Arizona Estate Planning

‘Perfect Storm’ For Estate Planning

Investment News: Politics, the weak economy and low interest rates have combined to create one of the best environments for estate planning in a generation, according to experts. “If individuals are trying to transition assets to the next generation, we currently have a perfect storm — in a good sense — to do it,” said David Scott, vice president of advanced sales for Penn Mutual Life Insurance Co.

The elements of that perfect storm begin with a $5 million exemption from estate taxes ($10 million for married couples), which was part of the Middle Class Tax Relief Act of 2010 enacted in December. The value of real estate assets and securities are at low levels, making it more attractive to give such assets to other individuals. And with interest rates near zero, wealthy clients also can make loans to their children and to trusts at a very low cost.

On the Net2016-12-13T20:33:38-08:00November 8th, 2011|Estate Planning, Estate Tax|

A Guide To Talk To Your Parents About Estate Planning

The Herald – Monterey County: When it comes to family interaction and communication there is as much variety as there are families.

Some parents hold their financial information close to the vest, build their wealth and, once the estate planning is done, tuck those documents away and never discuss the plans with children. Another family may have a child who begs and pleads with parents to “get your affairs in order” only to have an unplanned, expensive estate administration to contend with once the parents pass on.

Then there is the parent who will call the family together, begin to discuss estate plans and is greeted by a crescendo of “Oh, don't worry Mom, you are still young!” or “We don't care about your money — we just love you!” However well-intentioned the children are in this case, when a parent broaches the subject of their wealth and end-of-life plans, children must listen and lend support.

Let's face it, very few people enjoy talking about death and dying and some people never undertake the planning process, leaving family members to either guess about what Mom may have wanted done or have state law govern their actions. So, if a parent comes to you and says, “I want to talk with you about my will,” please set aside the fact that it makes you uncomfortable and listen to them.

Once you have heard their plans, a few things may happen. Here are some suggestions about what you should and should not say in response.

On the Net2016-12-13T20:33:38-08:00November 8th, 2011|Estate Planning, Trusts, Wills|

Lawsuits Claim National Future Benefits Caused Its Estate Planning Clients Big Bucks in Unnecssary Fees

Arizona Republic: Arizona seniors lost millions in annuity fees, lawsuits say. Hundreds of Arizona senior citizens cashed in their retirement investments and paid millions of dollars in unnecessary fees, according to lawsuits accusing a Scottsdale-based estate-planning company of taking advantage of vulnerable clients. Federal and state court lawsuits claim officials with National Future Benefits Unlimited generated large commissions by scaring and misleading elderly clients into bailing out of existing annuities and buying new ones. The moves left the clients paying steep surrender fees to insurance companies and facing potential tax liabilities, according to the lawsuits. . . . In one of the lawsuits, an insurance company is accusing National Future Benefits of systematically targeting clients to cash out their annuities; in the other, an elderly Phoenix couple contend they were defrauded out of most of their assets. National Future Benefits President Randall Jaeger denies any wrongdoing. . . . In addition to facing the two lawsuits alleging fraud and illegal activity, National Future Benefits has a history of state regulatory complaints and this year was investigated by Arizona Adult Protective Services. The lawsuit involving the elderly couple led to an $866,000 settlement this year and triggered an elder-abuse claim filed with the Arizona Attorney General's Office.”

Do you think that you were defrauded by National Future Benefits Unlimited? If so, we may be able to help. Please contact Norm Keyt at 602-265-0273 or [email protected].

On the Net2016-12-13T20:33:38-08:00November 7th, 2011|Estate Planning, Lawsuits|

What You Must Know Before Writing Your Will

AARP.org: Writing a will isn't the most pleasant of tasks. After all, by doing so you're not only acknowledging your own inevitable demise but actively planning for it. That might explain why so many adults avoid this cornerstone of estate planning. According to an AARP survey, 2 out of 5 Americans over the age of 45 don't have a will.

But creating a will is one of the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and you gain the peace of mind knowing that a life's worth of possessions will end up in the right hands.

