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Estate Planning for Arizona Families

FOUR PEAKS PLANNING INC. is dedicated to providing quality and affordable last will & testament and revocable living trust estate plans in a timely manner to Arizona families.The four cornerstones of our estate planning are:

• Preparing for a medical incapacitation
• Establishing guardians for dependent children
• Controlling distributions to young beneficiaries
• Reducing estate transfer time and costs

Since March of 2004 we have assisted families with a variety of planning objectives. Our goal is to simplify the process and keep clients from feeling stressed (read BBB reviews). We start by offering an informative website and useful downloads to develop a level of comfort with various topics. When ready for a complimentary consultation, we offer both in-office and in-home appointments across Arizona. During the initial consultation we review a sample living trust, last will & testaments and other estate planning documents to help people visualize different options. With the knowledge you will gain, the end result will be a well-constructed plan tailored for all your family's needs.

Testimonial

Christine Lobdell Raney Financial Advisor Chandler, AZ (480) 802-0741 - Daytime 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 add real value to my business. Thank-you, Jamie, for running an ethical, personal, and professional business. Read more

Testimonial

Roger Morsch Insurance Advisor Chandler, AZ (480) 855-4632 - Daytime www.EastValleyIns.com 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. Read more

Popular Estate Planning Goals

Guardians for Children. Without a last will & a testament appointing guardians, a court will be left to choose guardians for dependent children using whatever information they have available. A last will & testament is essential for parents wanting input on their children's guardians. Adding a trust can help separate the responsibilities of guardians and those managing the children's money.

Controlling Distributions. Young beneficiaries may make ill-advised decisions when receiving lump sums of money from life insurance or proceeds from the sale of a house, hence it may be desireable to control distributions. A will alone cannot control how and when money is received by beneficiaries. However, a trust can hold money until a predetermined age while allowing partial distributions prior to that designated age for reasonable health, support, maintenance and education needs. Trustees appointed by you determine what is reasonable.

Maintaining a Residence. A trust can create a life estate by continuing to pay your mortgage, tax and utility costs until your children finish school, at which point they and their guardians vacate the home and the home is sold. For blended families, if the deceased spouse owned the primary residence, a trust may allow the surviving spouse to continue living in the home before being distributed to the deceased owner's heirs.

Special Needs Provisions. Beneficiaries receiving disability income may lose eligibility if they receive an inheritance. An inheritance can legally be held in a trust until needed to prevent a disruption government assistance.

Avoiding Probate. Some assets already avoid probate: life insurance, retirement accounts and other assets listing living beneficiaries. In Arizona $75,000 of real estate or $50,000 of other assets combined can trigger probate. Actual costs associated with probate courts are relatively inexpensive. But the process, according to studies in Arizona, can delay transfer of the estate by 6 to 18 months. In addition, costs can increase quickly if legal help is needed or the estate is contested.

No Contest Clauses. Contested last will & testaments can freeze an estate, unlike living trusts containing No Contest Clauses which revoke inheritances from people contesting your estate.

Minimizing Taxes. In 2012, individuals who pass with less than $5.12 million in net estate value or married couples who pass with less than $10.24 million in net estate value should have no estate taxes due. However, that may change in 2013 if the federal estate tax limit drops to $1 million. Arizona does not have its own estate tax. Living trusts do not affect your affect income taxes while you are living.

Providing for Pets. Food and vet visits can become costly over time. A trust can set aside any amount, such as $5,000 - $10,000 to reimburse the person who is kindly taking care of your pets. Any amounts left after your pets have passed can be returned to the estate or given to a charity.

Charitable Donations. Estate planning is an opportunity to help a favorite cause. For larger estates, charitable giving can also be a method to reduce the size of an estate subject to the estate tax.

Revocable Living Trust Overview

"Revocable" means the creators of the trust can change or amend language at any time. "Living" means the trust was set up during a person's lifetime.

A living trust can be pictured as a box. After the trust is created, one may begin transferring legal title of assets from one's name to one's trust's name. The trust can continue holding assets and carrying out tasks long after you have gone.

By naming yourself as Trustor and Trustee of the trust, you alone will control the trust. A spouse or life partner can be named as a Co-Trustor or Co-Trustee to share those responsibilities.

Upon an incapacitation of the initial trustee(s), successor trustees, pre-appointed by you, manage assets similar to a financial power of attorney agent. Upon the trustor(s)'s passing, successor trustees are responsible for following the trust's distribution instructions. Once all tasks are completed and assets distributed, the trust can be terminated.

Learn more about revocable living trusts.

Our Estate Planning Process

The second comment we routinely hear when the process is finished is how much easier the process was than anticipated. While reviewing this website, people often mistakenly believe hours are needed to prepare for a consultation. In truth, just ten to fifteen minutes of preparation should have you ready for an initial consultation.

1. Start by calling or emailing us to schedule an appointment.

2. Download our Pre-Estate Planning Worksheet with simple and quick questions to prepare for a consultation. We do not collect birthdates, social security numbers nor a list of your assets - you keep this information private. Just prepare of list of names for those who will be named in your estate. After documents are signed you keep the original estate planning documents and add a list of your assets to assist those managing your estate.

3. The first meeting takes ninety (90) minutes. The meeting can take place at your home during the daytime or evening or at our Ahwatukee office during daytime hours. There is no cost nor obligation at the first meeting.

4. Creation of your estate plan typically takes one week.

5. The second meeting takes ninety (90) minutes and is for the review, signing and notarization of your estate plan.

Four Peaks Planning, Inc. is licensed by Arizona's Supreme Court as a Certified Legal Document Preparer (#81353). We provide all the services of an attorney except provide legal advice. We have several estate planning attorneys available when clients seek legal advice. We do not sell insurance nor do we provide financial planning services. We focus solely on quality and affordable estate planning for Arizona families. Contact us today to get your plan underway.