On its face, estate planning seems simple. You put together some documents that specify how you want your assets distributed once you pass away, right? True, but if you want to get the most out of the estate planning process, you should know how to utilize your...
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Estate Planning
How Special Needs Trusts work
Compared to bequeathing money to loved ones in a will, a trust offers a much greater degree of control. A trust allows you to protect trust assets while also providing income for loved ones, as well as providing instructions for how that income will be distributed....
Four ways to maximize the longevity of your estate
You’ve worked hard to build your wealth over time. As a result, it can be difficult to think about leaving your assets to loved ones who may not have the experience or skills needed to adequately manage what you’re about to leave to them. You might be worried that...
When do you need to modify your estate plan?
If you’ve created your initial estate plan, then you probably breathed a sigh of relief once all of your legal documentation was finalized. It’s a major accomplishment, and one that many people put off for far too long. So, you deserve a pat on the back. You should...
What should I know about life care planning?
Estate planning in Arizona often focuses on crafting a will or a trust. These are obviously important, but there are other vital areas that can be covered through an estate plan. Two of them are a living will and a durable health care power of attorney. Rather than...
Key facts prospective personal representatives should know
Being the personal representative of a person’s estate is a significant responsibility under Arizona law. The personal representative is appointed by the court to perform the duties after a person dies. This is to distribute assets, oversee their affairs and...
Here are some trusts that you may need in your estate plan
Are you overwhelmed by the estate planning process? It is understandable if you are. There are a lot of options out there and making sense of them all can be difficult and time-consuming. But if you want to protect your assets and your loved ones, you need to know how...
Who should I choose to be the executor of my estate?
In your will you can designate someone to serve as the executor of your estate. This is an important role, as the executor will be tasked with overseeing the probate process, ensuring all assets are collected, debts and taxes paid, heirs are located and finally...
How does a beneficiary’s premature death impact an estate?
From a practical standpoint, estate planning functions on contingencies. All plausible alternatives require consideration based on priorities and current circumstances. The most prudent person, however, cannot fathom every scenario. A beneficiary who predeceases the...
Do you need an incentive trust in your estate plan?
It’s normal to worry about how your estate is going to be used once you’re gone. After all, we’ve all heard stories about squandered wealth and mismanaged inheritances. But don’t let the stress of estate planning deter you from taking the action necessary to ensure...