Why You May Wish to Change or Update your Estate Planning Documents

At the Carroll Law Firm, we help clients plan their estate by preparing documents including Simple Wills, Durable General Powers of Attorney (AKA Business Powers of Attorney), Healthcare Power of Attorney, Living Wills, Beneficiary Deeds and even Trusts.

Every time you move to a new state, you should prepare a new will. Each state has different laws for probating an estate, and if you do not have a new will prepared, you could leave your beneficiaries liable for problems that you could have helped them avoid such as inheritance taxes, real estate complications and more. The only way to ensure that your true wishes will be carried out upon death is to have a will prepared in accordance with state laws of your primary residence.

In addition to a new will, you also should make sure your Trust adheres to local laws. If you already have a trust, an attorney can prepare an amendment to that trust to make sure that the trust is interpreted according to Arizona law.

Weighing the Potential Costs and Benefits of Short Selling Your House

In many cases, a short sale would be a beneficial option to homeowners suffering from too much debt. A short sale is the sale of a home where the bank agrees to allow the sale of the home without getting full payment of the debt on the home. A short sale can have some very large costs to the selling homeowner who usually needs to move because they cannot afford the costs of the home. Many homes in our community are selling for $100,000 to $300,000 less than the debt on the home. While the bank can agree to forgive the entire debt, it is crucial that people considering a short sale on their home consult with an attorney and review any paperwork and terms from the bank very carefully prior to signing anything. Though the bank can, and often will, agree to forgive the debt entirely, in some instances the bank will request the homeowners sign documents making them liable for the debt even after the home is sold. An attorney will help caution you how to avoid this circumstance.

Community and Separate Property

Though February may be an “interesting” choice to post two articles concerning divorce, The New York Post reports that there is a 40 percent spike in divorce rates around this time of year. For this reason, we’ve opted to continue on with the topic of our last post and focus on an issue that is nearly universal to all divorces; community property.

Arizona is a community property state, which means the law presumes that all property acquired during the course of a marriage is community property. On the other hand, all property that is acquired before marriage, or after the divorce papers are served, is considered to be separate property.

If an item is classified as community property then both you and your spouse have an equal ownership in that item. This property includes most assets acquired during the marriage, as well as any income generated by either you or your spouse.

Separate property belongs solely to either yourself or your spouse. Typically, separate property is anything that you brought into the marriage, or acquired as a gift or through inheritance to you personally. These items will generally remain your separate property throughout the course of the marriage, as long as you keep them separate, but there are certain actions or events that may grant your spouse an interest in your separate property, or even change it to community property entirely (such as depositing money into a joint account used for the good of the community).

The presumption that everything acquired during marriage is community property is very broad, but there are ways to defeat it. Certain exceptions exist that allow some items or earnings can to be viewed by the courts as separate property, though the method of proving these exceptions is often complex, and usually necessitates the use of an attorney.

Along with child custody and spousal maintenance, concerns about the fate of assets gained both during and after the marriage lead to some of the most common questions asked in divorce proceedings. If you find that you and your spouse seem to be spiraling out of love rather than relishing the romance this Valentine’s Day, feel free to speak to any of our attorneys who will be happy to help answer all of your questions.

Anthem’s Journey

Every town begins with someone’s vision of “what might be.”  5,853 acres, nearly 10 square miles, of desert foothills just north of Carefree on I-17 and about 34 miles north of downtown Phoenix is where this vision became a reality.  Del Webb designed a planned community which opened with 26 model homes in March of 1999.

This town has continued to be a work in progress.  The original plan was to be completed in 2007 with 12,000 homes having been built.  Plus one of the great things about the plan was that 36% of the community was to be preserved as open space.  The population has grown to 8,655 which includes a mix of families, retirees, and empty nesters that represent diverse cultures.
During the first eleven years, Anthem has seen the addition of new schools including its own Boulder Creek High School which was built in 2004 on 55 acres and now has 2300 students plus a beautiful Performing Arts Theatre which serves the student body as well as the community; retail outlets that include the Outlet Mall where a number of new stores have been added since its conception, medical offices,  business parks, restaurants, churches representing 14 different religious groups, and a vital community center offering numerous classes, meeting  places, and special events like Saturday Night Fevers. Residents say they love living here because all these additions have helped to provide a feeling of closeness and being able to be connected to one another.

In the last few years, Anthem has seen its share of a depressed economy that has resulted in the loss of jobs and housing short sales and foreclosures.  But the remarkable result has been a community that has chosen to become even closer by looking to its future with hope and renewed visions.

Growth does not always have to mean that something becomes larger. It can mean that something becomes better.  So it is with Anthem.  The Phoenix Magazine described Anthem as one of the best places to live in Arizona, and in 2003 Parenting Magazine said it was the best place to raise a family.  I would venture to say that those who live in Anthem today and who have seen the many changes that have taken place would agree that it is still that place that was envisioned earlier-only greater.  The Carroll Law Firm is proud to be a part of this remarkable community and to help build a prosperous future for its fine citizens.

Resolution: Be Prepared

In today’s world, what age is considered “elderly’?  A person’s real age continues to climb as people live longer, life styles have more options, and new opportunities for both work and recreation come along.  The stereotype of the elderly with white hair, staying at home, becoming easily confused, and having trouble getting around may not fit any more.  However, regardless of age, anyone can become sick, be injured, or die unexpectedly.

This raises the question of what a person –of any age-needs to do to prepare for these possible events?  We should be asking ourselves what legal documents are necessary.  Do I need to have a lawyer to prepare these documents or can I do it myself?  With a slow economy, what are the costs for doing all of this?  Can a document really protect my assets?  And what is all of this talk about Long Term Care?

We make New Year’s resolutions to exercise more or to make better food choices.  We decide to get our house “in order” physically, but what about getting our life in order for our future and that of our family. This year make your resolution to have the proper documents prepared to protect yourself, your assets, and your loved ones.  This means that you will want to learn the difference between a will and a trust.  Plus while you are mentally competent, you will want to state your instructions for the way you want your estate to be handled-not the courts!  Also you do need to think about appointing someone to have Power of Attorney for both your health care and your financial decisions.

The Carroll Law Firm is skilled in helping people plan for their future.  Thinking about all of the things that are really important in your life, what is more crucial than taking the time to plan for your wishes to be put into legal binding documents?  Taking care of your body and becoming fit this year is a good goal; but an even better one is to make an appointment now to discuss with a professional your options for planning for your future not only for yourself but for your family.  This can ensure you a Happy New Year and happy years to come.