WHAT YOU LEAVE BEHIND A BUSINESS OWNER WITHOUT A PLAN FAMILY ASSET PROTECTION JUNE 2019
hands of his estranged brother. But without a will or trust, there was no way anyone could prove that.
Recently, I learned the sad story of some of my previous clients. I helped them form an LLC some years ago, but unfortunately, there was nothing I could do to help them this time around. Susan* and Greg* were working hard to develop their business when I met them. They were married when we formed their LLC but eventually divorced while remaining co-owners. Susan moved to Florida and was mostly a silent partner in the business, and Greg continued to oversee the daily operations in Arizona. Greg’s live-in girlfriend of many years was also involved in running the business with him, and she was even a signatory on some of the bank accounts. The company was successful and prosperous. In an unexpected and tragic turn of events, Greg suddenly died. He had no will or trust designating what would happen to his successful business. Without these documents, it was left to the state to determine who would receive Greg’s assets. Under Arizona’s law of intestate succession, when a single person with no children dies and no will or trust is present, the assets of the deceased go to their surviving parents. If neither parent is alive, the deceased’s assets go to the siblings. In Greg’s situation, this meant that his assets went to his brother, someone he hadn’t spoken to in 30 years. To make matters worse, Susan didn’t get along well with Greg’s brother, and the two of themwere now business partners.
Greg’s story found its way to me too late. Without a will or trust, there was nothing his girlfriend or I could do to oversee his wishes. This story is so sad to me because Greg had many options available. He could have created a secure estate plan that left his assets to someone he loved — his girlfriend. He even had the option to include alternate takers, so that if something happened to her, his assets would go to an alternate person of his designation. Instead, the business went to two people who weren’t a loving part of Greg’s life. There is another story echoing Greg’s: A woman called me because her longtime, live-in boyfriend died suddenly. He owned nine rental homes, but he had no will or trust in place to designate who they should go to in the event of his death. All nine homes were inherited by the man’s surviving siblings, and his girlfriend was left with nothing. If there’s a lesson to take away from these stories, it’s to create your estate plan before it’s too late. Don’t leave the distribution of your belongings in the hands of the state. Make sure what’s important to you goes to the people who are important to you.
KEYTLaw 480-522-8494 keytlaw.com/fap/join Are Your Loved Ones Protected? You need an estate plan to control your property while you are alive and able, take care of yourself and your loved ones if you become disabled, and give what you have to whom you want, the way you want, and when you want, while saving every tax dollar, professional fee, and court cost possible. Call us at 480-522-8494 if you have questions about wills, trusts, or estate planning.
*Names have been changed.
–Richard Keyt
I can only surmise that Greg would not have wanted the business he’d spent his life building left in the
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ROLL THE DICE ON FUN TURN FAMILY GAME NIGHT INTO A REAL ADVENTURE
BECOME SUPER: MASKS If your family has ever had a long conversation about who would win in a fight between the Hulk and Superman, then Masks is the RPG for you. Fly into Halcyon City where your family can take on the role of a team of young superheroes. Create your own hero and work together to make the world a better place. Fight supervillains, rescue citizens, and ultimately determine who has the best superpower. SOLVE A MYSTERY: BUBBLEGUMSHOE Did you grow up reading “Nancy Drew”? Are your kids all about BBC’s “Sherlock”? Then Bubblegumshoe is the game for you. This teen sleuth adventure is geared toward younger players, so it’s easier to start than other games on this list. Don’t worry if you’re not a mystery writer; the game comes with prewritten stories for your brilliant characters to solve. The villain might have gotten away with it if it weren’t for your meddling kids!
