We often get questions about what will happen to a person’s retirement account after they pass. Since one’s retirement account is often one of the largest assets in the estate, passing it to beneficiaries in the most advantageous way possible. Here are five things you need to know about inherited retirement accounts: Will my beneficiaries…
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Question: I want to form an Arizona LLC. I know I need to file articles of organization with the Arizona Corporation Commission, but do I need an operating agreement too? What if I am going to be the only member of the LLC? Answer: Every LLC should have one. An operating agreement is one of…
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When reading over an estate plan, terms such as per stirpes and per capita distribution often appear. These terms describe different ways to distribute property to heirs after someone passes away. While these terms may seem confusing at first, they are deeply embedded in legal tradition and it is important to understand what they mean as part of…
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This summer, the IRS finally released the much anticipated Form 1023EZ, otherwise known as the Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. This is great news for smaller organizations who want to give back to their communities without having a huge operating budget. In addition, it should speed…
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Changing your estate plan can be intimidating. Many do not know know when the appropriate time to do so is, but we have put together this blog to help you better understand. Getting a estate plan in place is a great way to protect yourself, your family and your legacy. When you completed your plan,…
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Procrastinating estate planning is an issue that many have dealt with. Here’s why: Numerous studies show that unfortunately, the majority of people haven’t completed their estate plans. While most people will admit that they know they need to create an estate plan, but they put it off. But why is it that people tend to…
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Heirs are growing more patient, but it might not be why you would think. It is because their inherited doles out more slowly. (Reuters) – When Juliann Reynolds’ husband died of cancer in 1992, she had to decide how to plan her own estate. The now-retired speech therapist from Rancho Cucamonga, California, knew she had…
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The greatest wealth transfer in history is underway, according to a new report. A study from the Boston College Center on Wealth and Philanthropy projects that $59 trillion is expected to be passed down to heirs, charities and taxes between 2007 and 2061. The study said heirs will receive $36 trillion over that period, while…
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The 2014 Oscars are complete. Trial & Heirs looks back at past Oscar winners like Philip Seymour Hoffman, Elizabeth Taylor, Heath Ledger, Frank Sinatra, and Marlon Brando. Their estates illustrate important estate planning lessons that everyone can benefit from — even those who aren’t walking the red carpet at the Oscars. 1. Philip Seymour Hoffman Estate…
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Ann Aldrich used an “E-Z Legal Form” when she made out her will in 2004, a decision that proved to be a good choice for two nieces who cited the document’s lack of a residuary clause. In a decision issued last week, the Florida Supreme Court ruled for the nieces, though they weren’t mentioned in…
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Many people only starting thinking about estate planning once they reach retirement age. After all, the “normal” progression of life is to get out of school, get a job, get married, have kids, get your kids through college, retire, become grandparents, enjoy life…and then, after a long and fulfilling life, we know that we will…
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The Paul Walker estate is one that can be used as a teaching lesson for many of us. Here’s why: Paul William Walker IV was the star of the Fast & Furious movies, until his unfortunate — and ironic — death in a high-speed car accident on November 30, 2013. The car, in which Walker…
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