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IRS Changes Rules on Irrevocable Trusts: What It Means for Your Estate Plan
Estate planning often feels like putting together a puzzle. Each piece needs to fit perfectly to pass on your legacy the way you intend. One of the trickiest puzzle pieces? Tax rules. These rules can change periodically, and when they do, they often require adjustments to your estate planning strategy. In 2023, the IRS introduced...
Read MoreEssential Estate Plan Changes Following the Death of a Spouse
We all know that life isn't permanent, but let's face it—death isn't exactly anyone's favorite topic of conversation. It's easy to push estate planning to the back burner, but waiting too long could leave you unprepared. Even if you're among the one-third of Americans with a will, there's still more work to be done. Our estate...
Read MoreStudy: Most Americans Unprepared for Challenges of Probate
Most people know that probate is the legal process of settling a deceased person’s affairs and transferring their money and property to the next generation. However, many are unfamiliar with what the probate process entails and how challenging it can be. Unfortunately, too many people only find out about the probate process when they’re in...
Read MoreIs A Trust Better Than Having a Will?
Estate planning is a crucial step in securing the financial future for you and your family. However, it requires careful consideration to ensure sound decisions are made. Both wills and trusts outline how your assets will be distributed after you pass away and designate an individual to execute these instructions. Despite these similarities, wills and...
Read MoreSurvey: Many US Couples Have No Estate Plan
Having an estate plan is a key financial step for everyone, regardless of your wealth or financial situation. At its core, estate planning involves making decisions about what should happen after you pass away or become incapacitated and unable to make health-related or financial decisions on your own. Documenting these decisions is important to ensure...
Read MoreThe Gift Tax Exemption Cut Is Coming
The federal estate and gift tax exemption may be halved soon unless Congress acts. Because it is unclear what will happen to the significant tax break, many wealthy individuals are being advised to make large transfers under the cap before 2026. In Arizona, acting before the deadline could lead to substantial tax savings and a...
Read MoreEstate Planning Strategies to Break the Cycle of Generational Wealth Loss
Generational wealth loss refers to the decline or disappearance of wealth that was accumulated by one generation but fails to be maintained or passed down to subsequent generations. This phenomenon can occur for various reasons that often include: Financial mismanagement, such as poor investment choices, excessive spending, or risky financial behavior by the heirs of...
Read MoreWhat Does a Probate Lawyer Do?
In Arizona, navigating the process of settling a deceased person's estate can often lead to legal confusion and disputes among beneficiaries. However, with the help of an experienced probate lawyer, you can ensure that these disputes are effectively resolved and that you remain in compliance with Arizona estate laws. A probate lawyer is a state-licensed...
Read MoreWhat Are The Grounds to Contest Wills and Trusts in Arizona?
When it comes to estate planning, wills and trusts define how an individual's assets are distributed after their death. However, not all wills and trusts go unchallenged. In Arizona, there are specific grounds to contest wills and trusts. Contested wills and trusts refer to legal challenges brought against the validity of these documents. Contesting a...
Read MoreHow Do You Avoid Probate in Arizona?
A proper estate plan can help prevent the pains of probate. Probate, the process of appropriately distributing an individual's assets following their death, can be a lengthy, expensive, painful, and public process that many people would like to avoid. And some can. Staying out of Arizona probate court may not be possible for everyone -...
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