“Putting my child’s name on an asset avoids probate” This is how the conversation usually goes: “someone told me if I put my child’s name on my bank account, upon my death it goes to that child and I avoid probate.” This particular myth is a real “land mine” waiting… Read More
posted on January 28, 2014
Estate Planning Mistaken Belief #2
IF I HAVE A WILL, MY FAMILY WILL AVOID PROBATE I am unsure how this mistaken belief ever came about since a Will is almost synonymous with probate. By way of background, using a Will as your primary estate planning document, your estate may be probated. Without a Will, your estate… Read More
posted on January 22, 2014
Estate Planning Misunderstandings #1
Estate Planning Misunderstanding #1 Estate planning is only for the old. (This is the first in a series of estate planning misunderstandings.) The fact is, if you are an adult, you already have an estate plan. We all do. It was drafted on our behalf by the legislatures of the state… Read More
posted on January 10, 2014
Estate Planning Can Be Intimidating
We avoid what we don’t know. For many financial, insurance and accounting professionals, they feel they ought to know estate planning better than they think they do. They also feel they should be assisting their clients in getting their estate’s in order but due to the professional’s discomfort with estate… Read More
posted on January 2, 2014
Question: Does Having a Will Mean You Avoid Probate?
Question: Does Having a Will Mean You Avoid Probate? Answer: No, almost by definition, a Last Will & Testament implies that a probate will be needed to administer the estate. The best way to avoid probate is using a revocable trust. Another way to avoid probate, but sometimes causing more… Read More
posted on December 27, 2013
What Happens If You Die Without a Will?
This was a column in a local paper that got me thinking that this is actually a very commonly asked question. First, it doesn’t all go the State. It may but this is very unlikely. Basically, the State of Arizona has written a Will for you if you fail to… Read More
posted on December 18, 2013
Introduction to Self Directed IRAs
Self directed IRAs (SDIRA) have been around since the early 1970s. In spite of their history, they haven’t been all the rage until more recently thanks to media attention. The biggest press was on former Republican candidate Mitt Romney’s SDIRA. It shouldn’t be believed that only the most wealthy can… Read More
posted on December 13, 2013
“I thought a trust avoided probate!”
This question usually gets asked by the family after a loved one has died and they are told they have to go through probate. How did this happen? Yes, one of the benefits of a revocable trust is avoiding probate. The explanation everyone has heard is because the assets are… Read More
posted on November 19, 2013
Avoiding Conservatorships
Conservatorships Conservatorship is a court proceeding where an individual is considered by a judge to be unable to manage their own financial affairs so another person or entity is named to handle it for them. There are many reasons why a conservatorship may be needed; disability, dementia, youth, incapacity, and more. The… Read More
posted on November 13, 2013
Advantages vs. Disadvantages of a Revocable Trust
Advantages of a Revocable Living Trust Avoidance of probate. In particular, a revocable living trust can avoid expensive multiple probate proceedings when you own real estate in several different states, as well as the publication of the otherwise private financial details of your estate. Avoidance of conservatorship. A revocable trust can avoid… Read More
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