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Inheriting a Home with a Reverse Mortgage Can Be a Mixed Blessing
Inheriting a home that has a reverse mortgage attached to it creates immediate financial and legal obligations. As reverse mortgages become due when the borrower dies, heirs often face strict deadlines and difficult decisions about whether to keep, refinance or sell the property. Given that the process of reaching a resolution can be complex and […]
Why Specific Bequests of Personal Property Are Problematic
When people think about creating a will, they often want to leave meaningful personal items — such as jewelry, artwork, collectibles or family heirlooms — to specified loved ones. While the intention is benign, making detailed personal-property bequests directly can actually make the probate of the will harder, slower and more expensive. Fortunately, there is […]
What Arizona Couples Should Know About Reciprocal (Mirror) Wills
Many long-married Arizona couples assume a joint will is the simplest way to leave everything to a surviving spouse, and eventually to their children. However, joint wills are rarely used because they cannot be modified unless both spouses are able to authorize these modifications. Drafting reciprocal (“mirror”) wills can be a more practical alternative because […]
What to Know About Estate Planning for Digital Assets
People planning for disposition of their property after their deaths must now account not just for their physical and financial assets but also their digital assets. These assets are created and stored electronically. They are more difficult to account for and to transfer due to their technical aspects and their custodial and security considerations. Digital […]
How Community Property Laws Impact Will and Trust Planning
Arizona is a community property state, and as a result, married couples face unique rules when it comes to the ownership and inheritance of property. State residents are often uncertain about what this property legal status actually means and how it affects their estate planning. Understanding these rules is important to ensuring your wishes are […]
7 Common Estate Planning Mistakes and How to Avoid Them
Estate planning is not just for the wealthy or the elderly. It matters for everyone, regardless of age or stage of life. By outlining how your assets should be managed and your wishes honored, an estate plan protects your property and your intended beneficiaries. Despite best intentions, people engaged in estate planning can make critical […]
Special Estate Planning Challenges for Blended Families
Blended families — formed when individuals with children from previous relationships come together — bring together a tapestry of different financial interests, emotional ties and expectations. Securing the future for all family members requires tailored estate planning strategies that address these unique circumstances and overcome complexities beyond those encountered in traditional nuclear families. When you […]
Choosing the Right Personal Representative for Your Will
In Arizona, a personal representative is the person you name in your will to manage your estate after you’ve passed on. This person, also known as an executor, is responsible for ensuring that your wishes are carried out according to your will and in compliance with the law. The role can be demanding, requiring attention […]
Using Irrevocable Life Insurance Trusts in Estate Planning
An irrevocable life insurance trust (ILIT) is a legal instrument that manages how life insurance proceeds are treated for estate tax purposes. An insured person transfers ownership of his or her life insurance policy to the ILIT and appoints a trustee to manage it. When the insured person dies, the policy’s death benefit becomes […]
Estate Planning and Business Succession Planning Can Go Hand in Hand
For an owner of a closely held business, estate planning and business succession planning are both ways to achieve the smooth transition of wealth across generations. Owners often wish to give their children or other relatives interests in the business, which can reduce the owner’s estate tax burden while also taking advantage of annual gift […]
