Funding Long-Term Care Without Draining Your Estate
Start Now, Before Your Options Become Limited
Good news: Thanks to medical advances in the past few decades, you - and your parents, if they're still alive - will probably live longer than previous generations.
Bad news: The cost of living in a nursing home for a year, now averaging around $51,000, will triple over the next 20 years, according to the General Accounting Office. So will the cost of other … Read More
For the Person Who Wants to Avoid Probate and Reduce Estate Taxes
Simple Rules to Avoid Probate. In Arizona, any assets that are held in your name outright must be probated to pass to the next generation or your intended beneficiaries heir(s). This includes property held as community property and tenants in common. However, there are many assets that never pass through a probate. For example, retirement plan benefits, IRA's and life insurance proceeds pass directly to the named … Read More
How You Hold Title to Real Property May Create a Real Life Problem
If you were a married couple living Arizona, you had three options as how to hold the title to real property in Arizona. The choices were:
joint tenants with right of survivorship ("JTWROS") and
tenants in common.
Now, under A.R.S. § 33-431, there is a fourth option - community property with right of survivorship ("CPWROS").
Prior to the existence of CPWROS, if … Read More
Transfer of Small Estates without Probate in Arizona
Effective September 2013, small estates in Arizona increased in the value of assets that may be transferred without requiring a probate of the decedent's estate.
On April 16, 2013, Governor Jan Brewer signed into law Senate Bill 1232, which amends A.R.S. §14-3971 governing the collection of personal property, vehicles, and succession to real property by affidavit. Therefore, decedent's estates … Read More
Afterlife Identity Protection: Who to Notify When a Loved One Passes
When a loved one passes away, a crucial step in minimizing the risk of identity theft is to notify the proper entities, such as government and credit reporting agencies, banks, and creditors of your loved one's death.
To expedite notification, the National Funeral Directors Association (NFDA) recommends that you initially make contact with government and credit reporting agencies, banks, and creditors by … Read More
Don't Make the Grave Mistake: Avoid Making Duplicative Payments for Final Services!
Have you ever considered paying in advance for your funeral/burial expenses to save your loved ones the financial burden? If your finances allow you to do so, pre-paying for funeral/burial services is an efficient and effective step in your estate planning that can alleviate the often onerous task for your loved ones to undertake while grieving. A few words of caution if you do pre-pay for funeral/ … Read More
Thieves Pursuing Identities of the Deceased: Estate Plan Now!
Identity theft not only violates its victim's privacy rights, but often presents overwhelming challenges which can take years to repair the damage inflicted on one's credit and financial records. To add pain to misery, today millions of Americans are being haunted with an even more disturbing threat: criminals are now using the identity of a deceased loved one to apply for credit.
An ID analytics … Read More
ICE Storm Predicted Arizona Employers Beware, I-9 Audits are on the Rise
By: Kraig J. Marton, Esq. and Jerrie Martinez-Palombo, M.Ed., SPHR
In a speech to the US House of Representatives, Secretary of Home Land Security, Janet Napolitano, stated that since 2009, Immigration and Customs Enforcement ("ICE"), has conducted more than 6,000 audits of employers for I-9 compliance and levied fines to non-compliant employers of more than $76 million!
The Immigration Reform and … Read More
Eight Warning Signs of Potential Employment Termination and Eight Ways to Respond
By: Kraig J. Marton, Esq.
Many employees come in to work and suddenly find themselves laid off or terminated and without a job. The termination comes as a complete surprise. The employee has received warning signs which may or may not have been recognized. If an employee looks for and can recognize the signs, the employee may be able to avoid the termination, look for another job … Read More
Overtime Roulette: Seven Mistakes that Could Cost You
The Wage and Hour Division of the Department of Labor ("DOL") primarily ensures that employers are in compliance with the Fair Labor Standards Act, ("FLSA"). In short, the FLSA requires that non-exempt employees be paid at least the minimum wage for all hours worked and overtime pay at 1 ½ times their regular rate of pay for all hours worked in excess of 40 hours in a workweek. The FLSA also has child … Read More