Bouman Law Firm

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Thomas J. Bouman

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No, because the LLC must have a legitimate business purpose.  A business purpose would include providing a service, product, or usable space to an unrelated person or company.  Every small business provides a service or product, or both, to the general public, while investment real estate provides a place to live or do business.   Your personal residence does not have a business purpose and neither does your personal investment brokerage account.           Arizona residents…
Many people I meet would benefit from an irrevocable asset protection trust, a strategy generally assumed to be too complicated and too expensive.  But I am not referring to families with vast inherited wealth or the Mark Zuckerberg-type entrepreneurs.  So how do you know if an asset protection trust might be right for you?  Consider the value of these assets you may own: The amount of equity in your personal residence above $150,000; The value…
In May 2020 the executive council for the Probate and Trust Section of the State Bar of Arizona approved a proposed statute permitting the creation of Arizona qualified spendthrift trusts.  This type of self-settled trust is more commonly known as a domestic asset protection trust.  The proposed statute (A.R.S. 14-10821) would establish a framework for Arizona residents to protect personal assets from future claims in a manner consistent with and subject to Arizona fraudulent conveyances…
In order to be successful as an estate planning lawyer, I must break down complex topics to manageable teaching points.  Here are a couple examples: There are 3 tools in the estate planning toolbox for transferring assets upon death: 1- Beneficiary designation2- Will3- Trust There are no more tools.  Every estate plan will use a combination of these tools and each has its advantages and disadvantages.  My job is to determine which tool is best…
The SECURE Act, signed into law on December 20, 2019, is the most impactful legislation to affect estate planning in decades.  Although the SECURE Act includes many positive changes in regard to tax-deferred retirement accounts, it no longer permits most non-spouse beneficiaries (e.g., children) to withdraw an inherited retirement account over the beneficiary’s life expectancy (aka “stretch IRA”).  Instead, the default law now requires the entire account to be withdrawn and liquidated by the end…
The SECURE Act, signed into law on December 20, 2019, is the most impactful legislation to affect estate planning in decades.  Although the SECURE Act includes many positive changes in regard to tax-deferred retirement accounts, it no longer permits most non-spouse beneficiaries (e.g., children) to withdraw an inherited retirement account over the beneficiary’s life expectancy (aka “stretch IRA”).  Instead, the default law now requires the entire account to be withdrawn and liquidated by the end…
While in-person office meetings are always preferable in the estate planning context, video conferencing is available through the Zoom app if you need to use this option.  Please let the receptionist know that you prefer video conferencing when you schedule the appointment.…
While in-person office meetings are always preferable in the estate planning context, video conferencing is available through the Zoom app if you need to use this option.  Please let the receptionist know that you prefer video conferencing when you schedule the appointment.…