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

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

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

The Necessity Of Probate In Arizona

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

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

Asset Protection Laws In Arizona

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

Will My Heirs Have Hurt Feelings Over My Personal Items? Short Answer: Probably

“The biggest estate-planning mistake is that people think it’s only about the money,” said Marlene Stum, a professor at the University of Minnesota and author of the “Who Gets Grandma’s Yellow Pie Plate?” workbook and website. “When it comes to their personal possessions, they say, ‘It’s just stuff.’ ” In my… Read More

“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

“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