Gunderson Denton sur Twitter : "Shocking Truth About Asset Protection Planning #estateplanning #litigation #assetprotection. Shocking Truth About Asset Protection Planning. The Shocking Truth About Asset Protection Planning The goals of asset protection planning are to provide an incentive for settling a claim, improve the client’s bargaining position, offer options when a claim is asserted, and, ultimately, deter litigation.
Mesa, AZ Some view asset protection planning with a skeptical eye. They believe there is a moral obligation to pay one’s debts. The truth is the U.S. justice system is unpredictable. In this issue you will learn: What asset protection planning is, and what it is not.Your clients have already engaged in some form of asset protection planning, and usually it isn’t enough.Attorneys may ethically and legally help clients protect their assets from future creditors, predators, and lawsuits. What Asset Protection Planning Is, and What it Is Not Asset protection planning is a legitimate form of wealth planning. On the other hand, asset protection planning is not about avoiding taxes, keeping secrets, hiding assets, or defrauding creditors.
Five Ways to Make Trusts More Flexible. Five Ways to Make Trusts More Flexible Drafting trust agreements is challenging, but flexibility can address changes. Phoenix, AZ Trusts that continue for the benefit of a surviving spouse’s lifetime and then for the benefit of several generations have become the norm. Drafting trust agreements that will cover the administration, investment, and distribution of trust property over the span of multiple decades is challenging.
In this issue you will learn how trust agreements can be made flexible to address changes in the lives of beneficiaries and governing laws by: Carefully selecting trustees.Defining trust beneficiaries.Including powers of appointment.Allowing for trust decanting.Providing for the appointment of a trust protector. If you would like us to review any of your clients’ trust agreements and make recommendations for improving their flexibility, please call our office now. The Wrong Trustee Can Derail Your Client’s Wishes Trust Beneficiaries Need to Be Clearly Defined. When Removal Clauses Backfire. And Then There Was One: When Removal Clauses Backfire Removal clauses on trusts and legal documentation are important for some situations, but Brent Gunderson shows how they can also backfire. Mesa, Arizona The well known and complicated litigation involving the sale of the Clippers by The Sterling Family Trust has revolved primarily around one simple clause in a trust agreement.
The clause agreed to by Shelly and Donald Sterling, one year ago, states that either one of them could be involuntarily removed as a trustee if he or she showed signs of mental incapacitation. On the face of it, such a clause seems not just logical, but protective as well. The trust involved in this case, however, is quite large and there are many valuable assets at stake – not least of which is the Clippers basketball team. In May, Shelly ordered two doctors’ evaluations of her husband to determine his mental state. For some, this is a rather familiar scenario. Published By: Mesa Office: 1930 N. Why You Should Avoid DIY Estate Planning. Becoming a Multigenerational, Purpose-Driven Advisor| Gunderson Denton. Studies have shown that more than 90% of family wealth is lost by the end of the third generation. To help clients avoid this, advisors must become adept at bridging the disconnect among generations when it comes to the transfer of family wealth.
In this issue you will learn: The main factors that contribute to family wealth lost over the generations.How to help clients overcome their reluctance to discuss their wealth with younger generations.What clients must communicate to younger generations to effectively transfer family wealth.How to build and foster multigenerational relationships. If you would like to learn more about multigenerational, purpose-driven advising, please contact our office now. Why is Over 90% of Family Wealth Lost by the Third Generation? As was indicated earlier, studies have shown that 70% of families’ wealth is lost by the end of the second generation, and over 90% by the end of the third. How to Become a Multigenerational, Purpose-Driven Advisor Phoenix, Arizona 1.
Creating a Wealth Transfer Plan | Gunderson, Denton, Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Don’t let your loved ones become part of these statistics. You need to understand, and work to overcome, the disconnect that occurs between generations regarding the transfer of wealth. In this issue you will learn: The main factors that contribute to family wealth loss over the generations.How you can overcome your reluctance to discuss your wealth with your loved ones.What you must communicate to your family to effectively transfer your wealth.How your key advisors can help you bridge the gap among the generations of your family.
If you would like to learn more about multigenerational wealth transfer planning, please call our office now. Why is Over 90% of Family Wealth Lost by the Third Generation? How to Create a Successful, Multigenerational Wealth Transfer Plan Phoenix, Arizona What does money mean to me? Published By: Mesa Office: 1930 N. Trust-Focused Strategies for Reducing Income | Gunderson Denton. With the end of the year approaching fast, now is the time to consider ways to reduce your 2014 income tax bill. In this issue you will learn: How charitable trust-based planning can be used to reduce your taxable income.If you are the Trustee or beneficiary of an irrevocable, non-grantor trust (such as a Bypass Trust or Dynasty Trust), how distributions, trust reformation or decanting, and investment shifting can be used to reduce the trust’s taxable income.
If you would like to learn more about these trust-focused, income-reducing strategies, please call our office now. A Quick Review of the Federal Income Tax Laws Significant changes to federal income tax laws went into effect in 2013, including: Raising the top tax bracket from 35% to 39.6%. This means that the top tax rate could be as high as 43.4% for certain taxpayers.
Planning Tip: Since each taxpayer’s circumstances are unique, planning to minimize taxable income is not one-size-fits all, or even most. Mesa, Arizona Published By: Lessons from the Estate of Tom Clancy. How to Protect Inherited IRAs. The Court reached its conclusion based on three factors that differentiate an inherited IRA from a participant-owned IRA: These factors characterize an inherited IRA as money that was set aside for the original owner’s retirement and not for the designated beneficiary’s retirement. This simple analysis has sent shock waves through the estate planning and financial advisory worlds, because its logic is also applicable to all inherited defined contribution retirement plan accounts, so inherited 401(k) and 403(b) accounts are also affected. What can be done to protect inherited IRAs from creditors? Could the Clark decision put IRAs inherited by spouses at risk?
