Arizona Estate Planning

What Every Spouse Needs To Know About Inheriting IRAs

Forbes: “One difficult financial task facing a surviving spouse is how to handle the individual retirement accounts (IRAs) and other qualified retirement plans. Mistakes often are made with inherited IRAs in general, whether they are inherited by spouses, children or others. Retirement accounts are treated differently than most other assets in the estate. The rules for inherited IRAs aren’t intuitive or simple, so mistakes are made. Surviving spouses have the same options with inherited IRAs as other beneficiaries. But there’s a twist to one of them, and the surviving spouse has an additional option.”

On the Net2018-10-01T15:00:38-07:00October 5th, 2018|Estate Planning, ILITs|

Standing and Error Correction in Probate

Wills, Trusts & Estates Prof Blog: “Estate and guardianship proceeding are in rem and decisions are binding on the world, often without personal service or direct notice. Error correction in probate is essential because incorrect decisions can adversely affect administrations for years in the future. The Texas state legislature recognizes the importance of inheritance and guardianship and progressively expanded probate jurisdiction, including granting statutory probate courts exclusive jurisdiction over probate matters, and concurrent jurisdiction with district courts over trust and other matters. Statutory probate courts even have the power to transfer cases in other courts in other courts around the state to their own court when the proceeding affects a pending administration – the power affectionately known by practitioners as the “reach-out-and-grab” power. The legislature and courts recognize the difference between a “normal” lawsuit and an ongoing, continuing estate or guardianship administration and the need to accommodate the ability to correct errors well beyond the typical thirty days after an order is signed. The first analysis in every probate proceeding is to determine the parties who have standing in an estate.”

On the Net2018-10-01T13:19:12-07:00October 3rd, 2018|Estate Planning, Probate|

Frank Lloyd Wright estate owner defends weddings, seeks tax break from Orinda

East Bay Times: “The homeowner of a Frank Lloyd Wright estate defended holding weddings on the property, saying there have been “no citations for illegal parking, no DUIs, no fights, no loud quarrels, no excessive noise citations” and calling neighbors’ complaints “baseless.” “In fact, (there have been) no citations whatsoever for anything from the police,” Gerald Shmavonian said in an interview. He added there have been no traffic accidents and no injuries on the site. “Ninety percent of the people take Uber.” “It’s true that there has been no criminal activity,” said Orinda Planning Director Drummond Buckley. But the Orinda official said Shmavonian was still in violation of the city’s zoning ordinance. Orinda bans commercial ventures in residential neighborhoods.”

On the Net2018-09-24T14:11:17-07:00September 25th, 2018|Estate Fights, Estate Planning, Rich & Famous|

A dying mother wrote her children letters, leaving a gift of love for years

The Washington Post: “My friend Jacqueline Zinn was diagnosed with glioblastoma, a brain cancer, in 2013; she died 18 months later, at age 56, leaving behind a husband and four kids. Jacquie was a triathlete who knew a thing or two about endurance, and she managed her treatment — surgery, radiation and chemotherapy — with the same skill and organization she had brought to her work as a project manager for a drug company. Once she realized that she had only weeks to live, Jacquie began planning for the next chapter: her death and its aftermath.“

On the Net2018-09-12T14:41:29-07:00September 13th, 2018|Estate Planning|

What happens if you die without a will? You might leave a hot mess behind.

The Washington Post: “Don’t have a will? Then let me ask you this: Do you love your family? Because, if you love and care about them and want to minimize the drama that you may leave after you die, you would get a will. And I don’t mean something done on the computer that you sign and stuff in a folder. Actually, you have a will, just not one that you created. If you die “intestate,” meaning without having a legal will, state laws dictate how your assets will be distributed. Here’s a link on Nolo.com where you can see, according to your state’s law, who is entitled to your assets if you die without creating a will.”

On the Net2018-09-12T14:33:52-07:00September 12th, 2018|Estate Planning, Trusts, Wills|

Why it’s smart to plan your own funeral—and do it now

Market Watch: “Although I didn’t know it at the time, a week after my father received a terminal cancer diagnosis, he asked my cousin to take him to a local mortuary where he made decisions about his burial and paid for his funeral. Following his death five months later, as a grieving only child, I was thankful my father had the foresight to plan ahead, as he had always done for other life events. His choice to preplan was a gift that prevented me from making emotional and costly decisions based in grief. Death is a subject none of us want to confront. Talking about death causes us to face mortality and run head-on into the fact that we will not always be here. Yet death is inevitable and planning your funeral is a lot like planning for retirement. It requires honest evaluation and sometimes hard decisions, but it’s something that needs to be done. Here are five reasons to overcome hesitancy and consider planning your funeral now.”

On the Net2018-09-04T12:44:33-07:00September 6th, 2018|Estate Planning, Retirement Planning, Trusts, Wills|

Navigating Special Needs Trusts for Children with Disabilities

SmithAdmundsen: “Estate planning for parents of children with special needs can be overwhelming. Not only do parents need to consider how to provide for their child after they are gone, but they must also consider issues relating to how an inheritance will impact federal and state aid eligibility. There are three different types of special needs trusts that allow funds to be held for a disabled individual, while allowing them to qualify for state and federal aid.”

On the Net2018-09-04T12:19:06-07:00September 5th, 2018|Estate Planning, Special Needs Trusts, Trusts|