Dec 13
0

Why Plan?

By | Estate Planning | No Comments

There are so many things in life that we plan for: vacation, retirement, grocery shopping. . . .  So why do we do it?  Planning gives us a level of assurance that what will happen is in our control, more or less.

We plan a vacation so we can get the most out of it.  We can see the sights.  We can maximize the activities.  We can minimize cost (get those deals!).  We plan vacations to get the most enjoyment out of our limited amount of time.

We plan for retirement to live in a lifestyle we have grown accustomed throughout our working years/.  We save.  We put money in IRAs or 401ks.  We know that without this “nest egg,” we would continue to work into our 80s.

We plan our trip to the grocery store so we don’t buy things we don’t need.  We plan so we buy all the things that we do.  My wife is continually telling me to put those chips back, we have plenty at home.  We plan with a list to keep the trip focused, to ensure our household has those things to make our daily routines comfortable.

But very few people plan their estates.  When we all know that our time on earth is limited, it is strange to not plan for this inevitability.  Obviously, our clients are in the minority, as they took that step to make things easier for their loved ones.  Estate planning is much like those other plans I talk about; it sets out the provisions that you want to see done, when you are no longer with us.

Every estate is different.  The plan needed for each of you is different.  But making sure your family, your loved ones are taken care of with whatever you leave behind is reason to plan.

Call us today to schedule a complimentary consultation with one of our estate planning attorneys.  We want to help you get your plan in place.

jim-plitzContributed by Morris Hall, PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, Jim Plitz.

Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall?  First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters.  Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones.  We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership.  If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall.  Contact us today at 888.222.1328 to schedule an appointment!

 

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Dec 08
1

Summary of Potential Tax Law Changes Under President Elect Trump:

By | Attorney David Eastman, Estate Planning | 2 Comments

We live in uncertain times. There is no certainty in what President Elect Trump will do when it comes to the tax code, but he has stated that he would like do the following:

  • Eliminate the estate tax entirely.
  • Eliminate the gift tax entirely.
  • Presumably, eliminate the Generation Skipping Transfer tax entirely.
  • Disallow a step-up in basis for the assets of decedents with estates over $10 million.

However, we don’t know if this will be a high priority or whether Democrats would filibuster such changes.

As far as income taxes go, he has proposed the following: 

  • Cap deductions at $100,000 for individuals and $200,000 for a married couple filing jointly.
  • Increase the standard deduction to $15,000 for individuals and $30,000 for married filing jointly.
  • Reduce the federal tax brackets from 7 to 3, with rates of 12%, 25%, and 33%.

Current estimates are that Trump’s tax plan would:

  • Reduce taxes for low income earners by an average of 1.2%.
  • Reduce taxes for highest income earners by 10.2%.

According to a piece in Fortune, Trump’s plan would add $5.3 trillion to the federal deficit over 10 years.  

 

dave-eastman Contributed by Morris Hall, PLLC Arrowhead, Scottsdale and Phoenix Estate Planning Attorney and Partner, David T. Eastman.  

About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects.  We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

 

Dec 06
0

When Should you Plan?

By | Estate Planning | No Comments

Planning is “the act or process of making a plan to achieve or do something,” Merriam-Webster.  We plan ahead of time.  Planning for something after it occurred does not make sense.  A plan is used to mitigate risks and enhance the possibility of success in a set of goals or objectives.

When estate planning, the goal is to make a difficult time (death or incapacity) a little bit easier on your loved ones.  The estate plan outlines who will be your decision maker.  The estate plan describes who will get your stuff (your assets) when you die.

So when should you plan your estate?  Unless you have a crystal ball, the answer is now.

There are too many things that can happen if not properly planned.  We hear all of the time how getting the plan signed and in place gives our clients a peace of mind.  Gives them the ability to continue living life, without the fear that there will be problems when something happens to them.

We hear all of the time how people put off planning because of a fear that the planning will trigger their imminent demise.  This is not a logical thought, but an emotional one.  So, I will help get that thought out of your head.

