Asset protection planning generally incorporates tools that, when employed alone or in concert, are structured to achieve your goals and protect family wealth from the claims of creditors. Those tools, which vary in their applicability and complexity, may include:
The use of limited liability companies (LLCs), limited partnerships and corporations; gifting, use of life insurance and annuities, and for the more advanced, domestic asset protection trusts and dynasty trusts for children and grandchildren.
What Work Does The Personal Representative Have To Do To Settle An Estate?
In Arizona, most estate plans are created with trusts, not wills. In the case of a successor trustee, they have a duty to safeguard and gather the assets, pay the bills, file the taxes then distribute the remainder when these tasks are completed.
The personal representative has a similar duty as the successor trustee but it additionally requires court involvement and extra cost.
What Are The Basic Items In An Estate Plan? What Does Each Item Do?
Revocable trust, or Last Will and Testament. These are a written plan on who will administer your estate and who will receive it upon your passing. The trust further spells out how you want to be taken care of if you are no longer able to care for yourself.
Powers of attorney. Both financial and health care. This appoints an agent to take care of you when you are unable. One document works with health care decisions and the financial power of attorney takes care of almost everything else.
Living will. A living will is a document in which you state how you would like to be treated in the last stages of your life. For instance, you may state that you do not want to be kept alive through any artificial means.
How Long Does It Take On Average To Create An Estate Plan?
After the initial information is gathered, 2-3 weeks on average, sooner upon request by the client.
What Qualities Should I Look For In An Estate Planning Attorney? What Are Some Warning Signs?
I would certainly use a lawyer over a do-it yourself kit or document preparer. An experienced estate attorney can help you:
- Create an individualized plan based on your specific needs and offering you the most valuable legal advice for your situation
- Working with an experienced attorney who is knowledgeable about current estate planning laws in Arizona will help ensure that the decisions you make will be made in accordance with the law and are legally enforceable
- An attorney can serve as a resource for questions, concerns, changes, and updates to your trust and will.
- The right attorney should be someone that practices almost exclusively in the estate planning and estate administration field and has many years of experience and extensive knowledge of the subject.
Warning signs would be the opposite of this. Lack of experience and knowledge of the subject.
What Makes You Particularly Suited To Handle Estate Planning Matters?
Our attorneys have substantial experience in a wide array of trusts and estate services. Our knowledge and years in law practice help us to make the best recommendations to accomplish each client’s individual estate wishes and goals. Using both simple and sophisticated techniques, we help individuals and families with all their estate planning needs. Each person is unique and deserves to have a plan that expresses his or her own wishes. Each client receives individual respect and attention to their needs.
For more information on Asset Protection Laws In Arizona, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (480) 345-0444 today.
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