Arizona Estate Planning Lawyer & Attorney : Stephen Follett Law Firm : Probate Law and Trusts : Gilbert, Phoenix, Arizona

Yuma, Arizona attorney Larry Deason identifies seven important elements of an Estate Plan in this article.   The article is brief and easily understandable.

The seven points he makes are:

1. Health care power of attorney with a living will so your appointed agents can care for you to avoid costly guardianship.
2. HIPPA authority so that your loved ones can have access to your confidential medical information.
3. Durable financial power of attorney so your appointed agents can care for your money and assets to avoid costly conservatorship.
4. Revocable living trust to avoid costly living probate (conservatorship) and death probate.
5. Pour over will so anything not in the living trust is added upon death.
6. Funeral trust to protect money from creditors and Medicaid to ensure your family does not bear the burden of your funeral.
7. Completed legacy estate plan distributing the personal items (like grandmother's ring or grandfather's watch) that most frequently cause family fights.

I agree with each of these points.  However, a revocable living trust is not necessary for many situations.  In a modest estate, a will and proper advance planning is sufficient.

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I mentioned my desire to offer free education to the public in a previous post.  I am pleased to have an upcoming seminar offered free to the public.  I hope to see you there.

The first session of my new seminar:  "19 Smart Ways to Plan Your Estate" will be held Tuesday March 18, 2008 from 1:30 to 3:30 at the community room at Northern Trust Bank in Sun Lakes, Arizona.  A flyer with a detailed description of the program can be downloaded here.  It requires Adobe Acrobat Reader which is free.

The seminar was designed with special emphasis on 12 Planning Mistakes That Could Cost Your Family a Fortune -- and Their Solutions”   Come learn about the good and bad about wills and living trusts, especially 20 misconceptions about wills and trusts.  Read the flyer above for even more exciting topics.

This will be a unique - fact filled seminar that you will not want to miss.  It will be filled with examples that will engage your mind as I lead you through the legal process of creating an estate plan.  Mark your calendar now!  Invite a friend.  If you cannot make it, please feel free to call me for more information.

Topics include, living trusts, wills, powers of attorney, health care powers of attorney, living wills, ethical wills, beneficiary deeds, payable on death accounts, IRAs, retirement plans, and more.

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Legal Forms fit in well with our "Do It Yourself" (DIY) nation.  We watch home improvement shows, cooking shows, and decorating shows.  Home Depot earns fortunes as we tackle home improvement projects. 

This DIY spirit carries over to our own legal issues.  However, there is great danger in using the "do it yourself" legal forms for divorce, estate planning, business formation, etc.  Some of the most frequent stories I hear when speaking about issues, are the consequences of these DIY forms.

Yesterday, I attended a continuing legal education class about rules regarding pension and retirement benefits like pensions, 401(k)s, and IRAs.  He is like a brain surgeon in the legal world, the expert to which other attorneys and judges go for help.  His fee is $300.00 per hour.

He used a great line when he called DIY legal forms  "The Do It To Yourself Forms" because when you foul it up using the forms, you can only say that you did it to yourself.  Unfortunately, there is no easy estate plan when retirement benefits, 401K, or IRAs are involved.  The tax rules are too complex.  Because of your DIY planning, your family could face a tax rate between 35% to 80% of the money that you leave them in your retirement savings.    

Eventually, the DIY catches up with us when we get in over our head.  I once started fixing my computer but could not finish it without the help of an expert.  It cost me more after I Did It To Myself than to pay a professional in the first place.  Imagine the cost of $300.00 per hour to fix a legal mess, in addition to the irreparable tax consequences.

Do you really want your family to say:  Mom and Dad were "do it yourselfers" and they did this to themselves.  Please get competent legal counsel for your estate planning.  Otherwise, you are taking a chance that you will do it to yourself and your family.

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I wrote previously about my experience with Annuity Scams and Living Trust Scams.  Every time I think about that experience I get a pit in my stomach.  So called "advisors" took advantage of their client's trust and wrecked the lives of ordinary families.  Many were in their golden years with less than $50,000.00 in their nest egg.

To work against the trust mills and unscrupulous "advisors", I want to educate the public about living trusts so they can avoid the financial scams.  I am proud to be an estate planning attorney and lawyer and I want to share my knowledge with others.  There should be no "secrets" in estate planning that only the wealthy know.

I am so excited about a partnership I am developing in the Sun Lakes and Chandler area where there is a greater need for education.  This partnership will be of tremendous benefit to those who live in and around Sun Lakes and Chandler who want to learn more about Living Trusts or other estate planning tools. 

This is the purpose of my effort: 

Anyone, regardless of income and status in Sun Lakes or Chandler can learn what they need to know about wills, financial power or attorney, healthcare power of attorney, living will.  And, they can clear away the misinformation about living trusts so they learn who could benefit from a living trust, because not everyone should have a living trust. 

If you support that mission or would like to participate, then check back for more information or call me with questions.  If you or your organization would like to sponsor a class on living trusts or another aspect of estate planning, I will do what I can to make myself available.

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The sagas of our many celebrities take many dramatic turns.  As an estate planning attorney, I see an example in Britney Spears that should give us all pause.

The media has made a huge issue of Britney's spiral out of control.  Her situation has unfortunately deteriorated so far that the court took away practically all of Britney's legal authority to make decisions for herself.

Britney's father went to a California court to petition for control over her money, her home, and even her health.  He agreed and gave him control over Britney.  The judge also gave him power to seek an order of protection against Britney's boyfriend whom the family apparently does not like.

The lesson from this is to understand that for whatever reason, a car accident, a stroke, an illness, age, etc. we might be unable or incapable of making decisions.  In that situation, someone else must act for us to protect our best interest.

You can choose who that will be with properly executed powers of attorney.  The person you appoint as your "attorney in fact" can step in when you need them.  If you do not, then an interested person may step in just like Britney's father did. 

However, if you do not make your wishes known now, the court will have to decide who makes your decisions for you.  The court appoints guardians over the "person" and a conservator over the "money."  And, it is expensive.

Be prepared.  Create legally binding financial powers of attorney and healthcare powers of attorney so your chosen person or people can act for you.

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I am excited about my brand new office in south Gilbert. Arizona.  It is located at the Offices at Seville in the Northeast corner of Chandler Heights Road and Higley.  It is conveniently located to serve Gilbert, Queen Creek, Johnson Ranch, and Anthem in Pinal County. 

For the convenience of my clients, I retained my location in Chandler Arizona by appointment only.  It is is located off Loop 202 at Cooper and Ray in the fabulous new Cooper Crossing offices.  This Chandler office is conveniently located to serve Chandler, Gilbert, Ahwatukee, Mesa, Tempe and Sun Lakes in Maricopa County. 

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