Has Monopoly caused one too many fights? Are you tired of stockpiling resources in Settlers of Catan? Maybe it’s time to introduce your family to a new kind of game, one where you control the story and a single roll of the dice can change everything. This is the world of tabletop role- playing games (RPGs), where players embark on epic adventures under the supervision of a central Game Master. There are a lot of RPGs out there to choose from; here are a few your whole family can get into. GO ON A QUEST: DUNGEONS AND DRAGONS The first. The biggest. The king of tabletop RPGs. Dungeons and Dragons (D&D) has been around since 1974, though shows like “Community” and “Stranger Things” have only recently helped the fantasy game gain mainstream acclaim. There are a lot of rules involved in the gameplay, so D&D can seem overwhelming to new players. But once you become familiar with the game, there are limitless options for characters and quests. How will a human fighter, an elf wizard, and a dwarf cleric save the world? Roll the dice and find out.
What are you waiting for? Grab some dice and get the party started!
WHY YOU CAN’T PROCRASTINATE ON CREATING YOUR ESTATE PLAN
Y ou see it on the news every day: A husband and father of five dies in a car crash, or a wife and mother of three dies because an intoxicated driver is turning a corner as she’s trying to cross the street to pick up her kids. When you hear these stories, do you ever think, “What if this happened to me?” If you have, was your next thought, “What would happen to my family?” No one likes to think about their death, but you’re doing yourself and your family a disservice if you haven’t created a secure legal document that provides instructions and a plan for what would happen if you were suddenly gone. Take the gut-wrenching case of Terry Shiavo — she suffered full cardiac arrest and massive brain damage in 1990. At the time, she had no living will or health care power of attorney, meaning there were no legal instructions for how her care should be handled in an incapacitated state. A 15-year legal battle between her husband
and her parents ensued over whether or not she should remain on life support. She may have told both parties what she would want in that situation, but there was no legally binding paperwork. The nature of these inexplicable and uncontrollable events means you can’t plan for them, but you can plan for what will happen to your loved ones if you’re gone. How long will you wait to create your estate plan? Will it be one day too late? I could tell you more tragic stories of the people whose loved ones turn to us after their death, because this happens every day . Instead, use that time to secure the well-being of your family. I urge you to act now. We can answer your questions and design an estate plan with a trust that protects your loved ones and leaves instructions for your care in the event of your death or incapacity. To protect your family and give yourself peace of mind, call us at 480-522-8494 to schedule your free, no-obligation consultation.
2 | Call 480-522-8494 to make a free appointment today!
PRINCE’S CAUTIONARY TALE WHAT HAPPENSWHEN YOU DON’T HAVE AWILL?
no estate plan or will, the distribution of Prince’s estate was subject to a probate, and that process can take a looong time (longer than it takes Ricky to bring me a treat). You’ve probably heard of probate, a court process by which property and assets of the deceased are transferred to the heirs. Maybe you’ve also heard how terrifying and expensive a probate can be. The thing is, an estate may enter probate whether or not a person left a will, unless assets are held in a trust. But, if they haven’t left a will, deciding on a valid transfer of property and assets gets much more complicated.
Hi there! Cody Keyt here, back to share more of my legal know-how with you! Today, we’re talking about someone that almost everyone knows and many adore, but sadly, he didn’t make plans for what would happen after he was gone. Prince Rogers Nelson, or Prince, as fans knew him, died just over three years ago, and while many people grieved this loss, his family may have grieved the most when they learned that Prince
So, which of Prince’s heirs have gotten paid in the process? The IRS and the state of Minnesota, because creditors get paid first.
Yes, folks, that’s what happens when you or a loved one die without a will in place. So, don’t wait! Talk to Richard or Ricky Keyt about creating (or updating) your estate plan. I still don’t have my law degree, so they’re your best bet for creating an airtight protection plan for your loved ones. (But, if you want slobbery kisses, then turn to me.)
died without an estate plan or a will. This meant that his nearly $200 million estate would be inherited by heirs chosen by his state of residence. As of last spring, none of his heirs had inherited a penny of Prince’s assets. With
NO. 1 DAD HASH BROWNS
DON’T PROCRASTINATE! CALL US NOWAT 480-522-8494 FOR YOUR FREE CONSULTATION! WEWILL ALSOGIVE YOU ACCESS TOOUR E-BOOK “FAMILY ACCESS PROTECTION” ALLOWUS TOANSWER QUESTIONS & DESIGN YOUR ESTATE PLAN TODAY BEFORE IT’S TOO LATE.
