When the trustee isn’t so trustworthy, and the beneficiaries can’t get along, there’s a superhero who is increasingly being called on to save the day—the trust protector. Trustees and trust protectors are designed to be symbiotic characters in the interactions of a trust’s life, but it hasn’t always worked out that way in the courts. In two state lawsuits—In re Eleanor Pierce (Marshall) Stevens Living Trust and Minassian v. Rachins—it was the trust protector’s rights that were upheld.
The message: State courts are willing to recognize the role and authority of trust protectors, even when other parties disagree.
You may be surprised to learn that not only has asset protection planning been around for a long time, but you have already engaged in it at some point during your life. In fact, you probably have one or more types of traditional asset protection planning in place at this very moment. The problem is in many cases the type of planning you have right now won’t be enough to protect you and your family.Continue reading
While there are many factors to consider when choosing the place where you will retire, the ones that will impact your wallet may be the most important. Why? Because having a low crime rate and beautiful weather will be irrelevant if high costs deplete your retirement nest egg faster than anticipated.Continue reading
Arizona Revised Statute §33-405 allows any property owner to sign a beneficiary deed having the effect of transferring ownership of real property to the designated beneficiary at the owner’s death. It is not uncommon for people to hold legal title to their houses in their own name as trustee of their revocable trust. In one instance a woman wanted to make sure her house went to her designated beneficiary “no matter what she did with her trust,” and thus provided for the beneficiary in her trust and also signed a beneficiary deed to make sure the transfer was effective immediately upon her death.Continue reading