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Estate Planning Blog

News & Tips From The Law Office Of Libby Banks.

Asset Protection for Trust Beneficiaries

Protect Your Children’s Inheritance      The revocable living trust is a great estate planning tool. Putting your own assets in a revocable living trust doesn’t protect those assets from your creditors. The assets in your trust are still considered your assets because you continue to have complete control over them.   However, you can use your trust to provide asset protection for your beneficiaries after your death.   How can you do that? When you pass on your assets to your beneficiaries, you pass them on in a trust for each beneficiary. Instead of giving them of all the assets outright, where they put it in their own bank account or in their own name, at death we create an irrevocable trust for each...

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Why Every Homeowner Needs an Estate Plan

Why Homeowners Need Estate Plans Many people, when they hear the words “estate planning,” don’t think it applies to them. “I don’t have an estate to plan!” they may say. I think this comes about from the use of the word estate. It makes us think of the show Lifestyles of the Rich and Famous where Robin Leach showed us massive estates and talked of the excess spending by the ultra-wealthy.   But according to Merriam-Webster, the simple definition of estate is “all of the things that a person owns.” Thus, your estate is the sum of your stuff: your home, your bank...

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When To Review And Renew Your Estate Plan

Knowing When To Review And Renew Your Estate Plan Life can sometimes be unpredictable. If change is on the horizon for you, your estate plan may need a change too. You put an estate plan in place and it addresses all the essentials: Avoiding probate, minimizing taxes, assuring someone to care for you and your assets if you are incapacitated and passing on your assets as easily and inexpensively as possible.   But changes in your life may impact all your careful planning. So when should you review – and possibly renew – your estate plan?  The Big Four Life Events – Marriage, Divorce, Birth and Death  It seems obvious that if you get married...

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Reasons People Avoid or Delay Estate Planning

blackboard with writing, " if not now, when?"

Eight Reasons People Avoid or Delay Estate Planning I hear lots of reasons why people have put off estate planning. Here are a few of those debunked! #8. I’m not old enough to worry about estate planning yet. Many clients come into my office saying that they realized they were “that age” and needed to do estate planning. At my estate planning seminars, when we discuss this issue, I flash a picture on the screen: Prince!  Prince died at 57 years old. He clearly was not planning on that, because he didn’t make a will or do any form of estate planning. The truth...

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Avoiding the Pain of Probate

avoid pain and stress button

Avoiding the Pain of Probate Avoid Probate by using a Revocable Living Trust as your Primary Estate Planning Tool I often meet with clients whose most important goal is to avoid probate. A very good idea indeed! These clients realize that you will end up in probate if you don’t have a Will. What they don’t know is that you can end up in probate even with a Will. A Will is a document that designates who will be your personal representative (or in some states, your executor). It also states who will get your assets on your death. What it does NOT...

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Understanding Estate Planning

understanding estate planning basics

Who Needs Estate Planning? Many people, when they hear the words “estate planning,” don’t think it applies to them. “I don’t have an estate to plan!” they may say. I think this comes about from the use of the word estate. It makes us think of the show Lifestyles of the Rich and Famous where Robin Leach showed us massive estates and talked of the excess spending by the ultra-wealthy. But according to Merriam-Webster, the simple definition of estate is “all of the things that a person owns.” Thus, your estate is the sum of your stuff: your home, your bank...

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What To Do Before Vacation

beach vacation

Your Vacation Checklist Should Include Planning for Your Estate Many of my clients come in to do their estate planning right before a major vacation or trip. Particularly if you are traveling overseas, having things in place before you go can give you great peace of mind. Here are some thoughts on getting things done before you leave for that wonderful trip. Make sure you have guardians in place for minor children: If you have minor children, it’s crucial to have documents in place appointing guardians. Don’t leave this to chance, or worse, to the court to decide. Putting your choice in a legal document...

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Avoiding Family Disputes Over Inheritance

Libby Banks and Client office talks prince

In my past as a trial attorney, I handled family estate fights. Clients hired me to sort out the gigantic mess left by their loved one, and the inevitable and escalating disagreements about the estate. Other clients retained me to fight for a share of the estate when a sibling, stepparent or other relative took advantage of his position as executor of the estate. Time after time, clients said they would never speak to their siblings again, or lamented that the messy estate issues were breaking the family apart. I value family highly, and these cases broke my heart. I...

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Prince Estate Plan

Libby Banks and Client office talks prince

As the whole world knows by now, Prince, or the Artist is formerly known as Prince, didn't make a Will before his death. His sister was forced to file a proceeding in court to have someone appointed to manage his estate while the court figures out who will benefit from his estate. These proceedings are going to be very public, just as any probate proceeding usually is. Because Prince didn't make a will, we don't know what he really wanted to happen to his many assets. Even worse, he lost the opportunity to control where his music can be sold and...

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Seminar January 28

estate planning myth seminar busted image

    Thursday January 28, 2016 5:30-6:30 p.m. ESTATE PLANNING MYTHS BUSTED! Stonecreek Golf Club 4435 East Paradise Village Parkway South Phoenix, AZ 85032 Seminar Presented by Libby Banks, Attorney at Law These and Other Myths BUSTED In One Short Hour: • Estate Planning is Just for the Rich • A Revocable Trust is too Complex for My Simple Estate • I Am Costing My Heirs Nothing by Putting My Property in Joint Tenancy With Them • My Will Conveys My Property At My Death • Estate Planning Is Only About Where My Stuff Goes When I’m Gone A light meal is provided - Reserve your seat! Call, Text or e-mail Andy Banks (602) 828-8973 Andy@LibbyBanks.com Sign up...

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