Arizona has become one of the more popular destinations for retired adults. There are many snowbirds in Arizona who spend the colder seasons in Arizona and the remainder of the year in the state where they lived and worked previously. There are also people who work...
Estate planning
Can I have more than one trustee in Arizona?
A trustee is a person responsible for managing and distributing the assets held in trust according to the terms laid down by the grantor. That means that the trustee plays a critical role in safeguarding the interests of the trust’s beneficiaries, as well as making...
How many adults do not have a valid estate plan?
Most adults would agree with the claim that estate planning is a smart and necessary step for someone to take. They know that an estate plan is how someone chooses a guardian for their children and beneficiaries who will receive their assets when they die. They may...
What are the benefits of charitable giving via an estate plan?
One of the many reasons that people put together an estate plan is that they have wishes that extend beyond just passing assets to their closest family members. Leaving some of their personal resources to a charitable cause is a common motivator for testators. They...
5 times when you need to update your estate plan
An estate plan needs to be updated over time. Ideally, people will make a plan long before their family needs to use it. They then have to make adjustments and updates as the years go by to ensure that it remains current. One way to better ensure that documents remain...
Why New Homeowners Should Create An Estate Plan
Becoming a homeowner is a huge accomplishment – but it also comes with a lot of responsibilities. One of those responsibilities that may not be immediately apparent is the need to create an estate plan (or update the one you already have). Not only is a home a very...
The impact that strategic gifts can have on a large estate
When someone has significant personal property in their name, their estate planning needs will be different than those with fewer personal assets. They need to worry about taxes, outside claims against their estate and how loved ones might misuse a large inheritance....
2 kinds of assets people often forget when updating their estate plans
Estate plans allow people to outline their medical wishes in the event of a major emergency and their plans for their final legacy after they die. The terms people include are often very personal and prioritize the support and comfort of their closest family members....
Should I Create A UTMA Account For My Grandchild?
For older adults with significant personal resources, strategic giving is often a key part of their estate planning process. They make gifts to loved ones that do not create gift tax liability but that slowly diminished the value of their estate so that they won't...
The mistake many people make when disinheriting a child
For most parents, children will be the main beneficiaries when they put together their estate plans. Young children will require help if their parents die before they become adults. Many parents still want their children to receive most of their assets even when they...