IRS Taxes

An executor who has to file a federal estate tax return must also file Form 8971 with the IRS. The purpose of Form 8971 is to report the final value of the specific property received by a beneficiary, the recipient of that property, and other information. An executor must also provide a Schedule A to each beneficiary who has acquired – or will acquire – property from the decedent and the final value of that property. Although this form is only required when an estate tax return is needed, the basis step up occurs for everyone receiving an inheritance.

Step Up Basis Explained

Simply put, when an asset is passed on to a beneficiary, the value of that asset at the time it is inherited is generally higher than it was when the original owner acquired the asset. Accordingly, the asset receives a “step up” in basis to equal the value of the asset on the decedent’s date of death. This has the effect of minimizing the beneficiary’s capital gains tax.

Keeping good records and obtaining paperwork from the courts, trustees, and other parties involved will help ensure you are using the step up basis correctly and minimizing the risk of IRS audits.

If you have questions about an inheritance you have received – or expect to receive – contact us to learn about your options.

(1) Not having any estate plan. This is the biggest mistake, especially among younger professionals or young parents who assume they don’t need one. Passing away intestate – or without an estate plan – will assure local law decides who ends up with what assets when you are gone. Even the care of your children is up to the courts.

(2) Failing to properly handle paperwork. This is typically in the form of not updating beneficiary designations on insurance and retirement accounts. Some people may be surprised to learn that beneficiary designations override instructions left in a will or trust.

(3) Not reviewing documents regularly. An estate plan should be reviewed every three to five years, when there’s a new child or grandchild, a significant increase or decrease in assets, or moving to a new state. This ensures you are protecting your loved ones’ future because circumstances change over time.

(4) Not funding your trust. A trust relies on being funded to operate correctly. If you pass away and leave an unfunded trust behind a probate case – what you were trying to avoid by creating a trust in the first place – is required to fund your trust post-death.

(5) Too much given away, too soon. As much as 50 percent of inheritances are squandered shortly after being received, meaning that it is important to space out inheritances over the course of the beneficiary’s lifetime to reduce the risk of this happening.

While no one wants to think about their own incapacity or death; this is precisely why many avoid the topic of estate planning altogether. Avoid making these mistakes and leaving your family at financial risk. Contact us today to build a well-crafted plan for you and your family.

Example 1: David identifies his wife Betsy as the beneficiary on a life insurance policy. Betsy does receive the death benefit from the insurance policy, but when Betsy remarries, she adds her new husband’s name to the bank account where she deposited the death benefit. In so doing, she leaves the death benefit from David’s life insurance to her new husband, rather than to her children as she and David discussed before his death and which is what she indicates in her will.

Example 2: Dawn, a single mother, names her 10-year-old son Mark as a beneficiary on her life insurance. She passes away when he is twelve. The court names a relative as a guardian or conservator for Mark until he is of age. By the time Mark reaches his 18th birthday, his inheritance has been partially spent down on court costs, attorney’s fees, and guardian or conservator fees. Additionally, it hasn’t kept pace with inflation because of the restrictive investment options available to guardians or conservators. Dawn hoped the life insurance proceeds would be there for Mark’s college, but the costs and lack of investment flexibility mean there may not be as much as Dawn hoped.

One Solution: Use a Trust as the Beneficiary on Your Life Insurance

When estate planning, a common method for passing assets is by placing them in a trust, with a spouse or children as beneficiaries. The same approach may also be used for life insurance policy proceeds. You can designate the trust as the life insurance policy’s beneficiary, so the death benefits flow directly into the trust. Two popular ways to accomplish this:

Revocable Living Trust (RLT) Is the named beneficiary

This option works well for those who have a modest-sized estate or who have already set up a trust. Naming your RLT as a life insurance beneficiary simply adds those death benefits to what you already have in trust, payable only to beneficiaries of the trust itself. The benefit of this approach is that it instantly coordinates your life insurance proceeds with the rest of your estate plan.

Set up an Irrevocable Life Insurance Trust (ILIT)

For an added layer of protection, an ILIT can both own the life insurance policy and be named as the beneficiary. As The Balance explains, this not only protects the death benefits from potential creditors and predators, but from estate taxes as well.

With the estate tax exemption at $5.49 million per person in 2017 and a potential repeal on the legislative agenda of President Trump and the Republican Congress, you may not need estate tax planning. But everyone who’s purchased life insurance needs to take an extra step to ensure your loved ones’ financial future. To discuss your best options for structuring your life insurance estate plan, give us a call today. We’re here to help.

But, even if you’ve made a financial mistake or two, there’s still time to avoid these five surprisingly common planning mistakes baby boomers are making in droves.

Mistake #1: Believing Estate Planning is Only for the Wealthy

While baby boomers are not the only ones guilty of this mistake, the common misconception is that only the ultra-rich need to have an estate plan prepared. By some reports, about half of Americans between the ages of 55 and 64 do not even have a will. Because estate planning encompasses not only protection of your assets (regardless of how much you’ve accumulated), but also your healthcare choices, the lack of planning can leave you in a dire situation should any medical issues arise.

Mistake #2: Checklist Mentality

For many, estate planning is just the preparation of legal documents. Once the documents are signed, the client crosses off the item from his or her to-do list and moves on. But, your circumstances may (and usually will) change. And the likelihood of this happening increases the longer time goes by. To ensure your estate planning objectives are carried out, you should update your estate plan every time a major (or minor) life change happens, such as retirement.

Mistake #3: Not Completing Your Estate Planning Homework

Just because the estate planning documents have been signed does not necessarily mean that the planning is complete. It is important that any assets that need to be retitled are done so as soon as possible, before you forget. If the ownership or designations on financial accounts and property do not align with your estate planning strategy, there can be major problems in the future. Improper titling of financial accounts or property can result in an unexpected or undesirable distribution. This can happen because you may make one plan through your will or trust, but the ultimate determination of who inherits will rely on the ownership or beneficiary designation of those assets upon your death.

