No one wants to contemplate becoming seriously ill or disabled, but the reality is this difficult subject needs to be addressed with spouses, significant others and family members. It is important to make decisions regarding what wishes are while healthy. The Arizona Secretary of State allows you to register, free of charge, living wills and medical power of atto...
While developing a business succession plan is essential for every business, it is often lost in the day to day focus of business operations. It is vital for family owned or closely held businesses to have a clear, concise and documented succession plan. Family owned businesses may provide unique challenges. Typically, the founders would like to pass the business t...
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:community property,
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").
Histor...
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 ...
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 rep...
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 ...
Why is it important for a business owner to have an estate plan? Transfers the business owners' assets to family members
Provides a mechanism for the sale of the business if there are no family members interested in continuing the business
Helps avoid probate and
Depending on the value of the estate, a plan may significantly reduce estate taxes.Is a Will e...
A variety of charitable gifting techniques are available during your lifetime and as part of your estate plan. Depending on your income, or the size of your estate, you may find tax savings so significant after making a charitable gift that the net after tax effect is minimal.
Here is a summary of some of planning ideas which will help you start your charitable gi...
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 Ac...
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 ...