Estate Planning: What’s Personal Should Be Personalized
At Bogutz & Gordon, estate planning is not a one-size-fits-all endeavor. Estate plans can be as individual as you are, and our job is to advise you on your options and make recommendations for you and your beneficiaries. Our goal is to provide you with the knowledge to make effective choices, and then implement those choices with accurate documents that meet the highest technical standards.
Consider The Basics
Basic estate planning includes the preparation of:
- Wills, from simple to more complex
- Financial (general) powers of attorney covering financial matters and other issues
- Medical (health care) powers of attorney designating decision-makers
- Living wills (advance directives) answering questions like, “Are blood transfusions acceptable?”
All estate planning tools must be prepared in accordance with Arizona’s very specific laws and requirements.
Beyond The Basics
Intermediate estate planning includes the use of an Arizona Revocable (Living) Trust Agreement, including the transfer of assets into the name of that trust to help avoid probate. An inheritance can be left to a loved one in trust, which provides additional benefits for the beneficiary, including protection from creditors and from former spouses in the event of a divorce, and can include provisions for the care of pets.
For married couples, a revocable living trust might include an “A-B Split,” or “Credit Shelter Trust,” to minimize estate taxes or to give both members of the couple control over how assets are ultimately distributed.
Advanced Estate Arrangements
Our law firm is also able to advise on and prepare more advanced arrangements such as limited liability companies, family limited partnerships, irrevocable life insurance trusts (ILITs), special needs trusts (often for disabled beneficiaries), qualified personal residence trusts (QPRTs), and grantor retained annuity trusts (GRATs).
Estate planning also involves considering whether your assets are properly titled and whether your beneficiary designations for your IRAs, 401(k)s, and annuities are appropriate for your situation.
If all of this sounds confusing and overwhelming, we can help you sort through these details and achieve a customized plan that suits you and your family.
Contact Us To Talk About Your Estate Plan
There is nothing like a face-to-face conversation with an attorney about your goals and concerns. We encourage all potential clients to request a complementary initial consultation about your needs. Bring your questions and we will do our best to give clear answers that can help you move toward the estate plan you need. Call 520-321-9700 or send an email inquiry to arrange yours.