Arizona Estate Planning

Power of Attorney Co-Agent Conflicts

Wills, Trusts & Estates Prof Blog: Conflicts can arise when two individuals are co-agents under a power of attorney. Sometimes these conflicts require a court’s intervention before a resolution can be reached.

If a co-agent suspects a conflict is imminent, the first step is to check the actual wording of the power of attorney document. If the document contains procedures for resolving disputes, the co-agent should follow those procedures. If the document is silent on conflict resolution procedures, a co-agent should consult with an attorney for guidance on state power of attorney laws.

Individuals who wish to name co-agents but want to minimize potential conflict can name two agents and have them act independently. Another option is to name agents in sequence, meaning the first agent acts alone but should he be unable to serve, the next agent listed will serve.

On the Net2011-08-05T09:42:15-07:00August 4th, 2011|Estate Fights, Estate Planning|

Blended Families and Estate Planning

Wealth Counsel: As the rates of divorce and remarriage climb, those with recently blended families may be witnessing the emergence of troublesome estate planning issues. The interests of a new spouse and child can create conflict with a parent’s desire to provide fairly for children from a previous relationship, causing unforeseen complications, misunderstandings, and damage to the blended family unit. For those family members without a clear understanding of their new rights and obligations, the following scenarios provide examples of common planning problems and potential solutions to these issues…

On the Net2017-10-07T11:13:36-07:00August 4th, 2011|Estate Planning|

Planning For A Special Needs Child

North Jersey.com: Parents who have concerns about the well-being of their special-needs child upon their passing can take legal measures to ensure that their intended wishes are implemented.

Attorney James DeSantis, who handles estate planning for individuals with special needs |in the Law Offices of Christine Ann Soto (christinesotolaw.com), encourages families to set up the following:

n A Will

n A Special-Needs Trust

n Guardianship

DeSantis said creating a will and trust will make sure that the greatest amount of the parents' estate passes to the intended beneficiaries. It also will minimize taxes and probate, which is a legal process of settling the estate of a deceased person.

On the Net2017-10-07T11:13:36-07:00August 4th, 2011|Estate Planning|

Beneficiary Designation Basics

Barrington Patch:

Hi, Lisa. I have a 401(k) account with my employer and have named my wife as beneficiary if something happens to me. But what if she dies before me? Who would get the money? Thank you. Dean.

Dear Dean,

You raise a very good question. Most retirement plans, life insurance policies, annuities and certain other types of accounts allow you to name who will receive the proceeds when you die by filling out a beneficiary designation form…

On the Net2011-08-05T09:46:33-07:00August 4th, 2011|Estate Planning|

Estate Planning Steps To Start Today

Tulsa World: Everybody's going to die – so why not think about estate planning now and beat the rush?

Even if you're not wealthy, it's still important to plan for what will happen to your valuables and property after your death.

All the legal terms you'll run into along the way to understanding the estate planning process will confuse and even overwhelm you – unless you use the Federal Citizen Information Center to bone up on the lingo and get ready to protect your wealth for your family.

On the Net2017-10-07T11:13:36-07:00August 4th, 2011|Estate Planning, Estate Tax, Wills|

Can Contingent Beneficiaries Stretch Distributions From Inherited Accounts?

NJ.com:

Are contingent beneficiaries allowed to stretch inherited IRA and 403(b) distributions over their lifetimes once they inherit them upon the deaths of both the account holder and also the primary beneficiary? Or do they have to draw down the proceeds within a five year timeframe? Does the age of the decedents, or whether they were already drawing Required Minimum Distributions, matter? Are there differences between how inherited IRAs versus 403(b)s are treated?
— Confused beneficiary

A. How retirement assets are passed can be a complicated topic, and you may be smart to enlist the help of an estate planning attorney or certified financial planner to make sure you don’t make any costly errors. If assets remain in the account on the death of the primary beneficiary, then two questions must be answered, said Mary Scrupski, an estate planning attorney with Greenberg, Dauber, Epstein & Tucker in Newark. You must determine who is entitled to the assets in the account, and what are the rules for withdrawal.

On the Net2016-12-13T20:33:45-08:00August 1st, 2011|Estate Planning|

Amy Winehouse Got It Right With Her Will

Although troubled during her life, Amy Winehouse got it right with her estate plan. Unlike many other celebrities like Anna Nicole Smith or Michael Jackson, Amy Winehouse left a well thought out estate plan that appears to distribute her assets just how she wanted.