“A will is an important way you can stay in control over who gets what of your property,” says Sally Hurme, an attorney with AARP, “and by planning in advance you can also save your family time and money.”

Richard Keyt2016-12-13T20:33:38-08:00November 1st, 2011|Estate Planning, Wills|

Estate Planning Explained

Wall Street Journal: Many of the emails we receive from readers touch upon estate planning, a source of confusion and concern. With that in mind, we recently spoke with Rachel Emma Silverman, an editor and reporter at The Wall Street Journal and author of a new book, “The Wall Street Journal Complete Estate-Planning Guidebook.” Designing such plans, she notes, invariably involves “time, expense and hassle. But failing to do so can be a recipe for disaster.” Here are excerpts from the conversation:

WSJ: Why is it that those two words—”estate planning”—cause so much anxiety?

On the Net2011-11-01T10:16:47-07:00November 1st, 2011|Estate Planning|

A Review Of Quicken Estate Planning Software

Florida Estate Planning Lawyer Blog: I recently receive a copy of Quicken Willmaker 2009. I have previously written about many articles about the unintended results that occur with Do It yourself and Free Estate Planning Documents created by individuals without the advice of counsel and the problems with online document preparation services like LegalZoom and RocketLawyer.

I decided to try out a few of the documents in Quicken to see if they had improved the quality and accuracy of their Florida documents. Last week I wrote about problem with the Quicken Willmaker 2009 Durable Power of Attorney. This week I will be looking a the Revocable Living Trust. I have previously written about the many problems in using Quicken to create a Firearms Trust but for this article I will be focusing on the typical issues with regular estate planning and living trusts.

On the Net2016-12-13T20:33:39-08:00November 1st, 2011|Common Problems, Do It Yourself - Fail, Estate Planning, Trusts|

An Estate Planning Mistake You Don’t Want To Make

Examiner.com: One of the biggest mistakes Nicole Middendorf, CDFA sees people make is spending a lot of money getting divorced and then once the divorce is over, they don’t change their beneficiaries on their 401k, IRA’s, or even their will/trust.

Once your will is written, you can not just ignore it. It is extremely important to keep your will updated with your estate planning attorney. Life and circumstances change over time, and your will should reflect those changes. In order to make sure your will reflects your wishes, Nicole has recommended that your will be updated whenever one of the following occurs:

A divorce
A death
A birth of a child
A marriage
If you change your mind on your beneficiaries

On the Net2011-11-07T07:09:48-08:00October 26th, 2011|Common Problems, Estate Planning|

The Importance of Appointing a Guardian for Your Children

Barrington Patch: Lisa, if something happened to my husband and me, who would take care of our young children? We have heard that we need to appoint a guardian. However, we are confused and don't understand the necessary steps we must take. Would you please explain how we go about appointing a guardian and some of the issues we should consider? – Cheryl

Dear Cheryl,

Thanks for your question, and I certainly understand your concern. Choosing who will raise your minor children if you and your husband die is probably one of the most difficult decisions parents must make – my husband and me included. This task is often so tough that many parents never do it.

On the Net2011-10-26T12:52:58-07:00October 26th, 2011|Estate Planning, Guardianship|

Secretive Jobs Placed Assets In Trust Before His Death

Times Colonist: Apple co-founder Steve Jobs and his wife placed at least three properties into trusts in 2009, which legal experts say is a sign the secretive Apple chief may have been ensuring that his assets aren't disclosed upon his death.

The ownership transfers occurred while Jobs was on a medical leave from Apple, public records show.

Jobs died Wednesday at age 56 after a long battle with pancreatic cancer, prompting an outpouring of grief around the world for the man who reinvented computing, the music business and mobile phones. He had stepped down as Apple chief executive in August.

It is unclear whether Jobs put his stock and other non-real estate assets into similar trusts, but if he did, it may be difficult to determine how they will be divided.

On the Net2011-10-07T08:36:40-07:00October 7th, 2011|Estate Planning, Rich & Famous, Trusts, Wills|

Can You Protect Yourself From Probate Abuses?

