Arizona Estate Planning

Caring For Disabled Heirs

Estate of Denial: Deciding how to leave your assets to your kids is tricky enough. If your adult child has a chronic disability, the task is much more complicated.

The issue affects many families: According to U.S. Census data, 12% of the population has a severe mental or physical disability.

Strapped state and local governments are tightening income restrictions for medical benefits and supportive services, which are typically paid for by Social Security and Medicaid. Those services are tough to find—or afford—in the private sector for many adults with disabilities so severe that they can’t live alone, parents and advocates say.

As a result, it’s increasingly important to structure an inheritance in a way that won’t disqualify a child for such benefits down the road.

On the Net2011-09-07T09:08:34-07:00September 7th, 2011|Estate Planning, Special Needs Trusts, Wills|

Naming Beneficiaries

24-7 Press Release: Assets with beneficiary forms seem appealing to people trying to set up estate plans. Such assets have the benefit of going directly to the heirs and avoiding the lengthy and sometimes costly probate process. However, people need to make sure that they coordinate their named beneficiary assets with the rest of their estate planning documents such as wills and trusts. Otherwise people may inadvertently sabotage their own plans for their possessions after they die because such forms override wills — wills do not override beneficiary designations. Those making estate plans need to know common errors to avoid when executing named beneficiary forms on assets.

Types of Named Beneficiary Assets

There are a variety of assets that can have named beneficiary forms. Some of the most common examples include life insurance policies, retirement accounts, payable or transferable on death bank accounts, U.S. savings bonds and securities such as stocks, bonds and mutual funds.

People may designate a variety of different types of beneficiaries. Some may opt to name an individual outright, while others may choose to name a group of people such as “all of my grandchildren who survive me.” A person may also name a trust or his or her estate as the beneficiary of such an asset. Finally, a person may choose to make a charity or other organization a beneficiary.

On the Net2016-12-13T20:33:40-08:00August 29th, 2011|Beneficiaries, Estate Planning, Wills|

The Importance Of Keeping Estate Plans Current

24-7 Press Release: No one really likes to contemplate his or her own mortality, but traditional wisdom teaches that a little planning during life makes things a lot easier on surviving loved ones after death — which is why it is prudent to make a will. However, many believe that once they have accomplished that task they need never think about it again. The truth is that a person needs to revisit his or her estate plan periodically to ensure that it remains current and accurately expresses his or her wishes, especially after major life events such as marriage, divorce, births, deaths, moves, changes in wealth or possessions, or changes in the law.

Reasons to Have a Will

Creating a will is crucial for each person. Some people believe that if they do not have substantial assets they have no need for a will. However, there are numerous reasons why people should draft wills. Primarily, drafting estate planning documents such as wills and trusts is an act of love for surviving family members. By planning during life, a person saves surviving loved ones the hassle of trying to figure out the deceased's affairs while they are mourning. A will also can help prevent family members from fighting with one another over who gets which possessions because the will distributes the assets.

On the Net2016-12-13T20:33:40-08:00August 29th, 2011|Estate Planning, Wills|

Estate Planning With A Second Marriage

NJ.com: Today Your Legal Corner provides information on second marriages and estate planning.

Losing a parent is devastating. It is said this experience begins the next chapter in our life and that of the surviving parent.

When the surviving parent finds a new special someone, it can create mixed emotions for the family. On the one hand, you are happy to see dad or mom finally getting on with life, experiencing a second bite of the apple, with a fresh taste for life.

At the same time, you're suspicious of this new friend. Acceptance of the relationship brings a feeling of disloyalty to the deceased parent. All of these emotions are common and normal.

With second marriages and estate planning, staying actively engaged with your parent will minimize incidents of fraud or undue influence by third parties.

Everyone has the ability to protect their own assets through proper estate planning.

On the Net2011-08-29T08:25:11-07:00August 29th, 2011|Estate Planning, Prenuptial Agreements, Trusts, Wills|

Most British Won’t Discuss Wills

Estate of Denial: The vast majority of Brits will not talk openly about inheritance, despite the fact that 40 per cent of people expect to receive one.

According to new research from Aviva, two-thirds of those surveyed would not discuss inheritance openly with their parents.

However, 76 per cent of those questioned said that they would be happy for their parents to use equity from their property to fund their retirement – even if it meant reducing their inheritance.

Retirement director at Aviva Clive Bolton said: “Despite the British taboo of discussing inheritance, it seems that three-quarters of Britons are happy for their parents to use the cash in their property to enjoy a better lifestyle in retirement.”

On the Net2016-12-13T20:33:44-08:00August 29th, 2011|Estate Planning, Wills|

Estate Planning Makes Life Easier For Those You Leave Behind

CBS Boston: Catastrophes happen! Natural disasters! Accidents. Illness! Old age.

No one gets out of this world alive, but we can plan to make it easier on those we leave behind. If you have accumulated assets or you have minor children you need to do some estate planning. The more complicated your life the more complicated your planning needs to be.

Experts estimate that less than 35% of individuals have wills. This is one thing people procrastinate about, especially parents with young children. 75% of parents with young children have not done the estate planning that could keep their children safe if something should happen to the parents. The parents need a will naming guardians for their children if something should happen to them.

