1. Identifying the type of impairment At some unknown time, a Trustee of a Living Trustee (usually a parent) may suffer an illness or injury which makes the trustee unable to manage the trust estate (which includes all assets titled in the name of the trust) or unwilling to serve as trustee. To this extent, […]
It may be uncomfortable to think about what will happen after you’re gone, but estate planning should not be overlooked. Almost everyone can benefit from estate planning, which should be done with the guidance of an attorney. Before you get started, take a look at what you should think about with estate planning. Which Assets […]
What is going to happen to my pet when I’m no longer available to care for it? Can I provide for my pet after I pass? What will happen to my pet if I go into the hospital or assisted living? These are just a few of the questions that face pet owners today. From […]
Maybe you can’t take it with you, but you can decide who benefits from the estate you leave behind – unless you die without a will. In that case, Arizona law requires that a court-appointed personal representative handle your estate. Do you really want a stranger to have that kind of power? Most people underestimate the […]
Revocation by Divorce Statute Arizona has a “revocation by divorce” statute, which automatically rescinds a spouse’s pre-divorce or pre-annulment revocable bequest of property to a former spouse. The statute is based on a presumption that a divorce or annulment indicates an intent that neither spouse would wish to leave any part of his or her […]
Things to bring with you when you visit an attorney to plan your estate: Personal Information Address, phone numbers, email address, social security number, date and place of birth, citizenship, marital status, previous marriages. Same information for spouse, if applicable. Name, date of birth and address of each child, and whether: natural, step or adopted. […]
Affidavit of Collection A means of handling small estates (less than $50,000) by affidavit. Asset Anything, tangible or intangible, a person owns that has value. Beneficiary A person designated to receive assets from a will or trust. Beneficiary Deed A deed to convey property to another on the death of the owner. Bequest A gift […]
“The man who dies rich…dies disgraced.” -Andrew Carnegie The Arizona legislature has adopted an Arizona Trust Code (“ATC”), which is different in a number of ways from the prior Uniform Trust Code (“UTC”). Apparently, the Legislature disagreed with Andrew Carnegie’s dire warning about dying rich, since many provisions of the ATC were designed to expand […]
10 TIPS ON RETIREMENT ASSET DISTRIBUTIONS There is a 10% penalty, in addition to the income tax payable, on any taxable distribution from a retirement plan received before age 59 1/2; however the penalty does not apply to (a) the estate of the employee, (b) the beneficiary(s) of the employee or (c) to alternate payees […]
In 2001, President George W. Bush signed a $1.35 trillion tax cut into law. Called The Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), the new law provides for the phasing in of revised income tax rates, an increase in the child tax credit and a gradual increase in the amount that a […]
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