Mistake #4: Leaving Out Little (And Not So Little) Things

It is important to consider all forms of property, not just the high-value assets when putting together an estate plan. Some of the most commonly overlooked assets include digital assets and family pets. If not expressly addressed in your estate plan, your family may end up fighting over valuable assets, abandoning those they deem worthless, or not even realizing certain assets existed.

Mistake #5: Not Preparing for Life Events & Emergencies

No one has a crystal ball. However, with proper estate planning, you may be able to weather the storm brought on by some of life’s unexpected events or emergencies. With long term care costs increasing year after year, planning for the future possibility of a nursing home can save you money and reduce worry if the time comes.

Estate Planning Help

Although many baby boomers have made these mistakes, you do not have to be one of them. Consult with us to learn about estate planning options and to make sure you and your family are protected from these common mistakes.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)
St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)
Ben@ConnorLegal.com
www.ConnorLegal.com

Generally, you have two types of property. First, you have property with a title that says you own it. Second, you have property that has no title — you know you own it because you possess it. Property with title includes vehicles, boats, airplanes, real estate, bank accounts, savings bonds, life insurance policies, retirement accounts, and stock certificates. If you die without a will or a trust and haven’t used any beneficiary or transfer on death options, state law will determine who inherits property with a title. On the other hand, property without a title, such as jewelry, antiques, art, and even your digital assets are usually provided for in your will or trust, and if you don’t have one they typically will go to your heirs at law as a residual distribution (interpretation — stuff wars among your heirs). So just imagine that priceless diamond ring or your treasured coin collection going to that annoying niece or nephew that was always rude to you. Whoever is most persuasive or can argue the most get it. On the other hand, both Arizona and Utah have state statutes which allow you to prevent such “stuff wars” if you have a property drafted Will or Living Trust. As you can see, who you have listed as a beneficiary — or not having a beneficiary designation at all — can have serious implications for your family after you have passed away. So what are you preparing, or not preparing? Is it a well-organized plan or a big pot of spaghetti that is going to be symbolically dumped on your loved ones heads? You are in control. You decide.

Increasingly, a wide range of financial products allow you to name a beneficiary upon your passing. The benefit of naming a beneficiary is that the assets go directly to the named beneficiary upon the account owner’s passing, often bypassing the long and expensive process of probate. The danger is, however, that when these designations are not carefully coordinated with your estate plan you can inadvertently disinherit a loved one, cause a disabled family member to lose government benefits, leave your heirs with a massive tax bill, or otherwise fail to achieve your goals. However, remember that for such a beneficiary designation to work, you must be dead. What if you haven’t died, but are incapacitated? Then the beneficiary designations do not work because, as already stated, beneficiary designations only take effect only upon your death. However, if you have a Living Trust, you can be incapacitated and have someone of your own choosing take care of you and your assets.

What is a Beneficiary Designation?

Simply put, a beneficiary designation is a contractual agreement where the bank, insurance company, or financial company agrees to pay a person or entity, that you have selected, the specific assets upon your death. For example, Bob may list Susan, his sister, as the payable on death (POD) beneficiary for his savings account at ABC Bank. When Bob dies, ABC Bank will pay Susan the balance in Bob’s account, without Susan having to first go to probate court. Nice for Susan, not so nice for Bob. My advice — don’t depend on beneficiary designations — where possible put your assets into a Living Trust so that you can be protected while living.

Estate Planning Help

The best strategy for ensuring your wishes are carried out is to first understand the benefits and differences between having no controlling documents, or having a Will, or a Living Trust, and certain beneficiary designations. We are here to help you coordinate all of your assets and beneficiary designations with your estate plan so that you can protect the one’s you love.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)
St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)
Ben@ConnorLegal.com
www.ConnorLegal.com

Second: After we die, we want our assets to go to our loved ones — not to predators of a surviving spouse; creditors of a surviving spouse or children; divorcing in-laws; or judgement liens.

Third: We must take affirmative steps so that our loved ones are protected against those who want to take our assets from our loved ones.

Fourth: If we get our estate planning done, we will have less stress and, hopefully, live longer.

Here Is A “Must Watch” 90-Second Estate Planning Video at www.connorlegal.com.

Because state laws vary, your principal residence may even be divided one way in your home state while other properties – such as vacation homes, time shares, or other pieces of out-of-state land – can end up divided completely differently. Of course, having a comprehensive estate plan puts you in control and lets you determine who will receive your property, regardless of where it’s located.

Avoiding Unnecessary Probate

When property is located in a different state than where the deceased person was domiciled, your family may need to file a second probate case, referred to as an ancillary estate. Typically a local attorney must handle the ancillary estate, which adds more cost, time, and hassle for your family to settle your affairs. For example, if you died as a resident of Arizona or Utah but owned property in Montana as well, you might have an ancillary probate in Montana for the property located there.

Probate is the legal process that is used to change title of property upon their passing, whether the deceased had a will or not. Each state has their own probate rules, making it fairly complex for families that inherit property in multiple states. It is important to know that while personal property may be probated in the state where the decedent is domiciled, real property must be probated in the state or country where it is located.

The need for ancillary probate can be avoided, however, through proper estate planning. Specifically, if the decedent transfers the property to his or her revocable trust before death, ancillary probate can be avoided. Of course, there are several ways to avoid the costs, delays, and headaches of probate other than a trust, but each alternative has downsides. One way is the title the property jointly with your spouse or, alternatively, jointly with another individual. The property must be titled in a particular manner to avoid probate so that it automatically goes to the survivor. But this can make refinancing difficult, say if you name a child as a joint owner, and can also cause unnecessary taxes to be due. The result of using a revocable trust will likely be a saving of money, time, and hassles for your heirs.

Bottom Line

Intestacy laws can be complicated because they vary from state to state. At the same time, a well thought out estate plan avoids unnecessary probate costs, in every state where you own property. With the help of a knowledgeable estate attorney, you can successfully avoid unnecessary complication and make settling your affairs as easy as possible for your heirs.