Estate of Denial®: At Estate of Denial®, the question of “what can people do to protect themselves, their assets and their heirs?” is often asked. Five years of studying probate culture and estate disputes yields “not a whole lot” as the most honest answer. And this status will not change despite personal liberty and property rights being increasingly challenged unless the public educates itself on inheritance rights and other probate-related threats to help take a stand against the organized, systemic looting of property and freedoms occurring in courthouses, legal offices and associated venues across this country.

“Proper estate planning” is hardly the foolproof safeguard from abusive probate actions touted in legal industry product sales pitches, but it is necessary. It should be done, however, with the knowledge that wills, trusts, guardianships and even powers of attorney are not failsafe mechanisms for protecting assets and in fact, today’s legal environment is a breeding ground allowing use of these instruments in ways absolutely contrary to their intended purposes.

On the Net2016-12-13T20:33:39-08:00October 4th, 2011|Estate Planning, Probate|

Last Will and Testament of Alfred Nobel

The Local: Swedish industrialist and scholar Alfred Nobel (1833-1896), who made a substantial fortune from his invention of dynamite in 1866, established the Nobel Prizes in his will.

His 1895 testament stipulated his fortune was to be placed in a fund destined to honour “those who, during the preceding year, shall have conferred the greatest benefit on mankind.”

He died a year later in San Remo, Italy.

He had decreed the bulk of his estate should be invested in “safe securities,” and as a result, some 31.5 million Swedish kronor, the equivalent today of about 1.5 billion kronor ($222 million) were used to create the Nobel Foundation.

On the Net2016-12-13T20:33:39-08:00October 4th, 2011|Estate Planning, Giving to Charity, Rich & Famous, Wills|

Estate Planning for the Elderly

Wills, Trusts & Estates Prof Blog: Getting your parents and elderly clients to create or update estate plans can be difficult. However, having an updated plan will enable elderly individuals to have control over their asset distributions, avoid court intervention and unnecessary administrative costs, and minimize taxes. Eleven estate planning steps elderly individuals should consider …

On the Net2016-12-13T20:33:39-08:00October 4th, 2011|Estate Planning|

Need for Estate Planning

A recent US News and World Report blog succinctly states What you Need to Know About Estate Planning (online at . Taking excerpts from The Wall Street Journal Complete Estate Planning Guidebook, the author states:

“Everybody needs to think about estate planning”;
“The number one [estate planning] mistake is not doing anything at all”;
“[T]he safest thing to do” is to see an estate planning lawyer rather than attempt do-it-yourself planning;
People should review their estate plans “often – at least every three years.”

This is a simple yet straightforward article on the importance of estate planning for everyone – and on the need to review existing estate plans frequently.”

On the Net2017-10-07T11:20:06-07:00October 1st, 2011|Estate Planning|

Bad Money Moves: Not Having An Estate Plan

CBS Boston: We talked about dumb money moves last week and many listeners let me know that there is a whole lot more than the ones we talked about.

Estate planning is not for just for the wealthy. If you have some assets you have accumulated such as your home or retirement accounts or if you have children you have people and things you need to protect.

What estate planning does is allow you to plan. Plan for the day when you are not around to care for the loved ones in your life or plan on how your assets are to be distributed upon your death. Sounds easy but no one wants to talk about their own mortality or morbidity.

On the Net2011-10-08T18:27:43-07:00September 29th, 2011|Estate Planning, Estate Planning for Singles, Healthcare Directives, Powers of Attorney, Wills|

Answers to Common Estate Planning Questions

U.S. News & World Report: It’s hard to get people excited to talk about estate planning, much less take action to prepare for the inevitable. But in The Wall Street Journal Complete Estate Planning Guidebook, Rachel Emma Silverman attempts to do just that. After convincing readers that they do, indeed, need a will and other estate planning tools, she breaks down the tasks into manageable, bite-size pieces. US News recently spoke with Silverman about common estate planning mistakes, how to get started, and how to discuss potentially awkward topics with family members.