Could state law still protect inherited IRAs? In view of the Clark decision, clients must thoughtfully reconsider any outright beneficiary designations for their retirement accounts if they want to insure that the funds will remain protected for their beneficiaries after death. Could State Exemptions Still Protect Inherited IRAs? The Most Important Parts of Estate Planning Can't Get Legislated Away. There is always a media swarm around the death of a celebrity, especially when they’re young, active in their careers, beloved, and tragic. The death of actor Philip Seymour Hoffman in early February is no exception. Hoffman was an incredibly talented actor who appeared to be in the prime of his career. But that career was cut short by a history of depression and substance abuse His long-time partner found him dead in their Manhattan apartment after Hoffman apparently overdosed on heroin, cocaine, amphetamines, and other drugs. Most often, articles about the estate plans of dead celebrities focus on the legal challenges they raise or the amount of estate tax that could have otherwise been avoided.
Many of the articles about Hoffman’s death — and Sopranos star James Gandolfini before him — bear this out. This is a reminder to us all that many care about their personal “values” legacy. We can’t know how well Philip Seymour Hoffman communicated his values to his kids. Estate Planning During A Divorce | Gunderson, Denton & Peterson, P.C. Estate plan considerations when the marriage is in trouble. The majority of married couples will list each other as at least one of their beneficiaries for their accounts.
However, not every married couple will live happily ever after. With separation and divorce rates on the rise, it is important for individuals to know what will happen to their estate plan in the event of a split, and what they should do to revise it. Here are the 3 steps you should take to revise your will and other documents if you happen to get divorced. 1. The first thing you should do is review your existing will and/or trust to see whether they still reflect your wishes and make a brand new one. Who and under what conditions or protection you will leave your property. 2. In the event of a separation or divorce, it is important to review who you named as your beneficiary on all retirement plans and insurance policies. 3.
When you get married, you never dream that one day it will end in divorce. ElderLaw News. One Very Good Reason to Use a Simple Revocable Trust While a Will works well to name your personal representative and to dispose of your assets in accordance with your wishes, the requirements for filing and proving a Will can be burdensome, especially in some cases.
We have experienced cases where the decedent had few close heirs such as children or a living parent or a sibling. It is a requirement when filing a Will that all heirs be notified of the hearing to admit the Will even if they are not named as beneficiaries. In one such case, the decedent had a large family and only distant heirs. There were 38 heirs that we were required to notify. As it turned out, we could only find 35 collateral cousins and of the 35 we could locate, some were in prison or were alive but missing or otherwise difficult to serve with notice by mailing. Why your kids need their own estate plan - Encore. By Anne Tergesen Once people hit midlife, they typically start focusing on estate-planning issues for themselves and, often, for their elderly parents.
But there’s one group that 40- and 50-somethings usually neglect: Their own college-age kids. Shutterstock.com Tuition? Paid. Power of attorney? With back-to-school season upon us, it’s an issue that’s timely to consider. As counter-intuitive as it may sound to ask a young person do estate planning, it’s typically a lot simpler than the kind of strategizing that a couple with substantial assets would undergo. Due to the Health Information Portability and Accountability Act, or HIPAA, “once your child turns 18, her health records are now between her and her health care provider,” the article says. To prevent such an outcome, Margolis & Bloom recommend that families ask adult children to fill out a health care proxy with a HIPAA release.
For similar reasons, it’s a good idea to ask your child to fill out a durable power of attorney. Mesa Estate Planning Attorney | Mesa Arizona Estate Planning Lawyer. When a loved one dies, his or her relatives may find themselves at odds over funeral plans, division of that person’s assets, and even who will take care of the decedent’s pet. Few people enjoy the process of planning for their own death, however, it should be addressed while people are still in good health and have sound minds.
If you want to ensure that your final wishes are respected and followed, you should retain a Mesa estate planning attorney. Estate planning lawyers advise clients on the best processes to follow as they plan their estate and succession. Many people want to ensure that their assets will be divided fairly among their survivors. Likewise, people often have very clear wishes about the conduct of their funerals. The importance of estate planning is not limited to older individuals.
Funeral planning and burial. Video: Wayne Gardner – Arizona Estate Planning Lawyer at Gunderson, Denton, & Peterson, P.C. Driving Directions to Gunderson, Denton & Peterson, P.C. 1. Estate Planning Law at Gunderson, Denton & Peterson, P.C. Wayne Gardner - Arizona Estate Planning Lawyer at Gunderson, Denton, & Peterson, P.C. Photo by gundersondenton. Arizona Statutory Allowances and Exemptions | Gunderson, Denton & Peterson, P.C.
Statutory Allowances One of the fundamental things you should know about estate planning and disposition are the statutory allowances. When someone dies with or without a will, there are certain statutory allowances and exemptions that protect and reserve property in the estate for the surviving spouse and children. This property is protected, even over creditors. The allowances and exemptions provide a minimum amount that is protected and reserved for the surviving spouse or minor or dependent children of the decedent. Homestead Allowance: A.R.S. § 14-2402 – $18,000 The purpose of the homestead allowance is to protect and pass the decedent’s homestead (home) to the surviving spouse or minor or dependent children. Family Allowance: A.R.S. § 14-2404-2405 – $12,000 Exempt Property Allowance: A.R.S. § 2403 – $7,000 The purpose of the Exempt Property Allowance is to protect and reserve personal property of the decedent for the spouse and children. 1.
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