Arizona Wills & Trusts Blog - Page 16 of 53 - Arizona Wills & Trusts

The Conversation Your Family Must Have Today

The Street: “Adult children and their parents are normally hesitant to discuss money or financial affairs as these subjects can be awkward. Even though such conversations are difficult it is better to have them while both parties can meaningfully engage in the discussion.

What do I mean by both parties can engage in the discussion? I mean the parents have the cognitive or mental capacity to communicate their wishes to their adult children.

According to a report by the Alzheimer's Association, 5.2 million — or 1 in 8 Americans — over the age of 65 have Alzheimer's disease. The same report also cites a study which estimates 13.9% of Americans over age 71 suffer from some form of dementia.

For the aging parent getting your financial house in order is the responsible thing to do for yourself and your children. Likewise, adult children would be wise to engage in this dialogue before capacity becomes an issue. When an aging parent is struck with Alzheimer's disease or another from dementia it will be a draining and emotional experience for the adult child. Without proper planning it will be even more stressful.”

On the Net2012-05-30T10:46:18-07:00May 30th, 2012|Estate Planning, Healthcare Directives, Powers of Attorney|

Rosa Parks Estate Battle: No Decision Yet

Estate of Denial: “A legal showdown over the estate of civil rights icon Rosa Parks came and went this morning without a decision by Wayne County Probate Judge Freddie Burton Jr. about whether to disqualify himself from continuing to preside over the Parks’ estate fight.

Burton told lawyers in a five-minute hearing that he would issue a decision on the disqualification motion in 30-45 days without hearing legal arguments from lawyers in the case. Then, he ended the hearing, leaving lawyers to argue their positions with newspaper reporters.

‘It’s outrageous that Judge Burton needs 30-45 days to decide a completely unopposed motion for disqualification,' said attorney Steven G. Cohen, of Farmington Hills, who sued Burton last week on the grounds that he conspired with probate lawyers John Chase Jr. and Melvin Jefferson Jr., allowing them to bankrupt Parks’ estate with unnecessary and excessive attorney fees. ‘He obviously can’t serve as a presiding judge in a case where he is the defendant.'”

On the Net2012-05-30T10:10:31-07:00May 30th, 2012|Estate Fights, Rich & Famous|

Heiress Tries To Adopt Ex-Husband

Estate of Denial: “F. Scott Fitzgerald observed that the rich are different, but that does not mean an heiress can adopt her 65-year-old ex-husband to increase her family’s claim to a billion dollar inheritance.

Delaware’s Supreme Court ruled on Tuesday that the unconventional adoption did not entitle the man to inherit a share of the Gore-Tex waterproof fabric fortune.

Heirs to the founders of W.L. Gore & Associates Inc of Newark, Delaware, have fought for years over how to divide their stake in the privately held company, which has $3 billion in annual revenue.

Their battle landed in court over the question of how the late Wilbert L. Gore, who founded the company in his basement in 1958, and his late wife, Vieve, intended to divide their fortune.

At the center of the dispute was the adoption nearly a decade ago by Susan Gore, one of Wilbert’s five children, of her ex-husband, Jan Otto.”

On the Net2016-12-13T20:33:29-08:00May 30th, 2012|Odd Requests, Rich & Famous|

Be Proactive, Not Reactive With Your Estate

JD Supra: “Estate planning should be focused on anticipating possible outcomes and structuring your affairs for the tax-efficient disposition of your assets to your loved ones. However, all too frequently we estate-planning practitioners find ourselves working with clients in a reactive situation, trying to salvage an acceptable outcome out of some missed opportunity. Obviously, better outcomes are achieved when planning, rather than when reacting.”

On the Net2016-12-13T20:33:29-08:00May 24th, 2012|Common Problems, Estate Planning, Estate Tax|

Estate Planning Mistakes New Parents Don’t Want To Make

Lawyers.com: “It’s official: Jacob and Sophia are America’s most popular baby names. Once you’ve settled on a name for your new bundle of joy, it’s not too early to make legal preparations as your child enters the world.

…

Jacob has been the No. 1 boy’s name for 13 years, according to the Social Security Administration, which released the list of top baby names for 2011. Sophia knocked Isabella to No. 2 after a two-year stint at the top of the list for girls.

If you have a young child in your home, it’s already time to start thinking about estate-planning issues to protect your newborn. Following are the five most common estate-planning mistakes that parents make after having a baby.”

On the Net2016-12-13T20:33:29-08:00May 24th, 2012|Common Problems, Estate Planning, Life Insurance, Trusts, Wills|

Huguette Clark’s Executor Demands Money Be Repaid

ABA Journal: “Nurses, doctors, a hospital, a lawyer and an accountant for reclusive heiress Huguette Clark coerced or influenced her out of more than $44 million in gifts, the executor of her estate said in a court filing Tuesday.

