Arizona Wills & Trusts Blog

AZ Appeals Court Rules Widow Got A Fair Trial Despite ‘Unacceptable’ Conduct During Probate

Estate of Denial: “After a year and a half of waiting, the Arizona Court of Appeals has at long last taken up the request to do right by a 90-year-old lady who was “protected” right into the poorhouse.

The court ruled that a probate court commissioner and the attorney whose law firms wound up with much of the elderly widow’s money engaged in conduct that was “highly inappropriate” and “unacceptable.”

It called the court-sanctioned siphoning of her life savings “inexcusable.”

Then the appellate judges put their stamp of approval on the entire shameful episode, saying there’s no evidence that Marie Long was unfairly treated. They advised Marie and her sisters to, in essence, to move on.”

On the Net2016-12-13T20:33:30-08:00May 9th, 2012|Probate|

Trial Starts Today For Gary Coleman Estate

Estate of Denial: “The battle for the estate of Gary Coleman will hit a Provo courtroom today in a two-day trial that pits the late actor’s former wife against the head of Coleman’s corporation.

The case hinges on whether Coleman and his former spouse, Shannon Price, continued living as husband and wife even after their 2008 divorce until Coleman’s death on May 28, 2010.

The head of Coleman’s corporation, Anna Gray, of Portland, has a 2005 will signed by Coleman naming her as the executor and beneficiary to his estate.

Price claims that Coleman had a handwritten codicil, or amendment, to the will in 2007 that gives all assets to her, including their $315,000 home in Santaquin.”

On the Net2012-05-09T10:11:49-07:00May 9th, 2012|Estate Fights, Rich & Famous, Wills|

Estate Planning for Generation X

CBS Boston: “For many people Generation X is frozen in our minds as this 25-year-old but they are no longer kids. Many of them have kids of their own. And most have not done any estate planning.

Wrongfully thinking that they don’t need to because they haven’t accumulated many assets or consider themselves too young to be thinking about dying.

Estate planning is a key element in any financial plan no matter what your age. Estate planning allows you to decide how your assets should be distributed upon your death. Thinking that dying only happens to old people is a stumbling block when trying to get younger folks to think about estate planning.”

On the Net2012-05-08T10:31:46-07:00May 8th, 2012|Estate Planning|

An Estate Plan Is More Than Just A Will

The Journal: “Far too many people think, “I don't have an estate. I don't need to do any estate planning.”

But there are more aspects to estate planning than just signing a will. Medical, current financial and other decisions also play an important role.

The differences between the similar sounding living will and living trust often causes confusion. The first is for medical purposes; the other is financial.

A living will provides authority for certain last medical measures when in a terminal condition and has nothing to do with transferring assets or property after death.”

On the Net2012-05-08T10:29:37-07:00May 8th, 2012|Estate Planning, Healthcare Directives, Powers of Attorney, Trusts, Wills|

Same Sex Couples and Financial Planning

US News: “As North Carolina citizens vote on same-sex unions this week and Washington state begins recognizing same-sex marriage next month, gay and lesbian couples throughout the country find themselves in frustratingly complicated financial situations that require much more careful planning.

“Oftentimes they have to seek more planning assistance, more legal assistance, and more tax assistance than many other couples,” says Shawn Koch, a Portland, Ore.-based lawyer turned fee-only certified financial planner. “There's frustration because ‘sometimes I'm treated as married and sometimes I'm not.'”

Without recognition of marriage at the federal level and in many states, same-sex couples must cobble together their own financial and legal protections. Not doing so can leave assets vulnerable in the event of a break-up or death.”

On the Net2017-10-07T11:14:47-07:00May 8th, 2012|LGBT Planning|

GOP Freshman Urge Boehner to Repeal Estate Tax

Estate of Denial: “The House Republican freshman class has ratcheted up pressure on Speaker John Boehner to draw a sharp contrast with Democratic progressives and bring full repeal of the federal estate tax — popularly derided as the “death tax” — to a vote on the House floor.