Inspired by Bon Appétit
INGREDIENTS
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Freshly ground black pepper, to taste
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1 stick (1/2 cup) unsalted butter, or 6 tbsp ghee
Pinch of cayenne pepper, plus more to taste
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3 russet potatoes (about 1/2 lb.), peeled 1 tsp Kosher salt, plus more to taste
DIRECTIONS
1. In a small saucepan, heat butter over medium heat until foamy. Reduce heat if needed to avoid browning. Skim off white milk solids to make clarified butter (ghee). Transfer to a bowl and reserve. (This step won’t be needed if using ghee.) 2. Using the large holes on a box grater, grate potatoes. Transfer to a large bowl of cold water and stir until water becomes cloudy. Rinse potatoes under cold water, then squeeze out liquid using cheesecloth or a kitchen towel, removing as much moisture as possible. Season potatoes. 3. In a large nonstick skillet, heat ghee to medium-high. Add potatoes and cook until a crust forms underneath, about 5 minutes. Using a rubber spatula, break up potatoes and continue to cook, adding more ghee if potatoes begin to stick. 4. Cook until golden brown and crisp, about 8 minutes. Drain on paper towels; season with salt, pepper, and cayenne to taste. Serve.
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Richard Keyt KEYTLaw, LLC
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1. GREG’S STORY: A BUSINESS OWNERWITHOUT A PLAN 2. WIZARDS, SUPERHEROES, AND DETECTIVES 3. CODY KEYT, LAWDOG HASH BROWNS FOR THE BEST DAD 4. DOGS IN ANCIENT LEGEND WHY ARE YOU STILL WAITING TO PROTECT YOUR FAMILY?
GOOD BOYS OF ANTIQUITY DOGS IN ANCIENT LEGEND
when his hound is revealed to be a human. Tuiren’s nephew, the hero Fionn, cheers Fergus up with a new puppy! YUDHISHTHIRA’S STRAY The Indian epic “Mahabharata” is thought to date back to the eighth or ninth century B.C. and tells the story of two warring families. Toward the end of the tale, prince Yudhishthira and his family begin to ascend the Himalayas to reach heaven, and a stray dog joins them on their journey. One by one, Yudhishthira’s companions fall, until only the prince and his furry friend remain.
Far before humans had written histories, we had dogs. From hunting and shepherding to playing and relaxing, our early ancestors had canine companions by their side, and their appreciation shows. As storytelling developed around the world, our four-legged friends became important characters. Here are a few ancient legends for the historical dog lover. TARASCAN SPIRIT DOGS Many Mesoamerican cultures featured dogs prominently in their myths and legends, especially in regard to the afterlife. One of the most notable of these comes from the Tarascan state, an empire that rivaled the Aztecs. The Tarascans believed canine spirits would search out the souls of lost humans and guide them safely out of the mortal world. Leave it to dogs to create ghost stories with happy endings. TUIREN THEWOLFHOUND In Irish folklore, Tuiren was a beautiful woman to be wed to Iollan Eachtach, but this love made Iollan’s faery sweetheart jealous. In an attempt to ruin the young woman’s wedding, the faery turns Tuiren into a hound and gives her to Fergus Fionnliath, a renowned dog-hater. This cruel act backfires when the Irish wolfhound wins over Fergus, teaching him to love not just her but all dogs too. In fact, the man is crestfallen
When the god Indra finally appears to offer Yudhishthira passage into heaven, he brings bad news: The dog cannot come with him. But Yudhishthira refuses to abandon his dog, explaining that he could never leave such a loyal, steadfast companion. Anyone who’s turned down a great apartment offer because they don’t allow pets can relate.
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