Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.
When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.
A living will is a legal document that allows you to specify the kind of care you’d like to receive in end-of-life situations. This is different from an advance healthcare directive, though either one can be an important part of an estate plan.
If you’re in a blended family, you’re already aware of the emotional and financial issues involved in your daily life. However, what about the future?
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?
There’s plenty of frightening data on retirement planning in the U.S., even before you consider COVID-19.
It’s generally a bad idea to name a trust as beneficiary of your IRA.
By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.
Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.
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