25 October

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New Year’s Resolutions For You and Your Family

Estate Planning New Year’s Resolutions for You and Your Family By Libby Banks, the Law Office of Libby Banks With the holidays upon us, it’s time to think about your New Year’s Resolutions. Experts tell us that we are more likely to meet a goal when we attach a date to it. To be sure you achieve your goals, set a date by which you plan to accomplish each activity that moves you forward. In the estate planning arena, here are several things you might consider putting on your list for 2018. Put a Will or Trust based estate plan in place....

19 October

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Estate Planning for Brady Bunch Families

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks In first marriages, a couple generally has identical goals for their estate planning: take care of the surviving spouse for as long as he or she lives, then distribute what’s left to their children. But second marriages can be different. The blended family – his children, her children and sometimes their children as well – can require more complicated planning. Each spouse may have separate assets as well as their joint and community assets. Both usually want at least some of their assets to go to their own children after they die....

09 October

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Estate Planning For Incapacity

Posted by Libby Banks

in Estate Planning

By Libby Banks, The Law Ofﬁce of Libby Banks Estate planning isn’t just about who will get your assets on your death. It’s also about who will manage your assets and take care of you and your ﬁnancial affairs if you become incapacitated. With proper planning, you will decide that. Without proper planning, a court may be the one to make that choice. You are considered incapacitated when you can’t make decisions for yourself or handle your affairs. A Will won’t help if you are incapacitated -- it’s only effective upon your death. You may have a power of attorney in place and believe this planning tool...

05 October

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Why Every Homeowner Needs an Estate Plan

Posted by Libby Banks

in Estate Planning

By Libby Banks, the Law Office of Libby Banks, PLLC Some people think they don’t need an estate plan, claiming that they don’t have an estate. Your estate is simply all that you own. When you buy a home, it is part of your estate. You need to have a plan to take care of this important asset! First, we must plan for your incapacity. What will happen to your home if you are unable to handle your finances? Who will pay your mortgage, keep the electricity on and keep things running? Who will sign to sell the home if you need...

21 September

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Wills & Trusts

Avoid Probate by using a Revocable Living Trust as your primary estate planning tool By Libby Banks, The Law Ofﬁce of Libby Banks Probate is a court proceeding used to settle the estate of someone who has no Will. However, a person that has a Will may also end up in probate court. That’s because a Will doesn’t transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. Probate is time-consuming and expensive for a personal representative or executor. It can be an agonizing and long, drawn-out procedure. But it is avoidable – with...

07 September

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Why Didn’t Aretha Franklin Have a Will?

Posted by Libby Banks

in Estate Planning, News & Events, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Sadly, Aretha Franklin passed away recently. The Queen of Soul gave us so much joy with her music. What a surprise to learn that she passed away with no will. With an $80 Million estate, she needed far more than a will. She needed planning to avoid or minimize taxes, planning for the assets she left and to preserve her legacy the way she would want. By failing to plan, she lost the opportunities that were available to protect her estate. Why didn’t she have a plan in place? We may never know....

16 August

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A Gift to your Children may Raise their Tax Bill

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Lifetime gifts may cost your children dearly in capital gains taxes. It all revolves around something called income tax basis. While income tax basis may not be the most exciting topic, it is very important. Simply put, what you don’t know about income tax basis could end up costing you or your family dearly in capital gains taxes. When we do estate planning we consider tax basis. It’s one way we keep your hard-earned money in your and your heirs’ wallets. What is Basis and Why Should I Care? Basis, from an income tax...

20 July

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Your Vacation To Do List Should Include Estate Planning

Posted by Libby Banks

in Estate Planning

By Libby Banks, The Law Ofﬁce of Libby Banks Most of us create a “to-do list” to get ready for our summer vacation. On the list should be creating or reviewing your estate plan. While international travel is still probably safer than driving in Phoenix, having this checked “Done!” before you leave will give you peace of mind. Here is a checklist of estate planning “to-do’s.” Create an estate plan. If you’ve procrastinated about estate planning, a vacation can give you a deadline to move forward. Allow adequate time to complete your estate plan before your trip. If you don’t...

11 July

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What the Changes in the Federal Estate Tax Laws mean for your Estate Plan?

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, The Law Ofﬁce of Libby Banks Early this year, Congress passed, and the President signed, the Tax Cuts and Jobs Act. Among the changes made to federal tax laws was an increase of the exemption for federal estate taxes to $11.2 Million per person through 2025, at which time it decreases to around $6 Million per person. Estate taxes won’t be levied on any of your assets under the exemption amount. What does this mean for you? It may mean that you need to change your estate plan. What you have now could be too complicated or cumbersome...

07 February

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Grandchildren and Estate Planning

Posted by Libby Banks

in Estate Planning

By Libby Banks, The Law Ofﬁce of Libby Banks I had to figure out how to connect grandchildren and estate planning just so I could announce: I had my first grandchild in December! My beautiful granddaughter and her gorgeous mother are healthy and doing well. Any of you who are grandparents know just how exciting and awe-inspiring this event is, and how you will do anything to create the opportunity to brag about your grandchild and show pictures. Seriously, though, I do get questions about estate planning from clients who have just had a grandchild about whether their plan will need an...

Author: Libby Banks