Arizona Wills & Trusts Blog

Don’t Forget The Beneficiary of Your Life Insurance Policy

LD News: “A frequently overlooked aspect of estate planning is giving full consideration to beneficiary designations on life-insurance policies you possess.

It is important to keep in mind that if you prepare a will, the will does not usually control the distribution of your life-insurance proceeds. Therefore, when you are making or revising your will, equal attention should be given to your life-insurance beneficiary designations.

Frequently, an individual will change his will but entirely overlook his life-insurance beneficiary designations. This problem is made worse by the fact that life-insurance proceeds occasionally have a greater value than the estate assets that are being distributed by the person's will.”

On the Net2017-10-07T11:14:46-07:00April 9th, 2012|Beneficiaries, Life Insurance, Wills|

Estate Planning After a Diagnosis of Dementia

AZCentral: “A lot of people tend to put off big financial and estate-planning decisions — roughly half of Americans don't have a will, for example.

But when a diagnosis for dementia enters the picture, it tends to add urgency.

Alzheimer's and other age-related diseases that affect mental health not only complicate daily life but can strain family relationships and drain your finances. It's wise to research options as early as possible and to put plans in place while you're still capable.”

On the Net2012-04-09T09:14:58-07:00April 9th, 2012|Estate Planning|

Nurse Will Probably Get Most of Huguette Clark’s Estate

Estate of Denial: “The Upper East Side properties owned by the late heiress Huguette Clark hit the market early this month and her Filipina nurse will receive the bulk of the sale.

Edwin Josue, a Filipino real estate broker of Halstead properties, explained that 62-year-old Filipina nurse Hadassah Peri will benefit the most from the sale of Clark’s properties.

The New York Times reported that based on Clark’s second will, Peri will receive 60 percent of the multimillionaire’s various assets, worth about $40 million, including investments and much of her real estate holdings not specifically bequeathed in the will.”

On the Net2012-04-09T09:15:43-07:00April 9th, 2012|Estate Fights, Rich & Famous, Wills|

Britney Spears’ Fiance Named Co-Conservator Of Her Estate

People: “Britney Spears's father is taking an extra step in bonding with his future son-in-law.

Jamie Spears is asking a court to add Jason Trawick as a co-conservator over his pop star daughter, a source confirms to PEOPLE.

Trawick will only have shared legal control over Spears's general well being – not her finances, according to the source. In general, a conservator can make decisions over a person's food, clothing and medical care.”

On the Net2016-12-13T20:33:31-08:00April 9th, 2012|Guardianship, Rich & Famous|

Update: Amy Winehouse Did NOT Have A Will

Probate Lawyer Blog: “Shortly after Amy Winehouse passed away from accidental alcohol poisoning at the age of 27 last July, reports surfaced that she not only had a will, but she had the foresight to update her will after her divorce from ex-husband, Blake Fielder-Civil. These early reports have recently been proven wrong.

Probate records were recently filed showing that Winehouse died intestate, meaning without a valid will. The estate value is listed as £4,257,580 (worth about $6.7 million U.S.) in total assets, but taxes and other debts reduce the value to £2,944,554, or $4.66 million, U.S. Many believed her estate would be worth much more, perhaps as high as $15 to $20 million.

But, let’s not jump to conclusions so quickly. The assets passing through probate court are those left in her individual name when she died. So anything held jointly with someone else, or that had a beneficiary designation (like a life insurance policy), would pass outside of probate, directly to the other person. Also, if Winehouse had a trust — which is unlikely, considering she didn’t have a will — anything held in the trust would also avoid probate. None of these types of assets would be included in her estate value as listed in the probate documents.”

On the Net2016-12-13T20:33:31-08:00April 4th, 2012|Probate, Rich & Famous|

The Story of Disinherited Heirs

Vitals on MSNBC: “Some do it with malice. Others, through a misguided notion that money or family heirlooms don't really matter to the person. Whatever the reason, the plight of the disinherited — or those who may be cut out of the family wealth in the future –has been highlighted by a bitter legal battle between Australia’s “richest mom,” Gina Rinehart, and her three children.

The billionaire says it would be in the “best interests of the beneficiaries to force them to go to work” rather than let them inherit her mining empire.

Then there's Mary Beth Caschetta, whose father cut her out of his will in dramatic movie star style.

“There was a line in my father's will similar to what Joan Crawford used when she disinherited her daughter,” says the 45-year-old medical writer and author from Massachusetts. “‘I leave no bequest to my daughter for reasons known to her.'”

