Arizona Estate Planning

Estate Planning Makes Life Easier For Those You Leave Behind

CBS Boston: Catastrophes happen! Natural disasters! Accidents. Illness! Old age.

No one gets out of this world alive, but we can plan to make it easier on those we leave behind. If you have accumulated assets or you have minor children you need to do some estate planning. The more complicated your life the more complicated your planning needs to be.

Experts estimate that less than 35% of individuals have wills. This is one thing people procrastinate about, especially parents with young children. 75% of parents with young children have not done the estate planning that could keep their children safe if something should happen to the parents. The parents need a will naming guardians for their children if something should happen to them.

On the Net2011-08-26T09:39:30-07:00August 26th, 2011|Estate Planning, Wills|

New Estate Planning Litigation: Defining “Spouse”

Estate of Denial: One obituary described Ellyn Farley as a happy, studious, pet-loving attorney married to her spouse Jennifer Tobits and only “reluctantly” wearing dresses to attend Mass. The other described her as a fierce litigator and champion to the underdog, survived by her parents, her brother, various aunts and uncles, a godmother, and “good friends for life who will be in her heart forever, Jennifer and Nancy, of Chicago; and numerous cousins and other devoted friends.”

The first was published in the Chicago Tribune, the city where Farley lived with her spouse Jennifer Tobits. The latter was published in the Roanoke Times, in Virginia, where Farley grew up.

The first was drafted by one of the lesbian couple’s friends and was reviewed and edited by Tobits. The latter was coordinated by Farley’s parents who, according to Tobits, did not consult her about its contents.

The first makes clear that Farley was married to a woman; the latter scrubs that reality out of her life story.

“This is the new era,” said Shannon Minter, legal director of the San Francisco-based National Center for Lesbian Rights. “We are all familiar with hearing stories about parents stepping in and not honoring their children’s relationships and trying to take all the assets. Now that so many couples are in marriages or civil unions or domestic partnerships, it’s still happening; but we have a degree … of legal protections that we didn’t have before.”

On the Net2011-08-26T09:06:28-07:00August 26th, 2011|Estate Planning, LGBT Planning|

How Do Parents Keep Control Of Assets Passed To Children?

Wealth Counsel Estate Planning Blog: Parents want to be in dictatorial control. However, trusts must be irrevocable for estate tax and asset protection planning purposes. Many people get turned off when the word “irrevocable” is raised. We must be able to assure them that they can “have their cake and eat it too.”

Magic Formula. The goal of planning is to “own nothing and control everything.” The magic formula is “control.” “Own” looks and sounds like an English word, but it is not. It is a legally defined concept. By contrast, “control” is what it seems to be. To paraphrase U.S. Supreme Court Justice Potter Stewart, (who was describing hard core pornography), you know it (control) when you see it.

Children’s Trust. So how do parents keep control? The first element in any planning is a children’s trust. We don’t want to deal directly with the children. Children may start off as nice people, but once the parents are in their 80s, the children will be convinced that they know more than their
parents. So a properly structured children’s trust will give the parents continuing control.

On the Net2017-10-07T11:14:45-07:00August 25th, 2011|Estate Planning, Trusts|

Do You Need A Power Of Attorney?

Barrington Patch: Powers of Attorney are important components of most estate plans. Today’s column explains the purpose of two types of Powers of Attorney — the Power of Attorney for Property and the Power of Attorney for Health Care.

Hello Lisa, My wife and I recently met with a lawyer to have our wills done. The lawyer told us we should also have “Powers of Attorney.” We don’t understand why. Could you please explain why we should have these Powers of Attorney? Thanks, Joe

Dear Joe,

Thanks for your question. Many people share your confusion about the purpose of a Power of Attorney (POA). First of all, it is important to understand that there are two different types of POA’s that are central to most estate plans.