When you see that the weather forecast calls for rain, when does it actually rain?  When you remember to grab your umbrella (when you planned for the rain), or when you forget it?  Of course it rains when you forget your umbrella.

So by planning your estate now, you will push off the storm clouds.  Call us today and schedule your complimentary consultation so we can help get your plan in place.

jim-plitzContributed byMorris Hall, PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, Jim Plitz.

What the Attorneys of Morris Hall, PLLC Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

 

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Dec 01
0

Selecting your Fiduciary

By | Estate Planning, Preparedness | No Comments

When putting your estate plan in place, one of the most critical decisions is naming the person or entity that will make your decisions when you can’t.  Collectively, this role is a fiduciary.

The fiduciary is a person or entity who has a legal obligation to make decisions in your best interest.  This would be the “agent” under a power of attorney.  This would be the personal representative / executor under a last will.  This would be the trustee under a trust.

The role requires many skills.  Foremost is the ability to carry out your wishes in a manner that you have described in your documents.

While you are thinking through the selection process, it is important to know that the fiduciary has a “job” to do.  It is work.  It takes time and effort.

We are here to help you navigate this crucial decision.  We are here to walk you through the pros and cons of selecting your son or daughter, selecting a trusted friend, or having a corporate fiduciary fill the role (such as a bank, trust company, CPA or law firm).

We want your selection of fiduciary work for you and your loved ones.  Call us today to schedule your complimentary consultation with one of our estate planning attorneys.

west-hunsakerContributed by Morris Hall Carefree and Phoenix Estate Planning Attorney and Partner, West Hunsaker.

At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects.  We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

 

Nov 24
0

Thanksgiving

By | Holidays | No Comments

On October 3, 1789, President George Washington named Thursday, November 26, 1789 an official holiday of “sincere and humble thanks.” In the midst of the Civil War in 1863, President Abraham Lincoln issued a proclamation in which he declared the fourth Thursday of every November to be a day of Thanksgiving.

“I do therefore invite my fellow citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next, as a day of Thanksgiving and Praise to our beneficent Father who dwelleth in the Heavens.” ~ Abraham Lincoln

For many Americans, Thanksgiving is a day devoted to eating, watching football, eating, shopping, and if there’s still room – eating some more. Although traditional meals and activities like football may be the first things people remember about this holiday, Thanksgiving and all its precursors were based on the principle of gratitude. Whether it was being grateful for a harvest or for the end of a war, or for the relief of a city under siege or for freedom, the underlying purpose was an expression of thankfulness.

As we celebrate this Thanksgiving, let us express gratitude for the family and friends we hold most dear. Let us take a step back from the festivities and food, and reflect upon our freedoms and the sacrifices made to secure that freedom. Let us be grateful for the bounties of life that we enjoy and endeavor to impart some of our substance to those less fortunate.  Simply put – let us all be thankful!

Happy Thanksgiving from Morris Hall, PLLC.

Nov 01
1

Joint Tenancy – The Best Option?

By | Estate Planning | One Comment

Joint Tenancy and Joint Tenants with Right of Survivorship, are forms of property ownership in which, upon the death of one of the owners, all of the deceased owner’s interest transfers immediately to the surviving owners. Married couples generally own assets in Joint Tenancy. If you and your spouse have a joint checking account, and/or own a home or car in both of your names, then you likely hold these assets in Joint Tenancy.

 

Why is Joint Tenancy so common? Many people hold assets in Joint Tenancy to avoid Probate. When a Joint Tenant dies, his or her share immediately passes to the surviving Joint Tenants. This transfer of ownership occurs by operation of law and avoids Probate and the need for a Will.

 

However, Joint Tenancy is not without the potential for problems. Here are some of the problems associated with Joint Tenancy:

 

  • Joint Tenancy only avoids Probate at the death of the first joint owner. When the remaining Joint Tenant dies, the asset will pass through Probate.

 

  • With Joint Tenancy, you lose control over how your assets will be distributed upon your death.

 

  • The federal estate tax exclusion is forfeited if the assets go to your surviving spouse.