Remember to tell your estate planning advisor about everything that you own – no matter how small in value or where it is located. This is because in order to fully protect your family and assets, all of your property (real and personal) must be included. If you have any questions about ancillary probate, or any other estate planning issues, contact us today.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)

St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)

Ben@ConnorLegal.com
www.ConnorLegal.com

Benefits of Estate Planning

Proper estate planning accomplishes many things. It puts your financial house in order. Parents designate a guardian for their minor or disabled children, so they’re raised by someone who shares your values and parenting style (rather than whoever some judge picks). Homeowners can make sure their property is transferred to a designated beneficiary in the event of untimely death. Business owners can ensure the enterprise they’ve worked so hard to build stays within the family.

Yet, according to WealthCounsel’s 2016 Estate Planning Literacy Survey, only 40 percent of Americans have a will and just 17 percent have a trust in place. This translates to a majority of American families not being adequately protected against the eventual certainty of death or the potential for legal incapacity.

When it comes to estate planning, knowledge is vital. Less than 50 percent of those surveyed by WealthCounsel understood that an estate plan can be used to address several concerns – financial or non-financial matters – including health decisions and guardianship, avoiding court and preempting family conflicts, as well as taking advantage of business and tax benefits.

Estate Planning Horror Stories

Legal disputes over estate plans and wills – or, usually, the lack of having these in place at all – are common. These conflicts can cause harm to family relationships and be financially burdensome. Disputes among the rich-and-famous often made headlines.

Some scary outcomes of inadequate or non-existent estate planning include:

• Prince, who died without a will, leaving lawsuits and hefty lawyer’s fees for his family;
• Whitney Houston, whose failure to update her will negatively affect her daughter Bobbi Kristina’s inheritance;
• James Gandolfini, who didn’t finish planning causing his estate to be hit with unnecessary and easily avoided death taxes;
• Michael Jackson, who set up trusts for his children but never funded them resulting in a multiple probate court battles; and
• Philip Seymour Hoffman, who never set up trusts for his kids causing their inheritances to be unnecessarily taxed.

These horror stories are not limited to wealthy celebrities. WealthCounsel’s survey found that more than one-third of respondents know someone who has experienced or have themselves suffered family disputes due to the failure of an existing estate plan or inadequate will. Additionally, more than half of those who have established an estate plan did so to reduce family conflict. Preserving family harmony is for everyone – not only for the wealthy or celebrities.

Attorneys: Your Guide to Not-So-Spooky Estate Planning

Estate planning can be confusing as each circumstance is unique and requires different tools to achieve the best possible outcome. Nearly 75 percent of those surveyed by WealthCounsel said estate planning was a confusing topic and valued professional guidance in learning more – so you’re not alone if you aren’t sure where to begin.

We’re here to help. An estate planning attorney is essential in determining the best way to structure your will, trust, and estate plan to fit your needs. If you or someone you know has questions about where to begin – contact us today.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)

St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)

Ben@ConnorLegal.com
www.ConnorLegal.com

Avoiding Probate

One of the primary reasons for creating an estate plan is to avoid probate. Unlike a will, a fully funded living trust will avoid probate, typically a lengthy and costly court-supervised process. Probate includes locating and determining the value of the deceased’s assets, paying off any outstanding bills and taxes, and then distributing the remaining value of the estate to the deceased’s rightful beneficiaries or heirs. Avoiding probate is often a top reason for estate planning, and there is no surprise as to why. First, probate can be a costly way to transfer your assets upon death. Second, it is very time-consuming for your family. It can take from six to nine months (or even longer) to complete the probate process. Complications, such as a contested will or an inability to find clear records of all of the deceased’s assets and debts, can extend this timeline. Finally, probate proceedings are a matter of public record so when your estate goes through this process, there is no privacy.

Reducing Taxes

While a living trust can help you avoid probate, it can also provide you with tax savings, especially if your estate is subject to death taxes (also known as estate and gift taxes). Of course, there are many types of trusts. One way to think about the variety is to consider a toolbox. For example, there are numerous kinds of screwdrivers, hammers, power tools, and so on. Each tool has an intended use. Trusts are no different. When you work with us, we’ll make sure to align the type of trust with the tax-saving needs and other goals of your family.

Seek Professional Help

It is important to understand that a trust only controls assets that are in the trust. In other words, you must place these assets in the trust – commonly referred to as “funding” the trust. Moreover, because our lives are always changing (marriage, childbirth, home purchase, etc.) and so are tax laws, it is essential to continually update and monitor the funding of your trust over your lifetime. For these reasons, you will want to work closely with your estate planning attorney to make sure your assets are properly aligned with your trust. This will not only help you get organized, but it will also make things easier for your heirs when you pass away. You don’t have to go it alone. We are here to help you and your family.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)

St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)

Ben@ConnorLegal.com
www.ConnorLegal.com

Use that all time and energy and work as a leapfrog into planning for your future—so you’ll be that much more prepared for the house, the kids, and the next stages of your new life together.

Why Think About Estate Planning at this Point?

Even if you have few assets, as we just talked about, you have more than you think. Still, putting together a will or a trust probably is very straightforward at this point, since you just did that accounting of your collective assets.

You may have heard of state laws that give your property to a spouse, if you don’t have a will. These laws—known as intestacy laws—vary by state and can sometimes have results you wouldn’t expect. And, intestacy requires your estate going to probate—a court proceeding that can take months, even years, to resolve. So a basic estate plan should give you some peace of mind—knowing loved ones are taken care of, if anything should happen.

You can even plan for property you don’t yet own (a house you may buy some day) and provide for children whenever they arrive on the scene. And once you have that initial plan in place, you can easily update it as your circumstances and needs change.

Furthermore, if you already have a sizable amount of assets then estate planning may lead to tax benefits, now and in the future.

Who Can Make Decisions for Me, If I Can’t?

In the U.S., a power of attorney (POA) is a legal document that designates someone else (often a spouse) to make financial and other decisions on your behalf. In the financial realm, a POA can sign contracts, file lawsuits on your behalf, and more. Depending on the exact language, you can grant the POA broad powers, or something more limited to an issue or situation.