On the Net2016-12-13T20:33:31-08:00April 4th, 2012|Beneficiaries, Estate Fights, Estate Planning, Rich & Famous|

Learning From Etta James’ Estate

Estate of Denial: “The Discovery Channel plans to shoot an episode of its program “The Will” at the Riverside office of Dennis M. Sandoval who, along with attorney Pamela Valencia, will talk about their experiences representing the late Etta James.

James’ son, Donto James, and husband, Artis Mills, challenged each other in court for control of how the ailing singer should be cared for. James died Jan. 20.”

On the Net2012-04-04T11:18:14-07:00April 4th, 2012|Rich & Famous|

Britney Spears Ready to End Conservatorship

Estate of Denial: Britney Spears has been under conservatorship for four years, and she feels that she is now ready to resume control of her life, but her medical doctors don’t think she is ready yet, RadarOnline.com is exclusively reporting.

As previously reported, Spears was in court last Thursday with her dad Jamie Spears, and fiancé, Jason Trawick to meet with JudgeReva Goetz. The judge wanted to discuss with Britney the possibility of her becoming a part of Simon Cowell‘s The X Factor.

The pop music queen has told her psychiatrist and her court appointed lawyer, Samuel Ingham, that she’s now ready to go it alone, but it looks like that won’t be happening anytime soon.

Continue reading Britney Spears ready to end conservatorship.

On the Net2012-04-03T16:55:34-07:00April 3rd, 2012|Guardianship, Rich & Famous|

Everyone Can Benefit From A Trust – Regardless Of Their Net Worth

SeacoastOnline.com: When I talk with couples about estate planning, a frequent question is whether they have enough assets to warrant the use of trusts.

Trusts have long been considered a tax-saving tool for the wealthy. Now that Congress has increased the federal estate tax exemption to $5 million and made that exemption portable for spouses, including trusts in an estate plan may seem to be overkill. Benefits other than estate tax reduction, however, often tip the scales in favor of trusts, even for couples with smaller estates.

A trust is an alternative to individual or joint ownership as a means for owning property. The person establishing the trust, known as the grantor, transfers assets to a trustee, who is charged with managing the property for a beneficiary according to the terms of the trust document. When a revocable living trust is part of an estate plan, the grantor, trustee and beneficiary are often the same person. Because the trust will also specify a successor trustee, the grantor is assured the assets will continue to be managed for his benefit should he become unable to manage his financial affairs on his own.

Continue reading how everyone can benefit from a trust – regardless of their net worth.

On the Net2016-12-13T20:33:31-08:00March 28th, 2012|Estate Planning, Trusts|

How Billionaires Avoid Taxes

Forbes: In 2010 Max R. Levchin, chairman of social review site Yelp, sold 3.1 million shares of Yelp held in his Roth individual retirement account. Most of the $10.1 million he received was profit. But Levchin, a 36-year-old serial entrepreneur who started PayPal with billionaire Peter Thiel in 1998, won’t ever have to pay a penny of income tax on those gains. That’s because all earnings in a Roth IRA are tax free so long as its owner waits until age 59 1/2 to take money out.

Moreover, Securities & Exchange Commission filings show Levchin still has 3.9 million shares of Yelp, now trading near $22, in his Roth. So it appears his tax-free “retirement” kitty is worth at least $95 million—and maybe a lot more. We don’t know, for example, if Levchin’s Roth owned stock in social app company Slide, which he started in 2004 and sold to Google for $182 million in 2010. If Levchin doesn’t spend his mega-Roth in retirement, he can leave it to his kids or grandkids, who can, under current law, stretch out income-tax-free growth and withdrawals for decades.

Continue reading how billionaires avoid taxes.

On the Net2012-03-28T10:17:50-07:00March 28th, 2012|Tax Planning, Trusts|

SC AG Refuses Freedom of Information Act Requests For James Brown Documents

ABA Journal: The Freedom of Information Act (FOIA) requires every public official to release public documents within 15 business days of an FOIA request. The government official is required by law to comply, whether the request is made by the press or by the public. The office of the Attorney General (AG) has the responsibility of enforcing the law.

Ironically, it is that very office which has fought for eight months to dodge and delay every FOIA request submitted by Newberry resident and former James Brown trustee Adele Pope.

