We are often asked whether a Will or a Trust is most appropriate for a client’s particular situation. Our answer? It depends on how the client wants their assets passed to their beneficiaries, if they want to avoid probate, the value of their assets, and their desire to create a plan based on their wishes…
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One of the most common reasons people cite for preparing their estate plan is that they want to avoid probate and keep their affairs private. What is probate? Probate is the court process of confirming the validity of the deceased persons’ will (if any) and transferring the assets from the deceased person to the heirs. …
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November is National Adoption Month, aimed at raising awareness about adoption and the children who need permanent, loving homes. Thousands of children are adopted each year, bringing much joy to their adoptive families. If you are in the process of adopting or have recently adopted a child, it is a great time to create or…
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Three Tips to Protect Your Important Legal Paperwork in a Natural Disaster The year 2018 was no stranger to natural disasters. From multiple earthquakes, back-to-back hurricanes, and raging wildfires, the United States and abroad suffered some serious natural disasters. These acts of nature can devastate your life and your family. Who knows what 2019 will…
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With the fall season approaching, it’s an excellent time to review your affairs. Below is a legal affairs checklist to ensure your planning meets your needs and is up-to-date: 1. When was your power of attorney last updated? A power of attorney is a valuable legal document, no matter what the circumstance. Not only is…
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Beneficiaries for bank accounts can seem complicated when looked at from afar, but we’ve narrowed it done for you in this easy-to-follow blog. Check it out below! Pay on Death and Transfer on Death Designations Setting up a Transfer on Death (“TOD”) or Pay on Death (“POD”) designation on your bank account is a simple…
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Piercing the Corporate Veil – What does it mean, exactly? First, let’s start with the concept of a corporation or limited liability company (LLC). Because they are in and of themselves “entities,” corporations and LLC’s have a legal existence – rights and liabilities distinct from their owners. So, the officers and shareholders are normally not…
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Question: I can’t afford the commercial lease for my office. What should I do? Answer: Many business owners are faced with the difficult issue of wanting to break their commercial lease, for any of a host of reasons. And with the increased use by landlords of personal guaranties, breaking a commercial lease can be an…
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Question: Can my LLC be taxed as an S-corporation? Answer: Yes. One of the great features of a limited liability company is that it has numerous options for tax classification. These options include sole proprietorship/disregarded entity, partnership, S-corporation and C-corporation tax classifications. For single member LLCs or husband and wife community property LLCs, the default…
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Question: Do I need a living trust? Answer: It depends on your family situation, assets and estate planning goals. First, what is a living trust? A living trust, also called a revocable living trust, is an estate planning vehicle that allows you to transfer your property to other persons after passing. You can also specify…
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The services our firm provides are largely dedicated to helping individuals, families, entrepreneurs and companies save on their legal costs. That is, our attorneys endeavor to decrease our clients’ exposure to liability and litigation. Neal Law Firm has taken this approach on behalf of numerous small businesses. Here are the top seven business legal issues…
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We are often asked by our clients: what is probate? Probate is the legal process by which a will is proved valid or invalid and the estate of a decedent is administered. In Arizona, the probate court has special jurisdiction over probate and estate matters. The Probate Court also handles matters involving guardianship, conservatorship, elder…
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