On the Net2017-10-07T11:14:45-07:00September 29th, 2011|Estate Planning|

Estate Planning and Saving for College

Monerey County Herald:

Q: We are grandparents and would like to start a fund to help our grandchildren go to college. How do the College Savings Plans that you have been writing about fit with my estate planning?

A: In my past two columns, I explained that Section 529 College Savings Plans, governed by Internal Revenue Code Section 529, allow you to save money for someone's college education without paying income tax on the account's earnings (interest, dividends, or capital gains). I listed criteria to help you find the best 529 Plan.

When Congress designed the College Savings Plans, it created unique, clever and favorable tools for you to use in your estate planning.

First, I'll define the players in the 529 Plan game. First, we have the account owner. They make the investment decisions for the account and have the power to change the beneficiary and withdraw money from the account.

The second player is the successor owner, who sits on the bench until the owner gives up ownership because of death or other acceptable reason.

The third player is the contributor, who funds the account with money (cash or check). Often, the contributor is the owner. The fourth player is the beneficiary, or the person who gets to use the money in the account for qualified higher education expenses. Normally the beneficiary is a child, but can be an adult.

Now for the estate planning benefits…

On the Net2016-12-13T20:33:39-08:00September 29th, 2011|Estate Planning|

Children of Tony Curtis Say He Was A Victim Of Undue Influence

Estate of Denial: The Tony Curtis Estate held an auction this weekend to unload hundreds of memorabilia, articles of clothing and other property belonging to the famed actor who died last September at age 85, after years of poor health. Julien’s Auction House in Beverly Hills, California, conducted the online auction and raised more than one million dollars. The money went to the benefit of Tony’s widow and fifth wife, Jill Vandenberg Curtis, with a portion going to the couple’s charity.

So how much did his five children, including actress Jamie Lee Curtis, stand to receive from this? Absolutely nothing.

Tony Curtis redid his Will and Trust in May of last year, a few months before he died from cardiac arrest. When he did so, he cut out all of his children. His will lists all five by name — including Jamie Lee — and states that he intentionally disinherited them. No reason was given in his will.

His children were shocked by it and are not happy. And this weekend’s auction only made it worse.

On the Net2016-12-13T20:33:39-08:00September 26th, 2011|Estate Fights, Estate Planning, Rich & Famous|

Is Inherited Wealth Becoming The Norm?

Estate of Denial: The release of the latest Forbes 400 List of Americans is, once again, being billed as a triumph of self-made wealth.

Bill Gates, Warren Buffett and Larry Ellison – all self-made – topped the list, once again. And Forbes heralds that fact that “a record 70% of the Forbes listers are self-made.”

Yet their announcement obscures the fact that half of the top 10 on the Forbes list have inherited all or some of their wealth, making America’s billboard chart of opportunity look increasingly like the the lucky sperm club.

The Walton Family fortune towers over all others on the list. Christy Walton has a listed worth of $24.5 billion, Jim Walton has a listed worth of $21.1 billion, Alice Walton has a listed worth of $20.9 billion, and Robson Walton has a listed worth of $20.5 billion.

Yet if the Waltons were counted as a single family fortune – like many others on the list – they would have $87 billion, making them the richest family in America. They would easily surpass Bill Gates at the top of the list, with $59 billion. As he and Mr. Buffett give away more of their fortunes to charity, the individual Waltons could well wind up cracking the top five.

On the Net2011-09-26T09:27:43-07:00September 26th, 2011|Estate Planning, Rich & Famous|

Make Financial and Estate Planning a Priority

Greenwich Citizen: Financial planning and estate planning are two distinctly different areas of life planning. They do, however, interact consistently and work hand in hand when planning for the preservation of wealth and the future wellbeing of your loved ones.

The essence of both estate planning and financial planning is to ensure that once you have passed away, your personal and financial goals have been met.

Dealing with the issues of death, illness and the future care of loved ones is often an issue that most people fail to make a priority on their list “things to do.” However, advanced planning is essential, and the advantages of having a good estate plan should be a top priority above all emotional issues.

On the Net2017-10-07T11:14:45-07:00September 23rd, 2011|Estate Planning|