12 minute read
Legal
Asset Protection for Your Heirs
By Libby Banks, The Law Office of Libby Banks, PLLC
The revocable living trust is a great estate-planning tool, but it does not protect your assets from your creditors. The assets in your trust are still considered your assets because you continue to have complete control over them. On the other hand, you can use your trust to provide asset protection for your beneficiaries after your death.
Instead of giving your heirs the inheritance outright, to put it in their own name, at death, your trust directs those assets into an irrevocable trust for each beneficiary.
TRUSTS CAN KEEP AN INHERITANCE OUT OF THE HANDS OF CREDITORS
These trusts do provide asset protection for the trust assets. Where an outright gift of the inheritance can result in a beneficiary’s creditors snatching all your hard-earned money, leaving the money in trust provides asset protection for the trust assets. A real-life example was a son who had filed bankruptcy. Shortly after filing, his mom died, leaving him everything in an outright distribution. It was all his. Except it wasn’t his. Instead, because he had filed bankruptcy, it all went to his bankruptcy trustee.
Had mom given him the assets in trust, he could have completed the bankruptcy and had the assets in the trust to give him a fresh start after bankruptcy.
TRUSTS CAN PROTECT AN IRRESPONSIBLE HEIR FROM HIMSELF AND STILL PROVIDE FOR HIS WELFARE
When we create trusts for your beneficiaries at your death, we provide protection from beneficiaries who might not manage the inheritance well, such as a child (or the child’s spouse) who is a spendthrift, or an heir with drug, gambling or other addiction issues. The trust allows for discretionary distributions to the heirs, but prevents them from having unlimited access to spend however he pleases.
TRUSTS CAN PROTECT THE INHERITANCE IN CASE OF YOUR BENEFICIARY’S DIVORCE OR DEATH
If a beneficiary is divorcing, or has a rocky marriage, leaving the inheritance in trust can assure that your beneficiary keeps your money and doesn’t lose part of it in a divorce. The assets held in trust won’t be divided up, because the inherited trust is separate property, belonging only to the beneficiary and not her spouse. An outright distribution of the inheritance, however, is likely to be commingled in accounts held by both the beneficiary and his spouse. The assets then may be considered community property and some portion will go to the divorcing spouse.
THE ARIZONA ADVANTAGE FOR THE RESPONSIBLE HEIR
In Arizona, the law permits a beneficiary to be trustee of his or her own trust and still have some of the protections we’ve discussed. The beneficiary has control over the trust assets, and divorce and creditor protections. That’s an advantage you should take advantage of.
If you don’t have a revocable living trust, or need an update, give us a call at 602-375-6752 for your free initial consultation via Zoom, FaceTime or phone.
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Cover Story Harness the Power of the Sun
Sunsolar Solutions Helps Locals To Go Solar And Save Big
By Michelle Talsma Everson
When you think of renewable energy, the first type that may come to mind is solar power. Solar energy works by capturing the sun’s energy and turning it into electricity through solar panels—and with an average of 300 days of sunshine a year—Phoenix is the perfect place for those considering supplementing some of their energy uses with solar power.
In fact, according to recent statistics, solar panel installations are expected to grow 20% in 2020, consolidating the United States’ position as the world’s second-largest market for solar power usage. Better still, according to a recent Zillow.com study, homes with solar sold at an average 4% higher than non-solar homes.
Michael O’Donnell, vice president of sales and co-owner of Sunsolar Solutions, says that his company has helped 6,000 Arizona families go solar—taking the power of the sun and turn it into usable electricity to power their homes.
“We started in 2015 and, since then, have helped thousands to find custom solutions for their own needs to try to bring their power bill as close to zero as possible,” O’Donnell explains.
O’Donnell compares having solar panels to someone “having their own personal power plant.” He notes that solar panels are often more affordable than people realize, with $0 down and options to purchase or lease the panels.
“It’s a zero upfront cost, monthly payments are usually less than you’re paying for electricity, and, in time, the equipment pays for itself, and you make a monthly profit,” he says.