On the Net2011-08-26T09:39:30-07:00August 26th, 2011|Estate Planning, Wills|

Entertaining Will Challenge

Wills, Trusts & Estates Prof Blog: Stan Rule (Attorney, British Columbia) posted a blog on the Rule of Law Bolg on August 20 entitled Estate of Watts. The blog discusses a humorous will challenge
involving a woman’s bequest to her husband. The blog is below, in full:

Although I don’t recommend taking shots at family members from the grave in your will, it can make for entertaining reading.

I came across a case from New Brunswick, In re Estate of Watts, 1933 CarswellNB 9 (S.C. App. Div.) in which the will-maker left to her husband the sum of $1 “as memento of the manner in which my husband treated me during our married life.”

Her husband was not overly pleased with the will. After her death he challenged it in court. He argued that she was under an insane delusion that he had been unfaithful to her, and accordingly that she did
not have the mental capacity to make the will. If the Court found that the will-maker was influenced in her decision to essentially disinherit her husband by an insane delusion about him, then she likely was incompetent and the will invalid. There was evidence that she did indeed believe that her husband was
unfaithful.

On the Net2016-12-13T20:33:44-08:00August 25th, 2011|Estate Fights, Wills|

The Problem With Do It Yourself Wills

Forbes: A will is one of the most important financial planning documents, especially as you move toward retirement. Yet an astonishing number of people of all ages still don't have one.

Psychological factors are at play–it's extremely stressful to confront one's own mortality. Plus it's painful to spend money on estate planning, because you don't live to reap the benefits even if you know your heirs will.

Purveyors of do-it-yourself books, software and online forms are trying to change that. The cookie cutter documents they sell to help you generate a will cost a fraction of what many lawyers charge. Fueled by the technological revolution, these products have proliferated in recent years, with at least a dozen offered online, plus many books and assorted boxed software.

This development makes me cringe–so much, that I won't mention specific products in this article, because I don't want any of them saying in promotion materials, “As featured in Forbes.”

Why am I strenuously opposed to do-it-yourself wills? There are just so many things that can go wrong–from the wording of the document, to the required formalities for how it must be signed and witnessed before it can be valid. As the author of a consumer-oriented book, Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide, I make it a hobby of collecting DIY horror stories. And I've gathered some doozies. As Timothy E. Kalamaros, a lawyer with his own practice in South Bend, Ind., says, using a DIY will is like “pulling your own tooth with a pair of pliers instead of going to the dentist.”

On the Net2016-12-13T20:33:44-08:00August 18th, 2011|Do It Yourself - Fail, Estate Planning, Wills|

Basic Estate Planning Issues To Consider

24-7 Press Release: Thinking about life going on after your death and how your family will cope is never pleasant. But if you do not focus on your estate plan now, there is the possibility that your loved ones will be left with nothing, and may even have some unwanted bills after you pass away.

Without an estate plan, you leave your family with an uncertain future. As plans can differ from person to person and family to family, it is important to meet with an attorney experienced in estate planning to discuss which documents best suit your needs. If you already have an estate plan in place, make sure you regularly review it with your attorney to ensure that it still meets your goals.

On the Net2016-12-13T20:33:44-08:00August 15th, 2011|Estate Planning, Healthcare Directives, Powers of Attorney, Wills|

Everyone Needs A Basic Estate Plan

24-7 Press Release: Estate planning is not only for the super-rich, or even just moderately wealthy individuals. Wills, medical directives and trusts accomplish many things. Whether you need to set up a guardianship for your children or obtain peace of mind for future health care decisions in the event you are incapacitated, estate planning is now a versatile and straightforward way to manage end-of-life planning.

On the Net2011-08-08T09:29:54-07:00August 8th, 2011|Estate Planning, Healthcare Directives, Powers of Attorney, Trusts, Wills|

Designer Alexander McQueen Left Substanial Funds To His Dogs

Estate of Denial: Some of Alexander McQueen’s relatives may have a bone to pick with him over his will — he left them as much as he left his dogs.

The late, great, far-out fashion designer bequeathed nearly $82,000 to each of his three beloved English bull terriers, Juice, Minter and Callum, “for [their] upkeep and maintenance . . . so long as [they] shall live,” according to McQueen’s hefty, $26 million will, which was made public yesterday.

It’s the same amount that McQueen — who committed suicide last year at age 40 — gave to his godson and each of his nieces and nephews.

On the Net2011-08-08T09:22:48-07:00August 8th, 2011|Estate Planning, Planning for Pets, Rich & Famous, Wills|

Estate Planning Steps To Start Today

Tulsa World: Everybody's going to die – so why not think about estate planning now and beat the rush?

Even if you're not wealthy, it's still important to plan for what will happen to your valuables and property after your death.

All the legal terms you'll run into along the way to understanding the estate planning process will confuse and even overwhelm you – unless you use the Federal Citizen Information Center to bone up on the lingo and get ready to protect your wealth for your family.

