Trusts are highly customizable estate planning documents, and can be adapted to many needs, but they generally fall into one of two categories: revocable or irrevocable. In one sense, the difference between these two types is as simple as their names: revocable trusts...
Trusts
The ABCs of special needs trusts in Arizona
Many Arizona families have a member who suffers from a severe disability or chronic illness; these individuals are generally referred to as special needs persons. Families with members who are classified as special needs individuals have a special challenge in...
Considering a special needs trust
Many people create an estate plan with a loved one’s needs in mind. Sometimes, their loved one has a disability or other needs that require their financial support. A special needs trust can provide financial support to the person who needs assistance, while still...
The benefits of a spendthrift trust in Arizona
A common estate planning question for wealthy Arizonans is how can the assets in the estate be protected from claims of creditors of the beneficiaries and how can the beneficiaries (or some of them) be prevented from squandering their inheritance. The answer to both...
Considering a living trust? Here’s what you should know
A will isn’t for everyone. Tucson residents might be better served by a different estate planning device. One popular alternative is the living trust. The living trust provides a kind of flexibility afforded by few other estate tools, but there are, of course,...
Here’s how to best utilize a special needs trust
Recently on the blog we discussed special needs trusts and how they might benefit your estate plan. This week, we want to a take a closer look at these trusts so that you have a better understanding not only in regard to what they have to offer, but also where their...
Is a special needs trust right for you?
As a person ages, they may need to rely on government benefits such as Medicaid or Supplemental Security Income in order to pay for nursing home care and other personal care needs. However, in order to qualify for these programs, a person can only have a nominal...
What happens if you die without a will or trust?
Sometimes a person puts off executing an estate plan until it is too late. If a person in Southern Arizona dies without a will or trust, their assets will be distributed to their heirs per the laws of “intestate succession.” This applies to both community property and...