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Upcoming Event: Intentional Aging, Presented by Panel of Experts With Attorney Travis Meyers

As we age, we start to wonder about the future. We wonder if we are destined to get dementia. We wonder if we have properly prepared for retirement, or what will happen if we cannot handle our own affairs. We wonder what our healthcare will look like. Instead of wondering, join our panel of experts in learning how to age intentionally and take action to care for your future self now. Our very own Travis Meyers, estate planning attorney, will be on the panel for this event. He will discuss how you can strategically plan for managing your finances and healthcare if you cannot. The event is on May 12 from 2-4 pm, at Shadow Rock United Church of Christ, 12861 N. 8th Avenue, Phoenix, AZ 85029. Fill out this form to RSVP today: [contact-form-7] The post Upcoming Event: Intentional Aging, Presented by Panel of Experts With Attorney Travis Meyers appeared first on The Law Office of Libby Banks . Original post here: Upcoming Event: Intentional Aging, Presented by Panel of Experts With A...
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Charitable Giving With Your Estate Plan

If you wish to leave some of your estate to charitable institutions, then a gift from your retirement accounts can have tremendous advantages. There are many ways to benefit your favorite charity both now and at your death. If these charitable gifts are done properly, you can receive tax advantages now, and save your heirs taxes later. 1. Distributing Appreciated Assets with a Low Basis Did you buy stock or other assets at a low price? Do you own stock that has increased in value with no way to trace what was your original purchase price? Giving stock and other highly appreciated assets with a low basis can be a great way to support your favorite charity. As the donor, you are able to claim the charitable deduction for the value of the gifted assets. The charity, meanwhile, can accept the gift and cash it out without paying taxes. This gift benefits your favorite charity and avoids capital gains taxes on the appreciated assets. 2. Gifting your Required Minimum Distributions from You...
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New Years Resolutions? To Keep Them, Know Your “Why”!

If you’re like me, December is a time to think about New Year’s resolutions. This year I want to keep my resolutions, instead of abandoning them all before January is over. How to do that? I asked my fitness trainer, Janet McConnell, whose book Elements of Aging Well: Wisdom from My Journey So Far is now available on Amazon. She says the way to stay motivated is to dig deep and find the “Why” behind your goal. Your resolution: exercise regularly. Your plan: get up at six a.m. and get to the gym every weekday. But when the alarm goes off, the air is chilly and the bed is warm, hitting the snooze button sounds better. How to get yourself moving? Remember your “why.” Why are you exercising? To keep up with your grandchildren, to live a longer life, or to make yourself feel more attractive? Digging deeper into that “why” will make the difference between getting up to exercise and staying in bed. Why do you want to keep up with your grandchildren? Perhaps to avoid being left on the park ...
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A Personal Look at the Estate Planning Journey

The past year was amazing for my family. Two notable highlights are starting a new job with the Law Office of Libby Banks and my wife and I welcoming our first child in July. As I reflect on the need to update my Trust to plan for our new baby, I look back at my original experience creating an estate plan with Libby and why I joined her firm as an associate attorney. When I first thought about estate planning for myself and my wife, I realized I did not know much more than what I learned in law school. I knew it was important to plan for my loved ones if I passed away, but I didn’t know exactly what that would look like. Serendipitously, one day I found the Law Office of Libby Banks printed on the front cover of our local newspaper. I knew Libby and her family from church and mutual friends in our neighborhood. I knew Libby had an excellent reputation as an estate planning attorney and scheduled a free initial consultation. During our initial meeting, my wife and I discussed our con...
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Asset Protection for Your Heirs

I am often asked whether the revocable living trust we use as the cornerstone of our estate plans provides asset protection – protection from the creditors of the person creating the trust. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. When you create this trust, you still have full control over the assets in the trust. Because of this, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your personal name and not in your trust. However, you can help your beneficiaries out by protecting their inheritance with a beneficiary asset protection trust. How do we do that? Instead of your trust saying that your beneficiaries get their inheritance outright (meaning the trustee simply writes them a check and they do with it what they want), your trust can direct that each beneficiary receives his or her share in a protective trust. Protective...
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Estate Planning – Who Needs It?

Who Needs Estate Planning? Many people, when they hear the words “estate planning,” don’t think it applies to them. “I don’t have an estate to plan!” they may say. I think this comes about from the use of the word “estate.” The word is often used to refer to the mansions and real estate holdings of the rich and famous. But the definition of an estate is “all of the things that a person owns.” In other words, your estate is the sum of your stuff: your home, your bank accounts, your stocks and bonds, your retirement account, your cars and boat, and your personal property. For some, including young parents, the biggest asset at death will be their life insurance policy. When they say they don’t have an estate, they are forgetting about what they leave behind with insurance. Big or small, most adults have an estate of some sort. If you don’t plan for it, don’t worry, the state has a plan for you; it just may not be what you want. Estate Planning is More than Distributing What You Own ...
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On the Road Again! Are you Ready for Vacation?

For many of us, we are finally getting an opportunity to travel again, and we are more than ready! However, are you truly ready for that trip? One item you may have forgotten is to check on whether your estate plan is in order before you hit the road. Here are some thoughts on getting things done before your trip. Make sure you have guardians in place for minor children. If you have minor children, it’s crucial to have documents in place appointing guardians, especially if you are traveling without them. Don’t leave this to chance, or worse, to the court to decide. Putting your choice in a legal document assures that the people you want to raise your children will do so. Which do you want your children to hear: “Your parents asked me to take care of you, and that’s exactly what I’m going to do,” OR “We’re not sure where you’re going to end up, but don’t worry, it will all be okay eventually.” Review and update your existing estate plan. A big mistake I see in estate planning is th...
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