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Call Our office at 622-8208 and request a complimentary consultation. After you have answered a few basic questions, the member of our staff to whom you are speaking will immediately schedule your consultation in the convenience of your home or at the office.
Control and Protect your Assets & Create a Legacy for your Children or Heirs
With a Revocable Living Trust, you retain control of your assets. You deal with your assets the same as you do currently. You may easily take assets out of your Trust, or even terminate your Trust. You are the Settler, Trust and Beneficiary. If incompetent, the other spouse continues on as the Trustee. Your Successor Trustee, whom you name in the beginning, takes over for you when both die or become incompetent. In that way the courts & Lawyers are not involved in transferring your assets to your children or heirs nor collect 5% - 10% of your Estate in fees.
If your assets add up to more than $50,000 then your heirs will probably go through probate, as required by Arizona statutes. Probate is the court process that changes legal ownership of your assets to your heirs at your death. Probate is required whether you have a will or not. Probate is required for people, not Trusts.
The Probate process is time consuming and costly. It is also very public. Probate can take anywhere from 8 months to 3 years or more. Average Probate fees range from 3% to 10% of the gross value of all your assets. The exact cost depends on the probate attorney. Since the Revocable Living Trust is a separate entity, it holds title to your assets. Therefore, when you die, the Trustee simply distributes the assets to the people you name in your Trust, free of Probate.
New Trust Laws
The Arizona Trust Code was adopted on January 1, 2009. All Trusts, existing and new, should be changed to meet these new laws. This is the biggest change in Trust Law in the history of Arizona. You may contact Gibraltar Trusts to determine if your Trust meets the new Laws.
Avoiding Conservators and Guardians
Conservators and Guardians are people whom the court appoints to protect you and your property. With a Revocable Living Trust, you designate who you want to protect you and your property. The Revocable Living Trust details what powers and duties they will have. You decide, not the government.
Reduce or Eliminate Estate Taxes
Our old Uncle Sam could take almost half of each additional dollar growth over the estate tax exemption in you estate. Under current federal estate tax law, in general an individual or a couple can pass to our heirs up to $5,250,000 (as of Jan 2013) through the Unified Tax Credit, without paying any federal estate tax. But for married couples with an estate worth between $5,250,000 and $10,500,000, a Revocable Living Trust can eliminate estate taxes. For Estates over $10,500,000, other estate planning tools and techniques are required in order to eliminate or at least reduce federal estate taxes. Starting in 2013, the Federal estate tax is 40% of the excess over $5.25 million left to children and heirs in an estate.
Your Revocable Living Trust is a private document. Who gets what and when is your business and not the public's. Unfortunately, with only a will, the transfer of assets to your heirs is public information.
The Revocable Living Trust does not, in itself, give immediate asset protection to the Settlors. The law in this area of asset proetction is delicate and changes from time to time, so make sure your advisor understands the issues in this area of planning.
Other Estate Planning Ideas
There are many other types of estate planning tools and techniques. We would be happy to discuss these with you.
The Estate Planning Portfolio
With our Estate Planning Portfolio, you will receive: