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.
Frequently Asked Questions About Estate Planning In Arizona
Most people have misconceptions about estate planning. Here are some of the questions we hear most often:
What happens if I die without a will in Arizona?
When someone dies without a will, or “intestate,” the state will name an administrator to handle the distribution and management of the deceased’s assets. Once your debts are paid, your assets will be distributed according to the laws of succession, which may not align with your wishes. The process of intestate succession can both lower the value of your estate and be time-consuming for your heirs.
How can I avoid probate in Arizona?
Because probate can be expensive and often prolongs the grieving process, many people wish to avoid the process. There are a few ways to avoid probate, such as creating a living trust that transfers assets directly to beneficiaries. An estate planning attorney can help explore your legal options and organize your estate to avoid the probate process.
What is a health care power of attorney, and how does it differ from a living will?
A living will allows you to make decisions for specific end-of-life care decisions. For example, you may decide whether you wish to be placed on life support or have your organs donated. However, a living will can not account for everything, which is where a health care power of attorney comes in. A health care power of attorney can make decisions on your behalf if you become incapacitated and cannot do it on your own.
How do I protect my assets from creditors in Arizona?
There are a few ways to protect your assets from creditors. A common way to protect assets is by making a trust. An attorney can help explore your trust options to shield your assets from credits.
What should I consider when choosing an executor or trustee in Arizona?
An executor and trustee are responsible for safeguarding and managing your assets on behalf of your beneficiaries. You want to choose someone who is financially competent, organized, trustworthy and – above all – willing to accept the fiduciary responsibility.
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 complimentary 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 520-900-5825 or send an email inquiry to arrange yours.