Uniform Transfers to Minors Act Accounts in Arizona: A Primer
JANUARY 31, 2011 VOLUME 18 NUMBER 4 One question we are frequently asked: isn’t it a good idea to set aside money for a child or grandchild, and isn’t a UTMA (Uniform Transfers to Minors Act) account a simple way to do that? OK — that’s really two questions. Our answers: Yes, it is a […]
Different Types of Trusts for Different Purposes
JANUARY 17, 2011 VOLUME 18 NUMBER 2 We frequently are asked to explain the differences between different types of trusts, or to analyze a trust with no more information than its type. Confusion about the differences is widespread, and we hope to provide a little clarity to consideration of trust types. Before we embark, we […]
Trustee Is Not Required To Create Special Needs Sub-Trust
DECEMBER 27, 2010 VOLUME 17 NUMBER 40 Kenneth Boyd established a revocable living trust in 2002. He named his daughter Carol Boyd as trustee, and directed that the trust be divided, upon his death, into three shares. One share each was to go to Carol, to Kenneth’s mother Elizabeth Boyd, and to Carol’s son Ben […]
Conservator May Be Able To Act As Successor Trustee
AUGUST 16, 2010 VOLUME 17 NUMBER 26 Let’s say you have created a revocable living trust, and you have named yourself as trustee. You also name your two children as successor trustees, to act together upon your death or incapacity. Two years later you become incapacitated; because of a dispute between your two children about […]
Late Request Does Not Prevent Fee Award to Trustee’s Lawyer
JUNE 28, 2010 VOLUME 17, NUMBER 21 Mesa, Arizona, lawyer Donald C. Galbasini first began representing members of the Tremble family in 1998. That was when he filed a notice that he would be the attorney for Vernice Tremble, who was serving as conservator for Edward Tremble, Jr., her grandson. Nine years later Vernice Tremble […]
“Spendthrift” Trust Protects Against Beneficiary’s Creditors
MAY 17, 2010 VOLUME 17, NUMBER 16 What makes a trust a “spendthrift” trust, and what does it mean? A recent Florida Court of Appeal case gives a good snapshot of the significance and the effect of the categorization. Elizabeth Miller wanted to leave her property to her two sons, but wanted to protect against […]
Non-Lawyer Trust Preparation Group Shut Down in Indiana
MAY 3, 2010 VOLUME 17, NUMBER 15 United Financial Systems Corporation looks like they can do it all. According to their website (which you will have to look up for yourself — we don’t want to point to it since it still includes information about how to sign up for the activities that have now […]
DNA Test Might Be Useful To Establish Decedent’s Paternity
FEBRUARY 15 , 2010 VOLUME 17, NUMBER 5 Despite being cloaked in arcane terms and arguments, the legal system usually makes sense in the real world in which it operates. Sometimes, however, it may take the legal system a few years — or a few centuries — to catch up with that real world. One […]
Should There Be An In Terrorem Clause in Your Will or Trust?
AUGUST 3, 2009 VOLUME 16, NUMBER 49 You would like to make sure that your children get along after you are no longer around to tell them to behave, wouldn’t you? Although you may not anticipate any disagreements, you know that money can change relationships, and you have seen how the death of a parent […]
Yet Another Reminder: Trusts Must Be “Funded” Properly
APRIL 7, 2008 VOLUME 15, NUMBER 41 Quite often we see revocable living trusts fail because individuals do not understand the importance of changing ownership of assets to the trust. In most cases that means the unnecessary expense of a probate proceeding that could have been avoided. Sometimes the effects are more dramatic, as in […]
