01 August

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Estate Planning – Who Needs It?

in Asset Protection, Avoid Probate, Estate Planning, Power Of Attorney, Revocable Living Trust, Wills & Trusts

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.” The word is often used to refer to the mansions and real estate holdings of the rich and famous. But the definition of an estate is “all of the things that a person owns.” In other words, your estate is the sum of your stuff: your home, your bank accounts, your stocks and bonds, your retirement account, your cars and boat, and...

01 July

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On The Road Again! Are You Ready for Vacation?

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning, Power Of Attorney, Revocable Living Trust, Wills & Trusts

For many of us, it’s an exciting time. A whole year of isolation is coming to an end and travel is on the horizon. But are you truly ready for that trip? You may need to be sure your estate plan is in order before you hit the road. Here are some thoughts on getting things done before your trip. 1. 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, especially if you are traveling without them. Don’t leave this to chance, or worse, to the...

04 June

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The Biden Tax Plan and Your Estate

Posted by Libby Banks

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

With the advent of a new administration usually comes change. President Biden’s tax plan may affect your estate planning adversely. Here are a few key points of the plan. Estate and Gift Taxes May Increase: Arizona has no estate taxes. On the federal level, each person has an estate and gift tax exemption – the amount you can give away during life and at death before being taxed – that is currently $11.7 Million. Biden’s plan would reduce the federal exemption to $3.5 Million for estate taxes at death, and $1 Million for gifts made during your lifetime. The plan also proposes to...

05 May

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Picking Your Executor or Trustee

Posted by Libby Banks

in Estate Planning, Wills & Trusts

At some point your estate will be managed by someone other than you. If you are incapacitated, that person will step in to manage it to care for you, and on your death someone will wrap up your estate and distribute your assets to others. 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 in...

21 April

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Pets, Trusts, And Your Estate Planning

Posted by Libby Banks

in Estate Planning, Pet Trusts, Wills & Trusts

Those of us with pets consider them members of our family. And like the rest of the family, we want to make sure they are taken care of when we can no longer do the job! The wealthy sometimes go to the extreme to provide for their pets. Leona Helmsley is one of the most famous examples, having left her entire $12 Million fortune to Trouble, her dog. The family sued, and the judge whittled Trouble’s share down to $2 Million. The widow of the Star Trek creator left $4 Million for their dogs, and $1 Million for the employee to...

10 March

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Estate Planning for the Blended Family

Posted by Libby Banks

in Estate Planning, Revocable Living Trust, Wills & Trusts

In first marriages, a couple generally have 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 – makes for more complicated planning. Each spouse may have separate assets as well as their joint, community assets. Both usually want at least some of their assets to go to their own children after they die. At the same time, they want to make sure the...

18 January

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Out With the Old, In With the New

Posted by Libby Banks

in Estate Planning, Revocable Living Trust, Wills & Trusts

As we start the New Year, I wanted to talk about older methods of estate planning versus newer, more efficient and cost-effective means of planning. Your estate is simply what you own. For most reading this article, that at least includes a home, a retirement account, bank accounts and maybe a brokerage account. In the not-so-distant past, planning for your estate at death meant preparing a Last Will and Testament. Today, we use the Revocable Living Trust more often. There are many benefits to using the Revocable Living Trust, but often people think that only the wealthy need a Trust. I think...

11 December

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Estate Planning Is More Than Writing A Will Video

Posted by Libby Banks

in Estate Planning, Wills & Trusts

09 October

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Talking to Your Executor (or Trustee)

Posted by Libby Banks

in Estate Planning, Wills & Trusts

The holidays are just around the corner, and when the family gathers, it can be a great time to talk to the person or persons you have chosen as your executor, personal representative, and/or Trustee. Is Your Executor Willing to Serve? If you are just beginning your planning, now is a good time to ask your chosen trustee if they are willing to serve. This is very important! You don’t want a situation to arise where the people you counted on to serve are saying they won’t. It is one of many ways to end up in an expensive court proceeding to get...

13 August

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How the Revocable Trust Works for You

Posted by Libby Banks

in Estate Planning, Revocable Living Trust, Wills & Trusts

The Revocable Living Trust is valuable for many estate planning needs, but one of the most obvious is the avoidance of all the time and expense of probate. I like to think of your Trust as your treasure chest. Your assets, the things you worked and saved hard to have – go into your Trust – into your treasure chest. While you are alive and able, you are taking care of the treasure chest as the trustee. If you can’t take care of your treasure chest anymore, either because of your death or because you are incapacitated, you have named a...