Arizona Estate Planning

I Made a Will… Now What?

Question: I made a Will, now what do I do with it? Where should I keep it and who should I tell about it?

Answer: You may have the best drafted, most well thought out Last Will and Testament, but it will be useless if no one can find it. There is no central database for Wills or estate plans. This means that the only way your loved ones will know about your Will and where to find it is if you tell them!

First, you should put your original Will and other estate planning documents in a safe place, like a safe deposit box. Tell the appropriate people that you have an estate plan and it can be located in your safe deposit box. You probably want to tell your spouse, children, parents or whoever would be the person searching for your estate plan should something happen to you. We also suggest making copies of your Will and other estate planning documents and giving them to person who you have picked to be responsible for administering your estate (your personal representative). Alternatively, you can scan the documents to your computer and email them to trusted people, or put the documents on a CD and give the CD to trusted people. This is an important step, not only with your Will, but also if you have healthcare directives or powers of attorney. If you created a Healthcare Power of Attorney, make sure you give a copy to the person you designated as your healthcare agent. That way the person knows they have been nominated as your healthcare agent, and know where to find the document giving them authority to make decisions […]

Richard Keyt2016-12-13T20:33:36-08:00January 12th, 2012|FAQ, Healthcare Directives, Powers of Attorney, Wills|

I Want My Spouse and Kids to Inherit Everything. Do I Need a Will?

Question: I've heard that my spouse and children will inherit my assets if I don't have a Will. If I want my spouse and children to inherit everything, why would I need a Will?

Answer: The idea that your spouse and children will get everything is just a general guideline, it may or may not happen in your particular situation. And, even where the law provides that your spouse and children will inherit your assets, it might not work like you think.

Arizona's laws of intestate succession generally provide that your spouse and/or children will inherit your assets upon your death. If your children are all children of your surviving spouse, then your surviving spouse would get your entire estate. However, if you have children that are not also children of your surviving spouse, one half of your separate property will pass to your surviving spouse and the other half of your separate property plus your entire one half interest in the community property will pass to your children. This could be a big problem for your surviving spouse. In Arizona, the majority of most married couple's assets are owned as community property. Community property is all property acquired during the marriage, except that property that was obtained via gift or inheritance. If you have children that are not children of your surviving spouse, this means that the bulk of your assets would go to your children, not your spouse. This could have serious financial implications for your surviving spouse. Relying on the laws of intestate succession gets even more dangerous if you have step-children. Arizona law does not provide for step-children, meaning your step-children will inherit […]

Richard Keyt2016-12-13T20:33:36-08:00January 10th, 2012|FAQ, Wills|

Why Everyone Needs A Will

Brattleboro Reformer: “I'm not old enough to worry about a will,” said one of my clients recently.

Looking at him, you might agree, At 25, he is as healthy as the horses he shoes. As a Ferrier with his own business, he works hard and plays hard. Life is his oyster right now but if he dies, I reminded him, the state gets everything.

“No way,” he said, in utter disbelief.

But it is true. As a single man with no relatives and no will, the chances are quite high that the state would take everything. Fortunately, my client found religion and immediately did some estate planning, including creating a will. Unfortunately, most people will find every excuse in the book to avoid creating a will. Many individuals feel uncomfortable with the possibility of their own death or they take the attitude that when you're dead, you're dead, so why worry about it.

You may be surprised to know that most states are prepared for that and have effectively written a will for you. They are called statutes and are used to determine your heirs if you die “intestate” (without a valid will). Each state's statutes are different and can have an enormous impact on your heirs, especially your children.

If you die without a will, for example, and have children under 18, the state will control who will care for them. Sure, siblings or grandparents are usually the go to choices as guardians, but not always. There are also many instances where a sister or brother may not agree with the court's ruling. In which case, there ensues a long and costly custody battle with most of […]

On the Net2016-12-13T20:33:37-08:00January 5th, 2012|Wills|

New Years Resolution: Create A Basic Estate Plan

NJ.com: Today Your Legal Corner will address “Basic Estate Planning.”

What will you do with this New Year given? Perhaps you want to lose 10 pounds, make plans for a spring garden, change jobs, travel to Europe or dedicate time to a coveted project. Just think of the possibilities this New Year brings.

One goal to definitely include is to review or create an estate plan. A basic estate plan consists of completing an inventory of present assets, defining goals, relationships, and realities; and then developing a plan of action.

