White Paper

Trust Administration in Arizona - Funding the Trust

 
An asset must be owned and titled in the name of the trust in order for the asset for be governed by the terms of the trust. This means each bank or brokerage account, each parcel of real estate, each beneficiary designation or any other asset must be re-titled in the name of the trust, usually along the lines of “John Jones, as Trustee of the Jones Family Trust under agreement dated August 15, 2016”. This re-titling process is known as “funding the trust”.

In Arizona, with the proliferation of “document preparers”, the funding of trusts is often overlooked. It is either not done at all or not done correctly. This is because all document preparers that I have dealt with leave the client with the responsibility of funding the trust. This is why the price for trusts prepared by document preparers is quite minimal because undertaking efforts to fund the trust are typically more expensive than the drafting of the documents. It is a good example of “you get what you pay for”.

As a result, the first step in administering a trust is to ensure it has been properly funded.

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Thomas J. Murphy is the founder of Murphy Law Firm, Inc. His practice emphasizes estate planning, elder law (including nursing home issues), all probate matters (including contested matters and guardianships) and tax controversies. Mr. Murphy is one of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in more than 100 jury trials.

Agenda

Faculty

Thomas J. Murphy

Thomas J. Murphy

Murphy Law Firm, Inc.

  • Has been an attorney since 1982 and has been practicing law in Phoenix, Arizona since 1989
  • Practice focuses on probate law, which deals with administering the estates of deceased or incapacitated persons; estate planning, which deals with wills, trusts, powers of attorney, and related documents; elder law, which deals with protecting the interests of the elderly when dealing with nursing home and other health care issue as well as end-of-life issues; and tax law and planning for the disabled and those with special needs
  • Written nearly 100 articles that have been published in many national and state professional journals writing on a wide variety of legal and tax matters
  • Has spoken to thousands of attorneys, accountants, and financial advisors and has appeared on several local television and radio stations to discuss tax and legal issues affecting the elderly and their families
  • A sought-after panelist for numerous nationally broadcasted seminars and webcasts for elder law attorneys; and was recently selected to speak at the 2018 Aging in America conference, the largest conference of its kind in the country with over 3,000 attendees
  • Served on numerous state and county bar association committees and was selected to be the State Bar representative to the Arizona Supreme Court’s Committee on Reform of Lower Jurisdiction Courts
  • One of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in over 100 jury trials; has successfully litigated cases in the United States Tax Court, the Arizona Tax Court, and the Arizona Board of Tax Appeals and has represented clients before all levels of the Internal Revenue Service and Arizona Department of Revenue

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