Wealth Preservation and Preventive Law Special Alert C
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Legal File Reviews Are Critical in 2010 – You Have ½ Year to Make the Critical Moves
This Preventive Law Alert was written by: John Goodson, Colleen Manley and Christine Goodson Forakis.
These Preventive Law Alerts are patterned after an annual publication to all mountain climbers called “Accidents in North American Mountaineering” which writes up all mountaineering accidents describing the accident, what caused it, how it may have been prevented so that further mountain climbing catastrophes may be avoided. The Preventive Law Alerts are the equivalent of “Legal Accidents in North American Law” – a description of the legal catastrophe and how it may be avoided using preventive law techniques.
The Legal Catastrophe: “The Chinese Warrior Never Steps Twice Into the Same River”
This world, much like a Chinese river, is constantly flowing around your family and business. This river is visible as changing laws, tax obligations, the economy, and your family circumstances. With our new president advocating change, the river’s current is moving even faster
A new Arizona Trust Code is settling into the courts. Starting next year, estate tax percentages and exemptions will be going the wrong way. New medical coverage laws are beginning to implant themselves, and immediate action must be taken to ensure that you do not drown in this fast moving and complicated real life river.
The Wealth Preservation and Preventive Law Solution
In the next six months, more than ever, you must meet with your estate and business planning attorneys to review your complete legal portfolio to:
- Make tax free and reduced tax gifts to protect your assets from a high estate tax of 55% with a lessened Federal and State tax exemption. Do this while the Estate laws allow discounted gifts of limited partnership shares, non-managing LLC shares, and non-voting and minority corporation shares.
- Amend your living trusts to avoid the nefarious provisions of the new Arizona Trust Code.
- Make sure the shelf life has not expired on your Basic Legal Emergency Documents (BLEDs). These include documents like your living will, medical power of attorney, mental health care power of attorney, and your HIPAA authorization.
- Consider opening a Health Savings Account as they may eventually diminish under President Obama’s new health care reform.
- Make additional moves based on your own individual circumstances as determined by what we call a Periodic Preventive Law Review (PPLR).
Important Action Step 1
Schedule your family’s Periodic Preventive Law Review (PPLR) before the end of this year.
Important Action Step 2
Email jgoodson@gmdlaw.com or call John Goodson (602 252-5110) with the names and email addresses of (1) family members, (2) friends, (3) colleagues, (4) business associates and personnel, (5) organizations/clubs, (6) customers or clients, (7) parents in your schools, or (8) anyone else who you think cares about this topic that you want to receive our Wealth Preservation and Preventive Law Alerts. We will send the previous alerts and include your referrals on our email list to receive future alerts as they are published.
You may also contact Colleen Manley at colleen@manleylaw.net or Christine Forakis at christinef@forakislaw.com.
We help prevent legal accidents in North America!!
For additional information, please call (602) 252-5110.