Peter K. Smyth
Address
2825 E. Cottonwood Parkway, Suite 500, Salt Lake City, Utah 84121
Downloads
Education
Georgetown University Law Center,
Master of Laws in Taxation
- Estate Planning Certificate
- Georgetown Law Rugby Union
Temple University Beasley School of Law,
Juris Doctor
- Dean’s Honor List
- Temple Journal of Science, Technology & Environmental Law, Notes and Comments Editor
University of Utah,
Bachelor of Arts in Philosophy
Admissions
Utah
California
Wyoming
United States Tax Court
Introduction
Peter was born and raised in the Wasatch. Skiing in the winter and hiking in the summer taught Peter the importance of planning ahead and preparing for the unexpected.
After completing his undergraduate studies at the University of Utah, Peter earned his law degree from Temple University in Philadelphia. Peter continued his studies to attain an advanced law degree from Georgetown University in Washington, D.C. where he concentrated on the tax issues affecting businesses and business owners. Peter’s knowledge and practical skills enable him to give conscientious advice regarding a wide range of complex issues.
Peter’s motivation for practicing law is to help people. He thoroughly enjoys getting to know people, gaining a deep understanding of what motivates them, and learning how he can assist them in achieving their goals. Peter believes that careful planning is the best way to minimize unanticipated obstacles so that his clients can focus on what is important to them.
- “Cleopatra’s Inheritance Is Safe in South Dakota,” fiduciarylawblog.com, April 23, 2020
- “Ric Ocasek’s Personal Representative Is In for A Bumpy Ride,” fiduciarylawblog.com, January 27, 2020
- “Tell Your Agent To File Your Tax Returns!” fiduciarylawblog.com, October 22, 2019
- “Who Decides the Funeral Arrangements?” fiduciarylawblog.com, June 19, 2019
- “Utah Legislature Creates Affirmative Duty to Report Unclaimed Mineral Interests,” Rocky Mountain Mineral Law Newsletter, May 14, 2019
- “Utah Clarifies Who Is Entitled To Proceeds of Unclaimed Mineral Interests,” theoilandgasreport.com, March 15, 2019
- “Minority Shareholders Are Fiduciaries Too,” fiduciarylawblog.com, October 15, 2018
- “Safe And Secure: Every Business Owner Needs An Estate Plan,” UTAH BUSINESS, May 25, 2016
- “North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust,” Holland & Hart Trust & Estate Litigation Symposium, Denver, Colorado, October 2019 (also presented at Holland & Hart Tax Conference, Salt Lake City, Utah, November 2019)
- “Step-by-Step Guide to Drafting Wills and Trusts: Key Elements of Effective Wills,” National Business Institute, Salt Lake City, Utah, June 2019
- “Step-by-Step Guide to Drafting Wills and Trusts: Basic Tax Concerns,” National Business Institute, Salt Lake City, Utah June 2019
- “What Fiduciaries Should Know About the $10,000 Limitation on SALT,” Holland & Hart Trust & Estate Litigation Symposium, Denver, Colorado, November 2018 (also presented at Holland & Hart Tax Conference, Salt Lake City, Utah, November 2018)
- “Limited Liability Companies: How to Comply Under State Law,” National Business Institute, Salt Lake City, Utah May 2018
- “Limited Liability Companies: Ethical Issues During LLC Formation,” National Business Institute, Salt Lake City, Utah, May 2018
- “The Ultimate Guide to Probate: Tax Deadlines and Preparing, Coordinating, and Filing Returns,” National Business Institute, Salt Lake City, Utah, June 2017
- “Trusts from A to Z: Charitable Trusts,” National Business Institute, Salt Lake City, Utah, November 2017
- “Trusts from A to Z: Other Trust Structures and Issues,” National Business Institute, Salt Lake City, Utah, November 2017
- Advise many individuals and families regarding wills, trusts, and powers of attorney. Draft and implement documents necessary to properly provide for plan creator during life as well as to pass money and property to chosen beneficiaries at death. Ensure that unique family situations are taken into account so that estate plan creator goals are respected.
- Counsel California couple with estate plan update when relocating from Bay Area, California to Park City, Utah taking into account community property issues and implementing measures to protect couple’s identity due to high status position in business world.
- Assist with formation of corporations, limited liability companies, and partnerships, including drafting and filing formation documents with state and federal agencies and creating of documents governing relationship of business owners and employees to each other.
- Counsel business owners regarding business succession issues, including tax consequences of cash, installment, and seller-financed sales of stock, membership interests, and assets. Create buy-sell agreements for business owners to transition business with as little disruption as possible and maintain company value during transition periods.
- Advise entrepreneurs and venture capitalists regarding tax consequences of fund creation, compensation for services, and choice of entity.
- Counsel home developer with reorganization of company to create additional creditor protection, obtain income tax benefits, and transition company to dynasty trusts to reduce potential estate tax exposure.
- Represent many beneficiaries and heirs seeking appointment as personal representative in both formal and informal proceedings.
- Successfully petition court for daughter’s appointment as personal representative of both mother’s and father’s estate where one son died after parents’ deaths but before daughter’s appointment and other son could not be found, requiring notice of estate administration by publication.
- Successfully appoint Texas limited liability company as personal representative of Utah estate where company purchased mineral interests from decedent’s son who resided in California, but title to mineral interests remained in decedent’s name. Counsel company regarding fiduciary duties of personal representative and successfully obtain termination of appointment and release of liability after company distributed mineral interests out of decedent’s estate.
- Represent daughter in appointment proceedings to have daughter appointed as mother’s guardian and conservator when mother had unexpected stroke and did not have powers of attorney. Navigate unique circumstances for service of process and safeguarding all parties’ rights to due process during COVID-19 pandemic.
- Represent trustee in petition to approve accounting for trust with value in excess of $40 million. Prepare and file court briefs educating judge on trustee fiduciary duties and accounting requirements, and trust discretionary distribution standards. Work with court-appointed guardian ad litem representing minor beneficiary to ensure that trustee and beneficiary’s interests are protected and trust creator’s intent is properly reflected by trust administration.
- Counsel parties regarding decanting irrevocable trust to new irrevocable trust due to change of circumstances after creation of original trust.
- Advise family with $250 million net worth consisting of stocks, bonds, real estate, and closely-held company interests regarding income tax, gift and estate tax, and business succession issues. Prepare and implement documents to accomplish planning objectives and reduce tax exposure.
- Create Utah domestic asset protection trusts for Utah individuals seeking to protect certain assets in case of unanticipated future creditors.
- Assist philanthropic families with creation of private family foundations and public charities. Advise charitable organizations regarding regulatory issues to maintain good standing with state and federal agencies. Assist with creation of conservation easement and protection of over 350 acres of undeveloped land near Jackson, Wyoming.
- Counsel large 501(c)(6) business association regarding retroactive reinstatement of tax exempt status after IRS automatic revocation for failure to file annual informational tax returns.
- Represent Colorado residents in audit by Utah State Tax Commission asserting that clients are Utah residents. Reduce Utah tax liability by over $120,000.
- Represent solar energy company in federal tax litigation regarding availability of income tax credits to its investors for energy producing property.
- Salt Lake Estate Planning Council, Board Member
- Tax Section of the Utah State Bar, Former Chair
- Estate Planning Section of the Utah State Bar, Member
- National Business Institute, Lecturer on business, tax, and estate planning topics
- Serving Our Seniors, Presenter and Advisor
- Holland & Hart LLP
- Hale & Wood, PLLC
- Callister Nebeker & McCullough
- City of Philadelphia Law Department, Tax Unit
- Workman Nydegger PC