Although joint tenancy offers some short-term conveniences, in the long run it poses a host of problems that can cost you and your loved ones multiple times the expense and headaches that you thought you were avoiding. For the vast majority of American couples, “till death do us part” also means, … [Read more...] about Problems with Joint Tenancy
Scottsdale
What is a Power of Attorney?
A Power of Attorney is a document in which the “Principal” gives powers, duties, and responsibilities to the “Agent” who acts for the Principal under certain circumstances. The Power may be over health matters (a Health Care Durable Power of Attorney – also known as a Health Care Proxy or Advance … [Read more...] about What is a Power of Attorney?
Estate Planning 101 Wills vs Trusts
ESTATE PLANNING 101 – WILLS vs TRUSTS Your estate plan should accomplish some extremely important things, including protecting you, your assets, and your loved ones both now and in the future. Given everything your plan can, and should, do for you and your loved ones, you may not know where to … [Read more...] about Estate Planning 101 Wills vs Trusts
Why Plan?
There are so many things in life that we plan for: vacation, retirement, grocery shopping. . . . So why do we do it? Planning gives us a level of assurance that what will happen is in our control, more or less. We plan a vacation so we can get the most out of it. We can see the sights. We can … [Read more...] about Why Plan?
Summary of Potential Tax Law Changes Under President Elect Trump:
We live in uncertain times. There is no certainty in what President Elect Trump will do when it comes to the tax code, but he has stated that he would like do the following: Eliminate the estate tax entirely. Eliminate the gift tax entirely. Presumably, eliminate the Generation Skipping … [Read more...] about Summary of Potential Tax Law Changes Under President Elect Trump:
When Should you Plan?
Planning is “the act or process of making a plan to achieve or do something,” Merriam-Webster. We plan ahead of time. Planning for something after it occurred does not make sense. A plan is used to mitigate risks and enhance the possibility of success in a set of goals or objectives. When estate … [Read more...] about When Should you Plan?
Selecting your Fiduciary
When putting your estate plan in place, one of the most critical decisions is naming the person or entity that will make your decisions when you can’t. Collectively, this role is a fiduciary. The fiduciary is a person or entity who has a legal obligation to make decisions in your best interest. … [Read more...] about Selecting your Fiduciary
Thanksgiving
On October 3, 1789, President George Washington named Thursday, November 26, 1789 an official holiday of “sincere and humble thanks.” In the midst of the Civil War in 1863, President Abraham Lincoln issued a proclamation in which he declared the fourth Thursday of every November to be a day of … [Read more...] about Thanksgiving
Joint Tenancy – The Best Option?
Joint Tenancy and Joint Tenants with Right of Survivorship, are forms of property ownership in which, upon the death of one of the owners, all of the deceased owner’s interest transfers immediately to the surviving owners. Married couples generally own assets in Joint Tenancy. If you and your spouse … [Read more...] about Joint Tenancy – The Best Option?
Contingency Day Checklist
Unfortunately, none of us are getting out of this alive. Death is a certainty; we don’t know when it will come, but death will occur. Planning for this certainty is not a pleasant task, but it is a crucial one. I frequently meet with surviving spouses, children, or friends who, at a time when they … [Read more...] about Contingency Day Checklist