The executor, who doesn't deny that Clark authorized nearly all of those gifts, is asking the court to order all of the money to be repaid, msnbc.com's Open Channel blog reports.

The petition is an attempt to return to the estate millions of dollars that the executor claims was bled away from the heiress by fraud or undue influence. Two other petitions were expected to be filed by the executor Wednesday, one accusing her lawyer and one accusing her accountant of malpractice and breach of fiduciary duty.”

On the Net2016-12-13T20:33:29-08:00May 24th, 2012|Estate Fights, Rich & Famous|

Judge Seals Conservatorship Case For Reese Witherspoon’s Dad

Estate of Denial: “When a Davidson County judge closed his courtroom to the public during a conservatorship case involving actress Reese Witherspoon’s father last week, he didn’t just close a day’s proceedings: He sealed the entire case history, something he has done in only a handful of other recent cases.

In sealing the case from public view, 7th Circuit Court Judge Randy Kennedy said the prejudice that would befall the Witherspoon family outweighs the public’s right to know. Kennedy sealed the entire case file — not just individual medical or financial records — and required the media to leave the courtroom.

But completely blocking access can hinder efforts to curb guardianship abuse and prevents the public from performing its watchdog role over the court system, conservatorship reform advocates and a First Amendment expert said.”

On the Net2012-05-23T09:31:44-07:00May 23rd, 2012|Conservatorship, Rich & Famous|

Theft From Disabled GIs Rampant In Texas

Estate of Denial: “Creditors just kept calling a permanently hospitalized San Antonio veteran about the delinquent payments on his 2006 Ford Focus, but Joe Cubillos, so disabled that he rarely left the veterans care center, no longer drove and knew nothing about a car.

An investigation revealed that his sister, Rosa Avila, and her daughter had used $180,000 of his money over five years — draining bank accounts, running up credit card debts and buying a new car, while providing Cubillos with pocket money of no more than “$20 at a time.”

Even after their 2011 convictions, the pair claimed they were innocent. Cubillos was generous and had always given away his money to family, they said.

Such swindles aren’t uncommon.

The Veterans Affairs Department‘s inspector general has repeatedly warned about a plague of fraud and theft in a national program that appoints family members and VA-approved fiduciaries to protect a whopping $3.1 billion in assets belonging to veterans the government considers too disabled to manage their own money.”

On the Net2012-05-23T09:29:46-07:00May 23rd, 2012|Veterans Issues|

Three Must Have Documents Everyone Should Have

There comes a point in every person's life when it is time to sit back and take stock of what you have accomplished. This could be a beautiful family, a lovely home or a thriving business. Whatever the source of your pride, it makes sense to protect it, just like you would any other asset. You protect your home and your business with insurance, but what about yourself and your family?

Protecting yourself and your family doesn't have to be difficult or expensive. But it does need to be done. Here are the three must have documents everybody should have to protect themselves and their families:

1. Last Will & Testament

You probably know what this document is. It disposes of your assets after your death. Without a Will, your state of residence determines how your assets should be divided. But can you really depend on some ambiguous state laws to protect your family? Wouldn't it be better to lay everything out in such a way that ensures your wishes are followed? This is what a Will does for you.

What many people don't know about Wills is that a Will is where you name the guardian for your minor children. Don't have a Will? Now the state gets to pick a guardian for your kids. Do you trust the state to pick the best possible person to raise your children? I don't know many people who would.

Your Will also names the Personal Representative of your estate. This is the person responsible for administering your estate by paying your final taxes, paying any creditors and collecting and distributing your property. Once again, without a Will, the state […]

Richard Keyt2023-02-27T07:02:41-08:00May 22nd, 2012|Estate Planning, FAQ, Healthcare Directives, Powers of Attorney, Wills|

More Famous Examples of Bad Estate Planning

Wealth Strategies Journal: “A wise person once observed that a wreck on the shore serves as a beacon at sea.

Perhaps the estate planning errors of others can also serve as instructive examples. But one must concede that the most egregious train wrecks of bad planning can be mesmerizing.

Without further adieu, here is a collection of testators who left behind estates with notable errors, issues, and messes.”

On the Net2016-12-13T20:33:29-08:00May 22nd, 2012|Estate Fights, Estate Planning, Lawsuits, Rich & Famous|

Reese Witherspoon Heads To Court To Help Her Father

Estate of Denial: “One of Reese Witherspoon‘s more famous roles was as the perky young attorney in Legally Blonde. Late last week, she accompanied her parents to court in a much more somber setting.

