Arizona Archives - About Estate Planning https://aboutestateplanning.com/category/arizona/ Knollmiller & Arenofsky, LLP Thu, 01 Oct 2020 21:26:33 +0000 en-US hourly 1 Large Personal Injury Settlements https://aboutestateplanning.com/large-personal-injury-settlements/ Wed, 12 Dec 2018 17:42:34 +0000 http://aboutestateplanning.com/?p=1424 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

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]]> Taxes on Inheritance https://aboutestateplanning.com/taxes-on-inheritance/ Wed, 12 Dec 2018 16:24:35 +0000 http://aboutestateplanning.com/?p=1418 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

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]]> Trusts In Arizona https://aboutestateplanning.com/trusts-in-arizona/ Wed, 20 Jun 2018 12:23:09 +0000 http://aboutestateplanning.com/?p=1399 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

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]]> Is My Estate Taxable When I Die? https://aboutestateplanning.com/is-my-estate-taxable-when-i-die/ Thu, 03 May 2018 17:11:06 +0000 http://aboutestateplanning.com/?p=1359 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

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]]> The Necessity Of Probate In Arizona https://aboutestateplanning.com/the-necessity-of-probate-in-arizona/ Mon, 16 Apr 2018 10:05:52 +0000 http://aboutestateplanning.com/?p=1326 Having assets in your name above a certain financial limit at the time of death leads to the estate going through probate in Arizona. Revocable trusts are usually recommended as a vehicle to avoid probate. Assets that do not pass automatically at the time of death such as joint tenancy… Read More

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]]> Asset Protection Laws In Arizona https://aboutestateplanning.com/asset-protection-laws-in-arizona/ Wed, 21 Mar 2018 10:01:11 +0000 http://aboutestateplanning.com/?p=1259 The need for asset protection planning arises when you have to achieve your goals and protect your family wealth and assets from the claims of creditors. The tools used for asset protection planning may be used alone or paired with some other tools and strategies in order to achieve the… Read More

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]]> Are Inherited IRAs Subject to Creditor Claims? https://aboutestateplanning.com/are-inherited-iras-subject-to-creditor-claims/ Mon, 16 Jun 2014 22:51:14 +0000 http://aboutestateplanning.com/are-inherited-iras-subject-to-creditor-claims/ The answer is YES. On June 12th the Supreme Court of the United States handed down a decision stating that Inherited IRA’s are subject to the claims of creditors. For anyone who inherits an IRA, creditors or a spouse in a divorce can attach that inheritance if not properly planned.… Read More

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]]> “Only Older People Need Estate Plans” https://aboutestateplanning.com/only-older-people-need-estate-plans/ Mon, 24 Mar 2014 17:50:50 +0000 http://aboutestateplanning.com/only-older-people-need-estate-plans/ Français: Enterrement à (Photo credit: Wikipedia) It isn’t a surprise to anyone that those typically motivated to do estate planning are those that have their mortality staring back at them. Examples include clients preparing for travel, life-challenging illnesses or individuals in advancing years. I don’t need to remind anyone that… Read More

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]]> “I don’t need an estate plan since I’m unaffected by the estate tax” https://aboutestateplanning.com/i-dont-need-an-estate-plan-since-im-unaffected-by-the-estate-tax/ Thu, 06 Mar 2014 17:54:09 +0000 http://aboutestateplanning.com/i-dont-need-an-estate-plan-since-im-unaffected-by-the-estate-tax/ While this is a common misconception, I believe it mixes up two ideas, estate planning and estate tax planning. Estate tax planing is actually a small, but important, part of the overall estate planning process. Estate planning is about making sure your estate is in order and passes as you… Read More

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]]> Revocable Trusts, and Living Trusts, and Irrevocable Trusts! Oh, My! https://aboutestateplanning.com/revocable-trusts-and-living-trusts-and-irrevocable-trusts-oh-my/ Fri, 21 Feb 2014 20:00:59 +0000 http://aboutestateplanning.com/revocable-trusts-and-living-trusts-and-irrevocable-trusts-oh-my/ But wait, there’s more; there’s Loving Trusts, Family Trusts, Grantor Retained Trusts and many more. Let’s start with revocable vs. irrevocable trusts. These are exactly what they say. The revocable trust can be changed, amended, and even thrown away. The irrevocable trust however rarely can be changed except for very… Read More

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