On the Net2011-08-24T09:57:14-07:00August 24th, 2011|Estate Planning, Powers of Attorney|

Estate Planning And Medicaid Planning

My San Antonio.com:

Dear Mr. Premack: My wife has been gradually getting worse dementia, and I’ve finally had to place her into a nursing home. Her care costs over $5000 each month, and while we are not entirely without resources, this is far beyond what we can afford. We have about $200 thousand in savings, our home is paid off, and between us we have about $2800 each month income. She named me as agent in a durable power of attorney last year, and we each have Wills leaving everything to each other. Is there any
way that we can qualify for help to pay the nursing home bill? – T.R.

There are only three ways to pay for the medical care your wife needs. First, you can pay from your own income and assets, which is honorable and in fact necessary. Second, you could have purchased long-term care insurance, which would then be obligated to pay for a portion of her nursing home care. Third, you can seek taxpayer assistance from Medicaid.

On the Net2011-08-24T09:54:37-07:00August 24th, 2011|Estate Planning|

Importance of Estate Planning Highlighted By Death of Real Housewives’ Husband

On Wall Street: Russell Armstrong was the 47-year old husband of “Real Housewives of Beverly Hills” cast member Taylor Armstrong. Tragically, Russell committed suicide on August 15th about one month after Taylor had filed for divorce. Russell was reportedly distraught over how the Bravo TV Show was going to portray him in this upcoming season. His unexpected suicide took his whole family by
surprise.

The already sad situation turned even uglier a few days ago when attorneys for the family members began to argue, publicly, about his funeral. Russell's attorney told numerous media outlets that Taylor had not told Russell's parents or sister about the burial arrangements. In fact, he blasted Taylor and her attorney saying:

“I am deeply disgusted that Taylor would use her family law attorney to create cover, by lying to me over a period of days, on her behalf in writing that she would share the funeral location and time with my client's mother, father, sister and other family members. Instead, no one has contacted them and
it is apparent now that Taylor is using this death to further injure the Armstrongs. As if filing for divorce was not enough, this act of cutting out his mom, dad and sister is, frankly, despicable.”

Taylor's attorney, of course, refuted these reports. Taylor originally said she wanted to bury Russell in a cemetery in Los Angeles, but the family insisted he be returned to them in Texas.

On the Net2017-10-07T11:14:44-07:00August 23rd, 2011|Estate Fights, Estate Planning, Rich & Famous|

Assets Not Covered In Your Will

Wills, Trusts & Estates Prof Blog: Even if an individual creates a well drafted will, he or she may unintentionally disinherit intended beneficiaries from large portions of his or her estate by failing to take proper steps regarding non-probate assets.

One such asset is a 401(k) plan. A surviving spouse is automatically entitled to the entire account, regardless of what a will states. If an individual wants the account to pass to someone other than his or her spouse, the spouse must file a written statement waiving his or her rights to the account. Additionally, a prenuptial agreement will not resolve this issue because, until a person is actually married, he or she cannot give up his or her spousal rights to a 401(k).

Richard Keyt2016-12-13T20:33:44-08:00August 19th, 2011|Beneficiaries, Estate Planning|

The Problem With Do It Yourself Wills

Forbes: A will is one of the most important financial planning documents, especially as you move toward retirement. Yet an astonishing number of people of all ages still don't have one.

Psychological factors are at play–it's extremely stressful to confront one's own mortality. Plus it's painful to spend money on estate planning, because you don't live to reap the benefits even if you know your heirs will.

Purveyors of do-it-yourself books, software and online forms are trying to change that. The cookie cutter documents they sell to help you generate a will cost a fraction of what many lawyers charge. Fueled by the technological revolution, these products have proliferated in recent years, with at least a dozen offered online, plus many books and assorted boxed software.

This development makes me cringe–so much, that I won't mention specific products in this article, because I don't want any of them saying in promotion materials, “As featured in Forbes.”

Why am I strenuously opposed to do-it-yourself wills? There are just so many things that can go wrong–from the wording of the document, to the required formalities for how it must be signed and witnessed before it can be valid. As the author of a consumer-oriented book, Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide, I make it a hobby of collecting DIY horror stories. And I've gathered some doozies. As Timothy E. Kalamaros, a lawyer with his own practice in South Bend, Ind., says, using a DIY will is like “pulling your own tooth with a pair of pliers instead of going to the dentist.”