One specific form of POA is in effect only if you are unable to make decisions on your own—such as an emergency or illness. And you can have that type of POA for both the financial side of things, as well as one relating to your medical care.

What Kind of Care Would I Want?

An advanced directive (also known as a living will) is a document that makes clear the kinds of medical interventions you’d prefer if you’re unable to make decisions for yourself. In some ways, think of this as an emotional insurance policy: You make decisions now, so the people you love won’t have to. This can also make it easier for your spouse to make decisions if necessary, as long as you name them as a medical decision maker.

Who Will Look After the Kids?

If you don’t yet have kids but want them someday, realize that an estate plan is essential for families with children. The state statute providing assets for a spouse will probably also include some inheritance for children. However, when it comes to guardianship, you need a will to designate caregivers for the children, should something happen to both parents. Without a will, the court decides on the children’s caregiver, and the court may select someone you don’t want.

As you start your new life together, one of the best ways to begin is by planning for the future, and whatever it may bring. We’ve been helping families of all ages and kinds for decades, and we’d be delighted to help you, so contact our professionals today.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)

St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)

Ben@ConnorLegal.com
www.ConnorLegal.com

There are many immediate tasks at hand after the loss of a spouse such as notifying their friends, family, and colleagues, making funeral arrangements, and managing all the accompanying grief that arises.

It’s Dangerous to Take Estate-Related Matters into Your Own Hands

This is often too difficult a time to pay attention to the paperwork and legal details that need to be attended to. Surviving spouses may have the urge to settle outstanding issues themselves, but small mistakes made during these exhausting times can come back to cause serious problems down the road.

Here are a couple of the most common ways improper handling of deceased spouses’ estates can lead to major issues:

– Acting slightly out of accordance with the law — even by mistake — can make you vulnerable to the appearance of having conducted criminal behavior.

– You could put your own personal estate and assets at risk by performing your duties as an executor incorrectly.

Estate Planning Attorneys Remove the Guesswork For You

That’s why it’s a crucial time to lean on the support of your estate planning attorney. It’s our job to use our extensive training and experience to make sure your family’s estate is well cared for. Let us take the initiative to ensure the smooth transition of his or her wealth and resources.

Here are the essential basics we will cover, along with time-sensitive developments that could affect your and your spouse’s estate:

1. Tying up Licenses, Addresses, and Accounts

This includes notifying the post office, IRS, and social security office as well as handling his or her email and social media accounts. It’s also a good idea to contact his or her employer about benefits and pensions. We will work with you to take stock of outstanding credit and debts, although you may not necessarily want to pay any debts until you’ve had a chance to speak with us. Health insurance is also a crucial area to cover, as canceling policies can be time-consuming. These tasks can be completed without the help of your estate planning attorney, but we are available to assist you with any questions you may have during these processes.

2. Learning your Exact Role in your Spouse’s Estate Plan

Once we formally meet to begin the process of executing the directives and transfers delineated in your spouse’s estate, we must go over the wills and trusts contained within it and clarify your specific legal and fiduciary role in carrying out his or her wishes. We will also assess the need for probate and if needed begin that judicial process at the appropriate time.

3. Investigating the possibility of a late election under Revenue Procedure 2017-34

Portability is the term used to describe a surviving spouse’s ability to take on the deceased spouse’s unused estate tax exemption and transfer it to your own plan. If you haven’t elected portability since it came into effect in 2011, there may still be time to take advantage of it thanks to a new IRS regulation called Revenue Procedure 2017-34. This rule allows surviving spouses to file for late portability election, which can, in turn, save significant taxes and create new opportunities for additional planning. Even if your spouse passed away several months ago, you might be able to take advantage of the new regulation – give us a call today to find out whether you’re eligible.

4. Beginning Any Necessary Collaboration With Other Pertinent Advisors

If the deceased spouse worked with other professionals like a tax or financial planner, we will get in touch with them to make sure the whole advisory team remains on the same page throughout the process.

The period immediately following the loss of a spouse is one of the most difficult challenges life puts in our paths. Concern yourself with the personal aspects of grieving and healing, and know that you aren’t alone when it comes to the complicated and often confusing task of sorting out his or her estate — far from it. Contact us right away and let us help you handle the legal and financial needs of the moment.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

1. Estate Planning is For Wealthy(ier) People

False. Anyone who has survived to age 18 and beyond has likely accumulated a few possessions that are of some monetary or sentimental value. While things like your home, your car, and financial accounts are self-evident assets, that collection of superhero figurines or your iTunes library also deserve proper attention. There is no minimum asset value required to justify having a Will, especially since there are many low-cost options, including estate planning attorneys who will not charge an arm and a leg for a basic Will.

2. Estate Planning is For Old(er) People

False. Tragedy can strike at any moment, and it is best to have your affairs in order so as not to put your loved ones in a financial or bureaucratic bind while they are grieving. Young parents should ensure that proper guardians are in place to take care of their children if they are no longer around, lest the children end up with the most irresponsible member of the family or, worse, a complete stranger.

3. Estate Planning Means Having a Will

False. Having a Will is smart because it puts you in charge of the disposition of your assets. A Will allows you to pick your executor, designate the guardians for your minor children, and name any individuals and charitable organizations as beneficiaries of your estate. If you were to die without a Will (i.e., intestate), the law of the state where you reside at your death would govern who receives what part of your estate, who administers your estate, and who takes care of your children. There are some situations where state law may override the provisions in your Will (e.g., a spouse’s elective share), but for the most part, you are in the driver’s seat.

However, a Will is only one tool in the estate planning toolbox. There are other vehicles that allow you to remain in control of your possessions and family’s future during life and upon death. Depending on your situation, a Will alone may not be the most efficient or the most cost-effective means to achieve your goals.

Upon your passing, your Will has to go through probate – a process whereby a court reviews your Will and determines its validity. It is a lengthy and often costly process in many states to begin with and can become even lengthier if a Will is contested (e.g., on the grounds that someone coerced or cajoled their way into an inheritance). The delay in disposition of your assets and the accompanying legal costs may put your family members in financial straits. If your goal is to ensure that your survivors’ cash flow is uninterrupted after your death, it would be wise to incorporate a trust or a life insurance policy into your estate plan. These assets are considered “non-probate” – they pass outside of your Will.

