Estate planning for young adults might strike some as unnecessary, but that is far from the truth. Estate Planning for Young Adults is Critical Although it may surprise some people, once a child turns 18 their parents lose the legal ability to make decisions for their child and find out basic information. A parent learning…
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Before taking any trip, most people create a “to-do list” of things they have put off and want to take care of before they leave. Here is a checklist of estate planning things everyone should do before taking your next trip. Getting these things done will help you travel with peace of mind, knowing that…
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Question: I own property as joint tenants with right of survivorship. The other joint tenant died. What should I do now? Answer: You need to remove the deceased tenant from showing ownership of the property. To do this you need to file an Affidavit Evidencing Termination of Joint Tenancy with the county recorder where the…
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Question: I’ve heard of a Will, Last Will and Testament and Living Will. What’s the difference? Answer: Good question. There are two different types of “Will” documents. The most common one that people think of is a Last Will and Testament (casually referred to as a Will). A Last Will and Testament serves a number…
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Richie Valens: The Day the Music Died On Feburary 2, 1959, rock and roll legend Richie Valens was killed in a plane crash in Iowa. Also on board were Buddy Holly and The Big Bopper. The day later became known as The Day the Music Died. But how did Valens end up on this plane?…
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IRAs are among the largest assets inherited by heirs and beneficiaries. These accounts are able to grow to very large amounts because income taxes are deferred until the owner begins to take distributions, which usually happens after the owner reaches age 70 ½. Those who inherit an IRA must be very careful to follow the…
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Not many parents like to talk to their children about their wealth. How much money people have is typically considered a very private matter, and most people don’t think it’s polite to talk about it. However, not talking to children about their potential inheritance could leave them unprepared to handle inheriting even a modest amount…
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Parents with minor children need to name someone to raise them (a guardian) in the event both parents should pass away before the child becomes an adult (age 18). While the likelihood of that actually happening may be slim, the consequences of not naming a guardian are significant. If no guardian is named in the…
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Charitable and other organizations that meet the requirements of Internal Revenue Code section 501(c)(3) are exempt from federal income tax. Donations made by individuals and corporations to charitable and other tax exempt organizations are deductible under Internal Revenue Code section 170. Exempt charitable organizations fall into one of two classifications: a public charity or private…
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Deducting charitable donations does not have to be complicated. We’ve listed some helpful tips for getting you started here. There are two big reasons why everyone should donate to charity. First, it makes you feel good knowing that you helped others in need. Second, you can deduct your charitable contributions which may help lower your…
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Question: What should I do with the Will I made? Should I keep it somewhere specific or tell certain people about it? Answer: Even the best and most carefully drafted Last Will and Testament won’t do you any good if no one can find it. Wills are not filed or recorded anywhere and there is…
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Despite accusations of murder by his stepchildren, Phoenix businessman Peter J. Mizioch was recently awarded $4.5 million in life insurance benefits. The children of the deceased, Phyllis Mizioch have accused their stepfather of murdering their mother for her life insurance money. Ms. Mizioch died at her Phoenix resident in July, 2010. What makes this story…
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