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Wills and Trusts Tag

The Law Office of Libby Banks > Posts tagged "Wills and Trusts"

A Personal Look at the Estate Planning Journey

The past year was amazing for my family. Two notable highlights are starting a new job with the Law Office of Libby Banks and my wife and I welcoming our first child in July. As I reflect on the need to update my Trust to plan for our new baby, I look back at my original experience creating an estate plan with Libby and why I joined her firm as an associate attorney. When I first thought about estate planning for myself and my wife, I realized I did not know much more than what I learned in law school. I...

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Asset Protection for Your Heirs

I am often asked whether the revocable living trust we use as the cornerstone of our estate plans provides asset protection – protection from the creditors of the person creating the trust. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. When you create this trust, you still have full control over the assets in the trust. Because of this, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your...

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Estate Planning – Who Needs It?

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...

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Picking Your Executor or Trustee

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...

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Out With the Old, In With the New

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...

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