his agency serves the community, it was important to fly the flag 24/7. Powell mentioned that Southwest Behavioral Health Center has flown their flag since their building opened in 2003 at 474 W 200 N., in St. George.

About St. George Exchange Club
Exchange, America's Service Club, is a group of men and women working together to make our communities better places to live through programs of service in Americanism, Community Service, Youth Activities, and its national project, the Prevention of Child Abuse. The St. George Exchange Club was established in 1974. The St. George Exchange Club meets every Thursday Morning from
7:30 am to 8:30 am at George’s Corner Restaurant located at 2 West St George Blvd., St George, Utah, USA. Club members and guests enjoy breakfast, informative speakers, and participate in relaxed social interaction. Projects and programs sponsored by the St. George Exchange Club include the St George Marathon Mayors Walk, Southern Utah Performing Arts Festival, Children’s Justice Center, Freedom Shrines, giveakidaflagtowave, Proudly We Hail, and The St. George Ironman Kids Fun Run. If you are interested in joining or giving a presentation to our club, contact us at phone 435-574-9904.

Pictured are (L to R) Brett Labrum, St. George Exchange Club president; Robert Powell of Southwest Behavioral Health Center; Mae & JC Broadhead; and Mark Loosli, PROUDLY WE HAIL program chair.

The Danger of Falling Down - Advanced Hearing & Balance Specialists

Kimball B.Forbes, M.C.D., FAAA
Licensed Clinical Audiologst

Kimball B. Forbes has been practicing as a licensed Clinical Audiologist (Hearing and Balance Specialist) in southern Utah for over 30 years.  He established 10 hearing and balance clinics throughout southern Utah.

One of our greatest goals as Hearing and Balance Specialists is to help prevent our patients from falling down.  Part of the inner ear is the balance system and since we are Balance specialists, our great desire is to prevent falls.

The following are some statistics from an article by Dr. Richard E. Gans, Ph.D., founder of the American Institute of Balance that shows why preventing falls is so vital:

A review over the last ten years indicates:

Dizziness is the number one complaint of persons over 70.

85% of vertigo and balance dysfunctions may be inner ear related.

Individuals with BPPV have a great incidence of depression, falls, and reduced activity of daily living.

Falls are the leading cause of accidental deaths in persons over 65.

Falls are the leading cause of traumatic brain injury and bone fractures.

Falls are the sixth leading cause of death in Seniors.

20 % of those who sustain a hip fracture from a fall will die within a year.

Of those who sustain a hip fracture, 49% will die within six months.

Of those who do fall, 20% will require placement within a long-term care facility.

Over 1000 drugs list vertigo as a side-effect.

It is estimated that by age 80, there could be a loss of 50% of vestibular neurons.

I study done by Frank Lin, M.D., Ph.D  at Johns Hopkins University School of Medicine and the University’s Bloomberg School of Public Health and Ferucci found that people with a 25-decibel hearing loss, classified as mild, were nearly three times more likely to have a history of falling.  Every additional 10-decibel of hearing loss increased the chances of falling by 1.4 fold.

Vision:  Vision problems such a glaucoma, macular degeneration, diabetes retinopathy can affect our balance.

Heart:  Circulatory problems to heart issues can influence our balance.

Sedentary life-style:  Obesity can affect balance.

The following people may be at risk for falls:

Those who have a history of previous falls
Prior fractures of legs or hips
Diabetes
Reported fear of falling
Certain drugs can increase imbalance or vertigo
People who feel dizzy or have imbalance when they turn their head or move quickly.

The following things may be helpful for those who feel at risk for falling:
·         Be aware of surroundings
·         Eliminate clutter
·         Slow down
·         Use nightlights
·         Use restroom frequently to avoid rushing
·         Install grab bars
·         Increase wattage of lights
·         Remove throw rugs
·         Limit alcohol intake
·         Be mindful of pets at our feet
·         Avoid flip-flops or loose fitting slippers

You can also have your balance evaluated by an Audiologist (hearing and balance specialist) and after the test helps the audiologist determine why you are dizzy, then vestibular rehabilitation may be very helpful to retrain our brain how to avoid falls.

We are excited that properly evaluation of balance problems (VNG videonystagmography) and proper vestibular rehabilitation are extremely helpful for many patients.

BYU Management Society - St. George Chapter Honors 2013-14 Scholarship Recipients

St. George, UT – The St. George Chapter of BYU Management Society recently honored seven area graduating High School Seniors and two college students with cash scholarships to help them continue their education. The scholarships were based on a weighted scale that included academic record, community service, written essay, need based, and extra curricular activities. Not all the recipients are headed to Brigham Young University, nor is it a requirement, as some will enroll at Dixie State University, Utah State University, and Southern Utah University. Over the past six years the St. George Chapter has given out over $50,000 in scholarships to graduating high school seniors and BYU Marriott School of Management students.

The BYU Management Society is a premier organization for business professionals to network, develop their careers, serve their communities and support BYU and the Marriott School. The BYU Management Society is a unique global network, strongly committed to growing moral and ethical leadership around the world.  This worldwide network of business professionals has a shared vision of moral and ethical leadership and a common code of business conduct and integrity. Chapters worldwide focus on developing careers – updating and enhancing skills, networking – making connections between professional, serving the community – strengthening those around us, and supporting the Marriott School and BYU.