Amy Winehouse's heirs could have faced a significant battle had the singer not left such a carefully crafted estate plan. Since the British legal system tends to favor ex-spouses, Winehouse's estimated $16.4 million fortune could have ended up in the hands of her ex-husband Blake Fielder-Civil, who is currently serving time in an English prison. Instead, Winehouse did the smart thing by amending her will after her divorce from Fielder-Civil. Now Winehouse's will is said to pass her considerable assets to her parents and brother.

In light of all the nasty estate battles that we hear about in the news, it's nice to hear of a celebrity who got it right. Had Winehouse failed to amend her will to omit her ex-husband, her ex-husband would have had a claim to her entire estate. That court battle could have gotten particularly messy since Fielder-Civil reportedly was the one who introduced Winehouse to drugs and the addiction she struggled with throughout her life. By making the smart decision to amend her will after her divorce, Winehouse might have saved her family from a long, public and expensive court battle.

A will can accomplish a number of things. In Winehouse's case, it ensured her deadbeat ex-husband didn't inherit her sizable estate. But you don't have to rich or famous to benefit from making a will. If you have minor children, you absolutely must have a will. A will is […]

Richard Keyt2016-12-13T20:33:45-08:00July 28th, 2011|Estate Planning, Rich & Famous, Wills|

Estate Litigation On The Rise

Wealth Counsel Estate Planning Blog: It is no secret that the population throughout the U.S. is aging. According to the U.S. Census Bureau, the number of seniors 65 years or older currently exceeds 38.6 million persons. This number is anticipated to swell by over 24 million over the next decade. While the baby boomers continue to age, a myriad of resulting senior issues have arisen including an overall increase in estate litigation. Disputes arising out of the execution of an estate plan, or the management of an existing estate, have increased lockstep with our aging population. Nationwide statistics are unavailable; however, from my personal perspective, over the last ten years the probate courts in California have become inundated with estate contests. In speaking with colleagues, I have found that this phenomenon is symptomatic across the country.

On the Net2017-10-07T11:13:36-07:00July 28th, 2011|Estate Fights, Estate Planning|

What To Do If You’re An Executor or Personal Representative

Investopedia: Being an executor [personal representative] for an estate comes with a lot of responsibility. The process can be daunting if you go into it unprepared. In this article, we'll look at some simple steps you can take while the testator is living that will make your job as the executor much easier when the time comes.

On the Net2016-12-13T20:33:45-08:00July 28th, 2011|Estate Planning, Wills|

Texas Cases Shed Light on Estate Abuses

Estate of Denial: Two legal cases with central Texas ties provide interesting opportunity to discuss questionable probate actions. Anna Nicole Smith – and now her estate’s – pursuit of J. Howard Marshall II’s multi-million dollar estate has long made headlines and a recent court filing could open a new front in an action already ongoing for 15+ years. Meanwhile, the indictment of Waco attorney Ray Rushing along with former caregiver Melissa Adler presents an important example of another path by which alleged estate abuse can occur. While one case is a civil action and the other is criminal, while one involves a high-dollar estate and the other more modest asset values, the public must become aware of the dangers posed by Involuntary Redistribution of Assets (IRA) actions in which probate venues and probate instruments (wills, trusts, guardianships and powers of attorney) are used to divert assets from the dead, disabled, incapacitated and/or their intended heirs or beneficiaries.

On the Net2016-12-13T20:33:45-08:00July 26th, 2011|Estate Fights, Estate Planning|

Dividing Your Estate Between Adult Children

Wills, Trusts & Estates Prof Blog: A reader of Money Magazine recently submitted the following question: “All of our children are adults. One is always asking us for financial help; the others manage on their own. Can we take this “extra help” into account when we divide our estate in our will?” A few of the reader opinions and the expert opinion given by the magazine are below…

On the Net2011-08-05T09:54:42-07:00July 25th, 2011|Estate Fights, Estate Planning|

“Old People” Not Only Ones Who Benefit From Making A Will

Newport Richey Patch: A recent client had me write “mirror” wills for him and his wife. This means that if the husband dies first, the wife gets everything, and vice versa. The couple had a young son.

A month later, the wife past away. The husband found out that his late wife, previously divorced, did not change her 401(k) retirement account payable-on-death beneficiary. Now the widower is in a fight for money that never was intended to go to the former husband, but rather, toward a college education for my client’s son.

Most people believe that a will is for “old people.” An 18-year-old single mother could never use a will to try to suggest who would be the guardian of her child, right? A new professional family that has young children could never suspect that a catastrophe could occur, right? A family that just sent its kids off to college and started a new life could not believe that health problems would arise, right? I have been presented with all of these situations and more.

