FOUR PEAKS PLANNING INC. and its attorneys will help identify your estate planning goals and prepare legal documents to achieve those objectives. For some people, the backbone of their estate plan will be a Revocable Living Trust because of its versatility during your lifetime and afterwards.
Other common documents used to complete an estate plan include a Last Will & Testament, which appoints legal guardians, a Medical and Financial Power of Attorney to prepare for an incapacitation, and a Living Will, not to be confused with a Last Will or Living Trust, directs the use of life support.
Our typical Living Trust estate planning package for $750 includes:
Revocable Living Trust Arizona Deed & Recording Powers of Attorney Living Wills Last Wills & Testaments Community Property DocWhat is a revocable living trust? "Revocable" means the creators of the trust can change or amend it at any time. While most estate planning documents can be thought as instructions written on paper, a living trust can be pictured as a box that can legally take title of your assets and continue to function long after you've gone. It can distribute assets at certain points of your beneficiaries' lifetimes for various needs while also avoiding probate.
Common estate planning requests
Guardians for Children. Without a Will appointing guardians, children will be awarded to the state of Arizona, who will name their guardians.
Controlling Distributions. To prevent an 18-yr-old from potentially receiving a large sum of money, such as a life insurance policy payout, a living trust can hold money until a more mature age unless for education, health, maintenance and support needs approved by your pre-appointed "successor trustees".
Special Needs Provisions. Some beneficiaries need their inheritance held in a trust to prevent a disruption of disability income. Our attorneys are experienced in this area.
Assisting Blended Families. A deceased spouse who owns a primary residence may allow a surviving spouse to continue living in the home and enjoy the use of listed assets before being sold and distributed to the deceased spouse's heirs.
No Contest Clauses. Unlike a contested Last Will & Testament which freezes an estate, living trusts contain No Contest Clauses which revoke inheritances from people contesting your estate and do not slow the distribution of your estate.
Avoiding Probate. It's not uncommon for people to want a living trust to avoid probate without understand what probate really is. Assuming you ruled an island, you may think a process to verify a deceased's wishes are carried out is a good idea. In this process, assets are gathered, debts repaid and distribution instructions carried out. That is probate. It is not a tax. In Arizona the process averages 6-18 months. Probate attorneys can add to the cost of the process anywhere between 3%-10%.
Minimizing Taxes. Unless your estate is over the estate tax limit (currently $2 Million), your estate will likely have no estate taxes due. Married couples can double their estate tax exemption using features of a living trust. Living trusts do not affect your affect income taxes.
Providing for Pets. Pet food and vet visits hurt the wallet, no matter how much your pets' guardian loves them. A trust can hold a small sum of $5,000 - $10,000 to reimburse the person who has kindly taken care of your pets. Any amounts left after your pets' demise can be returned to the estate or given to a charity.
Charitable Donations. Help a favorite cause. When you include a favorite charity as a primary beneficiary, Four Peaks Planning, Inc. will match the dollar amount to the percentage you list.
What revocable living trusts don't do
There are several common misconceptions about revocable living trusts in Arizona. It is important to understand the following:
Living trusts do not take away your control of assets. You maintain control just like you do now.
Living trusts do not protect your assets from lawsuits. You may wish to talk to legal advisors about placing rental properties or businesses into an LLC or Corporation. Talk to your insurance advisor about an appropriate umbrella policy.
They do not prevent Medicaid spend down. Talk to an insurance or financial advisor about Long Term Care policies to protect your assets. Quite often, "some" coverage is better than no coverage when full coverage seems expensive.
Three steps to create your plan
Step 1: Start at home
Put your initial goals and people you'd like appoint on paper. It'll make your meeting with an estate planner more effective.
We recommend one of these two options:
Our estate planning services typically require two meetings. These meetings can take place at an office or in your home. The first 90 minute meeting is with an estate planner for answering general questions, reviewing sample estate plans and, if you're ready to proceed, collecting information for the attorney.