 

  • In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) Joint Tenancy will expose your assets to capital gains taxes that could have been avoided.

 

  • If joint tenants are not married, gift taxes may be due when the Joint Tenancy is created.

 

  • Joint Tenancy exposes all tenants to the financial liabilities and creditors of all the other tenants.

 

While Joint Tenancy may be a good estate planning solution for some, it is not the best solution for all. At Morris Hall, PLLC we understand the importance of estate planning and concentrate our practice exclusively in this area. We know you have worked hard for what you have, and we are here to assist your family in making sure your legacy continues how you want.

 

Wendy-Harn-PhotoContributed by Morris Hall PLLC Tucson, Oro Valley and Green Valley Estate Planning Attorney and Partner, Wendy W. Harn.

What the Attorneys of Morris Hall, PLLC Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

 

Oct 27
0

Contingency Day Checklist

By | Estate Planning, Preparedness | One Comment

Unfortunately, none of us are getting out of this alive.  Death is a certainty; we don’t know when it will come, but death will occur.  Planning for this certainty is not a pleasant task, but it is a crucial one.

I frequently meet with surviving spouses, children, or friends who, at a time when they are grieving, are left to guess at what must be done.  I’ve been greeted by many of these survivors with boxes of documents: unorganized bank statements, life insurance statements from decades past, and a host of other potential assets that they haven’t the foggiest idea of whether exist or not.

The people we name as successor trustees or executors of our estates are, generally, people we care for.  One of the kindest things we can do for these folks is to leave a “roadmap” of steps to take when the inevitable occurs.  The first step is to have a plan in place; a comprehensive plan deals not with just death, but incapacity as well. This means that all estate planning documents, including powers of attorney, are up to date.

Next, a complete list of assets (and clear detail of asset ownership) is crucial.  It is far more expensive to have an attorney sift through old asset information than it is to simply keep a good, current list of what you own for your successor trustee or executor.  That list should include current assets and titling, along with any applicable beneficiary designations. Remember: before your distribution wishes are followed, the assets to be distributed must be determined.

We live in an increasingly digital society.  To that end, a list of logins and passwords for your successor is extraordinarily helpful.  A password sheet or password service can alleviate quite a bit of headache in wrapping up your matters.

Finally, a personal note as to final wishes (burial and/or funeral services) is helpful.  The folks responsible for arranging services are grieving; any guidance you give regarding your wishes reduces the decision-making burden.

A review of your plan, including your contingency day checklist, is a task that will not only give you piece of mind, but will make things easier for those you care for.  Call our office for an appointment to review your plan and ensure your affairs are in order.

Andrea Claus

Andrea Claus

Contributed by Morris Hall PLLC Phoenix Estate Planning Attorney, Andrea L. Claus.

About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects.  We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

 

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

 

 

Oct 25
0

ARIZONA PASSES NEW LAW REGARDING ESTATE PLANNING FOR YOUR DIGITAL ASSETS

By | Asset Protection | No Comments

Have you ever wondered who will inherit your digital photos, social media accounts, websites, emails, text messages, or other important “digital assets” when you die?  As the digital world is rapidly changing and progressing, so is the law.  As of August 8, 2016, Arizona adopted a new law called the “Revised Uniform Fiduciary Access to Digital Assets Act” (FAADA).  This new law grants fiduciaries (i.e. power of attorney agents, trustees, and personal representatives)  access to these “digital assets.”

Prior to passage of the new law, if a person became deceased or incapacitated, companies that stored digital assets on their servers, such as Google or Facebook, determined who could receive those items. The company’s terms-of-service agreements superseded wills and trusts potentially preventing heirs or guardians from gaining access to the digital property.  The new law changes this and allows the user to have more control to pass the assets easily to his or her heirs if provided for in an estate plan.

 

What to know about the new law:

 

  • If a company holding digital assets (i.e. Google or Facebook) allows the user to name another person to have access to the user’s digital assets, the user’s online instructions take priority.

 

  • If the user does not name another person, the user may provide for disposition of digital assets in a written instrument such as a will, trust, or power of attorney.