Inventory Assets

Generally, most estate planning begins with an inventory of the assets. If you would like to receive an Inventory Packet, simply request one by email, phone or letter and it will be provided, free of charge.

The Inventory Packet is a guide used to list assets, state where assets are held, and define preferences and relationships. Once completed, the Inventory Packet will aid in deciding what type of estate plan is needed. The Inventory packet should be kept with the will.

Goals, Relationships and Realities

Quite often, the difficult questions have not been answered. While it is difficult to predict the future, estate plans must still be created with goals, relationships and realities in mind. For example, what are your long term goals? Where would you choose to reside as you age? What does retirement look like for you? Will you travel? Will you continue to work? Do you have long-term care insurance?

Each estate plan should address the possibility of nursing home living. At the very least, have a plan in place as to with whom or where you would reside in […]

On the Net2012-01-05T11:09:16-08:00January 5th, 2012|Estate Planning, Healthcare Directives, Powers of Attorney, Wills|

Feuds Over Bob Marley’s Legacy Continue

Probate Lawyer Blog: While being widely loved for spreading reggae music throughout the world, Bob Marley stood for more than just music. His songs promoted freedom for poor and oppressed people throughout the world, social equality, and justice. Marley even won the 1978 United Nations Medal of Peace.

Sadly, events surrounding his estate have been anything but consistent with his musical legacy. 2011 marked the 30-year anniversary of the day Marley died of cancer, at the age of 36, on May 11, 1981. In those 30 years, his estate has seen far too many court fights, lawsuits and money-grabs to count. And that legacy of fighting over money doesn’t seem likely to end any time soon.

Just last week, a corporation owned by his widow, Rita Marley, and his nine children, sued Richard Booker and two corporations he owned. Who is Richard Booker? Bob Marley’s half-brother. Among other Jamaica-based business ventures, Booker operates musical festivals and a company which gives tours of the village where Marley was born and is now buried.

These lyrics from Marley’s song, Guiltiness, from the famed Exodus album are particularly appropriate:

These are the big fish

Who always try to eat down the small fish,

Just the small fish.

I tell you what: they would do anything

To materialize their every wish.

Indeed, fish are at the heart of this legal dispute. One of the primary targets is Booker’s effort to trademark the term “Mama Marley” for use in marketing a series of good and services. What goods and services? The lawsuit identifies them as being, “fish; fish and chips; fish cakes; fish croquettes; fish fillets; fish mousse; fish […]

On the Net2016-12-13T20:33:37-08:00December 16th, 2011|Estate Fights, Rich & Famous, Wills|

MLK, Jr. Died Without A Will – Family Fighting Continues

Probate Lawyer Blog: There is no doubt about the greatness of Reverend Martin Luther King, Jr. Unfortunately, his estate planning wasn’t so great. In fact, King made a mistake that too many people make everyday in our country … he procrastinated with his legal planning and died without a will.

In large part because of this, his legacy has been marred by fighting among his children over the handling of his estate, including claims of secrecy, mismanagement and misappropriating assets. Years ago, MLK’s heirs formed a corporation to manage King’s estate, but then they fought over control over the corporation. You can read Trial & Heirs’ coverage of the lawsuit between the King children here. Luckily, the heirs were able to reach a settlement and ended that round of fighting.

But, that doesn’t mean the court battles have ended. The corporation which operates the estate turned its attention to a television anchor in Southern Mississippi, named Howard Nelson Ballou. The Estate of Martin Luther King, Jr., Inc., sued Ballou and claimed he has possession of historic documents relating to King.

These include handwritten letters from King, transcripts of speeches he delivered, statements and newsletters he authored, a handwritten letter by Rosa Parks, and similar writings of great importance to King’s efforts in the 1950′s civil rights movement.

Ballou’s parents had been close friends with King and his wife, Coretta Scott King. Ballou’s father was King’s fraternity brother, and his mother had been King’s personal secretary in the 1950′s. She helped him research, type and edit his speeches, answered his mail and made his travel arrangements. She says that, through her relationship with King, he gave her the documents.

On the Net2016-12-13T20:33:37-08:00December 16th, 2011|Estate Fights, Rich & Famous, Wills|

Questions You Should Ask Your Estate Planning Attorney

US News & World Report: Because you've worked hard to create a secure and comfortable lifestyle for your family, you'll want to ensure that you have a sound financial plan that includes trust and estate planning. With some forethought, you may be able to minimize gift and estate taxes and preserve more of your assets for those you care about.