An attorney will call shortly after to review your information and provide legal advice. When the living trust is completed, a second meeting is scheduled for about an hour to review, sign and notarize your documents.
Should you choose to create a living trust without the assistance of an attorney, services like Legal Zoom are available.
Step 3: Transfer your assets to the living trust
Unfortunately, many people drop the ball when they sign their living trust documents. They think signing a few documents with the attorney transfers all their assets to their living trust. That is wrong.
Real estate New deeds must be prepared to transfer property to your living trust. Your attorney will likely do that for you unless the properties are out of state. It is often cheaper to find a title agency in that out-of-state county to prepare new deeds.
Bank accounts Take your all your estate planning documents to the bank so they may photocopy pages they need on file. Your account numbers will not change and your checks can keep your name on them, but the owner of the accounts will switch from your name to your living trust's name.
Investments Non-qualified money (meaning after-tax money that you invest and pay annual capital gains taxes) may be transferred into your trust in the same manner as transferring bank accounts.
Personal property without titles Living trusts typically have one page assigning all present and future non-titled assets to the trust, including but not limited to jewelry, art, furniture, electronics, firearms, etc. You will not need to list out each item unless you want to specify a beneficiary.
Some assets don't go in a living trust
Retirement accounts such as IRA's and 401(k)'s remain outside the living trust. Transferring them to the trust causes a taxable event. Your financial advisor would likely stop you before you could accidently do it.
Life insurance is not titled in the living trust's name. But the living trust can be and often is named the beneficiary of policies. This step, again, is often done to prevent a young adult from spending a large payout until a more mature age is reached.
Since retirement accounts and life insurance have named beneficiaries, both assets avoid probate.
Arizona revocable living trusts
Regardless of your estate's size, most plans using our estate planner and attorneys are $750. Your Revocable Living Trust package will include the following documents:
Revocable Living Trust - (A, A-Disclaimer / Bypass Trust, A-B or A-B-C)
Durable Power of Attorney
HIPAA Releases for Powers of Attorney
Last Will and Testament
Living Will
Community Property Agreement
One deed to transfer an Arizona property into your trust
The attorneys are Thomas H. Leavell and Jonathan R. Muntz and may be viewed on the Arizona State Bar website.
Are there additional costs or fees?
There are no additional costs or attorney fees from us for the above planning package. However, if you require additional Arizona deeds, we can prepare and record them for $20. For non-Arizona deeds, we recommend you find someone in that state to prepare your deeds. Department of Motor Vehicle retitling fees are typically less than $15 per vehicle. Amendments for living trusts average $50-$100.
Contact us today to get your estate plan started by calling (480) 229-6220 or (623) 748-1711. Otherwise, get a start and print our Arizona estate planning questions or use our online sample estate planner.
Important:
Please consult with Four Peaks Planning, Inc. before undertaking any
actions. The
information in this website is provided with the understanding that the
publisher is not engaged in rendering legal, tax or investment
advice. While every attempt has been made to provide current and
accurate information, neither the author nor the publisher can be
held accountable for any errors or omissions. You agree not to hold
any employee of Four Peaks Planning, Inc. liable for action you
take from the information on www.fourpeaksplanning.com.
Our attorneys prepare living trusts for Scottsdale, Mesa, Tempe, Gilbert, Chandler, Phoenix, Ahwatukee, Glendale, Fountain Hills, Peoria, Sun City, Maricopa, Pima, Tucson, Flagstaff, Sun Lakes and other Arizona cities.
2008 Holiday Special
Cross estate planning off your need-to-do list this year, not next year. Save $75 by starting your living trust before January 15, 2009. Living Trust package: $675 Reg price: $750.
Phone: (480) 229-6220
Address:
2529 S Evergreen Rd
Tempe, AZ 85282
Ask for complimentary in-home consultations. Evenings and weekends available.