There are other non-probate assets that may constitute a part of your estate. For example, a joint tenancy arrangement on your home, IRA, and payable-on-death (POD) or transfer-on-death (TOD) accounts designate specific beneficiaries upon your death, and the assets pass to them without the delay and cost of the probate process. If your Will provides for a different beneficiary of your IRA account or another non-probate asset, it will be superseded by the beneficiary designation form on file with that account’s or asset’s administrator. Therefore, it is wise to review all of your beneficiary designations periodically, but certainly upon life-altering events like marriage, birth of a child, or divorce.

You are neither too young nor too poor to engage in estate planning! Just remember that a Will may be a necessary, but not the only means to plan your estate in an efficient and cost-effective manner. Keep on top of your assets, and your survivors will have another good thing to say about you at your memorial.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

One of the primary advantages of having a trust is that it provides the ability to bypass the publicity, time, and expense of probate. Probate is the legal process by which a court decides the rightful heirs and distribution of assets of a deceased through the administration of the estate. This process can easily cost thousands of dollars and take several months to more than a year to resolve. Or course, not all assets are subject to probate. Some exemptions include jointly owned assets with rights of survivorship as well as assets with designated beneficiaries (such as life insurance, annuities, and retirement accounts) and payable upon death or transfer on death accounts. But joint tenancy and designating beneficiaries don’t provide the ability for someone you trust to manage your property if you’re unable to do so, so they are an incomplete solution. And having a will does not avoid probate.

Of note, if your probate estate is small enough – or it is going to a surviving spouse or domestic partner – you may qualify for a simplified probate process in your state, although this is highly dependent on the state where you live and own property. In general, if your assets are worth $100,000 or more, you will likely not qualify for simplified probate and should strongly consider creating a trust. Considering the cost of probate should also be a factor in your estate planning as creating a trust can save you both time and money in the long run. Moreover, if you own property in another state or country, the probate process will be even more complicated because your family may face multiple probate cases after your death, one in each state where you owned property – even if you have a will. Beyond the cost and time of probate, this court proceeding that includes your financial life and last wishes is public record. A trust, on the other hand, creates privacy for your personal matters as your heirs would not be made aware of the distribution of your assets knowledge of which may cause conflicts or even legal challenges.

A common reason to create a trust is to provide ongoing financial support for a child or another loved one who may not ever be able to manage these assets on their own. Through a trust, you can designate someone to manage the assets and distribute them to your heirs under the terms you provide. Giving an inheritance to an heir directly and all at once may have unanticipated ancillary effects, such as disqualifying them from receiving some form of government benefits, enabling and funding an addiction, or encouraging irresponsible behavior that you don’t find desirable. A trust can also come with conditions that must be met for the person to receive the benefit of the gift. Furthermore, if you ever become incapacitated your successor trustee – the person you name in the document to take over after you pass away – can step in and manage the trust’s assets, helping you avoid a guardianship or conservatorship (sometimes called “living” probate). This protection can be essential in an emergency or in the event you succumb to a serious, chronic illness. Unlike a will, a trust can protect against court interference or control while you are alive and after your death.

Trusts are not simply just about avoiding probate. Creating a trust can give you privacy, provide ongoing financial support for loved ones, and protect you and your property if you are unable to manage your own assets. Simply put, the creation of a trust puts you in the driver’s seat when it comes to your assets and your wishes as opposed to leaving this critical life decision to others, like a judge. To learn more about trusts – and estate planning in general, including which type of plan best fits your needs – contact us today.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

Now, it may seem like, “So far, so good.” Your spouse is getting an inheritance, so are the kids. But here are some examples of how the laws can fail many common family situations.

First off, if both parents of minor-aged children die intestate, then the children are left without a legal guardian. Kids don’t automatically go to a godparent, even if that’s what everyone knew the parents had intended. Instead, a court will appoint someone to be the children’s guardian. In such situations, the judge seeks to act in the children’s best interests and gathers information on the parents, the children, and the family circumstances. But the decision is up to the court, and the judge may not make the decision that you, as a parent, would have made.

When it comes to asset division, in most cases, state intestacy law presumes that a family consists of a husband, wife, and their natural-born children. But, that’s not necessarily the way many families are structured, and things can become legally complicated quickly.

According to Wealth Management, one analysis has 50 different types of family structures in American households. Almost 18% of Americans have been remarried, and–through adoption and stepfamilies–millions of children are living in blended families. The laws just haven’t kept up, and absurd results can occur if you rely on intestacy as your estate plan. Stepchildren that you helped raise (but didn’t legally adopt) may end up with no inheritance, while a soon-to-be-ex-spouse may inherit from you.

Say, for instance, a father has a will that allocates assets to his spouse and two children, then they adopt a third child. Then, the father dies in a car accident before he’s able to revise his will. In some states, because the adopted child is not mentioned in the will, she may not be entitled to any inheritance.

If that isn’t worrisome enough, consider that, in some states, the law provides that an adopted child still has rights to the biological parents’ assets–and the biological parents are entitled to inherit a child’s wealth. (Imagine if the adopted-as-an-infant Steve Jobs had died intestate, and his biological parents demanded a share of his estate!)

Of course, with a will or trust, you can control your estate and essentially eliminate the risk of these crazy results.

What if You and Your Spouse Are Separated?

State law decides what happens to your estate if you are separated from your spouse when you die. Much of the time, the court ignores your separation and just considers you still legally married.

Unless you have a prenuptial or postnuptial agreement, it is extremely difficult to disinherit your spouse. Again, even if a spouse is omitted from a will, state laws might choose to give a surviving husband or wife a share of the assets.

If you are separated from your spouse, and your divorce is pending, you should definitely talk with your divorce lawyer and an estate planning attorney about your options.