Congressional Republicans, GOP freshman class president Rep. Austin Scott wrote in a public letter to the speaker, ‘are eager to present a clear cut choice to voters: Support the Republican plan to bury the death tax or support Democrats’ plan to hike the death tax to a crushing 45 percent rate, or higher.'”

On the Net2016-12-13T20:33:30-08:00May 8th, 2012|Estate Tax|

Courtney Love Loses Publicity Rights to Kurt Cobain’s Image

Estate of Denial: “Courtney Love’s control over the estate of Kurt Cobain continues to slip. In 2009, Cobain’s drug- and alcohol-troubled widow lost custody of their only daughter, Frances Bean Cobain. Now, according to sealed documents exclusively obtained by The Fix, 19-year-old Frances has taken over control of the publicity rights for the Nirvana icon’s name, likeness and appearance.

“Publicity rights are potentially worth a fortune,” says Jonathan Faber, an attorney and managing partner of Luminary Group, who once represented Kurt’s estate in policing copyright infringement and investigating licensing opportunities. “They amount to the intellectual property rights.”

The documents show that Love agreed to step down as Acting Manager of End of Music LLC—the business entity responsible for generating cash from Cobain’s publicity rights—once she’d received a $2.75 million loan from Frances’ trust fund in 2010. The massive loan was transferred from Frances’ fund to EOM in Los Angeles, and then into an account held by Courtney’s then-lawyers, Pryor Cashman, in New York. Until Courtney pays it back, she won’t receive a dime from Kurt’s name, likeness or appearance from the deals formed by Frances and her advisers since December 2010.”

On the Net2016-12-13T20:33:30-08:00May 8th, 2012|Rich & Famous|

Half of American Adults With Kids Do Not Have A Will

Yahoo!: “If you died tomorrow, who would inherit your assets? Your house? Your Snapfish albums?

If you're like half of American adults with children, you haven't made a will and therefore — legally speaking — haven't answered these questions.

A survey from RocketLawyer.com, a legal services web site, last month found that 50% of Americans with children do not have a will. Even more alarming, 41% of baby boomers (age 55-64) don't have one. The top three reasons cited by survey respondents for not having a will: procrastination, a belief that they don't need one and cost.”

On the Net2016-12-13T20:33:30-08:00May 7th, 2012|Wills|

Myths and Truths About the Estate Tax

The Wealth Channel: “Now that the initial shock and surprise resulting from the long-overdue estate tax reform has subsided, there’s been some time to pause and reflect. At first glance, the immediate reaction of many estate planners that I spoke with was that Armageddon had arrived. This certainly is not the case, but paralysis or procrastination will result in lost opportunity. In the discussion that follows, I’ll try to debunk some of the myths that have been offered in the immediate aftermath of the new estate tax rules. The implications of the law will be viewed prospectively and I will, by design, ignore 2010’s rather interesting situation where the compromise bill provided a choice to be made by executors on whether to elect the federal estate tax with the basis stepup or no federal estate tax with a modified carryover basis for assets left to heirs.

Myth: The increase in the exemption amount to $5 million and the reduction in the estate tax rate to 35 percent were the biggest surprises in the estate tax compromise.

Reality: The attempts by some in Congress to reach a more timely compromise in the 2008 to 2010 interval revealed that there would not be enough votes in the Senate to fix the federal estate tax at the 2009 levels of a $3.5 million exemption and a 45 percent tax rate. In fact, the Senate had previously agreed in principle to these critical components of the law as finally enacted.

The biggest surprise in the new legislation was the reunification of the estate and gift tax systems with the increase in the gift tax exemption to $5 million. This presents many tax-saving opportunities.”

On the Net2017-10-07T11:14:46-07:00April 25th, 2012|Estate Tax|

Major Estate Planning Mistakes You Don’t Want To Make

Forbes: “It never fails to amaze me that so many otherwise savvy individuals, many of whom have their financial lives otherwise buttoned-up, use poor judgment (or no judgment) when it comes to their estate planning. The list of major estate omissions and poor choices is almost infinite. Here are some of the mistakes that are frequently made.