A qualified financial professional and tax professional can help ensure you are minimizing taxes and maximizing gains for your heirs. You can bring this four-part checklist to your initial meeting to discuss how to make your plan comprehensive and up-to-date.

Part 1: Communicating your wishes

•Do you have a will?

•Are you comfortable with the executor(s) and trustee(s) you have selected?

•Have you executed a living will or healthcare proxy?

•Have you considered a living trust to avoid probate?

•If you have a living trust, have you titled your assets in the name of the trust?

Part 2: Protecting your family

•Does your will name a guardian for your children if both you and your spouse are deceased?

•If you want to limit your spouse's flexibility regarding the inheritance, have you created a Q-TIP trust?

•Are you sure you have the right amount and type of life insurance for survivor income, loan repayment, capital needs, and all estate settlement expenses?

•Have you considered an irrevocable life insurance trust to exclude the insurance proceeds from being taxed as part of your estate?

•Have you considered creating trusts for family gift giving?

Read the rest of this article here.

On the Net2017-10-07T11:14:46-07:00December 16th, 2011|Estate Planning, Estate Tax, Healthcare Directives, Powers of Attorney, Trusts, Wills|

5 Big Estate Planning Mistakes You Don’t Want To Make

Forbers: Applying Murphy’s Law, “If anything can go wrong, it will,” to estate planning is crucial because in this case when something does go wrong, it goes very wrong and you aren’t around to fix it. Murphy’s Law at first glance appears to be overly pessimistic but the original intention of Capt. Edward A. Murphy wasn’t to depress anyone; it was to have a successful outcome. Edward Murphy was an engineer who was involved in the U.S. Army Air Force Aero Medical Laboratory’s project MX-981. Project MX-981 was designed to test the effects of deceleration forces of high magnitude on the human body. When a technician wired all of the strain gauges backwards, Capt. Murphy was heard muttering his famous phrase and the rest is history. Since they assumed mistakes were being made and things would go wrong, the attention to detail was heightened and the inevitable errors were caught. When asked during a press conference how it was that nobody had been severely injured during the tests, Dr. John Stapp credited Murphy’s Law, indicating that it was important to consider all the possible things that could go wrong before conducting a test, and then counteracting them.

A few years ago, I was going to give a financial education workshop to a group of petroleum engineers near Bakersfield, California and I happened to meet someone on the airplane who regularly presented to engineers. He gave me some advice to challenge them to find something wrong in the workshop—a statistic or a calculation with an incorrect formula, something like that. First of all, my flight companion mentioned, they are doing that anyways, but when they don’t find something, credibility instantly increases, and if […]

On the Net2016-12-13T20:33:38-08:00December 16th, 2011|Beneficiaries, Common Problems, Estate Planning, Healthcare Directives, Wills|

A New Solution To Address The National Debt: Leave Your Home To Uncle Sam

AZCentral: A South Florida man willed his historic house worth $1 million to the U.S. government to help eliminate the country's growing debt.

The Miami Herald reports that Uncle Sam put the Coral Gables house up for auction Saturday. The winning bid was $1.175 million.

The house belonged to James H. Davidson Jr. who lived there from his teenage years until he died last December at 87. He also left $1 million to the government.

On the Net2011-12-12T15:44:58-08:00December 12th, 2011|Odd Requests, Wills|

Copper Heiress Signed Two Wills – One Leaves Relatives Nothing

Fox News: A newly publicized will by an heiress to a Montana copper mining fortune leaves most of her $400 million estate to her family, while a will signed just weeks later left nothing to relatives.

The childless Huguette Clark died in May at age 104 — a last breath of New York's Gilded Age that produced the Rockefellers, Astors and Vanderbilts.

Her relatives brought the new will to light on Monday: They filed court papers asking a Surrogate's Court judge to involve them in proceedings about how her money was spent — and by whom — while she was alive.

Clark's relatives accuse her co-executors, attorney Wallace Bock and accountant Irving Kamsler, of plundering her fortune. The two were among the few who for years had access to the reclusive Clark in her Manhattan hospital room. Clark had left her 42-room Manhattan home — the largest residence on Fifth Avenue — decades earlier, choosing to live undisturbed at the hospital.

