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TOP 3 ESTATE PLANNING ATTORNEY IN TUCSON
IMPORTANT LAW UPDATE:
THE NEW SECURE ACT MAY AFFECT YOU AND YOUR RETIREMENT ACCOUNTS
The SECURE Act of 2019 is the most impactful legislation affecting retirement accounts in decades. Although the new law includes many positive changes, it no longer permits most non-spouse beneficiaries 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 Instead the default law now requires the entire account to be withdrawn and liquidated by the end of the 10th year after the death of the account owner ("10-year liquidation rule").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 for estate planning, especially when considering whether to name a trust as beneficiary of a retirement account.
Recently I prepared a structured analysis; i.e., a decision tree; for determining whether to name a trust as beneficiary of a retirement account: "Decision Tree for Naming Retirement Account Beneficiaries after the SECURE Act."
A summary is included at the end of the article.
If your estate plan includes a stand-alone retirement plan trust prepared by me, your document likely includes a provision that permits an independent trust protector to amend the trust in response to tax law changes. While this is helpful just in case, you should schedule an estate plan review meeting to review your specific situation after reading through the article posted above.
The biggest danger under the SECURE Act occurs when a retirement account is payable to a conduit trust for a beneficiary who cannot or should not receive outright inheritance. This is a scenario that planners usually avoided under prior law anyway, so most likely, the new SECURE Act does not place your current estate plan into a more precarious position than prior to its passage. Nevertheless, it is worth reconsidering the issue by reading my decision tree article.
Recently I prepared a structured analysis; i.e., a decision tree; for determining whether to name a trust as beneficiary of a retirement account: "Decision Tree for Naming Retirement Account Beneficiaries after the SECURE Act."
A summary is included at the end of the article.
If your estate plan includes a stand-alone retirement plan trust prepared by me, your document likely includes a provision that permits an independent trust protector to amend the trust in response to tax law changes. While this is helpful just in case, you should schedule an estate plan review meeting to review your specific situation after reading through the article posted above.
The biggest danger under the SECURE Act occurs when a retirement account is payable to a conduit trust for a beneficiary who cannot or should not receive outright inheritance. This is a scenario that planners usually avoided under prior law anyway, so most likely, the new SECURE Act does not place your current estate plan into a more precarious position than prior to its passage. Nevertheless, it is worth reconsidering the issue by reading my decision tree article.
COMPLIMENTARY
INITIAL ESTATE PLANNING CONSULTATIONS
Tom Bouman provides complimentary initial meetings to prospective estate planning clients. The usual topics include wills, powers of attorney, and living trusts. 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 estimate will 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:
Available for purchase on this website and from Barnes & Noble, Amazon, Kindle App, iBooks, and Nook.
Available to borrow from University of Arizona law school library and Pima County Public Library.
Many free articles about Arizona probate and estate administration are available on this website.
- 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?
Available for purchase on this website and from Barnes & Noble, Amazon, Kindle App, iBooks, and Nook.
Available to borrow from University of Arizona law school library and Pima County Public Library.
Many free articles about Arizona probate and estate administration are available on this website.