Funding Your Trust Signing your trust is just the first step in creating a successful estate plan. The second step is funding your trust. This is the process of transferring assets into it. In this article, we will go over the basic steps of funding your trust. Personal Property Personal property includes clothing, furniture, [...]
When Is a Trust Involved in Probate? In general, a trust will help your estate to avoid probate. However, there are certain scenarios when probate may be required. In this article, we will consider one circumstance when a trust may be involved in probate. How a Trust Works When you create a trust, you [...]
LLC Operating Agreement An LLC Operating Agreement is a contract between the members of an LLC. This contract outlines the rules and regulations that govern business decisions. In this article, we will outline what an LLC Operating Agreement typically includes and why creating one may be advantageous for you. LLC Operating Agreement vs. Articles [...]
Avoiding Guardianship Avoiding guardianship is what most people hope to achieve in their lifetimes. A guardianship is someone who has been court appointed to care for the financial and health care interests of another person. Many people find themselves needing to file for guardianship to help care for an aging parent. Why does this happen [...]
Celebrity Estate Planning Mistakes Celebrity estate planning mistakes are entertaining, but they can also teach us valuable lessons. In the fourth installment of our celebrity estate planning mistakes series, we will examine the estates of Howard Hughes, Doris Duke, Aretha Franklin, Barry White, and Michael Crichton. Howard Hughes Died: April 5, 1976 Estimated Worth: [...]
Testate vs. Intestate Estate A testate vs. intestate estate have very different procedural requirements. The exact steps you will need to take will depend on what type of estate you are dealing with. In this article, we will go over what is involved in probating testate vs. intestate estates. Defining Terms To summarize, a [...]
Miller Trust A Miller Trust, or an Income Only Trust, is a type of Irrevocable Trust. You can use this trust to help you qualify for Medicaid. In this article, we will go over the basics of how a Miller Trust works in the State of Arizona. Arizona Long Term Care System (ALTCS) ALTCS [...]
Spousal Lifetime Asset Trust A spousal lifetime asset trust, or SLAT, is a type of irrevocable trust that is set up to reduce estate taxes. In this article, we will go over how a spousal lifetime asset trust works, the benefits one provides, and information you should consider before you create one. Purpose A [...]
Testamentary Trusts Testamentary trusts are a type of trust that is created through your Will after you pass away. In this article, we will go over what a testamentary trust is and how it works. The Basics Testamentary trusts are trusts set up by your Last Will and Testament. Your Will instructs your executor [...]
Pet Trusts Pets Trusts are a legally enforceable way to provide for the care of your pets if you ever become permanently incapacitated or upon your demise. In this article, we will go over how pet trusts work and the information you need to consider before creating one. How Pet Trusts Work The pet owner [...]
