Question: I want to create a trust to provide for my children and avoid probate, but I’ve heard I have to fund it. What is trust funding? Answer: Trust funding is the process of re-titling assets out of your name and into the name of your trust. Do not be confused by the term “funding”. …
Details
There is a common misconception that estate planning is only for the wealthy so they can minimize their tax liabilities. While this is one part of estate planning, it is certainly not the only part. Even if someone isn’t wealthy or concerned about taxes, there are a number of important non-tax reasons why everyone should…
Details
Many people never stop to think of how hard a job it is to administer the estate or trust of someone who passes away. Often, it’s a thankless job, filled with headaches. That’s certainly been the case for the Michael Jackson Estate executors: entertainment attorney John Branca and music executive John McClain. Well, at least…
Details
In general, Americans tend to be pretty optimistic. Even in this struggling economy and difficult job market, most American workers will say that the future looks better and that good times are on the way. Most American workers are also optimistic that their financial situation will improve next year and that their retirement plans are…
Details
Arizona law provides that certain “small estates” may avoid probate by using a small estate probate Affidavit. Recently, the dollar amount of assets that qualify for the exemption increased. Previously, if a decedent owned $50,000 or less in personal property, the decedent’s heirs could use a Small Estate Affidavit for the Collection of Personal Property. …
Details
Updating your trust is important. Let us help you figure out the right time for you to do so. Countless surveys reveal that the majority of Americans do not have all of the necessary estate planning documents in place. In fact, most people don’t have any estate planning documents at all. One of the big…
Details
Arizona lawyer Abigail Neal is delighted to announce the opening of the Neal Law Firm. Abby’s goal with the firm is to provide her clients with exceptional legal service in the areas of estate planning, business, charities and nonprofits and probate. Our office is located near Scottsdale Road and Lincoln. Our contact information is: Neal…
Details
Changes are coming as five million baby boomers are turning 65 every year for the next 15 years. Experts have predicted changes affecting the economy, housing, our social structure, recreational activities and health care services for an aging population that will continue to grow. And baby boomers have different expectations about their “golden years” than…
Details
Life insurance beneficiary mistakes are all too common. In this blog post, we will take you through the top five most common life insurance beneficiary mistakes. We hope that this will give you more insight as to what you should and shouldn’t do when it comes to your life insurance. Time to dive in! People…
Details
Amanda Bynes’ parents have filed court documents to become her temporary conservators. Rick and Lynn Bynes hired respected attorneys Tamar Arminak and Patrick Reider, and officially applied to gain legal control of the actress’s personal welfare and financial affairs on Thursday (25.07.13), as she remains under an involuntary hold in a psychiatric hospital in California.…
Details
Question: Someone told me I should have a power of attorney. I don’t know what that is. Do I need one? Answer: You should have a power of attorney. There are different types, but the basic concept of a power of attorney is you (the “principal) giving decision making authority to someone else you pick…
Details
Many people are wondering what happened to the estate and gift tax laws as a result of the last minute law passed by Congress. For the most part, they continued the status quo. This is a huge boon for wealthy individuals. If Congress had not acted, the estate tax exclusion amount would have dropped from…
Details