Settlement Against Estate With Special Power Of Attorney In Utah
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If your federal adjusted gross income is less than or equal to your federal standard deduction, you are exempt from Utah income tax. For this purpose, the federal standard deduction does not include the extra deductions for age or blindness.
A power of attorney is a legal document in which one person (called the "principal") gives to another person (the "agent," or sometimes called the "attorney in fact") authority to act on behalf of the principal. A power of attorney can be very broad, allowing the agent to perform a variety of tasks.
A Utah tax power of attorney (Form TC-737) allows a professional tax accountant or attorney to represent a taxpayer's interests with the Utah Tax Commission. This entity will ultimately need to approve this document so that such a representative can act.
If your agent can make decisions about your house, buildings, or land you own, then you need to file the power of attorney with the County Recorder's office. File the document in the county where the property is located.
The power of attorney gives the agent specific authority to act on behalf of the principal. The areas of authority can be general, specific or limited. The statutory power of attorney form provides a checklist for the principal to use to designate the extent of the agent's authority.
More often than not, our clients opt for the General Durable Power of Attorney (a mix of the Durable and General Power of Attorney) for it's ease of use by the Agent, and sustainability over the lifetime of the Prinicipal.
A Utah tax power of attorney (Form TC-737) allows a professional tax accountant or attorney to represent a taxpayer's interests with the Utah Tax Commission. This entity will ultimately need to approve this document so that such a representative can act.
A General Power of Attorney grants broad powers to an agent to conduct a variety of transactions. This capability becomes a critical tool in executing an estate plan or managing legal business and financial affairs.
