16 July

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Is it time to update your old trust?

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...

01 November

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Why Use An Attorney for Your Will or Trust?

Posted by Libby Banks

in Estate Planning, Wills & Trusts

By Libby Banks, the Law Office of Libby Banks The other day a very savvy businesswoman I’ve gotten to know came in to take advantage of my free review of existing estate plans. To my surprise, she brought in a do-it-yourself Last Will and Testament. It named an executor and said who would get her estate, just as a Will should. But her Will was completely invalid because it wasn’t properly executed. Besides that, she did not have the other documents needed to ensure that if she were incapacitated, someone could step in to care for her and her finances. As...

25 October

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New Year’s Resolutions For You and Your Family

Posted by Libby Banks

in Estate Planning, Wills & Trusts

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....

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...

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...

17 November

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Use a Professional for Your Wills and Trusts

Posted by Libby Banks

in Wills & Trusts

Use a Professional for Your Wills and Trusts The other day, a very savvy businesswoman I’ve gotten to know came in to take advantage of my no-charge review of existing estate plans. To my surprise, she brought in a do-it-yourself Last Will and Testament. It named an executor and said who would get her estate, just as a will should. But her Will was completely invalid because it wasn’t properly executed. Besides that, she did not have the other documents needed to assure that if she was incapacitated, someone could step in to care for her and for her finances. Have you ever heard the phrase “you don’t know what you don’t know”?...

10 November

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Asset Protection for Trust Beneficiaries

Posted by Libby Banks

in Wills & Trusts

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...