Planning for 2021

Planning for 2021

It will come as no surprise that there is an election in November, 2020. Depending on the outcome, there might be significant changes in estate, gift and generation-skipping taxes as soon as next year. Are there things that you need to consider in your planning for 2021? Yes, there are some. Mostly, though, the planning…

Trust Funding 201

Trust Funding 201

Time for your next podcast class: Trust Funding 201. You signed your living trust (and related documents). Good. You’re halfway done. The rest of the job: transferring assets to the trust. In last week’s podcast we focused on some of the basic funding issues, in what we called Trust Funding 101. This week we offer…

Trust Funding 101

Trust Funding 101

It can be challenging to figure out how to title assets after you have created a revocable living trust. We’re calling this initial review Trust Funding 101. We discuss some of the common titling issues. In a later episode (Trust Funding 201) we will cover some of the more complicated trust funding issues. That’s when…

Arizona community property

Arizona community property

The “community property” rules sometimes confuse or alarm lawyers from states that apply the “common-law” property rules. Arizona community property is not really that complicated, but it can be foreign to estate planning practitioners from other states. In this podcast episode, we try to simplify some of the Arizona community property rules. They seem second…

Estate planning with blended families

Estate Planning With Blended Families

We often consult with blended families about their estate planning. Those families — sometimes with “yours, mine and our” kids, or disparate young-adult backgrounds — can pose special concerns for us to work through. How common are concerns? The U.S. Census Bureau reports that 1,300 new step-families are formed every day. More than half of…

Planning with childless clients

Planning With Childless Clients

There is a lot of social and familial pressure for most people to leave the bulk of their estate to their children. Sometimes, though, we deal with planning with childless clients. How are they different? In this podcast episode we talk about estate planning with our childless clients. Their planning might pose different concerns, like:…

Trust and probate record keeping

Trust and Probate Record Keeping

Last week we discussed record keeping for conservatorship matters. The rules are similar, but somewhat different, for trust and probate record keeping. Generally, accounting requirements for trusts and probate proceedings are somewhat easier to handle (at least in Arizona). But simpler accounting does not necessarily mean that record keeping is simpler. A trustee or a…

Conservatorship record keeping

Conservatorship Record Keeping

Conservatorship record keeping must be precise and detailed. Conservators are responsible to the court that appointed them. Courts — at least in Arizona — pay close attention to conservators’ accounts. We have discussed the court involvement in conservatorships before. And it’s important to note that even the term “conservator” can have different meanings in other…