Category Archives for Living Trust

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

James Brown’s “Vague” Estate Plan Forced Family into Years of Litigation

James Brown, the legendary singer, songwriter, record producer, dancer, and bandleader was known to many as the “Godfather of Soul.” Although he intended his estimated $100 million estate to provide for all of his children and grandchildren, his intentions were somewhat vague.  This forced his family into years of litigation which ended up in the South Carolina Supreme Court.Continue reading

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