What Do You Do After Signing Your Trust? Come to Our Class

JUNE 8, 2009  VOLUME 16, NUMBER 43

Want to learn about why you need a trust? No problem: there is a class for that, and they’ll even buy you lunch if you’ll just listen to their pitch. Want to learn whether you need a trust? It’s a little harder to locate good advice, but still there are resources available.

But what if you already have signed a trust, and just want to understand what you are supposed to do? That information can be especially difficult to locate. That’s why we offer our popular “Trust School.”

We will be offering our next two-hour program (formally titled “Now You Have a Trust”) in Tucson on Saturday, July 18. We will offer a continental breakfast, and we promise to answer your questions about the trust you have already signed. As always, our clients and their family members and invited guests may attend at no charge; others are welcome on a space-available basis and for a nominal $25 enrollment fee.

Who should come to Trust School? Anyone who has signed a trust but wants to understand it better, plus the individuals named as successor trustees. Accountants, brokers, insurance agents and other professionals are also welcome and will have a chance to get their questions about trusts answered.

If you are comfortable that you understand your trust document and the rules under which your trust operates, you might not need to attend. There are recent changes in the law, however, that might make your understanding of the trust somewhat dated. Among the changes:

  • Arizona has now adopted a version of the Uniform Trust Code. That will have little or no significant effect on many trusts, but some (particularly those that are irrevocable or become irrevocable after the death of one spouse) may be profoundly affected by the new law. We will explain the most important changes in the law and address your questions about what the changes mean for you.
  • The level at which estate taxes are imposed has climbed yet again — this time to $3.5 million. For most people that means that they never need to worry about incurring an estate tax, although the future remains a little cloudy and a few states (not including Arizona) have adopted state estate taxes that are triggered at lower levels.
  • There are recent changes that affect IRAs and other retirement savings accounts. Minimum withdrawal amounts and charitable gifts have both been altered for the 2009 calendar year.

If you are interested in attending our Trust School, you should contact Yvette at our office. You can reach her at our general office number: (520) 622-0400. If July is a bad time for you, we have scheduled a second session for September 29, 2009; details will be available closer to that date.

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