Conventional wisdom concerning distributions from trusts involving an income beneficiary whose interests differ from the remainder beneficiaries (“the remaindermen”) begin with a common model that says one beneficiary (usually a spouse from a second marriage) gets the income from the trust during her lifetime (“lifetime beneficiary”)and upon her death, the remaining principal passes to [...]
Family Letters, sometimes called Family Mission Statements, Family Philosophy, or Ethical Wills, emphasize the non-financial values and family culture which clients believe are important enough to mention in a final statement to their descendants and loved ones. The Family Letter can include anecdotes and stories that illustrate values that clients believe form an integral [...]
Many prospects and their heirs have been inundated with so much false and half true information that they believe the creation of a living trust not only avoids a probate proceeding (going to court), but also eliminates the need to visit or pay an attorney to help settle the decedent’s estate. An attorney is [...]
A few weeks ago I was able to check off an item from my Arizona historical tour “bucket list” when Sandy and I spent the night at the La Posada Hotel in Winslow Arizona. A short block from where the hitchhiker in the Eagles’ classic Take It Easy saw the girl slow down in the [...]
I recently handled a call that brought home how important it is to review your estate planning documents after big life changes. It may seem like a small thing that can be put off for “when you have time,” but these seemingly inconsequential documents can actually have a huge impact (for the better) on your [...]
Guest post by Jude Tarris, President of Valley of the Sun Homecare. It’s 8pm on a recent Tuesday as I arrive at the airport for my red eye flight. I’m heading to New York for a conference that starts in the morning. As I’m waiting at the gate I can’t help to notice a man [...]
If you’re looking for a way to protect your assets from creditors and lawsuits you should consider creating a Limited Liability Company (LLC). An LLC is a business entity that combines the benefits of a business partnership and a corporation and protects your assets while still allowing you to retain control over them. Desirable characteristics [...]
A typical Thursday night finds me meeting with other lawyers and discussing ideas useful in our respective practices. Although always trying to find new ideas to help clients, these meetings, reminiscent of old style writer’s salons, are particularly useful because of the opportunity to exchange views in an open setting. No idea is too simple [...]
Ah August! Although I was born and raised in the east, where fall was after Labor Day and the beginning of the new school year was signaled by the turning of the leaves; here in Arizona the temperatures are still in triple digits when the school year begins, and the only sign that a new [...]
Like most estate planning lawyers, all through the first decade of the 21st century, I thought we would not see a return to the $1,000,000 exemption. As a consequence, the excellent estate plans I’ve been drafting for the past 9 years are now out of date. Under the new and unexpected tax laws these [...]