O'Neill & Associates

11/18/2024

Estate Planning Tips Continued...

In addition to the need for a properly drafted Last Will & Testament, many individuals will benefit from including a trust in their estate plan.

REVOCABLE (LIVING) TRUST
A trust is a legal structure that allows a fiduciary (i.e., a “trustee”) to hold a property right for a beneficiary. Trusts can be revocable or irrevocable. A revocable trust (or a “living trust”) allows the trust creator (the “grantor”) to make changes to or revoke the trust. Because there is no loss of control for tax purposes, a revocable trust is treated as still belonging to the grantor. Assets in a revocable trust are considered part of the grantor’s estate. Revocable trusts become irrevocable upon the death of the grantor. Revocable trusts are a commonly used estate planning tool because assets owned in a revocable trust avoid probate, often allowing beneficiaries to receive assets more quickly while affording the grantor’s estate more privacy. Revocable trusts also allow for individuals to control how their wealth is managed and distributed during life (such as during incapacity) as well as control the timing
and manner of distributions after death.

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11/11/2024

LAST WILL & TESTAMENT

Your will is an important document that contains your instructions on who will receive your individually owned assets. Your will also appoints the executor of your estate (i.e., the person who administers your estate), and nominates guardians of your minor children. A will does not typically affect the transfer of assets that are held jointly, or contracts that have beneficiary designations, such as life insurance, annuities, and retirement benefits. Most assets passing under a will must be transferred through the probate process which can be costly, take time and be subject to the claims of creditors.

Proper planning should be done to ensure your assets pass to your loved ones as efficiently and cost-effectively as possible and avoiding the probate process whenever possible.

Your will should be reviewed about every 5 years or whenever you have a life event such as moving to a new state, marriage/divorce, death of a loved one, birth/adoption/loss of a child, personal illness - these are just some of the examples.

If you haven't dusted off your will in a while, it might be a good time to do it to make sure it still meets your objectives.

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602.885.9081

11/04/2024

It's crazy not to have an estate plan in place - no matter what size your estate is.

If you're age 18 or older at the minimum you should have Powers of Attorney to speak for you in the event you can't (accident, illness, injury, etc.). If you have kids that age - guess what - you can't speak for them - even if they are still in school living with you! There's a rude surprise most people don't find out until it's too late.

If you own a home, you probably need a simple will and trust. It's not as complicated as you think. Make 2024 the year you get your stuff in order - your beneficiaries will thank you. You'd be surprised at how little it takes to subject your estate to probate - unnecessary cost and delay in distributing your assets to your loved ones.

It's easy to start. I'm just a phone call away. 602.885.9081 or email me
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I'm getting inquiries about my credentials so here you go:

CLU - Chartered Life Underwriter

ChFC - Chartered Financial Consultant

AZCLDP - AZ Supreme Court Certified Legal Document Preparer

AZ Licensed Insurance Producer

AZ Notary Public

Any other questions, let me know.

Legal Document Drafting and Life Insurance Analysis and Solutions