Gunderson Denton & Peterson Logo Sized For Mobile Browsing


Arizona Attorneys, With Law Offices In Mesa
Mesa Arizona Estate Planning Attorney
  • 1930 North Arboleda, Suite 201
    Mesa, AZ 85213
    40 N. Central Avenue, Suite 1400
    Phoenix, AZ 85004
    [email protected]
  • Gunderson, Denton And Peterson Office Locations

    View View Gunderson, Denton And Peterson Locations in a larger map

    Planning for the Future with Gunderson Denton

    What Legacy for Your Children

    How Arizona estate planning can help leave a legacy for your children Many celebrity children are in the news because of their “socialite” status and spending their inheritance money on lavish parties, drugs and expensive apparel. Some even for ending up at drug and alcohol rehab. There are, however, some celebrities who have decided that their children will not receive an inheritance. Sting has been most notable in the last couple of weeks after announcing, in an interview, that his six children will not receive any of his $300 million. He is quoted as saying;

    “I told them there won’t be much money left because we are spending it! We have a lot of commitments. What comes in, we spend, and there isn’t much left. I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate. Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have a work ethic that makes them want to succeed on their own merit.”

    Sting is not alone in wanting his children to work for their successes. Celebrity chef Nigella Lawson has said “I am determined that my children should have no financial security. It ruins people not having to earn money.” KISS bassist, Gene Simmons, told CNBC, “…in terms of an inheritance and stuff, they’re gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own money.” Jackie Chan explained his reason for not leaving son Jaycee any of his millions by saying, “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.” Phonemic awareness and synthetic phonics are creatively combined and implemented in an extremely effective method that gets the task done. You will be able to help your child to read with the lessons and stories – I did. You can see this reading program review.

    Over 120 millionaires and billionaires have pledged to give at least half of their wealth to charity in “The Giving Pledge” started by Bill Gates and Warren Buffet. “The Giving Pledge” is a campaign encouraging a commitment to give to philanthropic causes. Bill Gates and Warren Buffet have also said that they will not be leaving their money outright to their children.

    In contrast, Bernie Ecclestone, owner of Formula One racing management, put $3.5 billion in a trust for his two daughters, Petra and Tamara, to have free access to when they reached the age of majority. They have since spent the entirety of the funds in less than 10 years. Mr. Ecclestone was quoted as saying “The kids have had access to the money. The idea was that they’d buy super-quality property, property that would be long term, for their kids and everything else. Didn’t happen. They haven’t done that. So they’ve had access to money which they’ve spent.” How can one spend $3.5 billion in less than 10 years? A wedding for $12 million, a yacht for $150 million, a $1.5 million crystal bathtub, hundreds of thousands of dollars in shoe collections, handbag collections, expensive cars and homes ranging from $70 million to $90 million.

    Now, is it bad to have an inheritance for your children? Of course not, but knowing how children will be allowed to spend the funds, at what age to give access  to the trust and other framework regarding the use or distribution of the funds are important details to think about. These decisions need to be made before your death. If not, state intestacy laws or the courts will decide for you. How your money will be handled and administered after your lifetime must be decided and the necessary arrangements made to insure that your wishes are satisfied while you are living. Our experienced estate planning attorney can guide you in creating and documenting the legacy you want to leave behind.

    Author Brent Gunderson Published By:

    Gunderson, Denton & Peterson, P.C.

    Mesa Office:
    1930 N Arboleda #201
    Mesa, Arizona 85213
    Office: 480-655-7440
    Fax: 480-655-7099
    Email: [email protected]

    Phoenix Office:
    40 N Central Ave #1400
    Phoenix, AZ 85004
    Phone: 480-325-9937

    Lawyers for estate planning and immigration in Mesa, Arizona


    Leave a Reply

    Estate Planning

  • Mesa Arizona Estate Planning Lawyer Brent Gunderson
    Debbie Mitchell, estate planning paralegal at Gunderson Denton
    Paralegal For Estate Planning Lindsey Rice
  • GDP Estate Planning Blog

    Is There an Income Tax Time Bomb Lurking in Your Estate Plan?

    Estate Planning for Young Families

    Estate Planning Practice News Update: Brent Gunderson now licensed in both AZ and NV

    The Shocking Truth About Asset Protection Planning

    Three Estate Planning Mistakes Farmers and Ranchers Make and lose their cash and How to Avoid Them

    Transfer on Death Designation for Automobiles

    Does Your Family Member Have Capacity To Create A Will?

    How Clients Can Easily Integrate Asset Protection Trusts into Their Estate Plans

    5 Things to Consider for Flexible Trusts to Update Your Estate Plans

    I Created A Will With A Form I Found On The Internet. Do I Need To Worry About Its Validity?

    Five Ways to Make Trusts More Flexible

    And Then There Was One: When Removal Clauses Backfire

    Why You Should Avoid DIY Estate Planning

    How to Create a Successful, Multigenerational Wealth Transfer Plan

    How to Become a Multigenerational, Purpose-Driven Advisor

    Trust-Focused Strategies for Reducing Income You or Your Trustee Can Use Now

    Lessons from the Estate of Tom Clancy: Careful Drafting Matters

    The 4 Estate Planning Documents Everyone Needs

    Asset Protection Planning for the Modern Client

    What Legacy for Your Children

    How to Protect Inherited IRAs After the Clark v. Rameker Decision

    How Important is it to be Clear When Drafting Your Last Wishes? The Casey Kasem Example.

    The Most Important Parts of Estate Planning Can’t Get Legislated Away

    Three Top Reasons to Update Your Estate Plan in 2014

    The Importance of Revising an Estate Plan After Divorce

    Charitable Giving After ATRA

    Does the American Taxpayer Relief Act of 2012 Affect You?

    Why You Should Review (and Update) Your Estate Plan

    Estate Planning for Blended Families and Stepchildren

    Estate Planning–Securing the Future for Yourself and Loved Ones

    Estate Planning Law at Gunderson, Denton & Peterson, P.C.

    Estate Planning Moves to Make Before the End of 2012

    The Estate’s Responsibilities to Creditors and the Basics of Transferring the Estate

    Estate Planning: What are the risks of creating your own plan?

    • Get Linkedin Mesa Arizona Lawyer
    • Legal counselors Facebook
    • Mesa Arizona Lawyer Twitter Account
    • law feed, legal advice, blogs and more

    Additional Estate Planning Resources - Estate Planning Info For Small Business And Self Employed Individuals - Estate And Gift Taxes

    Estate Planning Resources And Tools From The Wealth Counsel

    Mesa Arizona Attorneys And Lawyers [email protected]
    1930 N Arboleda #201
    Mesa, AZ 85213

    Office Hours

    Monday-Friday 8am-5pm

    Skilled Professionals. Personal Service. Exceptional Results.
    Privacy Policy
    Design By Mesa Web Designer MFWD