Those who received scholarships were Aidan Rich - Dixie High School, Karalee Clove - Dixie High School, Belen Jackson - Dixie High School, Madison Barney - Snow Canyon High School, Ky Ferguson - Snow Canyon High School, Austin Morris - Pine View High School, Katelyn Sullivan - Desert Hills High School, Jordan Houston - Dixie State University, and Holly Scott, a current MBA student attending BYU-Provo.

You can join the local St. George Chapter and discover the benefits the Management Society holds for you by going to stgeorge.byums.org/ or by contacting Drew Gubler at drewgubler@gmail.com. You do not have to be a graduate from Brigham Young University to join. The $50 annual membership fee goes toward building the annual scholarship fund. The BYU Management Society holds an annual scholarship banquet, as well as luncheons throughout the year to help raise additional funds. May’s luncheon featured Dave McCann, KSL Anchor and BYUtv sportscaster. If you would like to donate to the St. George Chapter BYU Management Society Scholarship Fund please contact Elwin Prince at elwin@sutc.com or Tyler Hall at tylerh_22@hotmail.com.

From Left:  Elwin Prince, BYU Management Society Scholarship Chairman, Aidan Rich - Dixie High School, Madison Barney - Snow Canyon High School, Austin Morris - Pine View High School, Ky Ferguson - Snow Canyon High School, Belen Jackson - Dixie High School, Karalee Clove - Dixie High School, Katelyn Sullivan - Desert Hills High School, Jordan Houston - Dixie State University, and Brian Tenney - President, SG Chapter BYU Management Society. Not pictured is scholarship recipient Holly Scott, a current MBA student attending BYU-Provo.

2013-14 BYU Management Society Scholarship Recipients

2013-14 St. George Chapter BYU Management Society Scholarship Recipients.

 CONGRATULATIONS TO YOU ALL AND GOOD LUCK TO YOU 

IN ALL YOUR FUTURE ENDEAVORS!

 

 From Left:  Elwin Prince, BYU Management Society Scholarship Chairman, Aidan Rich - Dixie High School, Madison Barney - Snow Canyon High School, Austin Morris - Pine View High School, Ky Ferguson - Snow Canyon High School, Belen Jackson - Dixie High School, Karalee Clove - Dixie High School, Katelyn Sullivan - Desert Hills High School, Jordan Houston - Dixie State University, and Brian Tenney - President, SG Chapter BYU Management Society. Not pictured is scholarship recipient Holly Scott, a current MBA student attending BYU-Provo.

SPECIAL NEEDS TRUST – What Can I Do For My Child? - Thomas J. Bayles

Several clients ask what they can do for a child who qualifies for means-based government assistance due to a disability.  The simple answer is a Special Needs Trust, sometimes referred to as a Supplemental Needs Trust.  The primary purpose of a Special Needs Trust is to shelter assets that will sustain an improved quality of life for the beneficiary, with provisions that maintain the beneficiary’s eligibility for governmental benefits.

There are two main types of special needs trusts, a Self-Settled Special Needs Trust and a Third Party Special Needs Trust.  There are several rules that apply to Self-Settled Special Needs Trusts and we want to call your attention to a few of them:  (1) The trust must be funded by assets that belong to the disabled beneficiary such as an inheritance or proceeds from a personal injury claim; (2) The trust must be established for the benefit of that child by a parent, grandparent, legal guardian or a court; (3) The trust must be irrevocable; and (4)  The trust must contain a Medicaid payback provision.

The second type of Special Needs Trust is the Third Party Special Needs Trust.  Some of the rules that apply to this type of trust are:  (1) The trust can receive contributions from multiple sources such as parents, grandparents, friends and siblings (but not from the disabled beneficiary); and (2) The trust does not contain a Medicaid payback provision.  Notice that a Third Party Special Needs Trust allows friends, parents, grandparents and other family members of a disabled beneficiary to make contributions to the trust.  The contributions can be made during the life of the donor, or the donor can leave money to the trustee of the Third Party Special Needs Trust at the death of the donor, and the contributions will not cause the disabled beneficiary to be disqualified from means-based government assistance. 

Our clients want to make sure their disabled child will have adequate medical and dental care and assistance throughout their life.  They also want to make sure their child will be able to continue with life in a comfortable and dignified manner.  The Special Needs Trust is the simple answer, but the Trust requirements are complicated.  A qualified Estate Planning attorney can assist you with setting up a Special Needs Trust to make sure your child will continue to receive assistance, as well as supplemental help from the Trust as needed.

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. The information in this article is for educational purposes only and is not intended to be construed as legal advice.

Watch Head Chef Vance Lott of Cliffside Restaurant on Southern Utah Chef.

Head Chef Vance Lott of Cliffside Restaurant, with host Jenn Kohler

Learn to sear salmon, prepare a citrus mango salsa, blanch asparagus, and pickle red onion on the latest episode of Southern Utah Chef with Chef Vance Lott of Cliffside Restaurant.

http://southernutahlive.com/video/Southern-Utah-Chef-Cliffside-2014-04-28