I first wrote about using an Arizona beneficiary deed to avoid probate on November 13, 2012. A recent decision of the Ninth Circuit Bankruptcy Appellate Panel reveals a major shortcoming that should affect the popularity of beneficiary deeds. In Jones v. Mullen, BAP No. AZ-12-1644-DPaKu, the panel decided that the debtor’s interest in real property [...]
Arizona was the first state to recognize beneficiary deeds as a method of transferring property at death. At the time this article is written, Arizona has been joined by 16 other jurisdictions and the list is growing larger. Why is it so popular? A beneficiary deed allows you to retain ownership of your property [...]
A comprehensive estate plan includes understanding what steps will be required when you or your spouse dies. Tax planning advantages and the intended distribution of wealth to your loved ones takes place in stages and certain opportunities will be lost unless the proper plan is in effect when the first spouse passes away. This [...]
Last week I mentioned joint tenancy bank accounts as being a simple, but potentially dangerous way to provide for a transition of bank accounts. It is a commonly used technique because it is simple and is the favored way for bankers and investment advisors to administrative your accounts with the least amount of effort [...]
Planning for incapacity involves understanding how incapacity might occur and a commitment to having a current plan. Often considered crucial only for end of life planning or for diminished capacity, dementia, or Alzheimer’s Disease, planning is most important if you become incapacitated due to an accident, injury, disease, or other medical condition. As with all [...]
Warning – The following are general comments for educational purposes and not intended as legal advice. No client attorney relationship is intended and you should consult an attorney about your specific circumstances before taking any action in reliance on the general information presented in this posting. This is the third part of the life time [...]
Warning – The following are general comments for educational purposes and not intended as legal advice. No client attorney relationship is intended and you should consult an attorney about your specific circumstances before taking any action in reliance on the general information presented in this posting. This is the third part of the life [...]
Welcome to a new multi-part serial presentation of what effective estate planning looks like. Because many common estate planning issues are best handled using a trust based estate plan whose centerpiece is a revocable living trust, trust planning has become common place. Nevertheless, many people new to estate planning begin with commonly held misconceptions. [...]
This is part 2 of a continuing series that began last week with an introductory syllabus. Today’s post about the importance of planning while you are alive and well is the first of a 3 part explanation of lifetime planning describing the issues you must consider. Part 2 will focus on emergency documents and the [...]
We don’t know when, but we do know estate and gift tax reform is coming sometimes in the next 13 months. There are almost as many plans as there are Senators, but one of the most comprehensive and regressive is The “Sensible Estate Tax Act of 2011” introduced November 17, 2011 by Congressman Jim [...]