 

  • If the user does not provide for disposition online or in a written instrument, the terms-of-service for the user’s account will control as was the case before the new law was passed.

 

  • If the terms-of-service do not address fiduciary access, the new law requires the custodian of the digital assets to provide only limited access, i.e. a catalogue of the communications showing the addresses of the sender and recipient, and the date and time the message was sent.

 

As a result of this new law, with a proper estate plan, you can now authorize who has access to your digital property and what will happen to your digital property on your death or disability.  However, if it is not properly outlined in an  estate plan, fiduciaries may have limited to no access to these digital assets.   Therefore, it is important to have your estate plan reviewed to make sure that your digital assets transfer according to your wishes.  Please contact our office to set up a time to meet with one of our attorneys to review your estate plan.

 

Jon for attorney pageContributed by Morris Hall PLLC Prescott, Sedona and Flagstaff Estate Planning Attorney, Jonathan C. Linford.

Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall?  First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters.  Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones.  We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership.  If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Oct 20
0

Are You Owed Life Insurance Money?

By | Estate Planning, Insurance | No Comments

Some of the largest insurance carriers in the United States have agreed to pay over $7.5 billion in back benefits.  Is any of that due to you?

Last April, the news program 60 Minutes investigated the insurance industry’s practice of not paying the benefit under a life insurance policy until the family or beneficiary actually contacted the carrier.  This practice resulted in millions of unpaid policies, even though the insured person has passed away.

The most unsettling aspect of the investigation is that the companies knew the person had died.  Many of the companies use the government’s “Death Master File” (since Social Security is always made aware of a person’s passing).  Thus the companies knew the person is deceased, yet failed to take measures to pay the benefit. Even worse, in some instances, the insurance company continued to take the premiums from the policy’s cash value.

The good news is the 25 companies that have settled will take proactive measures to seek out the beneficiaries via phone.  So may get a call regarding long lost Uncle Bob’s policy, and that you have some money coming to you.

This leads to the importance of getting and staying organized.  All of your assets, especially ones like life insurance, should be listed within your estate planning portfolio (don’t have an estate planning portfolio? You can call us and meet with one of our attorney who can help establish your plan).  This way, when something happens to you, your loved ones or those that are administering your estate will have a good idea of what you own and who to contact.

With a little organization, your family won’t have to worry that your policy will be “lost”.  And hopefully, with this spot light on the insurance industry, they will make the necessary changes to fill in the gaps with the policy you may have “forgotten” about.

 

jim-plitzContributed by Morris Hall PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, James P. Plitz.

Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall?  First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters.  Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones.  We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership.  If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall.  Contact us today at 888.222.1328 to schedule an appointment!

 

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Oct 18
0

Hang On Until January 20th, When All Will Be Well

By | Election, Estate Planning | No Comments

This has been quite an election cycle.  Most people have expressed great concern about the outcome of the presidential election, and emotions and fears are high.  I have jokingly told clients and attendees at public and private seminars that they need not worry – just hang on until the end of January.  All will then be well.  I have listened to all of the candidates, and each has promised that he/she will solve all our problems.  WOW.

While entertaining at times, the political process has been frustrating, irritating, and threatening to many, if not most.  Some predict the end of our democratic institutions; some have lost faith in almost all elected officials.  Almost all worry to some extent how we will restore more peaceful times, and whether we will be able to exist as well as we have in the past.

With all the concerns, there are great reasons for hope.  Notwithstanding all our problems, few nations allow such opportunity and security as we enjoy.  The simple fact is that we can do much in our individual situations to protect ourselves and to progress.

The reason our firm limits its practice exclusively to estate planning is that we can truly help clients protect their assets, their legacies, their future plans, and even their hope.  Obviously, not all estate plans are created equal, but with proper planning that includes provisions for very important recent changes in state and federal laws, people can be sure their future, and the legacy and estate they leave will be much more secure.

 

theron-hallContributed by Morris Hall PLLC, Mesa, Phoenix and Scottsdale Estate Planning Attorney and Senior Partner Theron M Hall Jr.

About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects.  We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.