Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.
Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.
The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.
Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.
My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.
We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
In a massive turn of events, the Denver Broncos may finally get a resolution to the fiasco that is the team’s ownership situation; only it may not come in the way that it was originally planned.
The Tax Cuts and Jobs Act of 2017 changed a lot of rules, but one thing remains the same: It is exceedingly difficult to evade the long reach of the taxman.
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