Guardianships – Responsibility for Welfare of Another
A guardian is a person appointed by the court to guard the health, safety and welfare of another.
Entries by Don Loose
Gifts to Minors and Simple Transfer of Property
A gift to a minor may consist of stock, money, ownership of a life insurance policy or annuity contract, a right to future payments under a contract, an interest in real estate, or a certificate of title to a vehicle.
Lifetime Gifts – Property and Real Property
Gifts of property may be made by a person during his or her lifetime, or after their death.
How you can Take Title to Real Estate in Arizona
Arizona is a community property state. Property acquired by a husband and wife is presumed to be community property, unless legally specified differently.
How to Manage Estate and Gift Taxes in Arizona
The Tax Cuts and Jobs Act, which took effect on January 1, 2018, increased the federal estate, gift, and generation-skipping transfer (“GST”) tax exemption amounts to nearly $11.2 million for an individual, and $22.4 million for a married couple, from $5.49 million and $10.98 million, respectively, in 2017.
Organ Donation – How to Make Your Desires Known
In Arizona, every person is eligible to be an organ donor; there are no age or physical limitations.
Living Wills and How to Guide Health Care Treatment Decisions
A living will is a written statement by a person intended to guide or control the health care treatment decisions that can be made on his behalf.
Health Care Directives in Arizona
Health care directives constitute an important part of any comprehensive estate plan. Every person implementing an estate plan in Arizona should give serious consideration to executing one or more health care directives.
When is it Allowed to Delegate Parental Powers?
A parent cannot delegate his or her parental powers by a power of attorney for longer than six months, but there is no limitation on the number of powers of attorney that they may execute.
Durable Powers of Attorney in Estate Planning
A durable power of attorney is an important component of any comprehensive estate plan.
Ways to Avoid Probate Through Beneficiary Deeds
A deed is a legal document that transfers an interest in real estate to another person. Anyone who owns a house acquired title to it by a deed.
When Can Bank Accounts be Transferred Outside of Probate?
On the death of the sole party or the last survivor of two or more parties in an account with a pay on death designation, the sums on deposit belong to the surviving beneficiary or beneficiaries.
What are Small Estate Affidavits and When Are They Used?
It is possible to avoid probate entirely in small estates by the use of affidavits to collect the property and assets of the deceased person.
Allowances and Exempt Property When It Comes to Inheritance
For a decedent who was not domiciled in Arizona at the time of death, the allowances are governed by the law of the decedent’s domicile at death.
Disinheritance: What If You are Left Out of the Will?
The principal protection of a surviving spouse against disinheritance is his or her share in the community property.
Rules for Determining Heirs in the Absence of a Will
These rules apply in cases where the deceased person fails to leave a will or where not all of the decedent’s assets are disposed of by the will.
What is Probate and What Can You Expect?
The term “probate” refers to the legal procedure for the administration of a deceased person’s estate. In many cases, probate is a quick and efficient way to transfer the assets of a person who has died to his or her heirs.
How to Settle a Trust After Death
Settling a living trust means administering and managing the trust according to the terms of the document. The person responsible for settling a trust is either the surviving trustee or the successor trustee.
The Essential Duties of a Trustee
The general duty of a trustee is to administer the trust expeditiously for the benefit of the beneficiaries.
Powers of a Trustee – A Lay Person’s Overview
A trustee cannot transfer his office to another or delegate the entire administration of the trust to a co-trustee or another.
How to Administer a Trust
If more than one trustee is acting, the trustees own the trust assets with survivorship rights similar to those of joint tenants.
Protecting Trust Assets and Identifying the Trust for Tax Purposes
Once the trust agreement has been signed and assets have been transferred to the trust, the trust agreement is fully operative as to those assets.
All About Individual Retirement Accounts (IRA)
In determining how to deal with an IRA during the estate-planning process, various tax considerations unique to each person must be taken into account.
A Simple Trust funding checklist | Assets Checklist
In most circumstances, a revocable trust will be created primarily for tax and estate planning purposes.