PHOENIX, March 24, 2021 /PRNewswire/ — For the first time in the history of the legal profession, the Arizona Supreme Court has approved nonlawyer ownership of a law firm. Trajan Estate, LLC is the first law firm with a nonlawyer owner to be approved by the Arizona Supreme Court. Trajan Estate, LLC works closely with Trajan Wealth, LLC to better serve clients’ investment and estate planning needs under one roof.
Trajan Estate, LLC, owned by nonlawyer fiduciary advisor Jeff Junior and attorney Kent Phelps, is the first Alternative Business Structure («ABS»). As the first hybrid firm in Arizona, Trajan Estate’s ABS offers unique benefits:
- Fiduciary advisors work with the estate attorneys, creating an end-to-end strategy for assets.
- Probate can be avoided, protecting family and reducing taxes.
Jeff Junior, 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. 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.»
Attorney Kent Phelps stated, «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.»
This historic action comes after a series of legal services reforms adopted by the Arizona Supreme Court in 2020. The 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.»
Estate Planning offered through Trajan Estate LLC. Advisory services offered through Trajan Wealth, an SEC-registered investment advisor.
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SOURCE Trajan Wealth