A court-ordered accounting of the Paris-born heiress' finances as overseen by Bock and Kamsler in the last 15 years of her life is “a chilling report of the mishandling, misappropriation and mismanagement” of her assets, the relatives' lawyer, John R. Morken, wrote in papers filed Monday.

While Clark was confined to a hospital room, her spending amounted to about $1 million each month, Morken said, citing the figures.

Monday's filing included a will signed in March 2005, about six weeks before another will that Bock and Kamsler filed shortly after Clark's death.

On the Net2011-11-29T13:08:47-08:00November 29th, 2011|Estate Fights, Rich & Famous, Wills|

Baby Boomers Aren’t Estate Planning

ABA Journal: The Associated Press has a story out discussing how most boomers don’t have living wills. They also are light in other estate planning areas. Estate of Denial® is often the first in line willing to point out probate abuse that occurs via the use of instruments like wills, trusts, guardianships and powers of attorney. Living wills and healthcare proxies can bring their complications as well. That said, we also would never want our message to be misconstrued as being against proper estate planning.

Though the current probate system is highly problematic, the answer lies in fixing it, not in the avoidance of action. “The fix” is no easy task, but it is critical if America wants to continue on an ideological path similar to that which has served us well for centuries, a path which respects founding values like property rights, individual liberty and the rule of law.

In the meantime, our recent column, Can Texans (or anyone) protect themselves from probate abuse?, asked “what can people do to protect themselves, their assets and their heirs?” And our answer was a disconcerting “not a whole lot.”

On the Net2011-11-28T11:47:58-08:00November 21st, 2011|Estate Planning, Healthcare Directives, Trusts, Wills|

Common Estate Planning Mistakes And How To Avoid Them

Online Athens: I want to highlight some of the most common estate planning mistakes I think people routinely make (knowing that I can’t possibly cover them all in one column). You will notice that I’m not going to discuss the estate tax beyond saying that very few people are subject to it and that it can be effectively managed by an attorney and financial planner with expertise.

In my experience, No. 1 and No. 3 are the root causes of the other issues.

1. Failure to plan: I am constantly surprised to see how many people do not have basic estate planning documents in place. The statistics consistently say more than 50 percent of Americans do not have a will, so if you happen to have one, the odds are that one of your neighbors does not.

Estate planning is another one of those areas in financial planning that plays to our desire to procrastinate. The only immediate payoff we have to getting the core documents in place is to quiet that inner voice that constantly says, “I need to take care of this.”

With proper planning, many negative consequences such as not passing your assets as you wish, strained family relationships and even a lawsuit can be avoided.

Simply stated, dying without a will is easy, but picking up the pieces afterward is not. On the other hand, getting a basic will in place should not be complicated.

On the Net2020-03-23T07:40:15-07:00November 15th, 2011|Beneficiaries, Common Problems, Estate Planning, Healthcare Directives, Powers of Attorney, Trusts, Wills|

A Guide To Talk To Your Parents About Estate Planning

The Herald – Monterey County: When it comes to family interaction and communication there is as much variety as there are families.

Some parents hold their financial information close to the vest, build their wealth and, once the estate planning is done, tuck those documents away and never discuss the plans with children. Another family may have a child who begs and pleads with parents to “get your affairs in order” only to have an unplanned, expensive estate administration to contend with once the parents pass on.

Then there is the parent who will call the family together, begin to discuss estate plans and is greeted by a crescendo of “Oh, don't worry Mom, you are still young!” or “We don't care about your money — we just love you!” However well-intentioned the children are in this case, when a parent broaches the subject of their wealth and end-of-life plans, children must listen and lend support.

Let's face it, very few people enjoy talking about death and dying and some people never undertake the planning process, leaving family members to either guess about what Mom may have wanted done or have state law govern their actions. So, if a parent comes to you and says, “I want to talk with you about my will,” please set aside the fact that it makes you uncomfortable and listen to them.

Once you have heard their plans, a few things may happen. Here are some suggestions about what you should and should not say in response.

On the Net2016-12-13T20:33:38-08:00November 8th, 2011|Estate Planning, Trusts, Wills|

What You Must Know Before Writing Your Will

AARP.org: Writing a will isn't the most pleasant of tasks. After all, by doing so you're not only acknowledging your own inevitable demise but actively planning for it. That might explain why so many adults avoid this cornerstone of estate planning. According to an AARP survey, 2 out of 5 Americans over the age of 45 don't have a will.

