30 January

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The SECURE Act and Planning for Your Retirement Accounts

How you plan for your retirement accounts may have changed due to the passage of the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act became effective January 1, 2020. While it has changed several aspects of retirement planning, perhaps the most significant change will affect the beneficiaries of your retirement accounts. Why? Because the SECURE Act requires most designated beneficiaries (other than spouses) to withdraw the entire balance of an inherited retirement account within ten years of inheriting the retirement account. What changed with the SECURE ACT? Under the old law, all beneficiaries of inherited retirement accounts could...

30 January

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When to Review And Renew Your Estate Plan

Posted by Libby Banks

in Estate Planning

Change is inevitable. With estate planning, you put in place the best plan you can at the time. However, as changes come in your life and in the law, your plan may need some changes too. So when should you review – and possibly renew – your estate plan? Here are some specific times you need to call for a review. Changes in Your Life Have you had any major changes in your life? Has your spouse died? Did you get a divorce? Have you gotten married? All of these require an update in your plan, even if you are keeping your...

19 December

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Who Will Be in Charge of Your Estate?

Posted by Libby Banks

in Estate Planning

Someone is going to step in to take charge of your estate. If you are incapacitated, that person will step in to manage it to care for you (hopefully), and on your death they will be the one to wrap up your estate and distribute it. If you put an estate plan in place, via a Will or Trust, you decide who that person will be. If you don’t, the State of Arizona, via the legislature, has decided who that will be. Will the State’s choice be one you are happy with? When you establish a Revocable Living Trust, the person...

04 November

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Revocable Living Trust, Wills & Trusts

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, as it’s named in many states). It can be an agonizing and long drawn out procedure. But it is avoidable – with the right estate planning tools, and specifically with the Revocable Living Trust. Couples often...

15 October

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Revocable Living Trust, Wills & Trusts

Avoid Probate by using a Revocable Living Trust as your primary estate planning tool. Many people have big misconceptions of how a Last Will and Testament works. They assume that if they have a Will, their heirs will not have to go to court and file a probate. Instead, for the person who only has a Will, we do have to file a probate with the court at death. That’s because a Will does not transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. I often tell clients a Will is...

16 September

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Estate Planning for Incapacity

Posted by Libby Banks

in Estate Planning, Power Of Attorney, Wills & Trusts

In my previous article I have reminded you that 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 decide; without proper planning a court may get to make the choice. What do we mean by “incapacitated?” Generally speaking, we are referring to a situation where you are unable to make decisions for yourself. Incapacity can result from an accident or arise from health issues, such as stroke, heart attack or dementia. If...

15 August

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Educating Your Family About Your Estate Planning

Posted by Libby Banks

in Estate Planning, Power Of Attorney, Wills & Trusts

It’s back to school time, so I thought I would write this month about educating your family about your estate plan. If you don’t have an estate plan, educate yourself at my seminar at Gentech Support located at 402 E. Greenway Parkway. More information about that at the end of my article! If you have done estate planning or are in the process of putting a plan in place, it’s a good idea to educate the people who you have appointed as trustees or executors and also to your family about what you’ve done. Here are some of the primary items...

16 July

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Is it time to update your old trust?

Posted by Libby Banks

in Estate Planning, Wills & Trusts

I review many trusts, and some of them are quite old. After these old trusts were put in place lots of things have changed: the federal estate planning laws, the Arizona Trust Code, and of course, the situation of the people who are included in the trust. When so much has changed, it’s clearly time to update the trust. When we do an update, we usually do a complete amendment – called a restatement – of the trust. We keep the original trust name and date, and just note that it was restated as of the date we sign the new...

14 December

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To Keep Your Resolutions, KNOW YOUR “WHY”!

Posted by Libby Banks

in Estate Planning, News & Events

By Libby Banks, The Law Ofﬁce of Libby Banks Over the years, I’ve made many a resolution at the New Year. Some I’ve kept, others went by the wayside quicker than day turns into night. Why is that, and how can I really keep the resolutions that are important to me? I’ve contemplated that question and asked a few experts how to succeed with more of my New Year’s resolutions. One told me it all boils down to this: find your “Why.” The resolution may be to exercise regularly. Your plan: get up at six a.m. and get to the gym early every...

05 December

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2019 New Years Resolutions

Posted by Libby Banks

in Estate Planning, News & Events

By Libby Banks, The Law Ofﬁce of Libby Banks The Most Important New Year’s Resolution The new year is here, and along with it, a fresh start. You may have promised yourself to exercise regularly, eat right, spend more time with the kids, or have family time every weekend. Why do you have these particular goals? If you are like me, behind almost every goal I have is the desire to make sure I am taking care of my family. One of the most important resolutions you can make this year is to take care of your family by doing your estate...

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