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estate planning Archives

How Burt Reynolds used trust planning to perfect his estate plan

Burt Reynolds did not leave anything to his 30-year-old son in his will, but that doesn't mean his son won't receive an inheritance as a result of the Hollywood star's death. It appears that Reynolds may have left his son an inheritance by way of a strategically-planned trust.

2 things to remember about witnesses when signing a will

If you've finally completed the task of drafting your last will and testament, congratulations. Countless people forego this important life responsibility, and they leave their relatives facing serious challenges after they're gone. Now that you've appropriately and lawfully drafted your will, however, it's time to sign or "execute" the document -- which means that you need to gather your witnesses.

Who should I select as the executor of my estate?

When an Arizona resident needs to select an appropriate executor for their estates, they need to think about a lot of different factors to select the best candidate. Ultimately, they should rely less on family and friendship ties and more on the following question: "Who's the most financially responsible, the most trustworthy, the most emotionally mature and the most capable to serve as my executor?"

What's a charitable remainder trust?

A charitable remainder trust can be an excellent estate planning tool for certain individuals who want to receive tax saving benefits and want to donate a large amount of wealth to a charity. The charitable remainder trust allows you to bequeath assets to a charity after you die, but while you're alive, you'll get to benefit from those assets while profiting from some important tax breaks.

2 ways to protect the continuity of your family after you're gone

The people who take the time to prepare their estates in ways to benefit their heirs and family members tend to be the glue that keeps their families together. Whether you're a matriarch, a patriarch or a loving sister or brother, you want what's best for the people you leave behind -- and you especially want to maintain good and loving relations with one another after you're gone.

Do I still need an estate plan with the new exemptions?

The federal estate tax exemptions have doubled in 2018 up to $11.2 million for every person. This means that -- unless you're very wealthy -- you probably won't have to worry about federal estate taxes applying to your estate and all of your wealth will passed to your heirs without any hangups. However, this does not mean that you don't need to have an estate plan or an estate plan review.

Create your estate plan while you are mentally capable

Planning your estate is something that must be done while you are still mentally able to make decisions. This doesn't have to be a difficult process. Instead, you just need to set your goals for the estate plan and we will work with you step by step to get it all set up.

Your health care agent must be selected very carefully

One of the most important decisions that you have to make about your estate plan doesn't have anything to do with your assets. You will need to select a health care agent. This designation requires a lot of trust and gives the person considerable responsibility. It is imperative that you think carefully about who you give this duty to.

Get your estate plan in order to help your family members

Your desire to take care of your family members might be what gives you the energy and drive to go to work each day. You need to use this same drive to make sure that you can take care of them after you pass away. We realize that this isn't a pleasant thought, but it is best to think of it now while you still have the chance. We can help you find out how you can make those days and weeks a bit easier for them.

  • MCBA | Maricopa County Bar Association
  • State Bar of Arizona
  • ABA | American bar Association | Defending Liberty Pursuing Justice
  • Oregon State bar
  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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The Dodds Law Firm, PLC, is located in Surprise and serves clients throughout the West Valley area. To schedule a consultation with a lawyer, call 623-208-6098 or toll free at 877-827-9906. You can also contact us online.

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