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Supreme Court Decision regarding Inherited IRA's

By | Estate Planning, Estate taxes, Other, Press Releases | No Comments

SUPREME COURT DECISION VOIDS CREDITOR PROTECTION

FOR INHERITED IRA’S

Phoenix – The law firm of Morris Hall, P.L.L.C (MH) in response to the Supreme Court Decision on Inherited IRA’s, reminds Arizona and New Mexico residents that creating a qualified IRA Beneficiary Trust or a qualified Revocable Living Trust can protect a beneficiary’s Inherited IRA from creditors.

On June 12th the U.S. Supreme Court  unanimously decided that an inherited IRA does not follow the same guidelines nor bear the same characteristics of typical retirement funds (IRA and Roth IRA).  This ruling means that an Inherited IRA left to a beneficiary cannot be protected from creditors as previously argued in Clark v. Rameker.  Proper protection can still be gained by the creation of a qualified IRA Beneficiary Trust or a qualified Revocable Living Trust.  MH continues to help individuals, families and beneficiaries protect their assets by providing these qualified trusts to protect your legacy and those who inherit it.

MH devotes its practice to estate planning matters and has helped thousands of families and individuals  meet their long-term estate planning and financial goals. The firm is a premier member of the American Academy of Estate Planning Attorneys (AAEPA).

About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 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, Cave Creek, Tucson, Prescott, 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.

 

MH To Sponsor Channel 8 Arizona Collectibles

By | Estate Planning, Other, Press Releases, Special Events | No Comments

Eight, Arizona PBS recently announced the production of its new original series “Arizona Collectibles”, premiering in the fall of 2014.  Morris Hall is pleased to be a sponsor of this production which showcases heirlooms and antiques throughout Arizona.   Channel 8 is inviting collectors to register now to have their items appraised in the spring of 2014. For more information regarding how to submit your items, go to http://www.azpbs.org/collectibles/.

MH is proud to support the great programming and community resources that Eight, Arizona PBS continues to provide our state.

New series - Arizona Collectibles - NR 12-4-13

Celebrity Estate Planning Flubs

By | Celebrity Estates, Estate Planning, Preparedness, Press Releases | No Comments

There have been several pieces written about famous estate planning mistakes over the years.  I recently came across the review of a book chronicling the top ten.  Trial & Heirs, was penned by probate litigator Andrew W. Mayoras and his lawyer wife, Danielle B. Mayoras.  The pair considers the following flubs the top ten most notorious:

  • Jimmy Hendrix died without a will or trust.  Under the laws of intestacy, his father inherited his estate rather than his close friend/brother.  Hendrix’s father proceeded to cut the brother out of his own estate.
  • Former Supreme Court Chief Justice Warren Burger typed his own 176 word will.  As a result, his family paid over $400,000 in taxes and court involvement was required for the accomplishment of the smallest administrative task.
  • Princess Di left a will naming her mother and sister as executors.  She also left a ‘letter of wishes’ asking that her belongings be divided between her sons and 17 godchildren in the executor’s discretion.  Each godchild received little of nothing.
  • At Heath Ledger’s death, the will in place left his estate to his parents and sister.  He did not update his estate plan after he established a committed relationship with Michelle Williams or after the birth of their daughter.
  • Tobacco heiress Doris Duke left her butler as executor of her estate and trustee of a huge charitable foundation.  After his actions were called into question, a lengthy court battle ensued.  A settlement was eventually reached and the foundation was ordered to be managed by a board of trustees.
  • Marlon Brando made an oral promise to give his home and provide continued employment to the head of his household staff.  He claimed that the home remained in his name for tax purposes.  A settlement was eventually reached- the head of staff received $125,000 in lieu of the home.
  • Florence Griffith Joyner (FloJo) did not tell anyone where her original will was located.  Her husband did not find it within California’s 30 day time period to file with the court.  A battle between the husband and FloJo’s mother ensued and a third party was ordered to administer the estate.
  • Leona Helmsley left $12 million to her dog while completely cutting out two of her four grandchildren.  The disinherited grandchildren challenged Helmsley’s competency were awarded several million dollars.
  • Socialite Brooke Astor’s son was her power of attorney prior to her death.  After her death, he paid himself a $1 million dollar retroactive raise for managing her financial affairs.  He faced criminal charges.
  • Baseball legend Ted Williams left a will stating his wish to be cremated.  One of his children produced a note outlining his wish to be put in biostasis.  A legal challenge was mounted and fought until it became too expensive to maintain.

There are several lessons in these famous flubs.  The first being that your wishes should be memorialized, preferably with the assistance of an experienced Estate Planning attorney.

Andrea ClausContributed by MH Phoenix Attorney Andrea Claus.

About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 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, Cave Creek, Tucson, Prescott, 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.

Congratulations to the Practitioners with Heart!

By | Other, Press Releases, Seminar announcement | No Comments

The October issue of Trusts and Estates Magazine reveled the winners of its First Annual Practitioners with Heart Awards.  Six outstanding individuals were awarded this honor from across the nation for their charitable giving and mentoring.

West_Hunsaker_93x111West Hunsaker, of Morris Hall PLLC, was one of this years 6 honorees and the firm is delighted about his recognition.  Mr Hunsaker has worked with the Phoenix Children's Hospital and Make-a-Wish Foundation for over two years, and now holds a position on the national Make-a-Wish Planned Giving Advisory Council.

The winners can be viewed on the Wealth Management site.

For more information, you may contact MH at 888.222-1328.

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.

MH Annual Golf Tournament a Success!

By | Charitable Giving, Other, Press Releases | No Comments

MH's annual Charity Golf Tournament was held on September 30th at the Falcon Dunes Golf Club in Wadell, Arizona.  Over 64 golfers participated and it was a beautiful sunny day for the event.  Over $3000 was raised for local charities.  Make-a-Wish Arizona chapter, The 100 Club and the Arizona Humane Society will all receive checks from MH Print.

MH GolfCongratulations to all of our Golf Tournament Players and to the Charities we support.