1. Not having a plan

In a sense, everyone does have an estate plan; state law makes this point a certainty. It simply may not be the plan that you had in mind, or that your family would have preferred.”

On the Net2016-12-13T20:33:31-08:00April 25th, 2012|Common Problems, Estate Planning|

Warnber Bros. Scores Big Victory In Fight Over Superman Rights

Estate of Denial: Warner Bros., and its DC Comics division has won the right to use potentially damaging documents in its fight to retain the rights to Superman. The heirs of the Superman creators, Jerry Siegel and Joe Shuster claim that the rights to Superman should revert to them in 2013. Three U.S. Court of Appeals judges ruled Tuesday that Warner Bros. can use documents showing that one of the heir's prior attorneys threatened to disclose an alleged settlement with the studio if the heirs worked with a different attorney. Warner Bros. hopes the documents will help in its fight to retain the rights to Superman. The attorney for the heirs claims the documents were stolen.

On the Net2012-04-25T16:14:31-07:00April 25th, 2012|Rich & Famous|

Estate Tax Portability May Be In Jeopardy

Examiner.com: “If you are currently married with significant assets, you and your spouse have a very limited time to save a lot of money, because after that it’s very likely that Congress will change the rules now in existence and make dying much tougher on your loved ones in terms of federal estate taxes. That is, of course, unless you take this moment – right now — to do some very creative planning that will lock in what’s called spousal portability.

What is Spousal Portability?

Portability is the ability to pass one’s unused estate tax exemption to his or her spouse upon death. It works like this:

The current estate tax exemption (at least until 2013) is $5 million. That means that if you die with less than $5 million, you pay no estate taxes. Five million is a pretty high number, so this exemption is very favorable. It gets even better. Since each spouse in a marriage has a $5 million exemption, the total exemption available to the couple is $10 million. If one spouse dies and has an estate valued at only $3 million, the unused exemption ($5 million – $3 million = $2 million) “ports” to the surviving spouse. He or she can now leave an estate of up to $7 million without incurring any estate taxes.”

On the Net2016-12-13T20:33:31-08:00April 18th, 2012|Estate Planning, Estate Tax|

Ray Charles Foundation Sues Ray Charles’ Kids

Estate of Denial: “The Ray Charles Foundation seeks as much as $3.5 million from seven of the late singer’s 12 children, whom the foundation claims, in Federal Court, were unhappy with their inheritance and wrongly terminated the transfer of copyrights to dozens of Charles’ songs to the foundation.

Ray Charles’s legacy and estate has been the subject of acrimony and litigation almost since the moment the singer died of liver disease in Beverly Hills, in June 2004. The string of lawsuits that followed revolved around the rights to – and proceeds generated by – recordings, photos and film images of the star.

According to the latest lawsuit, from lead plaintiff Raenee Robinson, Ray Charles gathered most of his 12 children — including five of the seven defendants (two were then incarcerated) – in Los Angeles in December 2002 to tell them what he intended to provide for them upon his death.”

On the Net2016-12-13T20:33:31-08:00April 18th, 2012|Estate Fights, Rich & Famous|

What You Need To Know About Being A Personal Representative (Executor)

JD Supra: “Being asked to act as an executor for a friend or family member’s estate can be flattering. But it can also mean a lot of work, and potential legal liabilities if you don’t do the job right.

For your reference, five things you should know – before you say “yes” – about the role of executor:

1. What does an executor do, exactly?

“The tasks that an Executor must accomplish to handle the estate administration process include finding and controlling all of the assets of the decedent, paying any debts, taxes and claims against the decedent’s estate, and distributing the balance of the estate to the appropriate persons.” (The Executor – An Estate’s Representative by Dinsmore & Shohl LLP)”

On the Net2016-12-13T20:33:31-08:00April 18th, 2012|Estate Planning, Wills|

Will Battle Over Lee Harvey Oswald’s Tombstone

Estate of Denial: “A small Illinois museum is being threatened with a lawsuit after it was revealed to be the home of Lee Harvey Oswald’s tombstone, the sniper who assassinated President John F. Kennedy in 1963.

