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Estate Planning

TOD

BE AWARE OF PROBLEMS WITH TOD BANK ACCOUNTS AND JOINT TENANCY

I have recently been talking to people about TOD or transfer on death accounts. Sometimes you think, well, I don’t really need to put my bank account in the name of my trust because my account says that when the primary owner of the account passes away, it’s transfer on death, it goes to a […]

ESTATE PLANNING WITH A BUSINESS

Let’s talk a little bit about family businesses. A lot of people have had this experience: A first-generation works hard, creates wealth, maybe a string of, let’s call it, tire stores. And that family is very successful, they open two or three more and each of the sons perhaps gets to operate their own operation […]

Estate Planning Living Trusts January 17, 2013

WHAT DID THE FISCAL CLIFF DEAL (JAN 2013) DO TO YOUR ESTATE PLAN?

As you may already know, in the first two days of 2013, Congress passed a tax compromise to avert the so called “fiscal cliff.” But what did it do for your estate plan? Federal Exemption Amount Some good things came of it. The federal estate tax exemption of $5.12 million per individual (indexed to inflation, […]

Estate Planning Living Trusts October 19, 2012

WHY DAVY JONES (OF THE MONKEES) SHOULD HAVE DONE SOME ESTATE PLANNING

  In case you didn’t get the memo, Davy Jones of the Monkees passed away last February. He had an estate. He had a will and it has been filed with the court. And an interesting thing has happened recently in that preceding in Florida: The daughter, who is asked to be the executor of […]

Estate Planning Living Trusts October 15, 2012

LIVING TRUSTS: WHY PAUL RYAN’S LIVING TRUST ISN’T PRIVATE

In case anyone needs any more reasons not to run for public office, there is recently some headlines in the news about Paul Ryan and his estate and his family. These are things that generally don’t come to light because it is in a trust. What happened was, his wife’s mother passed away several years […]

ESTATE PLANNING WHEN YOU HAVE A CABIN OR VACATION HOME

Some of us are privileged to have extra things in our life, like a cabin or a nice house to leave to the next generation. Sometimes even a winter retreat or a summer retreat. The problem with that in estate planning is this: If you have family members that you want to leave that cabin […]

Estate Planning September 17, 2012

ESTATE PLANNING – 5 LIFE CHANGES THAT CALL FOR AN ESTATE PLAN REVIEW

  Forbes Magazine recently ran an article entitled, “Five Life Events That Require an Estate Planning Review.” Here are the 5 life events Forbes listed that may trigger a need to review your estate plan. 1. Getting married 2. Divorce or death of a spouse 3. Purchasing or refinancing a home 4. New accounts 5. […]

Estate Planning Living Trusts September 7, 2012

IS IT OKAY TO USE ONLINE SOFTWARE TO CREATE YOUR ESTATE PLAN?

  My name is Clint W. Smith. I am an attorney. I practice in estate planning law in Mesa, Arizona. Is it Safe To Use Online Software to Create Legal Documents? Occasionally I come across people who want to use a website, some kind of online software, to create their trust. I’ve got to concede […]

Estate Planning August 30, 2012

BEWARE OF SCAMS TARGETING THE ELDERLY

Recently I had some elderly clients come into my office and tell me that they had an attempted scam. And I researched and found some more about this: A person who claims to be a grandson, calls on the phone and says, grandma, it’s Johnny, I’m in Memphis and I need you to wire me […]

Estate Planning Living Trusts August 10, 2012

A LIVING TRUST FOR YOUR ELDERLY PARENTS

  I have a concern in my dealings with children of elderly parents who haven’t set up their estate plan yet. The parents just aren’t willing to sit down with a lawyer for whatever reason. The children, who are very concerned about what happens to the estate. These (adult) children come to me and say, […]