Among the FOIA requests Pope filed last summer with the AG’s office:

1) Pope asked for a copy of the Legacy Trust. This is the trust created by former AG Henry McMaster when he took over Brown’s $100 million music empire in the 2009 settlement deal with six of Brown’s alleged children and his companion, Tomi Rae Hynie.

2) Pope requested documents related to why the Legacy Trust trustee, who was appointed by McMaster and serves at Wilson’s pleasure, valued the music empire of legend James Brown at less than $4.7 million upon his death on Dec. 25, 2006. (For several years, Brown had earned royalties of $4-5 million a year.)

Continue reading SC AG refuses Freedom of Information Act requests for James Brown documents.

On the Net2012-03-27T10:16:16-07:00March 27th, 2012|Estate Fights, Rich & Famous|

Not Your Typical Beneficiary

Examiner.com: Within the financial planning world, a key planning goal is to ensure that one’s client does not outlive the assets available to provide for their daily nourishment, shelter, and care. Consequently, I have always visualized retirement and estate plans that focus upon aging women and men.

Needless to say, I was caught by surprise this past week when I learned about the growth of a small niche within estate planning which does not involve aging adults, children, or grandchildren. Instead, it is centered upon providing for the shelter, nutrition, and care of pets after the pet’s owner has died.

For a growing number of folks who are extremely attached and devoted to their pet (or pets), the fear that their own death will lead to pain, suffering, or even death for their pet, leads them to search for a solution that will prevent that from occurring. For such pet owners, the opportunity to create a “pet trust” for the ongoing provision of quality care for a pet after they die is a huge emotional blessing.

Continue reading about not your typical beneficiary.

Plan for your pet's future with a KEYTLaw pet trust. Read more about pet trusts.

On the Net2016-12-13T20:33:31-08:00March 26th, 2012|Planning for Pets|

What You Need To Know About A Last Will & Testament

Washington Times: Unless you know something we do not, you will eventually pass away, and you should plan for it by writing your Last Will & Testament.

A will protects your family after your death and is one of the most vital documents you need. You may not care what happens to your money or assets after you die, and you may not care how all of it is distributed. You may not have money or assets, or you may plan on spending all of it before you die.

Getting past these tangible things, there is another personal, primary focus of a Last Will & Testament. What do you want to happen to you if you go into a coma? Do you want doctors to employ life-saving procedures? Most wills include a document called a Medical Directive to guide those decisions. Do you remember hearing about Terry Schiavo many years ago? She was in a coma and did not have a will, because she was quite young. Who needs a will in their 20s?

Continue reading about what you need to know about a last will and testament.

On the Net2016-12-13T20:33:31-08:00March 26th, 2012|Estate Planning, Wills|

A Review of 3 DIY Will Software Products

Consumer Reports: A well-written will allows your estate to be distributed legally and efficiently, costing your beneficiaries the least money and heartache. But you don't need an attorney to write a will. A number of software providers promise to help you draft a legal will for far less than you'd pay a lawyer.

Like tax software, these products guide you through an interview to draw out your intentions regarding, say, how you want your property distributed and who you want as executor of your estate.

We tested three electronic offerings: LegalZoom, Rocket Lawyer, and Quicken WillMaker Plus. The first two allow you to create a will online; the third is available as either a download or a CD-ROM (see Product details). First we created profiles of individuals from three different New York families. Our reporter then completed the interviews as if she were those individuals, drafting nine wills in all.

We sent the wills and interview records—with product identification hidden—to Gerry W. Beyer, a professor at the Texas Tech University School of Law in Lubbock who specializes in estates and trusts. Beyer judged each product on how comprehensive the interviews were and how much information was provided, and on the overall quality of the wills. Our reporter evaluated the software for ease of use.

Read more of the review of 3 DIY Will software products.

On the Net2012-03-23T15:07:54-07:00March 23rd, 2012|Do It Yourself - Fail, Wills|

Whitney Houston’s Estate Plan Was Not Ideal

Probate Lawyer Blog: Whitney Houston’s will was recently revealed, after it was filed with the probate court to open her estate, in Atlanta, Georgia. As expected, it named Bobbi Kristina as Whitney’s sole beneficiary. Beyond that, it was surprising for several reasons.

First, the fact that Whitney relied on a will — signed back in 1993 no less — instead of a living trust is troubling. We’re talking about the woman who signed the largest recording contract in history! If anyone should have thorough estate planning, including a living trust, it was Whitney.

Why? Wills have to pass through probate court to be effective, which makes them public record. That’s why information about the contents of her will is all over the internet. Inside Edition, for example, posted a copy of the will, here. In addition to be public, probate can be expensive, time-consuming, and a breeding ground for family fights.