It has cropped up at Wayne Lensing’s Historic Auto Attractions museum in Roscoe among other historical artifacts including Elvis Presley’s 1972 Lincoln, the Mayberry squad car from The Andy Griffith Show and three Batmobiles.

To the unwitting visitor the tombstone fits right into the quirky museum, around the corner from Richard Petty’s 1960 stock car and a few steps from a Cadillac covered in 120,000 coins.

But the story of the 130-pound granite slab is shrouded in mystery.”

On the Net2012-04-13T09:57:20-07:00April 13th, 2012|Estate Fights, Rich & Famous|

Should Couples Plan Together or Separately?

Forbes: “How married couples and domestic partners structure their estate plans can make the difference between whether a family stays connected or gets blown apart after the first spouse or partner passes away. Things can be even more complicated and volatile in blended families – when there are step and half siblings and stepparents in the mix.

The first issue for all couples to resolve is whether to be represented jointly by the same estate planner or for each of you to have your own lawyer. Joint representation can be more cost-effective, since you only have to pay one set of estate planners, and more efficient–working together enables you to divvy up tasks as you prepare to meet with your estate planners. Another advantage is that it builds greater trust and more open communication between the two of you, and possibly with all of the children in your lives.”

On the Net2012-04-11T08:28:14-07:00April 11th, 2012|Estate Planning, FAQ|

16 Estate Planning Tasks To Complete Before You Die

Investopedia: “While many of us like to think that we're immortal, the old joke is that only two things in life are for sure: death and taxes. Not only is it important that you have a plan in place in the unlikely event of your death, but you must also implement your plan and make sure others know about it and understand your wishes – as Benjamin Franklin's famous quote goes, “by failing to prepare, you are preparing to fail”. If you've procrastinated on your estate planning, this article will help you get going in the right direction.

Must Do No.1: Physical Items Inventory

To start things out, go through the inside and outside of your home and make a list of all items worth $100 or more. Examples include the home itself, television sets, jewelry, collectibles, vehicles, guns, computers/laptops, lawn mower, power tools and so on.”

On the Net2016-12-13T20:33:31-08:00April 11th, 2012|Estate Planning|

Avoiding Common Issues With Trusts

RGJ.com: “George Bernard Shaw said “Marriage is an alliance entered into by a man who can’t sleep with the window shut and a woman who can’t sleep with the window open.” Like marriage, estate planning takes work — optimism, contingency planning and adjusting.

I want to share some of the pitfalls I’ve experienced so that you avoid a head-on collision on your life journeys. They’re talking points with your family, business partners, tax experts, lawyers and financial advisors. And please think about estate planning as planning to live (not death) and preparing your heirs for your estate (not vice versa).

My No. 2 kid is trustee … I don’t get along with the others. The trustee holds an important position, wearing many hats and has a fiduciary standard of care. Duties include accounting, compliance, loyalty to beneficiaries, impartiality and prudence. Trustees may be able to hire professionals to help. However, the buck ultimately stops with the trustee. Name the “right” trustees to make those King Solomon decisions and see your well-intentioned plans become reality.”

On the Net2017-10-07T11:14:46-07:00April 9th, 2012|Common Problems, Estate Planning, Trusts|

Estate Planning For Pets Is An Option For Everybody

Yuma Sun: “When people think of someone setting up a trust for their pet, they might imagine Leona Helmsley's pet Maltese named Trouble drinking Perrier from a crystal bowl in a lavish Manhattan penthouse. While Helmsley left $12 million to her pet dog, this was not her only bizarre moment. The “Queen of Mean” was known to have many eccentricities.

However, you don't have to be rich and eccentric to set up a pet trust. Pet trusts are most commonly set up by caring individuals who just want to make sure that their non-human family member is taken care of in the event of their own death or disability.”

KEYTLaw can help you plan for your pet with a custom drafted Pet Trust for $297.

On the Net2017-10-07T11:14:46-07:00April 9th, 2012|Estate Planning, Planning for Pets|