Estate Planning for Single People
Estate Planning for Single People Estate Planning for single people is often overlooked, it is a common misconception that the only people who need estate planning are those who need to care for their spouse or children after they pass away. Single people have a unique set of circumstances that actually make it more important for them to have an estate plan in place. What are they? Heirs Those who are married use [...]
How to Avoid Common Estate Planning Mistakes
Avoid Estate Planning Mistakes: Avoid Disaster! If you have already set up a revocable living trust with an attorney or certified legal document preparer, you may think you are all set. Be careful, you may not be! There are two common Estate Planning Mistakes that can wreak havoc on your estate plan. Leaving Your Trust Unfunded It is a common misconception that once you set up a trust it automatically protects everything that you [...]
Choosing a Business Entity
Starting a Business - Choosing a Business Entity: At this point in the business startup process, you should already have a long range plan to make sure that your business will be a success and flourish after you have put in all the effort into the relevant steps. Without a business plan, you will not be able to keep track of your projections and accounts, and therefore leading you to possible failure. One of [...]
Compare Revocable vs Irrevocable Living Trusts
Compare Revocable vs Irrevocable Trust Options Living trusts are legal documents that you create while you are alive. You use these documents to place your assets into the trust. You do this so that after you pass away your assets are transferred to your designated beneficiaries. The two main types of trusts are revocable and irrevocable. We will break down each of these so that you can make an informed decision in regards to [...]
Avoid Sibling Rivalries after Death
Avoid Sibling Rivalries: WSJ: 'Wills,' prevent protracted legal battles when sibling rivalries are at play; Key to sound estate planning. It’s not uncommon for emotions to run high when family members make wrongful claims to a loved one’s estate. Quibbling over who really was to get that jewelry case, or the heirloom chairs can be solved by giving specific instructions in a simple will: it's all a part of effective estate planning. Having a plan [...]
Avoiding Probate in Arizona
Avoiding Probate: Key to avoiding the 'missteps' that can lead to 'probate. The idea of lawyers and courts getting involved with our estate if we don’t have a living trust, or if our estate must pass through probate, is good motivation to seek estate planning advice. Avoiding probate is key to eliminating unintended estate beneficiaries like courts, lawyers and creditors. Probate is a legal process that is used to confirm assets and liabilities and [...]