Creditors Win

Intestacy provides no asset protection or preservation benefits. Without any protections in place, an estate’s assets are still vulnerable to creditors, lawsuits, and others who may claim entitlement to the property. These claims would take precedence over the statutory requirements for inheritance. In other words, the family may not receive the lion’s share of the estate. They’d get the leftovers.

The best way to safeguard and pass along what you’ve worked so hard to build is to talk to a qualified estate planning attorney. Protect yourself, your family and your assets by contacting us today.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

When you hire an attorney for estate planning, help with a loved one’s estate, or any other legal matter you want to make sure that the work gets done as quickly as possible and at the best possible value. Here are some tips to have the most useful and value-oriented law firm experience.

Get to know the lawyer and the law firm staff. You’ll be working with the entire team, so it’s a good idea to know who to reach out to at the office. Paralegals and office assistants are employed by the lawyer to help you. For hourly cases (like many probate cases), the more you can accomplish with a paralegal or assistant rather than the attorney, the lower your bill could be since they usually have lower billable rates. – The more organized you are, the easier and more efficient the entire process will be. Bring copies of all requested documents in a binder or another organized way. This will save you the cost of having a paralegal review and organize the information for you—and maybe even a trip to the office or additional meeting if something is forgotten. – Keep your original documents in a secure place and only bring in copies of your originals if we request the original of a particular document. That being said, it’s always a good idea to bring the original will to the first meeting when you need to probate a loved one’s estate. – Be brutally honest with us both about your situation and your thoughts about the advice we’re offering to you. Give the whole story so that the advice you receive and pay for is information based on your real circumstances and not a sanitized version of them. We’re not here to judge – we’re here to develop solutions to the issues that you and your family are facing. If you have second thoughts about the advice you receive or don’t plan to follow through with it, let us know so we can ensure that you and your family’s interests are as protected as possible. – Bring a list of goals, concerns, and questions to every meeting so you can cover everything you want to discuss during your meeting instead of incurring the cost (and hassle) of a phone call or additional meeting to ask a question you forgot about. – When you meet with the attorney or with a paralegal, feel free to take notes because you’re probably not going to remember everything. Ask us to explain something that you don’t understand or to repeat something to be sure you write it down correctly. Remember, it’s yourmeeting and your case – you should always feel satisfied that you’re receiving enough information. – Carefully review your fee agreement, so you understand how you’ll be charged for services rendered. If you have billing questions that you can’t answer by referring to the contract or your statements, call us for an explanation. It always better to have open communication about the financial aspects of representation.

In summary, when you hire a law firm, you also gain access to a team of legal support and administrative professionals so that your estate planning or other legal goals can be achieved. Your legal team works together on your behalf to provide the best client representation at the best possible price.

Money may be the most talked about wealth contained within a person’s estate, but the riches of their experience and wisdom can mean even more to family members down the line. Reinforcement of family traditions can be built into your estate plan alongside your wishes regarding your money, property, and belongings. After all, what really makes a family a family is its values and traditions — not the way its finances read on paper.

It’s an excellent idea to hold a family meeting in which you discuss the sorts of things that matter to you most. In addition to the value of sharing your wisdom, you can also make it more likely that your heirs will handle their inheritance correctly if they understand the reasons behind your choices. This is just one of the many reasons to have a family discussion about your legacy and your estate plan.

How to Tell Your Story Through Your Estate Plan

It’s a delight to get to hear your elders’ stories of their fondest memories and wildest adventures, as well as the struggles they overcame to get the family where it is today. This wisdom provides meaning for a financial legacy that otherwise might just be viewed as a windfall. As part of your estate and legacy planning, you can decide to record your own personal history. Here are a few ways:

• Audio Files: With the broad range of audio formats available today, you can record in the way that’s easiest for you – anything from a handheld cassette recorder to the Voice Memos app on your iPhone. There are some easy-to-use digitizing services that can compile your stories into audio files to make available to your family and descendants.

• Video Files: The same goes for home movies and other video recordings. Older film formats can be easily digitized and organized along with the videos from your phone. Today’s technology also makes it easier than ever to add narration (and context) to a video, making the story all the richer.

• Photo Albums: Many families have prized photo collections that catalog generations. It’s a tragedy when something like this is lost in a fire or extreme weather event, or even misplaced in a move. Creating a digital database is a favor to your family in more ways than one: Not only will they have access to these memories at any time, they can also feel secure knowing that these family treasures won’t be lost anytime soon and that multiple copies can be made for the different branches of the family.

• Letters and Other Writings: If you enjoy writing, you can also include handwritten or typed letters or stories to your family members in your legacy plan to be received and read at the time of your choosing. You can also include past letters and postcards that might be tucked away in the attic. It’s not only a personal delight to relive the memories of the past by reviewing your old letters and postcards, but it’s also a great way for younger generations to get to know and sincerely appreciate your life journey and legacy.

Passing Your Values to the Next Generation

Some estate planning strategies blend your finances and personal values. For example, we might have a discussion on some of your core values in life. Whether you feel most passionate about the need for your beneficiaries to travel and gain worldly experience, continue a unique family tradition like sailing or astronomy, or support meaningful charitable or spiritual work, we can draft trusts that contain funds specifically set aside for these endeavors.

• Educational Trusts: If you value education, you might want to set up a trust to fund undergraduate and graduate degrees, med school, study abroad, or even community classes for your family’s future generations. Because of sharp increases in educational costs within the U.S., your grandchildren will likely stand to benefit immensely from an educational trust.

• Incentive Trusts: Similar to the way educational trusts set aside wealth for the purpose of funding a beneficiary’s schooling, incentive trusts can also help steer the course of your descendants’ lives be encouraging some paths while discouraging others. For example, an incentive trust could contain instructions for disbursements to be released when the beneficiary is working a part or full-time job. Or if family vacations were an important part of your upbringing, you could set aside funds specifically for your grandchildren to experience the same wonderful tradition you enjoyed.

• Charitable Trusts or Foundations: Charitable trusts or foundations establish a family legacy of supporting a particular cause, but they also have the added financial benefit of reducing income and estate taxes. They are an excellent way to help a charitable organization that’s central to your core values and make your name associated with that philanthropic effort for generations to come.