But creating a will is one of the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and you gain the peace of mind knowing that a life's worth of possessions will end up in the right hands.

“A will is an important way you can stay in control over who gets what of your property,” says Sally Hurme, an attorney with AARP, “and by planning in advance you can also save your family time and money.”

Richard Keyt2016-12-13T20:33:38-08:00November 1st, 2011|Estate Planning, Wills|

Muammar Gaddafi’s Will

Examiner.com: I ran across an unusual article that contains words “attributed” to Muammar Gaddafi:

“This is my will. I, Muammar bin Mohammad bin Abdussalam bi Humayd bin Abu Manyar bin Humayd bin Nayil al Fuhsi Gaddafi, do swear that there is no other God but Allah and that Mohammad is God's Prophet, peace be upon him. I pledge that I will die as Muslim. Should I be killed, I would like to be buried, according to Muslim rituals, in the clothes I was wearing at the time of my death and my body unwashed, in the cemetery of Sirte, next to my family and relatives.

On the Net2011-11-01T10:10:35-07:00November 1st, 2011|Wills|

Secretive Jobs Placed Assets In Trust Before His Death

Times Colonist: Apple co-founder Steve Jobs and his wife placed at least three properties into trusts in 2009, which legal experts say is a sign the secretive Apple chief may have been ensuring that his assets aren't disclosed upon his death.

The ownership transfers occurred while Jobs was on a medical leave from Apple, public records show.

Jobs died Wednesday at age 56 after a long battle with pancreatic cancer, prompting an outpouring of grief around the world for the man who reinvented computing, the music business and mobile phones. He had stepped down as Apple chief executive in August.

It is unclear whether Jobs put his stock and other non-real estate assets into similar trusts, but if he did, it may be difficult to determine how they will be divided.

On the Net2011-10-07T08:36:40-07:00October 7th, 2011|Estate Planning, Rich & Famous, Trusts, Wills|

Last Will and Testament of Alfred Nobel

The Local: Swedish industrialist and scholar Alfred Nobel (1833-1896), who made a substantial fortune from his invention of dynamite in 1866, established the Nobel Prizes in his will.

His 1895 testament stipulated his fortune was to be placed in a fund destined to honour “those who, during the preceding year, shall have conferred the greatest benefit on mankind.”

He died a year later in San Remo, Italy.

He had decreed the bulk of his estate should be invested in “safe securities,” and as a result, some 31.5 million Swedish kronor, the equivalent today of about 1.5 billion kronor ($222 million) were used to create the Nobel Foundation.

On the Net2016-12-13T20:33:39-08:00October 4th, 2011|Estate Planning, Giving to Charity, Rich & Famous, Wills|

Bad Money Moves: Not Having An Estate Plan

CBS Boston: We talked about dumb money moves last week and many listeners let me know that there is a whole lot more than the ones we talked about.

Estate planning is not for just for the wealthy. If you have some assets you have accumulated such as your home or retirement accounts or if you have children you have people and things you need to protect.

What estate planning does is allow you to plan. Plan for the day when you are not around to care for the loved ones in your life or plan on how your assets are to be distributed upon your death. Sounds easy but no one wants to talk about their own mortality or morbidity.

On the Net2011-10-08T18:27:43-07:00September 29th, 2011|Estate Planning, Estate Planning for Singles, Healthcare Directives, Powers of Attorney, Wills|

What You Should Expect When Estate Planning

Nevada Appeal: Clients often admit that they procrastinated before engaging me, largely because they didn't know what estate planning entailed. Though the process involves some work, a law office that focuses on estate planning matters can walk you through it so that you develop a comfortable understanding of what you are getting and why.

When developing an estate plan, you're planning for the management of your finances during life, and for the eventual transfer of all that you own. When considering a trust-based plan, you and your attorney need to look at all of your assets to determine how they fit into the plan. More importantly, you'll need to look at loved ones and professional contacts to determine who warrants your trust in managing the biggest transaction of your life. Then, you need to talk about your beneficiaries. Whether it's your kids or your favorite charities, how they should receive your assets is all part of the discussion.

If your estate is more complicated, your attorney may want to work directly with your financial adviser or your accountant, and he or she may become one of your long-term advisers. The good news is that the more issues or complications you have without a plan, the more value you'll receive from obtaining one.

On the Net2017-10-07T11:14:45-07:00September 7th, 2011|Estate Planning, Powers of Attorney, Trusts, Wills|