We have all seen it. The media likes to pass along juicy stories of actors that either had no wills or their heirs are fighting tooth and nail over the inheritance. But how do we stop any infighting among our own beneficiaries when we pass? Most families get along great… Read More
posted on August 7, 2019
Is My Children’s Inheritance Taxed?
The general answer is no. The IRS doesn’t allow much to go untaxed, but most inherited assets are the exception (in Arizona at least). It does not matter whether the beneficiary received real property, stock or cash. Nor whether he or she received the inheritance via a Will or a… Read More
posted on December 12, 2018
Large Personal Injury Settlements
As many of you know, we handle important personal injury cases that frequently have large settlements for the clients. Being an estate planning and estate administration firm helps those that receive these settlements in several ways. Let me briefly touch on a few matters faced by these clients upon receipt… Read More
posted on December 12, 2018
Now What? The problem with having an A/B trust
Nothing is worse than having your estate planning attorney advise you one way then change their mind the next. Well, we are doing it again. Before when the estate tax applied to many more people, it was important to create an A/B trust. Essentially this meant that a married couples’… Read More
posted on December 12, 2018
Taxes on Inheritance
I have addressed this in prior blog posts but it bears revisiting this topic since this comes up frequently in my meetings with clients. The question is typically asked this way: “Will my heirs have to pay taxes on the inheritance I leave them?” or something similar. Let me start… Read More
posted on June 26, 2018
Business Succession Planning
Business succession planning is the process through which new owners are identified to replace the current owners when they leave, retire or pass away. New owners often include internal people, either employees or family members, to fill the important positions in the company. Transferring A Business To Heirs A revocable… Read More
posted on June 20, 2018
Trusts In Arizona
A trust is an agreement through which assets can be transferred for your own benefit or that of your loved ones upon your passing. A trust has a creator, a trustee and beneficiaries. A trust helps to avoid court involvement in the event of your incapacity or death and is… Read More
posted on May 24, 2018
Do ERISA Retirement Plans Bar A Creditor From Garnishing The Account Even If The Transfer Was Fraudulent?
Believe it or not the answer is yes. Okay, some very brief background. ERISA, i.e. 401(k) plans, are known to be pretty solid creditor protections for anyone that has such a plan. IRAs as well but not quite as strong as ERISA plans. Anytime a financial adviser is discussing the… Read More
posted on May 3, 2018
Is My Estate Taxable When I Die?
This is a pretty common question. I think there is a lot of misconceptions that an inheritance is taxable. For the most part it is not. Arizona doesn’t have an inheritance or death tax. There is a federal estate and gift tax but unless your estate exceeds 11 million dollars… Read More
posted on May 2, 2018
Using The Online Estate Planning Tool On Knollmiller & Arenofsky, LLP’s Website
Although many websites such as LegalZoom offer online estate planning services, however, they almost always fall short in catering to a person’s needs. In other words, it is never the same as working with an actual estate planning law firm to get a quality custom made estate plan. A benefit… Read More
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