On the Net2017-10-07T11:13:36-07:00August 4th, 2011|Estate Planning, Estate Tax, Wills|

Amy Winehouse Got It Right With Her Will

Although troubled during her life, Amy Winehouse got it right with her estate plan. Unlike many other celebrities like Anna Nicole Smith or Michael Jackson, Amy Winehouse left a well thought out estate plan that appears to distribute her assets just how she wanted.

Amy Winehouse's heirs could have faced a significant battle had the singer not left such a carefully crafted estate plan. Since the British legal system tends to favor ex-spouses, Winehouse's estimated $16.4 million fortune could have ended up in the hands of her ex-husband Blake Fielder-Civil, who is currently serving time in an English prison. Instead, Winehouse did the smart thing by amending her will after her divorce from Fielder-Civil. Now Winehouse's will is said to pass her considerable assets to her parents and brother.

In light of all the nasty estate battles that we hear about in the news, it's nice to hear of a celebrity who got it right. Had Winehouse failed to amend her will to omit her ex-husband, her ex-husband would have had a claim to her entire estate. That court battle could have gotten particularly messy since Fielder-Civil reportedly was the one who introduced Winehouse to drugs and the addiction she struggled with throughout her life. By making the smart decision to amend her will after her divorce, Winehouse might have saved her family from a long, public and expensive court battle.

A will can accomplish a number of things. In Winehouse's case, it ensured her deadbeat ex-husband didn't inherit her sizable estate. But you don't have to rich or famous to benefit from making a will. If you have minor children, you absolutely must have a will. A will is […]

Richard Keyt2016-12-13T20:33:45-08:00July 28th, 2011|Estate Planning, Rich & Famous, Wills|

What To Do If You’re An Executor or Personal Representative

Investopedia: Being an executor [personal representative] for an estate comes with a lot of responsibility. The process can be daunting if you go into it unprepared. In this article, we'll look at some simple steps you can take while the testator is living that will make your job as the executor much easier when the time comes.

On the Net2016-12-13T20:33:45-08:00July 28th, 2011|Estate Planning, Wills|

“Old People” Not Only Ones Who Benefit From Making A Will

Newport Richey Patch: A recent client had me write “mirror” wills for him and his wife. This means that if the husband dies first, the wife gets everything, and vice versa. The couple had a young son.

A month later, the wife past away. The husband found out that his late wife, previously divorced, did not change her 401(k) retirement account payable-on-death beneficiary. Now the widower is in a fight for money that never was intended to go to the former husband, but rather, toward a college education for my client’s son.

Most people believe that a will is for “old people.” An 18-year-old single mother could never use a will to try to suggest who would be the guardian of her child, right? A new professional family that has young children could never suspect that a catastrophe could occur, right? A family that just sent its kids off to college and started a new life could not believe that health problems would arise, right? I have been presented with all of these situations and more.

On the Net2016-12-13T20:33:45-08:00July 25th, 2011|Estate Planning, Wills|

Estate Planning Issues to Consider Other Than Tax

Boom! Boomers & Beyond: Where there’s a will . . . there are relatives. This truth, proved time and again in probate proceedings and will contests, holds a clear lesson: Good estate planning is about more than taxes. It requires careful consideration of who should receive your assets, and how and when they should receive them, as well as a clear statement of your wishes and expectations.

On the Net2017-10-07T11:13:36-07:00July 8th, 2011|Estate Planning, Trusts, Wills|

Sibling Rivalries Can Complicate Parents’ Estate

Sun Herald.com: Who gets Mom's wedding ring? When siblings look at what a parent leaves behind as their inheritance, it's not always easy to sort out who gets what.

On the Net2016-12-13T20:33:46-08:00June 28th, 2011|Estate Fights, Estate Planning, Trusts, Wills|

Pitfalls of Do It Yourself Estate Planning

Forbes.com: Do it yourself estate planning? Would you also perform surgery on yourself? How about representing yourself in court – even with a couple of seasons of “Law & Order” under your belt?

With the help of Google and other search engines, we’ve become a society of “do-it-yourselfers” where seemingly everyone can repair a leaky shower, diagnose a medical condition or resolve a thorny legal matter. In the legal and estate planning community, practitioners have seen even relatively wealthy clients, who stand to benefit the most from expert planning advice, use consumer software to draft their own documents. Generally they are successful – at least as long as they are alive! Most will never know the woeful inadequacies of their self-drafted documents – this knowledge will ultimately reside with their families, often as they incur enormous legal fees on unsuccessful attempts to exact post-mortem modifications. There are dozens of websites that profess to offer you sage advice at a fraction of the cost of professionals. The problem is they usually can’t.

On the Net2016-12-13T20:33:46-08:00June 23rd, 2011|Do It Yourself - Fail, Estate Planning, Wills|

Things To Think About Before Making A Will

Womensday.com: This article lists six things an individual should consider when drafting a will:

Giving away smaller items
Naming a guardian to care for children
Naming a personal representative to handle the affairs of the estate
Using online forms to draft a will rather than an attorney
Updating existing wills
Living Wills

On the Net2017-10-07T11:13:35-07:00May 24th, 2011|Estate Planning, Wills|