On Friday, we wrote about the efforts of Reese Witherspoon’s mother, Mary, to protect her 70-year old husband from a woman who had entered into a bigamous relationship with Reese’s father. Mary’s lawsuit alleges that the woman, Tricianne Taylor (legally named Patricia Taylor) used the relationship to try to borrow hundreds of thousands of dollars and otherwise take advantage of Dr. John Witherspoon.

Mary says her husband, from whom she has been separated but still in love with, suffers from a host of medical conditions, including possible dementia, and does not remember marrying the other woman.”

On the Net2012-05-22T09:27:20-07:00May 22nd, 2012|Lawsuits, Rich & Famous|

Using Real Estate For Charitable Giving

Summit Daily: “When it comes to charitable contributions, cash isn't necessarily king. The familiar three-legged stool metaphor as applied to philanthropy planning might include: 1) How much shall we plan to give? 2) Which causes will we support? and 3) What kinds of property shall we use to fund our contributions?

Charitable contributions are typically funded with cash; especially for people engaged in so-called “check book” philanthropy, who make contributions as part of their annual giving budget. But more significant gifts can be made of virtually any kind of property, each of which may have advantages in the form of special tax or estate planning considerations. Gifts can be made of securities, personal property such as jewelry or artwork and, increasingly, of real estate.”

On the Net2017-10-07T11:14:47-07:00May 21st, 2012|Estate Planning, Giving to Charity|

Probate Abuse Highlighted By Famous Cases

Examiner.com: “That’s a headline to grab attention in Austin, Nashville, L.A. and for entertainers across the country – as it should. Growing use of probate instruments like wills, trusts, guardianships and powers of attorney is putting at risk both individual liberties and property rights. An ongoing legal battle involving the “Godfather of Soul” James Brown’s estate helps illustrate this point as also does the case of Nashville rocker Danny Tate who in past years fought a questionable conservatorship (guardianship) and now is targeted in what appears a series of retaliatory actions for speaking out against the perpetrators of his alleged probate abuse and the “justice” system that allows it to continue. The general public may read or hear of such actions while continuing to enjoy an “it can’t happen to me” mindset, but such confidence is misplaced as a reality emerges in which people at all levels of wealth – be it worth $50,000 to $100,000, $1 million or far more – are targeted for Involuntary Redistribution of Assets (IRA) actions. Wealth is relative and in today’s world – there’s always someone happy to take yours.”

On the Net2012-05-21T15:19:43-07:00May 21st, 2012|Estate Fights, Lawsuits, Probate, Rich & Famous|

Younger Heirs And Women Worried About Being Ultra Wealthy

Estate of Denial: “Wealth transfer, a perennially touchy issue for some families, offers an opportunity for advisors to step in and bridge generational gaps, according to a new study by Campden Wealth and Morgan Stanley Private Wealth Management on attitudes surrounding wealth transfers.

Younger members of ultra-wealthy households are grappling with their forebears for a say in wealth planning, and women are concerned about how money affects their relationships, the study found, after surveying 53 families with a net worth of $100 million or more earlier this year. “

On the Net2012-05-21T15:08:54-07:00May 21st, 2012|Estate Planning|

Long-Standing Bequest Violated By UCLA

Estate of Denial: “UCLA occupies an esteemed position in the world of higher education and has many generous supporters. In fact, on March 16, 2012, a Chronicle of Higher Education headline trumpeted their fundraising prowess — In Education: UCLA Endowment Is Fastest-Growing Among Major U.S. Schools — and on March 15, 2012, Bloomberg reported:

‘The University of California, Los Angeles endowment has grown the fastest among U.S. colleges since 2008 as markets recovered and gifts from philanthropists such as casino mogul Kirk Kerkorian surged.'

Well, Mr. Kerkorian and other donors, beware: once you’re gone, UCLA might just overturn the terms of your bequest if they deem such a move in their financial interests, despite having legally agreed to abide by your wishes and intent. That’s happening right now in the case of the Edward Carter bequest. And, he wasn’t just any donor — he was once chairman of the Board of Regents, and a Regent for 36 years.”

On the Net2012-05-21T15:09:42-07:00May 21st, 2012|Estate Fights|

Veterans May Create Special Needs Trust For Disabled Children With Their Survivor Benefit Plan

Forbes: “Currently, under the Survivor Benefit Plan (SBP), a military retiree can set aside up to 55 percent of his monthly retirement pay to provide their family members with a monthly stipend, after he or she dies. However, these benefits are counted as income and can prohibit a dependent child with disabilities from receiving Medicaid and Social Security Disability Insurance assistance.

According to Militaryfamily.org, the “Disabled Military Child Protection Act of 2012” (H.R. 4329) was introduced by Congressman Jim Moran in order to provide long-term care for severely disabled children of service members.”

On the Net2012-05-18T10:40:43-07:00May 18th, 2012|Estate Planning|