Now may be the time to take advantage of a historically favorable tax environment. It is unclear how long the lower rates and tax exemptions established by the Tax Cuts and Jobs Act (TCJA) of 2017 will last. We know that many provisions of the TCJA will automatically expire in 2026 unless Congress makes them permanent. However, Congress could modify them prior to their 2026 expiration date. The outcome largely depends on who controls the White House and the Senate after the November 2020 elections.
Some of
Stuck At Home? No Better Time Than the Present to Create Or Update Your Estate Plan.
March 25, 2020
A little forced time away from the office might be an ideal time to get yourself organized and check some things off that TO DO list. One thing people commonly put off doing is creating or updating their estate planning documents. In fact, studies have reported that more than half of Americans do not have a Will. Having at least a Will and a power of attorney, both financial and health care, can be critical particularly for those
One of the many advantages of a revocable trust is that changes to a revocable trust can be easily made by amending or restating the trust instrument. When dealing with irrevocable trusts, however, the ability to effect change is often a source of many questions. Is there an ability to change beneficiaries? Who has the power to interpret language in the trust? Can the Trustee be changed
Defining Mental Capacity and How it Impacts Your Ability to Conduct Business, Manage Your Estate, and Even Vote.
According to recent statistics, the U.S. population aged 65 and older is projected to nearly double over the next three decades. This year, baby boomers are between the ages of 52 and 70 and, as this large segment of the population ages, there has been an increase in the number of people
Does Your Will Contain a Profession of Your Faith? Adding Religious Preambles to Your Will
July 24, 2015
Have you considered including a religious preamble to your Last Will and Testament as a final means of professing your faith?
Prior to the beginning of the 20th century, it was common practice for Last Will and Testaments to include a religious prologue, such as “In the Name of God, Amen[1].” In fact, the Wills of both George Washington and William Shakespeare begin with those exact words. The Last Will and Testament of Samuel Adams, a signer of the Declaration
A Checklist for Reviewing and Drafting Deeds of Trust
June 19, 2015
What follows is a checklist of the matters that must or should be addressed in a Deed of Trust to insure that it complies with Arizona law and addresses the larger issues. The list does not purport to be complete. Obviously, there is a host of other issues which should be addressed, e.g. maintenance, insurance, condemnation and environmental issues. Moreover, the Deed of Trust is often not a “stand alone” document but part of a loan transaction the terms of which must be reflected in
It is common knowledge that the purpose of a Will is to ensure assets are distributed according to a person’s wishes upon his or her death. In addition, many people will go a step further, perhaps upon the advice of their attorney or accountant, and have a trust prepared to help avoid the sometimes lengthy legal process of probate, as well as potentially help minimize or avoid federal estate tax; however, in Arizona, there exists another effective, yet lesser known, estate planning tool called a
