Estate planning is often described as the process of deciding what happens to your assets after you die. Wills, trusts, beneficiaries, probate, and inheritances are commonly associated with estate planning, so it is understandable why many people think an estate plan only becomes relevant at the end of life. If you are relatively young, [...]
Many people associate trusts with wealthy families, large investment portfolios, and complicated estate tax strategies. Because of this perception, an Arizona resident with a home, retirement accounts, savings, personal property, and a modest investment portfolio may assume that a trust is unnecessary. After all, if you are not a multimillionaire, why would you need [...]
Estate planning is often associated with retirement, aging, or leaving an inheritance to children and grandchildren. Because of that association, younger adults may assume they can address estate planning later in life, after they have accumulated more wealth or reached retirement age. If you are healthy, have relatively few assets, or are just beginning [...]
Estate planning is sometimes misunderstood as a process that requires you to surrender control over your property, finances, or personal decisions. You may worry that creating a trust means someone else will control your assets, that naming a power of attorney means giving another person authority immediately, or that putting your wishes in writing [...]
Estate planning is often associated with wealthy individuals who own multiple properties, businesses, investment accounts, or other significant assets. This perception can make middle-class Arizona families believe that estate planning is unnecessary for them. However, estate planning is not simply about deciding what happens to substantial wealth after someone dies. It is also about [...]
Clients sometimes use the terms Living Will, DNR, and POLST interchangeably, but each document serves a different purpose. This white paper explains those differences and why our office typically prepares a Living Will as part of an estate plan, while DNR and POLST decisions should be made in consultation with the client’s treating medical provider. 1. [...]
To keep a loved one from being disqualified from government benefits, they generally need to plan gifts, inheritances, or financial assistance carefully. Gifting money or property directly to a beneficiary who receives assistance, such as Medicaid or SSI, can jeopardize their benefits due to their stringent income and asset restrictions. Knowing the gift and [...]
Key TakeawaysEngaging an experienced Arizona trust attorney is essential when managing complicated assets, navigating family conflicts, and interpreting the intricacies of state trust laws, ensuring all legal and fiduciary responsibilities are properly fulfilled.Expert legal advice resolves ambiguous trust provisions, reduces the likelihood of beneficiary conflicts, and ensures adherence to the Arizona trust code and tax [...]
Key Takeaways Whether to choose a standalone special needs trust or a pooled trust depends on the unique needs of the beneficiary. That too, but the asset size and family preferences as permitted under the American legal structure. Standalone trusts offer more control and customization. They have much higher initial expenses and need ongoing [...]
Key Takeaways Special needs trusts are a vital tool for protecting eligibility for essential government benefits such as SSI and Medicaid. Additionally, they offer long-term financial security to individuals living with disabilities. Three main types of special needs trusts. These trusts include first-party, third-party, and pooled trusts, each with different funding sources, rules, and [...]