“Your solar system allows you to generate your own clean power and costs less than your current utility company,” according to SunSolar Solutions. “Flexible finance solutions allow you to simply pay by the month, like you do now, but at a lower rate and you start saving immediately.”
How O’Donnell and the team at Sunsolar Solutions accomplish this is by meeting with each customer personally to assess how many panels their home will need.
“We are upfront and transparent with customers; we don’t sell fake savings and our engineers will make sure that the solar panels work like we say they will,” O’Donnell says. “From the time we first meet with a potential customer, it takes about 60 days until the panels are on the roof and their system is ready.”
Some benefits of going solar with Sunsolar Solutions include:
• Flexible financial solutions – locals can lease, finance or purchase solar panels • No upfront costs • Customers can save up to 95% off of their electric bill • Protection against inflation and energy cost increases from the electric company • Increasing the property value • Earning a great return on your investment • Going green • Providing clean, reliable energy
There are also several tax perks that come with going solar.
“By increasing the number of panels, you increase the amount of money that the U.S. government will be investing in the system and into your home,” O’Donnell explains. “If the 100-percent design created a $10,000 subsidy, then the 150-percent design will produce a $15,000 subsidy. There is no limit to the size of the system and, therefore, the size of the tax credit. By the way, the tax credit is dropping significantly at the end of this year from its current rate, which is 26 percent of the system price. Truth be told (which is something we insist on in our proposals),the result of a properly designed system is a lower monthly and annual cost for the household’s electricity.”
O’Donnell shares the story of one of his recent local customers: “Janet from Peoria will pay $33,000 less to pay off the equipment than she would have paid APS. And the money she did spend didn’t turn into utility receipts; it turned into a paid-off $40,000 power plant that at the end of the term will be generating $7,500 worth of electricity per year. She has no doubt whatsoever that her home will be worth substantially more with a paidoff solar system, producing enough power to incur zero billing from APS, than it would have if she had spent much more buying that power from APS over the years.”
The state of Arizona will also provide a tax credit in the amount of $1,000 when you purchase a system, he adds. This will lower your Arizona Department of Revenue total tax by $1,000 this year. Like the federal credit, it will carry over to future years if you don’t use it all this year, he says.
In addition, for those with APS, O’Donnell says that there is a set limit of 15 percent of their customers who are able to have solar panels.
Val Berechet, president of SunSolar Solutions, is urging his sales force to emphasize the urgency of switching because of this limit. He has set up a geographic database that will track what areas are approaching capacity or have already exceeded their maximum, according to SunSolar Solutions.
Out of 17 applications submitted to TEP (a Tucson-based power company used as an example), after the utility started implementing the maximum on May 12, four have already been denied, signaling possibly maxed-out service areas, Berechet explains. He expects other areas in Arizona to hit their maximum quickly, though it is too early to know where and when with any specificity, he adds.
“The essential environmental and economic factors still favor solar power in Arizona,” according to Sunsolar Solutions. The state has the third lowest cost per watt for solar panels, and it has the secondhighest potential solar resources, just after Nevada, according to the U.S. Energy Information Agency, cites the company.
O’Donnell shares that the cut off to go solar when you have APS could be as soon as the end of this month.
For those who choose to go solar with Sunsolar Solutions, O’Donnell explains that customers can see how much power the panels are generating every day through an easy-to-use app. “On days where there is a lot of sunshine, the panels perform even better,” he says.
Added to their knowledge and expertise, O’Donnell notes that SunSolar Solutions is A+ rated by the Better Business Bureau and has several high reviews on social media.
“Val, Michael, Jack and the whole team were extremely easy to work with,” shares one customer. “No pressure sales, answers to all my questions... and worked with me to develop a system that I wanted installed. My first complete month’s APS bill just came in and I am proud to say it was $20.66.”
O’Donnell says that, for budget conscious consumers, going solar helps keep their same monthly payments years into the future— something that can’t be promised with traditional electric companies.
To learn more and inquire about a free consultation, visit sunsolarsolutions. com or call 602-773-6675.
