How can Arizona’s community property laws destroy my sole and separate property? Learn how to prevent transmutation of sole and separate property and plan for the future.
Estate Planning and Common Needs.
What do I need to know as a new Trustee?
With real estate values recovering, Federal Estate Tax liability is no longer just a concern for the wealthy. It is a real problem for many of us and it can greatly diminish the funds intended for college educations, weddings, and the care of grandchildren.
When we prepare an estate plan we recommend that it be reviewed every few years to make sure it still works. Now is a good time for such a review. Estate taxes are punishingly high. Our government may want more money, but our families need and deserve it more.
A Revocable Living Trust can help. A properly drafted Revocable Living Trust for a married couple can help to minimize estate taxes by effectively doubling the estate tax exemption. There are other advantages. A living trust is a private document. It is not recorded or filed with any court. It allows the transfer of wealth to the next generations quickly, cheaply and in confidence. Expensive and time consuming court procedures such as a Probate can be avoided. Continuing financial help and financial protection can be provided for persons who are dependent upon you such as minor children, elderly parents or a disabled family member.
The duties of a Trustee (including initial trustees and successor trustees) are…