trust Archives - About Estate Planning https://aboutestateplanning.com/category/trust/ Knollmiller & Arenofsky, LLP Thu, 01 Oct 2020 21:27:28 +0000 en-US hourly 1 Is My Children’s Inheritance Taxed? https://aboutestateplanning.com/is-my-childrens-inheritance-taxed/ Wed, 07 Aug 2019 15:31:14 +0000 http://aboutestateplanning.com/?p=1446 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

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]]> 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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]]> Now What? The problem with having an A/B trust https://aboutestateplanning.com/now-what-the-problem-with-having-an-a-b-trust/ Wed, 12 Dec 2018 17:07:36 +0000 http://aboutestateplanning.com/?p=1420 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

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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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]]> 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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]]> 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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]]> Will My Heirs Have Hurt Feelings Over My Personal Items? Short Answer: Probably https://aboutestateplanning.com/will-my-heirs-have-hurt-feelings-over-my-personal-items-short-answer-probably/ Wed, 23 Apr 2014 22:57:37 +0000 http://aboutestateplanning.com/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

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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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]]> 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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