Category Archives for Living Trust

5 Reasons to Protect Your Retirement Accounts Now

5 Reasons to Protect Your Retirement Accounts Now

During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone.

Fortunately, there is an answer.  A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors.  We’ll show you what we mean.Continue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

Financial Smarts Peak at 50, Here’s How to Protect Your Older Self

A recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50.  This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age.

4 Tips for Protecting Your Finances From Scams, Shams and Schemes as You AgeContinue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

Early Predictions About 2016 Estate Tax, Gift Tax, GST Tax and Annual Gift Tax Limits

Under current law the federal estate tax, gift tax, and generation-skipping transfer tax exemptions have become unified and are indexed for inflation on an annual basis.  Since 2011, the exemption and tax rate have changed as follows:Continue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

The Lifetime QTIP Trust

Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky.  One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust.

The Basics of Creating a Lifetime QTIP TrustContinue reading

Sorrell Law Firm, PLC 7575 E Redfield Rd # 217, Scottsdale, AZ 85260 (480) 776-6055

Decanting: How to Fix a Trust That Isn’t Getting Better With Age

While many wines get better with age, the same cannot be said for some irrevocable trusts.  Maybe you’re the beneficiary of trust created by your great grandfather over seventy years ago that no longer makes sense.  Or maybe you created an irrevocable trust over twenty years ago that no longer makes sense.  Is there any way to fix an irrevocable trust that has turned from a fine wine into vinegar?  You may be surprised to learn that under certain circumstances the answer is yes, by “decanting” the old broken trust into a brand new one.Continue reading