Category Archives: Estate Planning
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 […]
How to Bring Up Estate Planning With Your Parents
It’s an unfortunate truth that many people approaching their senior years have not turned their attention to planning for their old age or for transferring assets upon their deaths. If your parents are in that company, you can help put them on the right track. However, talking to your parents about estate planning can be […]
Handling Probate in Arizona from Out of State
If a relative or close friend dies in Arizona and you’ve been named as their personal representative, you will be faced with the challenging duty of settling their estate. But how will you do this if you live out of state? By engaging a capable Arizona probate attorney, you can accomplish the necessary tasks long […]
Estate Planning Goals That Everyone Should Focus On
Estate planning is not merely for the wealthy or elderly. It’s how all people can control how their assets will be managed and distributed late in life and after their death, thereby ensuring that their needs and intentions are met and that their loved ones are cared for. Whether you have modest or substantial income […]
How Community Property Is Distributed in Estate Probate
In Arizona, property acquired by either spouse during a marriage is presumed to belong to both spouses equally. This “community property” doctrine can affect not only how assets are divided during a divorce but also how they are distributed upon the death of one of the spouses. Assets that are considered separate property are not […]