On the Net2016-12-13T20:33:44-08:00August 18th, 2011|Do It Yourself - Fail, Estate Planning, Wills|

Estate Planning For Ladies

Forbes: Going to a woman’s undergraduate college taught me that it’s okay for women to be smart. When I went to Columbia Law School, I found myself explaining that to a very brainy, beautiful classmate who told me she got more dates if she acted dumb. That was in 1978.

Women have come an enormous distance since then. Currently they serve as CEOs of 14 Fortune 500 companies, according to Catalyst. Among them: Indra K. Nooyi at PepsiCo; Irene B. Rosenfeld from Kraft Foods; Patricia A. Woertz of Archer Daniels Midland; Ursula M. Burns of Xerox, and Carol A. Bartz of Yahoo.

Still, for all we have achieved — with our careers, managing our finances, sharing child rearing and other household responsibilities — we’re not as savvy about estate planning as we ought to be. In fact, a recent survey by EZLaw suggests that women care more about losing weight than about protecting their financial assets.

Does this mean women have more will power when it comes to their waistlines, than when it comes to estate planning?

On the Net2016-12-13T20:33:44-08:00August 17th, 2011|Estate Planning|

Complications With Estate Planning For Pets

Futurity: Leaving Fido all your worldly goods may sound like a good way to treat man’s best friend, but what happens to the inheritance after a pet dies is a matter of debate.

The issue has been in the news recently. British fashion designer Alexander McQueen, who died in February, left a sizeable sum of money to his beloved dogs—and Trouble, the recently deceased dog of Leona Helmsley, famously inherited $12 million.

It’s not just wealthy celebrities leaving provisions for pets in their wills. Between 12-27 percent of owners do so.

On the Net2011-08-15T09:59:32-07:00August 15th, 2011|Estate Planning, Planning for Pets|

Basic Estate Planning Issues To Consider

24-7 Press Release: Thinking about life going on after your death and how your family will cope is never pleasant. But if you do not focus on your estate plan now, there is the possibility that your loved ones will be left with nothing, and may even have some unwanted bills after you pass away.

Without an estate plan, you leave your family with an uncertain future. As plans can differ from person to person and family to family, it is important to meet with an attorney experienced in estate planning to discuss which documents best suit your needs. If you already have an estate plan in place, make sure you regularly review it with your attorney to ensure that it still meets your goals.

On the Net2016-12-13T20:33:44-08:00August 15th, 2011|Estate Planning, Healthcare Directives, Powers of Attorney, Wills|

Get A Divorce? Make A New Estate Plan

24-7 Press Release: Many people create their first will after getting married. However, if you are now divorced or going through a divorce, it may be time to look again at your estate plan. A married person will usually plan his or her will together with the spouse, and often has many provisions regarding the spouse in the will. After divorce, it is likely that plan is no longer appropriate.

On the Net2016-12-13T20:33:44-08:00August 15th, 2011|Estate Planning|

Estate Planning Options

Examiner.com: You have a lot of options when it comes to planning your estate. You can consult an attorney, sure, but you can also do it yourself with the help of numerous services that are willing to sell pre-drafted forms. The question is not whether you have multiple options, but why you would choose anything but the best plan for your needs. The best plans include processes for customization and implementation. That means giving you exactly what you specifically need.

On the Net2011-08-12T09:37:20-07:00August 12th, 2011|Estate Planning|

Smart Estate Planning Move To Make Today

Smart Money: With the current $5 million federal estate tax exemption, you may not be thinking much about estate planning. After all, there's no way your estate would owe the tax if you happen to die between now and 2013. So no worries, right? Wrong.

In fact, there's an important estate planning move you should probably make as soon as you finish reading this: check the beneficiary designations for your bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities and 529 college accounts. If you haven't yet turned in the forms to designate beneficiaries, do it now. If your forms are out of date, change them. It's amazing how often folks fail to take these simple steps, and the consequences of slacking off can be dire. Need a couple horror stories for motivation? Here you go.

