Here at MH, we have so many GREAT clients! I tell my wife each night how much I enjoy meeting with our clients! Each of you has so many interesting stories. It really helps me get to know what is important to you. And I would hope that when you meet with us, you have a similar sense. That you … [Read more...] about Give the Gift of a Referral
Did you hear the news? Michael Carter-Williams,a 22 year old professional basketball player for the Philadelphia 76ers, is creating headlines for what he is doing off the basketball court. And believe it or not, unlike most of the news regarding the personal lives of professional athletes, he is … [Read more...] about NEWS FLASH! 22 Year Old Professional Athlete Doesn’t Blow All of His Salary!
You may have heard the term – Probate – but what do you really know about it? More importantly, what should you know?! In 1989, AARP decided to do a study on probate and uncovered some very interesting facts about the process. The vast majority of probate cases filed in our court systems revolve … [Read more...] about WHAT DO YOU KNOW ABOUT PROBATE?
A very common way to hold title to an asset between spouses and non-spouses is by way of joint tenancy. However, after reading the following dangers outlined below, you will want to see an estate planning attorney to review your estate plan to avoid these pitfalls. Danger #1: Only delays probate. … [Read more...] about JOINT TENANCY DANGERS!
Liquidity is usually a problem when a majority of your assets cannot readily be converted to cash if needed to pay taxes or other expenses of administering your estate. For example, real estate, retirement accounts, or a closely held business may either take time to liquidate, have adverse tax … [Read more...] about How do I know if my estate will have enough liquidity when I die?
This summer, Sophie Perkins was awarded custody of her orphaned baby cousin. The baby’s mother was killed by former Kansas City Chiefs linebacker Jovan Belcher in late 2012 before he turned the gun on himself. This incredibly sad story made news this summer for several reasons. One reason being … [Read more...] about Nominating a Guardian for Minors
A revocable living trust is an estate planning tool that allows you to control what happens to your financial assets upon your passing without going through probate. In addition, a properly drafted trust offers tremendous benefits to your beneficiaries, such as protection from unnecessary taxation, … [Read more...] about Expect the Unexpected: Establish a Living Trust Today
Very few of you will have an estate tax problem under the current laws. The federal estate tax exclusion is $5,250,000, and for couples with proper planning, at least $10,500,000. And Arizona does not have an estate tax. Many pundits, accountants, financial planners and attorneys, and their … [Read more...] about Estate Tax Worries?
On October 31, the Internal Revenue Service published the annual inflation adjustments for two important taxes in the estate planning arena. The federal estate tax exclusion amount has increased to $5,340,000. Thus, if an individual dies in 2014, the estate would need to exceed $5,340,000 … [Read more...] about IRS Estate Tax Adjustments
Why would a client still need an A/B trust if the exemption from federal estate taxes is now set “permanently” at $5 million (indexed for inflation) and we have portability? When the American Tax Payer Relief Act of 2012 was passed Congress made the estate tax exemption amount permanent at $5 … [Read more...] about With the Estate Tax Exemption Amount as High as it is and Portability do I Need an A/B Trust?