Whether the result of legislation or voter approval, a number of new state laws and more have recently become effective.

In Arizona, new state laws can be created in two ways: as the result of a bill that passes both houses of the legislature and is signed by the governor, or by voter approval of an

initiative

(initiated by the public via petition) or a

referendum

(referred to the voters by the legislature). While laws can be passed by the legislature or by voters, a state constitutional amendment can be approved only by public vote.

Following is a short list…
Continue Reading New Arizona laws: a short list of legal and tax issues now in effect

Whether your funeral plan is part of, or separate from, your estate plan, specifying your wishes and perhaps pre-funding your funeral expenses can ease the burden on your loved ones.

One of the ironies of estate planning is that, after going to great lengths to create specific, thorough instructions regarding the disposition of their assets, many people provide little or no direction concerning the disposition of their remains.

That’s too bad. Just as a well-conceived estate plan can eliminate legal and financial stress in the months following your death, a simple statement of your funeral wishes can lighten your family’s…
Continue Reading Funeral Planning: Important Considerations

You don’t have to go into great detail; giving them the highlights can go a long way toward avoiding confusion and a family fight after your death.

Last summer, in “

Equipping Your Successor Trustee or Personal Representative

,” we outlined the benefits of notifying your estate administrator – perhaps one of your adult children – that you have named them to serve in that role and how to locate the documents they will need to carry out their duties.

While we stand by our suggestions, we also endorse a November 2024

Wall Street Journal

article, “

Warren Buffett Talks …
Continue Reading Telling Your Adult Kids About Your Estate Plan

For estates that will not be subject to estate tax, the removal of a generally unnecessary trust provision can make life much easier for the surviving spouse.

Over a decade ago, we wrote a practical article (“

Is It Time for an Estate Plan Review? You Be the Judge

“) that lists several triggering events that might warrant updating your will or trust. The following article addresses an issue that was not included in that list and frequently applies to older trusts.

If (a) you are married, (b) the value of your estate is below the estate tax threshold, and…
Continue Reading Streamlining Your Trust: One Simple Step

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Continue Reading A Succession Planning Dilemma: One Business, Multiple Kids

A professional diagnosis, appropriate legal planning, and understanding the available financial resources are keys to meeting the needs of a loved one in decline.

It’s one of the handful of questions that we dread hearing from our clients:

My spouse is showing signs of dementia. What do I do?

After taking a deep breath, expressing our sympathy for their concern, and acknowledging the potential seriousness of Alzheimer’s disease and other forms of dementia, we seek to help our clients examine their situation from three perspectives:

medical, legal,

and

financial

.

Medical Diagnosis.

If your spouse, parent, or other loved one…
Continue Reading Dementia: Responding to the Signals of Potential Incapacity

Continue Reading Best Lawyers® selects Ryan Scharber for 2025

You can help your fiduciary administer your trust and non-trust assets by anticipating what information they will need and telling them – while you’re alive – where to find it.

It’s a common scenario: Our client’s estate plan has been finalized, they signed all of the pertinent documents (Trust, Will, powers of attorney, memorial instructions, etc.), and they have come to our office for a brief meeting to pick up their document binder and flash drive.

At some point during their visit, they are likely to raise a few frequently asked – and important – questions:

• Should we tell our

…
Continue Reading Equipping Your Successor Trustee or Personal Representative

A useful tool from its inception, the 529 concept has improved as the scope of its permitted use has grown.

A 529 or “qualified tuition” plan is federally authorized savings plan that you can use for a child’s or grandchild’s college tuition and other educational expenses. In most states, contributions to the plan are tax deductible (state), and the earnings in a 529 account are not subject to federal income tax.

Here are the features of

AZ529: Arizona’s Education Savings Plan

:

• offers parents, grandparents, and students an opportunity to save for “qualified education” expenses – tuition, books, and room

…
Continue Reading A 529 Plan Can Help Cover the Growing Costs of a Child or Grandchild’s Education

A SLAT provides a trifecta of asset protection, estate tax avoidance, and continued access to personal assets.
Continue Reading A Spousal Lifetime Access Trust (SLAT) Offers Many Benefits, Few Drawbacks

For owners of valuable residential real estate, a QPRT offers an attractive way to transfer it to their beneficiaries while continuing to occupy the home.

For many couples and individuals, their homes (primary or second) make up a substantial portion of the value of their estate. In larger estates, the existence of residential property poses estate tax considerations and, in the event of a lawsuit or creditor claim, exposes the property to seizure by third parties.

Protecting valuable residential real estate can be achieved through the use of a “qualified personal residence trust” (QPRT) — a type of irrevocable trust…
Continue Reading Achieving estate tax savings and asset protection through a QPRT

Whether your kids’ launch will succeed or fail is ultimately up to them, but helping them anticipate and navigate life’s challenges is a valuable parental role.

The results of a recent online search included this eye-catching title: “

Has Google Replaced Mom and Dad?

”

In addition to being somewhat prophetic (it was written in 2012), the article’s insights could lead one to a sobering conclusion – that, in contrast to preceding generations, children of the Internet era are far less likely to view their parents as their primary source of information, knowledge, and wisdom.

One of the consequences of…
Continue Reading We Have Lift-Off: A Mentoring Checklist for Parents of Adult Kids