Two popular estate planning goals of our clients are caring for dependent family members and distributing assets without hassle. Every family has unique situations and needs which living trusts often easily accomodate.
Four Peaks Planning, Inc. has been dedicated to providing quality estate plans and ongoing support since March of 2003. We do not sell insurance or financial products, we focus strictly on estate planning. We do business the old-fashioned way, meaning we enjoy making housecalls if it makes the process convenient for you. As you will see from our site, we keep the process easy to understand. If you have questions or to schedule an appointment, call (480) 229-6220.
Answering Basic Trust Questions
What is a trust?
Picture a trust as a box for holding assets. It is a legal entity, like yourself or a business, with instructions how to operate. Trusts usually terminates when its listed instructions are fulfilled and it no longer holds any assets, which may be years after the trust's creators (the Trustors) pass.
Why put assets in a trust?
During incapacitations, trusts can make asset management easier for financial power of attorneys.
During estate transfer, trusts can control distributions for young beneficiaries, help assets avoid probate, reduce estate contests and minimize estate taxes (which affect few of our clients).
People should not use revocable living trust to protect assets while living. That is the purpose of a corporation or LLC.
What assets are in a trust?
Trustors typically place a home, bank accounts, vehicles, life insurance payouts and personal property. Assets such as IRAs, 401ks and annuities typically are not in a trust for tax reasons.
How will you know if an asset is in a living trust?
Assets such as bank accounts and property will have the trust name listed as the owner. Example: John and Sally Doe's titled assets would show the owner as:
The JS Doe Family Living Trust Dated January 8, 2008
What roles are there in a trust?
Trustors (also known as Grantors or Settlors) create the trust. Trustors are the only ones able to change trust language. Trustors often appoint themselves as the initial Trustees. Trustees manage trust assets for the Trustors and Beneficiaries. Beneficiaries receive income and assets from the trust. While he or she is living, the Trustor(s) is(are) the beneficiary(ies) of the trust. When no more Trustors are living, the beneficiaries typically become family, friends and/or charities.
Do trusts prevent lawsuits or medicaid spend down?
For revocable living trusts (the trust used for most families) the answers are no and no. Revocable living trusts do not shield your assets from lawsuits while the trust's owners are living, but they can help discourage beneficiaries from contesting the trust.
Providing For A Family
If you have dependents, we first recommend having proper life insurance. The backbone to providing a residence, food, education and health care is an adequate cash reserve. We do not sell life insurance. These Arizona life insurance advisors can help you determine a reasonable amount and compare quotes.
Control when money is distributed. Set age requirements for beneficiaries to receive their full inheritance. In your plan you will name family, friends or a professional service to approve and deny early distribution requests for reasonable health, education, maintenance or support needs.
Maintain assets, such as a home, for children or blended family. The person overseeing the trust (called a Successor Trustee) can make mortgage, utility and tax payments using money in trust bank accounts until the children finish school or, if a property is owned by the deceased spouse in a blended family, until the surviving spouse chooses to move out or passes.
Help special needs beneficiaries receiving disability income. An inheritance may interfere with disability payments. A trust can withhold their share until a partial or full distribution is needed.
Accommodate unique requests. Almost anything can be done, including estate planning for pets. You can ensure veterinary care and a good diet continue after you pass.
Simplifying the Transition of Your Estate
While the option of a professional fiduciary reduces the likelihood of complications, many people prefer naming family members and friends to execute the instructions of their will and/or living trust.
If you wish to have the courts oversee the transition of your estate and establish a date terminating any future claims by creditors against your estate, then you want probate. Court filing fees are relatively inexpensive but the use of an attorney can increase the cost. The length of probate varies depending on the size and complexity of your estate and if anyone challenges the validity of your Will.
Avoiding probate. Why would people want to avoid probate? Some prefer not to risk delaying the transition of the estate nor incurring added costs due to potential attorney assistance. Assets placed into a living trust prior to the creators of the trust passing will legally avoid probate.
Minimizing conflicts. Trusts typically contain No Contest Clauses disinheriting anyone legally contesting the estate, which can freeze an estate for years and increasing the stress on the executor's job.
Taxes. If your estate (including life insurance) is under $3.5M in 2009 there's little worry for estate taxes. Portions of estates over that limit are subject to hefty taxes of nearly 50%. Married couples can double their estate tax exemption using a living trust. Only the Trustor's final tax return needs filing and possible payment.
How you can start now. Regardless if you have a living trust, the transition of your estate can take longer and have more complication without a list of your assets and debts.
Four Peaks Planning, Inc. does not collect the information below but we recommend preparing this information for your Successor Trustees to eliminate potential problems down the road, regardless if you have an estate plan or not.
Assets including (but not limited to)
Real estate,
Vehicles
Bank and retirement accounts
Life insurance
Valuable personable items
Business interests.
Liabilities including (but not limited to)
Your beneficiaries are not responsible for your personal debts. However, failure to repay debts prior to distribution to beneficiaries can cause difficulties.
Email info@fourpeaksplanning.com Call 480-229-6220
Evening and weekend appointments available.
Initial consultations typically last an hour and a half, during which time we answer questions and review sample estate planning documents.
If you proceed, it takes approximately two to four weeks to prepare your documents. The review and signing of your documents then takes place in a second meeting, typically lasting 60-90 minutes.
Click here for more details on our estate planning process.
Click here for more information about our company.
We thank you for taking the time to review our site.
Prepared by an attorney:
Living Trust
Certificate of Trust
Deed to transfer property
Pour Over Wills
Powers of Attorney
Financial
Health
Mental Health
Living Will
Community Property
Assistance transferring assets to your living trust is included.
Our living trust package is ideal for young families, avoiding probate and those without complicated tax issues.
Last Will & Testament $500 package
Prepared by an attorney:
Last Will & Testament
Powers of Attorney
Financial
Health
Mental Health
Living Will
Community Property
We do not collect any birthdates, social security numbers nor account information.
Only the first, middle and last names are needed to prepare your estate plan.
Two Family Special Save $100 each
Know another family interested in a living trust? If the second family begins within two weeks of your initial meeting, each will save $100. Each trust package will be $650.
Found us on the web?Four Peaks Planning, Inc. assists clients of local financial and insurance advisors in Arizona. Contact an advisor below or contact us for more references. Read more about us.
Office Address 4001 E. Mountain Sky Ave. #202 Phoenix, AZ 85044 Mailing Address 2529 S. Evergreen Rd. Tempe, AZ 85282 Email info@ fourpeaksplanning.com Phone (480) 229-6220
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
Control when money is distributed. Set age requirements for beneficiaries to receive their full inheritance. In your plan you will name family, friends or a professional service to approve and deny early distribution requests for reasonable health, education, maintenance or support needs.
Maintain assets, such as a home, for children or blended family. The person overseeing the trust (called a Successor Trustee) can make mortgage, utility and tax payments using money in trust bank accounts until the children finish school or, if a property is owned by the deceased spouse in a blended family, until the surviving spouse chooses to move out or passes.
Help special needs beneficiaries receiving disability income. An inheritance may interfere with disability payments. A trust can withhold their share until a partial or full distribution is needed.
Accommodate unique requests. Almost anything can be done, including estate planning for pets. You can ensure veterinary care and a good diet continue after you pass.
