“Formal Updating” refers to meeting with your attorney periodically on a set schedule to determine if any changes should be made to your trust. There are four (4) principal reasons why this is important: Changes in the law. Both the federal tax law and state laws on issues such as asset protection, beneficiary rights, [...]
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. Chief among those misconceptions are the beliefs that: The decision to use a revocable [...]
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 [...]