Continue reading Whitney Houston's estate plan was not ideal.

On the Net2016-12-13T20:33:32-08:00March 23rd, 2012|Estate Planning, Rich & Famous, Trusts, Wills|

Zsa Zsa Gabor’s Husband Responds to Conservatorship Request

Estate of Denial: The feud between Zsa Zsa Gabor‘s ninth husband, Frederic Prinz von Anhalt, and her only daughter, Constance Francesca Hilton, has once again been ignited. On Tuesday, March 20, Hilton filed for conservatorship over her mother’s finances and medical care, leading von Anhalt to hold a press conference at hi shome.

Reacting to Hilton’s conservatorship request, von Anhalt told reporters, “My wife doesn’t complain. She says she’s in a good condition, she feels good.” The 68-year-old added that Hilton is picking on him “at the worst times,” explaining, “We are right now going through a very hard time, my wife and me. We have to sell our property in order to pay our debts. My wife has $6 million in debts.”

In her petition, Hilton questioned why von Anhalt took out a $700,000 loan on Gabor’s $10 million Bel Air mansion, which reportedly is in foreclosure. While von Anhalt admitted to borrow the money, he said the debt was caused by Hilton who wrongfully refinanced the house years ago.

Continue reading Zsa Zsa Gabor's husband responds to conservatorship request.

On the Net2012-03-23T10:10:47-07:00March 23rd, 2012|Estate Fights, Guardianship, Rich & Famous|

Britney Spears Heads to Court, Conservatorship May be Ending

Estate of Denial: Britney Spears appeared in Los Angeles County Superior Court this morning in a progress hearing for her conservatorship, which reports say may soon be over.

Spears arrived for her appearance in a red turtleneck paired with white flared pants. She walked ahead of fiancé Jason Trawick, reaching back to hold his hand. The two were accompanied by Spears’ father, Jamie Spears, who oversees the conservatorship.

While Judge Reva Goetz sealed the courtroom at 8:30 a.m., barring the public from hearing discussion of Spears’ “medical issues and financials,” sources say that the topic of discussion was restoring the pop star’s control of both her finances and business affairs.

Continue reading about Britney Spears going to court regarding her conservatorship.

On the Net2016-12-13T20:33:32-08:00March 23rd, 2012|Guardianship, Rich & Famous|

Court Assistance Requested in Zsa Zsa Gabor Case

Estate of Denial: The judge who oversees Britney Spears’ conservatorship will consider a request to appoint a conservator to oversee Zsa Zsa Gabor’s finances and medical care.

Los Angeles County Superior Court Judge Reva Goetz scheduled a hearing for May 2 for the conservatorship petition filed Tuesday by Francesca Hilton, Gabor’s daughter.

The Hungarian-born actress was once one of Hollywood’s most glamorous women, but a broken hip and leg amputation in the past two years have left her confined to a bed.

Hilton contends that Gabor’s ninth husband, Prince Frederic von Anhalt, is keeping her “increasingly isolated” and “heavily sedated,” and she questions his handling of Gabor’s finances.

“What Ms. Hilton is seeking here is for the court to make sure that Zsa Zsa’s best interests are not being sacrificed for the selfish interests of anyone involved in Zsa Zsa’s life,” said Hilton lawyer Kenneth Kossoff.

Continue reading about the court assistance requested in Zsa Zsa Gabor's case.

On the Net2012-03-21T12:07:37-07:00March 21st, 2012|Estate Fights, Guardianship, Rich & Famous|

Women’s Need for an Estate Plan May Outweigh Men’s

BellaOnline: Do I Need an Estate Plan? In a word, YES!

No matter where you fall on the “wealth,” spectrum (and for this article, we’ll define “wealth” in economic terms, rather than emotional or spiritual), it’s important to make estate planning a top priority. And, just as with all things “Mars/Venus,” a woman’s estate planning needs are much different than a man’s – all the more reason to take charge of your own financial future.

Here are some things to think about:

1. Women Often Outlive Men

According to the 2011 National Vital Statistics Report, on average, women live 4.9 years longer than men. This means your money needs to last longer than a man’s. If you are married, it is likely you will outlive your husband. Therefore, you will have the final say in how your joint assets are distributed to your heirs, and educating yourself about estate planning is key.

Richard Keyt2017-10-08T09:20:00-07:00March 20th, 2012|Estate Planning|