The Arizona Supreme Court has approved Trajan Estate, LLC, for nonlawyer ownership of a law firm for the first time in the history of the legal profession. Trajan Estate, LLC, is owned by fiduciary advisor Jeff Junior and attorney Kent Phelps. This is the first Alternative Business Structure (“ABS”) to be approved by the Arizona Supreme Court.
As the first hybrid firm in Arizona, Trajan Estate’s ABS offers unique benefits:
- All facets of the estate plan are considered, including wealth and tax planning.
- Fiduciary advisors can also protect and grow investments, creating an end-to-end strategy for assets.
- Probate can be avoided, protecting families and reducing taxes. This saves heirs time and effort by having the estate plan and the investments under one roof.
Jeff Junior, also the owner of Trajan Wealth, LLC, which provides financial advisory services under a fiduciary advisor model, stated,
“We have been referring clients to estate attorneys for years. It’s great to now have the ability to continue such an important aspect of clients’ lives under one roof. As the first company ever to be approved for this structure, I am confident in saying this will prove to be very beneficial to anyone preparing for their financial future.”Jeff Junior
This historic action comes after a series of legal services reforms adopted by the Arizona Supreme Court in 2020. These reforms allow business structures where lawyers and nonlawyers can co-own a business that includes legal services. Vice Chief Justice Ann A. Scott Timmer stated, “It’s exciting to launch the first ABS entities, and I am certain that such arrangements will serve both the public and the legal community in the delivery of quality legal services.”
About Trajan Estate:
Junior is the CEO of Trajan Wealth, a fiduciary financial advisory firm with locations in Arizona, Utah, and Oklahoma. A new office is opening in the Dallas/Fort Worth area in mid-May 2021. Trajan Wealth services include wealth management and retirement income planning. Phelps is an estate planning attorney who has been a member of the Arizona State Bar since 1996.
“The entire Trajan Estate team is delighted to be a part of this historic innovation in the legal profession. A law firm like Trajan Estate with a unique value proposition can now tap into the intellectual and financial capital of a non-attorney and scale its unique offering. In our case, that unique offering is a client being able to sit down with a professional fiduciary advisor and an estate planning attorney and address both financial and estate planning needs together. We believe this unprecedented innovation changes the landscape for how you manage your financial and legal planning needs.”Kent Phelps, Attorney
Trajan Estate will provide:
- Revocable living trusts
- Last will and testaments
- Advance healthcare directives
- Powers of attorney and living wills
Trajan Estate also offers advanced estate services, including charitable and LLC formation, private family foundations, and irrevocable trusts.
*Estate planning services offered through Trajan Estate LLC. Advisory services offered through Trajan Wealth, LLC, an SEC-registered investment advisor.