On the Net2011-08-10T09:33:17-07:00August 10th, 2011|Beneficiaries, Estate Planning|

Estate Planning Basics

BCRNews.com: If you don't make $1 million a year, only own one modest home and are still driving the same car you bought six years ago, you might think you don't need to engage in “estate planning.” Or you may think your family accountant or attorney will be the only professional you need to help you with this important task.

Not so on either account, says Joseph V. Falanga, a certified public accountant, Accredited Estate Planner and current president of the National Association of Estate Planners & Councils (NAEPC). “Your ‘estate' is much more than just the amount of cash you'll leave to your loved ones,” Falanga says. “Estate planning ensures your investments, retirement savings, insurance policies, real estate, business interests and cash will all be handled according to your wishes when you're gone. Just as you would seek out a specialist for a specific health need, you should look for professionals whose education and experience are specialized to the needs of people planning their estates.”

On the Net2011-08-09T09:38:41-07:00August 9th, 2011|Estate Planning|

Fight Continues Over James Brown’s Estate

Forbes: The Godfather of Soul passed away on Christmas Day, 2006, and generously left his $100 million fortune to a special trust set up to help poor and needy children. Yet, four-and-a-half years later, not one child has seen a cent. Why?

The court battle over his final wishes has dragged on … and on … and on, as court fights often do. While most estate fights are devastating for family members, both emotionally and financially, this one has affected many more — those that needed help the most. How did this happen?

James Brown passed away with at least nine children, three ex-wives, and a woman who may or may not have been his widow. This woman, Tomi Rae Hynie, was technically still married to another man when she tied the knot with James Brown (although that marriage was later annulled, reportedly). Hynie also had a child named James Brown, II, which may or may not have been fathered by Brown. To complicate the estate, Brown never updated his will or trust during his five-year marriage to Hynie, so it was unclear if he did or did not want to include Hynie or his new son.

On the Net2016-12-13T20:33:44-08:00August 9th, 2011|Estate Fights, Estate Planning|

Everyone Needs A Basic Estate Plan

24-7 Press Release: Estate planning is not only for the super-rich, or even just moderately wealthy individuals. Wills, medical directives and trusts accomplish many things. Whether you need to set up a guardianship for your children or obtain peace of mind for future health care decisions in the event you are incapacitated, estate planning is now a versatile and straightforward way to manage end-of-life planning.

On the Net2011-08-08T09:29:54-07:00August 8th, 2011|Estate Planning, Healthcare Directives, Powers of Attorney, Trusts, Wills|

Never Too Early To Start Planning

North Jersey.com: Two months ago a close family friend had a heart attack.

Fortunately he came through it and is on the mend. But the experience — including concerns about who would make medical and financial decisions on his behalf, if needed — served as a reminder that he and we need to get our financial houses in order.

Most of us don’t like to think about these “what if” decisions.

But as more of us become eligible to join AARP or care for aging parents, it is critical that we make sure that we are ready.

And that means preparing key documents — including a will, power of attorney, advanced medical directive and a medical proxy — and keeping each up to date.

On the Net2017-10-07T11:14:44-07:00August 8th, 2011|Estate Planning, Healthcare Directives, Powers of Attorney|

Designer Alexander McQueen Left Substanial Funds To His Dogs

Estate of Denial: Some of Alexander McQueen’s relatives may have a bone to pick with him over his will — he left them as much as he left his dogs.

The late, great, far-out fashion designer bequeathed nearly $82,000 to each of his three beloved English bull terriers, Juice, Minter and Callum, “for [their] upkeep and maintenance . . . so long as [they] shall live,” according to McQueen’s hefty, $26 million will, which was made public yesterday.

It’s the same amount that McQueen — who committed suicide last year at age 40 — gave to his godson and each of his nieces and nephews.

On the Net2011-08-08T09:22:48-07:00August 8th, 2011|Estate Planning, Planning for Pets, Rich & Famous, Wills|