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IMPORTANT LAW UPDATE:
THE 2019 SECURE ACT MAY AFFECT YOUR ESTATE PLAN
The SECURE Act, signed into law on December 20, 2019, is the most impactful legislation to affect estate planning in decades. Although the SECURE Act includes many positive changes in regard to tax-deferred retirement accounts, it no longer permits most non-spouse beneficiaries (e.g., children) to withdraw an inherited retirement account over the beneficiary’s life expectancy (aka “stretch IRA”). Instead, the default law now requires the entire account to be withdrawn and liquidated by the end of the 10th year after the death of the account owner (“10-year liquidation rule”). This change has major implications when considering whether to name an individual or trust as beneficiary of a retirement account.
COMING SOON?
ARIZONA DOMESTIC ASSET PROTECTION TRUSTS
Recently the executive council for the Probate and Trust Section of the State Bar of Arizona approved a proposed statute permitting the creation of Arizona qualified spendthrift trusts. This type of self-settled trust is more commonly known as a domestic asset protection trust. The proposed statute (A.R.S. 14-10821) would establish a framework for Arizona residents to protect personal assets from future claims in a manner consistent with and subject to Arizona fraudulent conveyances laws. If enacted, Arizona would become the 20th state to allow self-settled spendthrift trusts.
COMPLIMENTARY
INITIAL ESTATE PLANNING CONSULTATIONS
Bouman Law Firm provides complimentary initial meetings to prospective estate planning clients. The usual topics include wills, trusts, and powers of attorney. The purpose of the initial meeting is to become acquainted with each other and discuss your estate planning needs. You will have an opportunity to share your story and share any special concerns. A fee quote will usually be provided, but there is no obligation to proceed.
ARIZONA ESTATE ADMINISTRATION ANSWER BOOK
Practical Answers to Common Questions for Any Size Estate in Arizona
The Arizona Estate Administration Answer Book is your best resource for understanding practical issues that commonly arise when responding to the death of an Arizona resident or property owner. Each chapter provides advice and explanations to help you wade through the complex, and often bizarre, legal requirements associated with estate and trust law in Arizona. Written in easy-to-read question and answer format, the Arizona Estate Administration Answer Book covers a comprehensive list of legal and non-legal matters including:
The 2022 edition is available for instant PDF download from this website for $20.
The 2022 edition print book is available from Barnes & Noble Press for $25.
An earlier edition is available for purchase from Amazon and to borrow from University of Arizona law school library and Pima County Public Library.
- What if the will was signed in another state?
- Who is entitled to information about the deceased person’s assets?
- When is a probate action required?
- What debts are the survivors responsible for?
- What if the property owner was not an Arizona resident?
- Will the State take the home if the deceased person was on ALTCS?
The 2022 edition is available for instant PDF download from this website for $20.
The 2022 edition print book is available from Barnes & Noble Press for $25.
An earlier edition is available for purchase from Amazon and to borrow from University of Arizona law school library and Pima County Public Library.
JUST LOOKING FOR INFORMATION?
WE HAVE ARTICLES TO HELP YOU
This website features more than 40 articles about estate planning, estate administration, and asset protection in Arizona. Each article is reviewed regularly by Tom Bouman. Most articles are written in Question and Answer format. They are brief and to the point. You can find most of them using the drop-down menus at the top of the homepage or by clicking on the button below.