Letting your Legacy live on
Comprehensive estate planning covers nearly every aspect of life. It begins with protecting yourself and your personal dignity and extends to protecting your loved ones and your hard-earned assets. RJP Estate Planning works with experienced estate planning counsel to design individualized plans that meet each family’s unique needs and properly provide for the legacy that each client desires.
History of RJP Estate Planning
Jim and Debbie Placet met in 1993 when they were both working for Liberty Financial. Jim worked in the Great American Bank branches in the Frys grocery stores offering alternative investments to bank products, and Debbie was the wholesaler for these alternative products and services. As the financial services industry grew and evolved so did the Placet’s dream of offering more products and services to the retirees of Arizona. When Great American Bank was taken over by the RTC the Placet’s dream was born; they established their first estate planning firm.
Today it has grown and evolved into RJP Estate Planning with over 15,000 clients in multiple locations in Arizona and many generations of satisfied clients.
Frequently asked Questions about Estate
Planning in Arizona
What is Probate?
Probate is the court and process that looks after people who cannot make their own personal, healthcare, and financial decisions. These people fall into three general categories: minor children (under age 18 in most states), incapacitated adults, and people who have died without legal arrangements to avoid probate. Probate proceedings can be expensive and time-consuming. Additionally, the court proceeding and associated documents are all a matter of public record. Many people choose to avoid probate in order to save money, spare their heirs a legal hassle, and keep their personal affairs private.
What is Joint Tenancy with Rights of Survivorship?
This is the most common form of asset ownership between spouses. Joint tenancy (or TBE) has the advantage of avoiding probate at the death of the first spouse. However, the surviving spouse should not add the names of other relatives to their assets. Doing so may subject their assets to loss through the debts, bankruptcies, divorces, and/or lawsuits of any additional joint tenants. Joint tenancy planning also may result in unnecessary death taxes on the estate of a married couple.
What is a Will?
The document a person signs to provide for the orderly disposition of assets after death. Wills do not avoid probate. Wills have no legal authority until the willmaker dies and the original will is delivered to the Probate Court. Still, everyone with minor children needs a will. It is the only way to appoint the new “parent” of an orphaned child. Special testamentary trust provisions in a will can provide for the management and distribution of assets for your heirs. Additionally, assets can be arranged and coordinated with provisions of the testamentary trusts to avoid death taxes.
Who Should Have a Revocable Living Trust?
What does Intestacy mean?
What is a Living Will?
Sometimes called an Advance Medical Directive, a living will allows you to state your wishes in advance regarding what types of medical life support measures you prefer to have, or have withheld/withdrawn if you are in a terminal condition (without reasonable hope of recovery) and cannot express your wishes yourself. Oftentimes a living will is executed along with a Durable Power of Attorney for Healthcare, which gives someone legal authority to make your healthcare decisions when you are unable to do so yourself.
What is a Durable Power of Attorney and when do I need one?
What is a Revocable Living Trust?
This is an agreement with three parties: the trust-makers, the trustees (or trust managers), and the trust beneficiaries. For example, a husband and wife may name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets as beneficiaries. Further “backup” managers can step in under the terms of the trust to manage the assets should the couple become incapacitated or die. Special provisions in the trust also control the management and distribution of assets to heirs in the event of the trust-maker’s death.
What are Beneficiary Designations?
Are you ready to take the next step towards your financial future?
RJP Estate Planning designs individualized plans that meet each family’s unique needs and properly provide for the legacy that each client desires.
