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
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 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 April 4, 2018
Digital Assets Part Of An Estate Plan
Recently Arizona passed a law that greatly increases individuals’ ability to control what happens to their digital assets after they die. This has been passed in many states but in Arizona it can be found in Arizona Revised Statutes §14-131111, 14-131112 and 14-131113. We can’t tell you how many times the… Read More
posted on March 29, 2018
Do Recent Tax Changes Pose A Threat To Estate Plans?
Not really according to a new survey from TD Wealth. The survey found that 44% of estate planning professionals cite family fights as the biggest threat to estate planning in 2018. Only 25% cite tax reform with the remaining 12% considering the volatility in the stock as the next largest… Read More
posted on March 6, 2014
“I don’t need an estate plan since I’m 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
posted on February 7, 2014
Estate Planning Mistaken Belief #3
“Putting my child’s name on an asset avoids probate” This is how the conversation usually goes: “someone told me if I put my child’s name on my bank account, upon my death it goes to that child and I avoid probate.” This particular myth is a real “land mine” waiting… Read More
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