What Information Do We Collect? Account numbers, birthdates and social security numbers are not needed. Only first names, middle initials and last names of people you will be listing as trustees, beneficiaries, guardians, etc. are needed
We do not do financial nor insurance planning. You will not be sold other products. We can, however, recommend local Arizona financial and insurance advisors.
Found us on the web?
Choose Four Peaks Planning as your estate planner with confidence. We service clients of many financial planners and insurance agents in Arizona. Contact references below or contact us for more.
Reference - Read more
I am a State Farm agent. I have many customers that have a long over due need to put their estate in order. Estate Planning, including a living trust, is NOT just for the more affluent. Most of my customers have average incomes and certainly need to complete their estate plan.
To date I have directed all of my clients to Jamie Kahn of Four Peaks Planning. He is professional and keeps the entire process simple.
If you are wondering if you need an Estate plan... you do! Contact Jamie to find out how easy your plans can be put into action.
Roger Morsch Insurance Advisor Chandler, AZ (480) 855-4632 - Daytime www.EastValleyIns.com
Reference - Read more
Jamie and I have worked together for a number of years as he has helped my clients with their Estate Planning. I find Jamie to be very professional, patient, and positive. He delivers face-to-face service and cares about his clients and their individual needs.
I have worked with several Estate Planners and one thing that sets Jamie apart from everyone is his dedication to education and follow-up. When he completes a trust it is truly complete and he has ensured his clients have covered all the details to keep their estates secure. Jamie and Four Peaks Planning adds real value to my business. Thank-you, Jamie, for running an ethical, personal, and professional business.
Christine Lobdell Raney Financial Advisor Chandler, AZ (480) 899-0106 - Daytime
Reference - Read more
I met Jamie, owner of Four Peaks Planning, at an estate planning seminar that Edward Jones was hosting and after hearing him talk about the importance of a trust and a will I knew I wanted to meet with him. I had a little trouble convincing my new husband and he was sort of set on just doing a will. I set up an appointment with Jamie and he was very accommodating to our hectic schedule.
When he showed up at our home he did a fantastic presentation on why we needed both the will and the trust. My husband was convinced and was impressed with how sharp Jamie was. He covered all of the issues with us, and even helped diffuse a possible argument regarding dividing our assets.
Jamie is very detailed, organized and did exactly what he said he was going to do. I feel so much better now knowing that we took the time and invested the small amount of money Jamie charges to have some security for our kids if the need were to arise. I recommend meeting with Jamie and protecting yourself and your family!
Julie Varland Comm. Telecomm. Qwest, Chandler, AZ (602) 745-5308 - Daytime
Success is a journey, not a destination. Happiness is to be found along the way, not at the end of the road, for then the journey is over and it is too late.
Revocable living trust estate planning lawyers and attorneys in Arizona - Phoenix, Scottsdale, Mesa, Gilbert, Chandler, Tempe, Sun Lakes, Glendale, Sun City, Peoria, Payson, Flagstaff and Tucson. Revocable living trusts, wills, power of attorney, living will; avoid probate, guardians for children, estate taxes, attorney, lawyer - estate plan
Real estate New deeds must be prepared to transfer property to your living trust. Your attorney will likely do that for you unless the properties are out of state. It is often cheaper to find a title agency in that out-of-state county to prepare new deeds.
Bank accounts Take your all your estate planning documents to the bank so they may photocopy pages they need on file. Your account numbers will not change and your checks can keep your name on them, but the owner of the accounts will switch from your name to your living trust's name.
Investments Non-qualified money (meaning after-tax money that you invest and pay annual capital gains taxes) may be transferred into your trust in the same manner as transferring bank accounts.
Personal property without titles Living trusts typically have one page assigning all present and future non-titled assets to the trust, including but not limited to jewelry, art, furniture, electronics, firearms, etc. You will not need to list out each item unless you want to specify a beneficiary.
