Legal

Legal Different Trusts Meet Different Needs in Your Estate Plan

By Libby Banks, the Law Office of Libby Banks, PLLC

There are several different types of trusts we use when doing an estate plan. The primary trust we use in estate planning is the Revocable Living Trust (“RLT”). It is the foundation of most estate plans and has many benefits. It contains instructions for managing the assets in the trust during your life, upon your death, and if you become incapacitated.

The RLT will also avoid the need for a probate court proceeding on your death. You can select the person(s) who will be able to step in quickly to gather, sell, and distribute your assets to your beneficiaries without a court’s involvement.

We sometimes create irrevocable trusts for specific purposes. Most of them involve someone else serving as the trustee of the irrevocable trust – meaning transferring property out of your hands and out of your control. There are four primary uses for irrevocable trusts. One is estate tax avoidance. Estate taxes – or inheritance or death taxes as they are sometimes called – are calculated based on what you own (your “estate”) at your death. To avoid estate taxes, you might create a trust and transfer some of your property out of your estate and into another person’s estate (your children’s, for instance) to avoid or minimize estate taxes at the time of your death.

An irrevocable trust can also be created upon your death to benefit a spouse in a blended family situation. This irrevocable trust can be used to care for your current spouse during his or her lifetime, while assuring that at your current spouse’s death, your children from your previous marriage receive what remains of the assets in the trust.

Asset protection trusts are another common irrevocable trust, designed to avoid creditors and protect assets. An RLT does not provide asset protection. This asset protection trust needs careful and considered planning. It must be created in advance of any trouble on the horizon. If you already have a claim coming down the pike, it is too late to start asset protection planning.

An irrevocable trust can also be established for someone who is receiving government benefits such as Medicaid or trying to protect assets while qualifying for Medicaid long term care services.

Another trust is a pet trust. These are designed to leave money for the care of your pets after your death. The wealthy often use them, but if you have long lived or expensive pets – parrots, tortoises and horses come to mind – a pet trust might be just right for you.

I would be happy to assist you with creating a trust for your needs. Call our office at 602-375-6752 for a free consultation for your estate planning or check out our website at libbybanks.com.

Call us today to schedule your FREE Estate Planning Consultation

Our Estate Planning in Phoenix and Scottsdale is highly customized to meet your unique family situation, assets, values, and personal goals. Our complimentary first meeting allows you to get to know Libby, our Estate Planning attorney and talk about your unique situation and what plan will best fit your needs.

Remember, when you choose Libby you are not only hiring someone to prepare your Estate Plan, you are choosing a seasoned Estate Planning attorney to guide you through this often complex process and raise questions you might not have considered. You are choosing an experienced professional to create a plan that serves your family in the way that you want and, after you are gone, a trusted advisor that your loved ones can depend on.

Come see us in our new, convenient office located just down the street at 5010 E. Shea Blvd, Suite 205 Scottsdale, AZ 85254 602.375.6752 | www.libbybanks.com | libby@libbybanks.com

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Solution on page 29.

NOVEMBER 25

Five Tips for Transitioning into Retirement

Renee A. Hanson, CFP® , ChFC®, CEP®, CDFA™ , CFS®, BFA®, APMA®

Retirement marks the end of a chapter in your career and the start of a new lifestyle. This unique transition can bring a myriad of emotions, most commonly ones of excitement and apprehension. If you’re pondering retiring in the next year or so, here are five tips to help you transition smoothly.

1Know the transition could take weeks – or

months. You likely spent decades forming a routine around your work schedule. Establishing your new normal of volunteer work, an encore career or helping family will take time. If you are married, remember that your retired status may affect your spouse’s routine, too. Talk openly about how you’re feeling during the transition to keep your spouse in the loop. important as you shift into retirement. Prioritize eating healthy, sleeping well, staying fit and maintaining friendships in your new routine.

4Evaluate your finances. Prior to retirement, you likely outlined how you will manage your cash flow. (If not, today is the day to put a plan in place.) As you enter retirement, review your expenses to ensure they’re aligned with your plan. It’s common to revise your spending and activities after experiencing the first few weeks away from your primary job, so it’s okay if you need to adjust how much you withdraw from your accounts each month. If you want to increase your spending, calculate what that means for your later retirement years, as you don’t want your savings to come up short.

Consult a financial advisor for guidance on how to make your money last while living the lifestyle you desire.

2Communicate your retirement plans with

family members. Your parents, kids or other family members will likely be interested in how you intend to spend your retirement days. Will you be visiting the grandkids more often? Continuing to host family get-togethers? Planning to move or purchase a retirement home? As you share your plans, don’t forget to discuss your financial picture. The benefits of open communication are three-fold: it reassures your kids that you’re financially prepared; allows you to introduce or remind your family of your estate and legacy plans; and it establishes a safe space for both sides to discuss potentially challenging financial topics. 5Reset your attitude. Retirement is not the ultimate finish line. Experiencing a lot of emotions is common but try to focus on what you’re excited about in this next chapter. And, remember you’re not alone. Talk to friends, family and professionals in your life for support along the way.

