The State of Arizona recently adopted most provisions of the Uniform Trust Code (UTC) adding several new requirements to both new and existing Trusts. The new law went into effect on January 1, 2009. Arizona’s legislature made this law retroactive to ALL trusts created before this change in the law. This means, at the very least, most trusts should be reviewed within the next year or so, to … [Read more...] about Arizona Trust Code Law Change Effective Jan 1, 2009
Repeating an Eloquent Sentiment
This is part of a letter written by famous comedian George Carlin, shortly after his wife died… Remember, spend some time with your loved ones, because they are not going to be around forever. Remember, say a kind word to someone who looks up to you in awe, because that little person soon will grow up and leave your side. Remember, to give a warm hug … [Read more...] about Repeating an Eloquent Sentiment
Managing & Settling a Trust Estate Upon Death of a Settlor
Guidelines for Successor Trustees These Guidelines are designed as an aid to those of you who have been entrusted to serve as successor trustee(s). It is not possible to answer all of your potential questions. However, we hope to answer those which will come up with some regularity. You may have assumed the duties as successor trustee either because of the incapacity or death of the primary … [Read more...] about Managing & Settling a Trust Estate Upon Death of a Settlor
Managing Trust Assets for Incapacitated Settlor
These Guidelines are designed as an aid to those of you who have been entrusted to serve as successor trustee(s). It is not possible to answer all of your potential questions. However, we hope to answer those which will come up with some regularity. You may have assumed the duties as successor trustee either because of the incapacity or death of the primary trustee(s). Therefore, these … [Read more...] about Managing Trust Assets for Incapacitated Settlor
Trustee Fees vs. Probate Costs
It is not uncommon for supporters of living trusts as a means for distributing one's estate to compare the often high cost of probate to the cost of creating a Revocable Living Trust. Depending on the state you live in and the complexities of your estate, Probate can consume anywhere from 4% to 10% or more of your gross estate, (before debts are paid), based on a comprehensive study by AARP. A … [Read more...] about Trustee Fees vs. Probate Costs
Banking Crisis of Sept 2008 Triggers New FDIC Rules
In a recent post we talked about the limits of insurance coverage available for bank deposits in the event your bank, thrift, savings and loan or credit union were to fail. The government "rescue" or "Bail-out" plan passed in early October increased the insurance limits from $100,000 to $250,000. Our earlier blog was specifically focused on the amount of insurance available to folks who have … [Read more...] about Banking Crisis of Sept 2008 Triggers New FDIC Rules
Reverse Mortgages Become a Popular Option for Seniors
With all the buzz over reverse mortgages (RM's) in the past couple years, I was surprised to learn that the first reverse mortgage was completed in Portland, Maine in 1961. The concept evolved until 1989 when RM's went mainstream with HUD selecting 50 lenders by lottery to make the first FHA-insured reverse mortgages. Even though reverse mortgage's have now been around for a couple decades or … [Read more...] about Reverse Mortgages Become a Popular Option for Seniors
FDIC Insurance Limits for Living Trust Owned Bank Accounts
During the early summer of 2008, largely as a result of predatory lending practices and reckless borrowing by homeowners, the US Banking system is under significant pressure. The U.S. Senate Banking Committee has identified 90 banks, S&L's or Thrifts as having marginal reserves to stay in business. One of the biggest U.S. Thrifts, IndyMac Bank, has recently failed and has been seized by … [Read more...] about FDIC Insurance Limits for Living Trust Owned Bank Accounts
Living Trusts Are Not Just About Avoiding Probate
The concerns over the high costs and long delays associated with Probate are often central to the discussions over why living trusts are far superior to wills as estate planning tools, even for relatively small estates. For strictly probate avoidance purposes however, a living trust may not always be needed. Most states have a minimum asset threshold before probate becomes mandatory, and for … [Read more...] about Living Trusts Are Not Just About Avoiding Probate
