The new year 2025 marks the entrance of Bouman Law Firm into the A/I digital age.  I am intentionally pursuing ways to integrate the use of LawY technology into my law practice.  There is much to explore about how to use A/I for legal research and customized drafting assistance, but I am excited to begin the process.  LawY blends cutting-edge A/I technology with human expertise in a manner that I believe will continue to improve the premium experience we offer to our clients. -Tom
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This brief video summarizes the mechanics of an Arizona-based asset protection trust.  Although Arizona law does not permit the use of self-settled asset protection trusts like some other states do, an Arizona resident may establish an Arizona-based irrevocable trust that provides asset protection for all parties involved.  The key to making it work is to name other people as beneficiaries of your trust, such as your spouse and/or children, while prohibiting distributions to yourself.    
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I will give you a premium experience. My process will help you accomplish a very important task in a relatively brief amount of time.  I do this by asking the right questions, explaining your options in a concise manner, and then using technology to build your estate plan with the latest tools and techniques of estate planning.Estate and trust law is a very formidable beast to tame, but rest assured, I aspire to mastery of the subject matter, and you will work directly with me.    
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Determine how the asset is titled:

 *It is a good practice to wait several months before removing the deceased owner’s name from the primary checking account in case there are payments made to the deceased owner after death. **If the will governs,…
Continue Reading Summary of Estate Administration Process in Two Steps

Attention business owners:  If you’re the owner of a business, you will need to file the new Beneficiary Ownership Information form (BOI).  There are exceptions, but you probably won’t qualify for any of them.  The purpose of the BOI is to help the federal government combat money laundering and other illegal activities.  You can find the form online at www.fincen.gov/boi and it’s relatively easy to complete.  It took me about 10 minutes the first time I used it for myself.  The only tricky part is needing to upload a photo image of your driver license or passport.  I already had…
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Continue Reading Why do estate planning attorneys not recommend naming a child as joint owner of a personal bank account?

1.       What is an Inheritance Protection Trust?An Inheritance Protection Trust is an irrevocable trust established through a deceased person’s estate plan typically for benefit of a surviving child.  Although the term “Inheritance Protection Trust” could generally describe many types of beneficiary trusts, it usually refers to a trust established for a responsible adult beneficiary who is willing and able to manage an inheritance.  This type of trust is usually drafted to continue for the lifetime of the beneficiary (or until all assets have been spent), rather than end at a predetermined time or age of the beneficiary.     The beneficiary…
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The Arizona homestead exemption amount increased from $250,000 to $400,000 in 2023.  The homestead exemption, which is automatic in Arizona, is intended to protect an Arizona resident’s primary residence (“homestead”) from creditors.  But the new law includes several intricacies that make it more complex than it initially appears.  For example, the new law requires any existing judgment liens (recorded in the same county) to be paid when the homeowner either sells or refinances the residence.  The prior law stated that a homeowner with less equity than the exempt amount could still refinance a home loan without having to first pay…
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Your health care power of attorney may permit your agent to restrict visitation. In 2021, the Arizona legislature enacted A.R.S. 36-3211, which prescribes an assortment of rules and procedures regarding whether and how a health care agent may restrict visitation of an incapacitated person.  The law now requires a health care agent to “encourage and allow contact” between the principal (the incapacitated person) and other persons who have a significant relationship to the principal.  The health care agent may not restrict reasonable contact between the principal and any other person without prior court approval.But there is an exception, and you…
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Bouman Law Firm is a registered subscriber to the Arizona Healthcare Directives Registry (“AzHDR”), an online registry for secure storage and sharing of your health care power of attorney and living will declaration.   The registry was established by the Arizona Department of Health Services and is currently administered by Contexture, a nonprofit organization that provides strategic, technical, and administrative support.  Contexture includes the registry as an integrated component of the Arizona Health Information Exchange.  This gives participating Arizona health care facilities instant access to your health care directives when they are needed most.   The registry is free to Arizona…
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Congress recently passed SECURE Act 2.0.  The updated law includes countless items that affect financial planning and tax planning, however there isn’t much that affects estate planning.  Only 2 items are worth noting here:1.  The age for required minimum distribution increased from age 72 to age 73. 2.  There are no more mandatory lifetime distributions from Roth 401(k) accounts.
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The IRS recently issued proposed regulations regarding the treatment of tax-deferred retirement accounts after the SECURE Act of 2019.  Here are 2 highlights relevant to estate planning:

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Continue Reading New IRS Regulations for Retirement Accounts after SECURE Act

The FDIC recently approved a rule to change how it calculates the amount of insurance is available for bank accounts held in trusts.  Effective 4/1/2024, a trust account will be insured up to $250,000 per beneficiary, not to exceed five, regardless whether the trust is revocable or irrevocable or how the trust allocates inheritance among beneficiaries. For example, a joint living trust for a married couple with 2 children might qualify for up to $1,000,000 of FDIC deposit insurance.  But a joint living trust for a married couple with 5 children would only qualify up to $1,250,000. The new rule is intended…
Continue Reading FDIC Insurance Rules for Trusts are Changing