A self-created last will and testament may lead to problems. As an early step in estate planning, you may be tempted to write your own will. There are some good reasons why you shouldn’t. While do-it-yourself wills may be cost-effective and make the process of will creation relatively simple, they also have shortcomings. DIY wills tend toward the basic and …
Missteps That May Negatively Impact Estate Plans
Inattention and procrastination can hurt family wealth. Some estate planning is better than none, but sometimes people address wealth transfer issues inadequately or ineptly when they tackle the task. Here are some classic miscues. Waiting too long. A wealthy individual may postpone estate planning until too late in life, which may present obstacles due to diminished faculties or declining health. …
Potential Income Streams for Retired Women
Could you possibly arrange multiple income sources? On average, women receive 23% less Social Security income than men. In 2014 (the most recent year of data available), the average yearly Social Security benefit for a woman 65 or older was $13,150, compared to $17,106 for her male counterpart.1 This is one example of the income gap plaguing too many women …
THE DEVIL IS IN THE DETAILS
An ex-wife as a primary beneficiary. Lapsed stock options. No medical power of attorney. What is in common with these items? They are all avoidable. Having been involved in financial services for the past 20 years, I have seen a lot of things go wrong. A lot of these issues could have been avoided with proper planning and review. But …
Do I need an Attorney to settle an Estate?
With proper planning, the answer should most commonly be no. I have always thought that the point of proper estate planning was to avoid probate, minimize legal expenses, minimize estate taxes, and minimize income taxes. I have always believed that it is easier to avoid a problem than it is to solve one. A lot of people are confused by …
Estate Planning for Those Living in Blended Families
Today majority of blended families live together peacefully without any issues. However, what if one spouse dies suddenly? How are the biological children of the deceased spouse placed in terms of inheritance? It is particularly important for blended families to discuss matters related to estate planning beforehand. Here are a few points that could help with estate planning for blended …
Making a Valid Will in Arizona
Valid Will in Arizona A will can be the most crucial legal document you can create during your lifetime. Your will elaborates on how your property and money must be distributed after your death. The document also nominates a personal representative who will be entrusted to administer your estate and also names a guardian (if applicable) to care for your …
Estate Tax Planning and Inheritance
If you have a large estate with adjusted gross value coming to a minimum of $5.34 million starting 2014, a big chunk of it will be gobbled by the federal estate taxes. Although there is no state inheritance tax in Arizona, any trusts and estates exceeding state exemption will result in you paying income taxes. The list of other taxes …
The Importance of Estate Planning
Most people associate estate planning with the land. The truth is everything that you own can be termed as your “estate”. Your home, your car, your furniture, your bank accounts, any and all investments and your possessions, they’re all a part of your assets. Being valuable, and close to your heart, what happens to them later is something that you …
Settling an Estate: The Process
Settling an estate can turn out to be a tough process for anyone, especially the individuals most affected by the death. If you are aware of the state laws, and follow a few practical steps, then the process will flow much faster for you. The meaning of settling an estate whether it is located in Chandler, Gilbert, Mesa, Phoenix or any …