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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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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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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Now that the holidays have wound down and life is returning to normal, it’s time to get down to the business of those New Year’s resolutions. Most years it’s the same: have a better diet, exercise more, save more money and finally do your estate and financial planning. Getting your estate and financial plan in…
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If you already have an estate plan, congratulations! You have taken a big step to protecting yourself and your family. However, many people make the unfortunate mistake of putting their estate plan in a drawer and forgetting about it. It is important to remember that an estate plan involves the most important things in your…
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As an estate planning attorney, I hear stories every day about common estate planning mistakes and their consequences. Mistakes can vary, but often result in someone not adequately planning to take care of themselves during their life, planning for their disability, and planning for their survivors after passing. With a comprehensive estate plan drafted by…
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Scottsdale trust attorney Abigail Neal is a second generation Arizona native who enjoys helping her clients meet their personal and professional goals. One part of Abby’s practice is creating trusts for clients as part of a comprehensive estate plan. Scottsdale trust attorney Abby Neal is often asked the following questions about trusts: What is a…
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This week is National Estate Planning Awareness Week 2013! In 2008, the National Associate of Estate Planners and Councils (NAEPC) worked with Congress to pass a resolution to proclaim the third week of October as National Estate Planning Awareness Week. The resolution stated “Many Americans are unaware that lack of estate planning and financial…
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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”. …
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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…
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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…
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There are many myths about wills, trust and other legal documents, and what is appropriate for a particular family. Below are some of the most common myths and facts about estate planning: MYTH: I am young and don’t have a lot of money, so I don’t need a will. Wills are only for older and…
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