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Estate litigation can be downright awful. That is not to say that a great good cannot be done by advocating the rights of a Decedent in a financial exploitation action, or to assist an heir where a loved one now deceased was unduly influenced in writing a will. Ultimately, a lawsuit is never so sweet […]
Read the Trust document and the Will and decide whether to accept the Trusteeship A Successor Trustee who accepts their appointment by the terms of the trust or through a court order, should be certain to read the trust document first (and corresponding Will). This will familiarize one with what the trust says about administration […]
After someone passes away, their assets may go through the probate process. Probate refers to the process by which a decedent’s debts are resolved and remaining assets are distributed to the heirs. The heirs often benefit from working with a probate attorney, as this process can sometimes be complicated and lengthy. Probate begins with the […]
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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