Are you curious about exploring a few of these options in your estate and legacy plan? Give us a call today, and we can schedule an appointment to go over your many options for showcasing your memories and values in a long-lasting way that truly benefits your heirs.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

Let’s explore a few ways you can help take care of a loved one struggling with mental illness with the help of your estate planning attorney:

1. It Can Contribute to Voluntary Treatment

Trusts can be disbursed in many ways. If your loved one is involved in an inpatient care facility or an ongoing outpatient program, you can structure your trust so that its disbursements cover the costs of that treatment as time goes on. This also helps your loved one because it relieves them of the responsibility of managing large sums of money on their own. They can rest easier knowing that their care is covered without having to set up a complicated payment plan on their own.

In some cases, the person suffering from mental illness doesn’t have the capacity to enroll themselves in the right type of care. If an intervention of care is needed, your trust can also help encourage involuntary treatment that ultimately serves your loved one’s best interests in the long run.

2. Trustees Can Help Watch Over Them

Selecting a trustee isn’t always an easy feat. That’s one of many decision-making areas where we’re more than happy to step in and walk you through the process. When you have a loved one battling mental illness, your choice of a trustee becomes even more of a nuanced decision.

We’ll help you deduce the perfect person to not only manage the wealth contained within the trust but also keep a compassionate watchful eye on your loved one benefitting from the trust. An astute trustee can look for early warning signs surrounding your loved one’s mental health issue and make sure to get them connected to the care and services they need in no time.

3. Lifetime Trusts Provide Structure and Support

Most people don’t think of large inheritances as a burden. But this can be the case when an individual is dealing with depression, anxiety, hoarding, or diseases like schizophrenia. Lifetime trusts are an excellent way to take care of your loved one without saddling them with a challenge on top of what they are already experiencing.

A discretionary lifetime trust can be drafted in such a way that its funds can only be used to go toward certain goods and services — such as outpatient mental health care, housing, or other “necessaries” of life. Likewise, it can also prohibit spending in areas that would cause more harm than good — gambling or compulsive shopping, for example. The discretionary nature of these types of trusts makes it so your loved one doesn’t have to worry about their own potential missteps when it comes to using the wealth contained within the trust.

Do you have a family member or other loved one who could use the financial flexibility and structural support of a trust? Give us a call today, and together we’ll figure out the best ways to enhance your loved one’s life by finding the right estate planning tools to offer the most help.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

Living and Other Trusts

You probably know that a fully-funded living trust avoids probate. If you have concerns about some of your beneficiaries’ ability to handle a windfall, speak to an estate planning lawyer about some options you can include in your trust. For example, one option is an incentive trust, which pays out money when the beneficiary meets certain conditions, such as finishing college or staying clean and sober. An incentive trust combined with a personal statement or video explaining why you’ve put conditions on the beneficiary’s inheritance helps to pass along your wisdom to the next generation. You can let your heirs know that you love and care about them, and that’s why you took the actions you did with the trust. While an heir may resent the limitation at the time, he or she may look back and realize you did a wise thing, especially after they’ve lived and incorporated your wisdom into their life.

Video Wills

Video wills aren’t legally binding since the law requires that a will be a written document, but that doesn’t mean you can’t make a video regarding your will as an adjunct to the written will. For example, suppose you left art, jewelry or other valuables to specific family members or friends. You might want to explain why you chose to leave that particular item to that person and perhaps share the article’s meaning to you on the video. (Hint: If you think one child might resent the giving of an item to a sibling, this can be a good way to explain your intentions.) Some attorneys use video to help prove you were competent if it includes footage of you signing of the written will. Whether this is a good option depends on state law and your circumstances, so this may not be recommended for you.

And of course, you can (and should!) create a personal video that has nothing to do with a will. If you have a family video collection, consider making a new video including favorite snippets and commenting on the earlier days. Time gives you perspective and appreciation, and those gifts are priceless. The memories and meaning that these videos have can be memorialized for generations to come.

The Old-Fashioned Way

Scrapbooking is a time-honored pastime that’s recently experienced a renaissance. Pass on journals, photos, newspaper clippings and other ephemera via scrapbooks or albums. You can leave specially constructed letters inside for your family and loved ones. While only one family member can have the physical scrapbook at any one time, digital scrapbooking tools are fast-evolving and now allow you to create either a digital version or multiple print copies so that all your loved ones can share your life and thoughts.

Charitable Planning

Many of us have a favorite charity and cause we supported during life. Estate planning offers many opportunities to continue to support these organizations via planned charitable giving, both during your lifetime and after your death. An estate planning attorney can discuss charitable planning options best suiting your situation. Two examples are the Charitable Lead Trusts which can provide an immediate charitable gift and Charitable Remainder Trusts which can support a loved one (or you) for a period of time with money eventually going to your chosen charity. Leaving some of your estate to charity shows the next generation what mattered to you, and it encourages them to follow in your footsteps. While your heirs may not choose to fund the same organizations, you are setting an example of the importance of financially supporting charities close to your heart.

Business Succession Planning

If you own your company, business succession planning is crucial. Formal business succession planning, however, is just as important as your personal estate planning. It can make the difference in whether the company succeeds or fails, and the financial future of your family. But along with proper succession planning, a written statement or video to your board or employees helps enshrine your business’ mission, values, and tradition.

Leave a History

When you’re bequeathing antiques, art, jewelry and the like, leave the beneficiary a history of the piece and why it was important to you. If it’s a family heirloom, write down whom it has passed to, from generation to generation. It’s possible the family ties outweigh the actual value of the item. Sharing these stories will make a family heirloom cherished all the more.

Regardless of how you’re leaving your memories and the meaning behind them to the next generation, you want to make sure that your family avoids unnecessary hassle and expense. Contact us today to discuss how we can implement a plan to leave the wisdom and wealth you’ve accumulated to your loved ones.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

However, comprehensive estate planning isn’t just deathtime planning. It’s lifetime planning, too. It’s about ensuring that your medical and financial decisions can be made by someone that you trust. Lifetime planning can help you address potential tax liabilities, find you benefit programs you may eligible for, and protect your family from costly guardianship or conservatorship court. It can make sure that a trusted party looks after and protects your affairs, if and when you’re not able to.