3Maintain healthy habits. Staying diligent with the activities that help you feel your best is

Renee A. Hanson, CFP®, ChFC®, CEP®, CDFATM, CFS®, BFA®, APMA®, is a Private Wealth Advisor with Affinity Wealth Advisory Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Phoenix, Arizona. She specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact her visit www.affinitywealthadvisor.com or call (602) 923-9800. Her office is located at 7010 E. Chauncey Lane, Suite #200, Phoenix, AZ 85054-3115. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.Putting the needs of clients first is the approach I believe in. I’ll work with you to find Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved. the right financial solutions to help you plan for your unique goals. And together, we’ll File # 3685575-RUSH (Approved 08/2023) track your progress over time, adjusting your plan along the way to help get you where you want to go.

Renee A. Hanson CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA®

Private Wealth Advisor

Affinity Wealth Advisory Group

A private wealth advisory practice of Ameriprise Financial Services, LLC

602.923.9800

7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

Cover Story Cover Story

Cornelis Hollander

JEWELRY DESIGNS

Your go-to custom jewelry experts for nearly 40 years

Established in 1984, Cornelis Hollander Jewelry Designs specializes in customized engagement rings and one-of-a-kind jewelry pieces that you won’t find anywhere else.

“We’re family owned and operated, which means you’ll find us paying closer attention to each individual piece of jewelry and providing higher quality pieces,” says Walter C. Hollander, owner of the shop and son of its namesake, Cornelis.

Walter shares that there is originality in every piece, and it has been that way since the beginning.

ABOUT CORNELIS HOLLANDER JEWELRY DESIGNS Founded in 1984, Cornelis Hollander Jewelry Designs is a full-service jewelry design company. Its jewelry has been distributed throughout the U.S. and internationally. All of their jewelry designs are manufactured in their local studio.

A native of the Netherlands, its founder, Cornelis Hollander, studied art and jewelry design at the Vrije Academie in Den Haag, Holland. As a young graduate, he apprenticed for two years in Hatton Gardens, London’s renowned jewelry district. Adventure then called young Cornelis to

Johannesburg, South Africa — the diamond and gold capital of the world —where he opened his studio and started designing jewelry. Living and traveling in Africa, the young designer’s imagination and creativity were blooming. After several years, adventure called again — this time to America, where Cornelis and future wife, Christa, settled in Phoenix.

Over the years, his natural talent was refined by education, travel and diversified cultural experiences. After winning award after award, he became one of the premier jewelry designers in the world. Sadly, Cornelis passed away in 2017, but his son Walter honors his memory by continuing to run the shop.

“Over the years we have updated the technology used to make our jewelry, improving quality, and found new sources for the precious metals, diamonds, and gems, improving price, but my dad’s incredible reputation and unique vision continues through the new pieces we create,” Walter says. “I work hard to keep my dad’s distinctive geometric and sculptural style of jewelry alive.”

Cornelis Hollander Jewelry is proud to offer custom designs. Often, customers bring their own special gemstones or outdated jewelry to upgrade to a modern designer look. Beyond its local availability, custom designs are also available for those who live out of state. The shop operates with an old-world philosophy of trustworthiness, honesty, and hard work. Therefore, the sales team doesn’t rely on high-pressure techniques but instead focuses on the history of humble artistry and beautiful designs that sell themselves, according to Walter.

THE PROCESS The Cornelis Hollander store has a large selection of signature designs but their custom jewelry process looks like this:

Discovery: The first step is to find your perfect ring. In your initial consultation, they will share ideas, discover your preferences, and determine what you’ll love wearing.

CAD Design: Next, they transform your ideas with their 3D-modeling system. State-of-the-art computeraided design software will bring your vision to life.

Modeling: Once you have created your ring, they will produce a model with a 3D printer.

Casting: Now to turn the 3D printed design into platinum, gold, or silver.

Fabrication and Setting: After that it is time for assembly and then it is given to one of their trusted, professional stone setters who will painstakingly set each diamond or gemstone before the final polishing. The Final Product: “This step is why we get up in the morning. It is the finale of all our hard work and brings us immense satisfaction because our rings always exceed expectations,” Walter says. “The beauty, craftsmanship, quality, and weight are indescribable until you’ve held one in your hand.”

ONE-OF-A-KIND ENGAGEMENT RINGS

Walter shares that the shop recently did a re-branding, naming each of their most popular engagement rings and adding new photos and descriptions to their website. He says that one of the most popular styles is the Modus. The ring is described as: “A ring unlike any other; that defies expectations of what jewelry should look like. This ring has dramatic features and a cult-like following. The center stone is held with four elongated prongs and the diamond bar that touches the finger and arches upward. This ring is symbolic of bringing your perfect love into being – having won the heart that matters most and defied all odds.”

He explains that the shop has sample designs of all of their popular rings on site, then customers can take it from there and customize the ring to their own specifications. Some of the most common trends include re-purposing an old Speaking of costs, Walter says customized jewelry is often more affordable than customers first expect. “We have such a wide variety of jewelry—we can even make something new out of jewelry you already have,” he explains. “Customers will certainly find value in coming here.”

Cornelis Hollander Jewelry Designs is located at 4151 N. Marshall Way in Scottsdale. To learn more, visit their website at cornelishollander.com, call 480-423-5000, or e-mail sales@cornelishollander.com.