Page 14 February 2012 This month’s report from local attorney Bob Jones A frequent question: “How should my children be provided for in my estate plan?” Many trusts are still drafted with provisions requiring outright or mandatory distributions to bene fi ciaries at certain ages. The language typically requires the trustee to distribute a third of the principal of the trust at say 30 years of age, half of the balance at 40 years of age, and the balance at 50 years of age. The reasoning was that even if the child did not handle the fi rst distribution well, he would learn from his mistakes and make better choices in the future. Experience tells us many times that is not the case. This type of approach assumes that the bene fi ciary not only is able to handle the responsibility of managing assets but is also safe from creditors at the time of distribution. Generally, when the estate plan is drafted, the children are minors and there is no way to tell what the future has in store for them. A better reasoned strategy is to hope for the best but plan for the worst. Creating discretionary lifetime trusts for each bene fi ciary not only allows for asset management and distribution oversight but many times, and as importantly, provides full asset protection. When considering the use of discretionary trusts, the focus is placed on who should be the trustee, and the standard that the trustee must apply when making distributions. The selection of trustee and successor trustee allows should be carefully considered. The type of discretionary trust used depends upon many factors and can be drafted so as to allow for great fl exibility, or be very rigid in its administration. Before beginning the estate-planning process with your attorney, thought should be given not only to who will be in control of the trust and who are the bene fi ciaries, but what is the family philosophy regarding the sharing of wealth. You may include precatory language in the trust document that expresses the desires and wishes of the trustor, which is more guidance rather than language that requires any mandatory action. The use of precatory language in the estate plan must be carefully drafted to clearly indicate that it is advisory and is to be interpreted as the hopes and desires of the trustor. The trustee will then be able to have a clearer understanding of what the trustor intended when exercising discretion. The time spent in arriving at a clear and carefully drafted discretionary trust will provide not only guidance, but protection for the child in the future. Bob Jones is a 19-year Arcadia resident and shareholder at Gallagher & Kennedy. 6423 E. Thomas Road Scottsdale, AZ 85251 www.luckypawsaz.org 480-941-4135 VISIT OUR WEBSITE, WWW.LUCKYPAWSAZ.ORG FOR PHOTOS AND INFO ABOUT ANIMALS AVAILABLE FOR ADOPTION ADOPTIONS SAT 11AM-2PM, M-F BY APPOINTMENT THRIFT STORE DONATION DROP-OFF, 10AM-5PM DAILY Come to our Fundraiser at P.F. Changs on the Waterfront February 9th 5:30-7:30 pm w Penelope and Meatloaf Penelope and Meatloaf are both rescued Pit Bulls are both rescued Pit Bulls that love children, love that love children, love to hike and fell in to hike and fell in luv at Lucky luv at Lucky Paws! Paws! Landscaping extends your world outdoors. Invest in your lifestyle. S U CC E S S F U L LY T R A N S F O R M I N G A N D TA K I N G C A R E O F A R I ZO N A P R O P E R T I E S F O R 1 8 YE A R S 602 200 1749 www.treelinedesigngroup.com ROC License NO 158731 5409 East Camelhill Road Brought buyer to this stunning 5 bed, 4.5 bath Mediterranean style 5100 s.f. home on lushly landscaped 1.25-acre CDS lot w/ gorgeous mountain views. 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Page 15 February 2012 By Domenico Nicosia More than 50 dogs all perfectly balanced on yoga mats in the downward facing dog position. Well, maybe not quite, but dog yoga (or better known as doga) is one event likely to attract a crowd at the third annual Dogathon. Located at Soleri Park, Waterfront and The Southbridge in Scottsdale, hundreds of pups and people will gather March 3. Sponsored by Roket Pay, the free- admission event will host a variety of activities and booths dedicated to a good cause. Any donations made in conjunction with Dogathon will bene fi t the American Society for the Prevention of Cruelty to Animals. This year’s goal is to raise $5,000 to $10,000 for the nonpro fi t. Food trucks, fashion accessories and music also will be on hand. “We are trying to encourage local,” said Stryker Lampe, founder and event chairman of Dogathon. “It is a good thing to show your child that you support local causes.” The headlining event is the charity parade in which registered participants can walk in the parade under a variety of categories including theme/costume, breed and fashion. Participants will be able to get their makeup professionally done for free by Bobbi Brown at Nordstrom. Also marching in the parade will be dogs available for adoption, another portion of the event to help raise rescue awareness. These animals will be given a full Ruff to Riches makeover by Scottsdale’s Oh My Dog before walking in front of potential owners. Dena Zell and Oh My Dog owner Jackie Bacha brought doga to Scottsdale. Ten postures specially designed with the help of canine physical therapists are designed to stretch and massage dogs of any size to increase mobility. Free doga sessions are led at the W Scottsdale on the fi rst Tuesday of the month. “Dog yoga is great for older dogs and younger dogs that are active a lot,” Bacha said. Other activities include Putt for Pooches and dog-training classes. Winners of the parade categories will be entered in a raf fl e for a chance to win a grand prize of an iPad. Other prizes include a stay at the W Scottsdale. Lampe said he expects the event to draw about 1,000 people. “The location is beautiful,” he said. “It is really in the epicenter of Scottsdale.” To register for the parade and donate to the American Society for the Prevention of Cruelty to Animals go to dogathon.com. Dog yoga among events at third annual Dogathon Is Your Mortgage Keeping You From Moving? Call us today to schedule a consultation to discuss: Move on with the Residential Law Group of Suzanne Watts, LLC • Foreclosure vs. Short Sale • Personal Liability • Short Sale Process • Buying a Home in the Future • Your Taxes & Insurance • Can I Qualify for a Short Sale? Call for a Plan Today!! 602.456.0045 www.OfferingShortSaleSolutions.com F R E E CO N S U LTAT I O N S & A F F O R D A B L E PAY M E N T P L A N S & D U I & C R I M I N A L Protect your Home , Car & Investments . B A N K RU P TC Y We Handle All Felony & Misdemeanor Cases. F R E E CO N S U LTAT I O N S & A F F O R D A B L E PAY M E N T P L A N S Protect your Home , Car & Investments . We Handle All Felony & Mis Misdemeanor es. Cases. Saldivar Martinet At torneys at L aw Call us 24 Hours, 7 Days a Week ~ 602.235.0015