Lifetime Planning Tools

As estate planners, we have an arsenal of lifetime planning tools to benefit clients, and we can custom-tailor such plans to an individual’s needs. Here are a couple of the most common (and necessary) lifetime planning tools you should discuss with us.

Revocable Living Trusts

When people hear the word “trust,” they may think of “trust fund babies” or think that trusts are something only for the super-rich.

However, a trust is simply a legal tool that can help almost anyone with property – not just the wealthy. In a trust, assets you own are re-titled and transferred into the trust. When this happens, technically, you no longer own your real estate, stocks, bonds and similar properties. Instead, the trust owns them all. But you still control everything in the trust: You can buy and sell these assets as if they were still in your name. In fact, revocable living trusts don’t even change your income taxes while you’re alive. You continue to file your tax returns as you always have, making them very easy to administer while you’re alive. And as the creator, or settlor of the trust, you can continue to make changes to the trust as long you’re competent to do so.

Once you die, the trust becomes irrevocable, meaning its terms can’t generally be changed. At this point, your chosen successor trustee distributes assets to beneficiaries (the people, such as your spouse, children, a church, or other charity, you named to inherit from you). In many respects, the role of the trustee is similar to that of the executor of a will. But, a trustee of a fully funded trust doesn’t have to go through the public and expensive probate process. Trusts are private unlike wills, which can also provide valuable privacy to your family.

Durable Power of Attorney

Durable powers of attorney come in two forms. With a standard durable power of attorney, a person is legally designated to act on your behalf, in the ways specified in the document. You can make the durable power of attorney broad in scope or quite limited, and it becomes active as soon as you sign it. Under this document, the person may sign checks for you, enter contracts on your behalf, even buy or sell your assets. What they can do depends on what you authorized in the document.

In the case of a “springing” power of attorney (POA), also known as a conditional power of attorney, the person only has this authority if you become incapacitated. At that point, the POA “springs” into action.

There is no “best” power of attorney. We’ll work with you to determine which is the best fit for your needs and goals.

Health Care Power of Attorney

In an instant, an accident can change a healthy, vigorous person into someone who can’t make her healthcare decisions. Others face a long decline in mental capacity because of a disease like Alzheimer’s. In either case, you want to empower those you trust to make medical decisions for you. Though health care legal documents vary somewhat by state, the general principle is that, through this document, you authorize someone to make medical decisions for you, if and when you no longer have the capacity to do so. You can also communicate your desired treatment and end-of-life care. However, those instructions may not be valid in every state.

A Holistic Approach

Lifetime planning is a comprehensive approach to estate planning. And while it addresses needs of the living, comprehensive planning may also improve the after-death part of your plan as well, because it can reduce family conflict and preserve assets against court control or interference in the event of incapacity.

Contact an Experienced Estate Planning Attorney

For insight into how to establish a trust and implement other lifetime planning options, call us today to schedule a consultation.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com

Since your family’s needs and circumstances are constantly changing, so too must your estate plan. Your plan must be updated when certain life changes occur. These include, but are not limited to: marriage, the birth or adoption of a new family member, divorce, the death of a loved one, a significant change in assets, and a move to a new state or country.

Marriage

It is not uncommon for estate planning to be the last item on the list when a couple is about to be married – whether for the first time or not. On the contrary, marriage is an essential time to update an estate plan. You probably have already thought about updating emergency contacts and adding your spouse to existing health and insurance policies. There is another important reason to update an estate plan upon marriage. In the event of death, your money and assets may not automatically go to your spouse, especially if you have children of a prior marriage, a prenuptial agreement, or if your assets are jointly owned with someone else (like a sibling, parent, or other family member). A comprehensive estate review can ensure you and your new spouse can rest easy.

Birth or Adoption of Children or Grandchildren

When a new baby arrives it seems like everything changes – and so should your estate plan. For example, your trust may not “automatically” include your new child, depending on how it is written. So, it is always a good idea to check and add the new child as a beneficiary. As the children (or grandchildren) grow in age, your estate plan should adjust to ensure assets are distributed in a way that you deem proper. What seems like a good idea when your son or granddaughter is a four-year-old may no longer look like a good idea once their personality has developed and you know them as a 25-year-old college graduate, for example.

Divorce

Some state and federal laws may remove a former spouse from an inheritance after the couple splits, however, this is not always the case, and it certainly should not be relied on as the foundation of your plan. After a divorce, you should immediately update beneficiary designations for all insurance policies and retirement accounts, any powers of attorney, and any existing health care proxy and HIPAA authorizations. It is also a good time to revamp your will and trust to make sure it does what you want (and likely leaves out your former spouse).

The Death of a Loved One

Sometimes those who are named in your estate plan pass away. If an appointed guardian of your children dies, it is imperative to designate a new person. Likewise, if your chosen executor, health care proxy, or designated power of attorney dies, new ones should be named right away.

Significant Change in Assets

Whether it is a sudden salary increase, inheritance, or the purchase of a large asset these scenarios should prompt an adjustment an existing estate plan. The bigger the estate, the more likely there will be issues over the disposition of the assets after you are gone. For this reason, it is best to see what changes, if any, are needed after a significant increase (or decrease) in your assets.

A Move to a New State or Country

For most individuals, it is a good idea to obtain a new set of estate planning documents that clearly meet the new state’s legal requirements. Estate planning for Americans living abroad or those who have assets located in numerous countries is even more complicated and requires professional assistance. It is always a good idea to learn what you need to do to completely protect yourself and your family when you move to a new state or country.

We are here to help you get fully settled in and build a plan to protect you and your family.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
8776 E. Shea Blvd Suite 106, PMB 607
Scottsdale, Arizona 85260
800-679-6709 (toll free)
Ben@ConnorLegal.com
www.connorlegal.com