Creating a Non-Profit Corporation
What is a Non-Profit Corporation? A non-profit corporation is a special type of corporation that is typically created for charitable purposes. This type of business puts out that they are creating themselves for a purpose other than generating a profit. In this article, we will go over how to create a non-profit corporation in Arizona, the difference between tax-exempt and non-profit, and how to get tax-exempt status from the IRS. Creating a Non-Profit Corporation [...]
10 Common Estate Planning Misconceptions
Estate planning is a complex area. This confusion can lead to misconceptions being widely spread as the truth. In this article, we will go over 10 common estate planning misconceptions. This will give you some of the knowledge necessary to properly navigate estate planning. 1. A Will Avoids Probate The most widespread of the estate planning misconceptions is that if you have a Last Will and Testament your estate will avoid probate. This is [...]
How to Revoke an Irrevocable Trust
How to Revoke an Irrevocable Trust An irrevocable trust is a complex estate planning document. If you are the grantor, or the person creating and funding the trust, you lose control of any assets placed in the trust. Additionally, you lose the ability to change or revoke the trust. However, there may be some circumstances under which the trust can be revoked or changed. In this article, we will go over four ways to [...]
Introduction to Irrevocable Trusts
Irrevocable Trusts Irrevocable trusts are estate planning documents. They are powerful tools that can be very beneficial in certain situations. In this article, we will go over how irrevocable trusts work, some of their benefits, and some of their pitfalls. How Irrevocable Trusts Work An irrevocable trust is a type of trust. After you create it, it is irrevocable, or unchangeable. There are three main people that are involved with an irrevocable trust. The [...]
Small Estate Affidavits
Small Estate Affidavits in Arizona In Arizona, there are several legal avenues you can use to transfer property after someone passes. These include informal and formal probates, as well as small estate affidavits. Small estate affidavits can prove to be a simple low-cost tool when dealing with relatively small estates. In this article, we will go over the basics of using small estate affidavits in Arizona. Small Estate Affidavit Basics Small estate affidavits can [...]
Naming a Guardian for Minor Children
Naming a Guardian for Your Children If you have any children under the age of 18, naming a guardian is a vital component of your estate planning process. In this article, we will go over what happens when you do not name a guardian for your children, how to name one, and questions you need to consider while doing so. No Planning If you have no type of planning in place, it will [...]