On the Net2016-12-13T20:33:45-08:00July 25th, 2011|Estate Planning, Wills|

Estate Plans Fail When You Forget The Small Stuff

Estate of Denial: In the rush to button down an estate plan, people often spend most of their time focusing on the big questions and overlook small—but increasingly crucial—details.

Even the simple question of who your heirs will be is getting more complicated. Nowadays more people are considering pets and even children posthumously conceived from genetic material in their estate-planning mix, say financial advisers. That often means setting up trusts that just a few years ago would have been unthinkable.

On the Net2016-12-13T20:33:45-08:00July 25th, 2011|Do It Yourself - Fail, Estate Planning|

Giving to Charity

24-7 Press Release: Charitable contributions are a vital source of income for most non-profit philanthropic organizations no matter what demographic the charity serves (low-income families, animals, the elderly or schoolchildren, among others) or what type of aid it provides (meals, bill-paying assistance, funds for spaying/neutering or sheltering families without homes, just to name a few).

In addition to making periodic donations to your favorite charitable organization, though, you can also make long-term gifts through the careful use of various estate planning tools. The Internal Revenue Service (IRS) recognizes the true importance of charitable giving, and the U.S. Tax Code contains provisions that allow tax breaks for both the person/company/organization gifting the money and the charity receiving it.

On the Net2016-12-13T20:33:45-08:00July 21st, 2011|Estate Planning|

How To Prevent A Fight Over Your Estate

Forbes: Did dad know what he was doing when he signed a will leaving the bulk of his estate to his caregiver daughter, leaving her siblings with much less? Did mom mean to disinherit her only child or was it a mistake? Did grandma mean for her daughters to split her jewelry collection with their brother’s wife?

These kinds of questions are at the heart of estate fights. Whether it’s thousands of dollars at stake or millions, whether you expect a fight or anticipate peace among the beneficiaries of your estate, there are things you can do while you’re alive to avoid a protracted battle over your estate after your death.

On the Net2016-12-13T20:33:45-08:00July 19th, 2011|Estate Fights, Estate Planning|

Ways to Steer Clear of State Death Taxes

Wills, Trusts & Estates Prof Blog: Twenty-two states and the District of Columbia currently impose a death tax on their taxpayers. These taxpayers have options when it comes to avoiding paying these taxes, however.

One option is to make a large lifetime gift. The current federal law grants taxpayers a $5 million gift exemption ($10 million for married couples). Another option is to make annual exclusion gifts. Taxpayers can give an unlimited number of people gifts up to the annual exclusion amount ($13,000, currently) without incurring a gift tax.

On the Net2011-07-19T08:17:04-07:00July 19th, 2011|Estate Planning, Estate Tax|

The Importance of Living Wills

Examiner.com: Most estate planning law firms spend a considerable amount of time writing about wills, trusts, and guardianship documents, but when was the last time you read anything about healthcare directives? That will be the focus of this article, because healthcare directives (also called living wills) are integral to planning for your care, should anything ever happen that causes you to be incapable of making healthcare decisions for yourself.

A living will is a document that outlines your wishes for the kind of care and medical intervention that you want (or specifically do not want) if you become terminally ill or find yourself in need of life-support but are unable to speak or otherwise communicate, as could be the case if you fall into a coma.

On the Net2011-07-18T11:37:09-07:00July 18th, 2011|Estate Planning|

Who Will Care For Your Minor Children If Something Happens To You?

Patch.com:

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 do not 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…

On the Net2011-07-13T09:34:55-07:00July 13th, 2011|Estate Planning|

An Important Read Before You Die

Wall Street Journal: Don't die before leaving your heirs access to a list of your online user names and passwords, your military discharge papers and proof of any copyrights, trademarks and patents that you own.

As we explained in our Weekend Investor article “The 25 Documents You Need Before You Die,” leaving behind a will and an estate plan—and any other end-of-life instructions—isn't enough. You also have to make your heirs aware of them and leave the documents where they can find them.

Letting a trusted family member know that you keep a list of user names and passwords with an attorney or in a safe-deposit box is important not just so they have access to bank accounts or so they can keep up with online payments, as we stated, but also in order to preclude online identity theft. The Federal Trade Commission estimates that nine million Americans are victims of identity theft every year.

On the Net2011-07-11T10:04:36-07:00July 11th, 2011|Estate Planning|