A house is a very valuable asset, and by leaving your home to your children you're setting them up with a legacy for the future. At least, that's what most people intend to do when they leave their house to their son or daughter. However,...
Most of the time, being named as the administrator of a trust doesn’t come as a surprise. The founder of the trust will usually get permission from the person they plan on naming as their successor trustee. However, there are some cases where an individual...
At Phelps LaClair we love sharing in the beauty of Arizona and the wonderful outdoor events we have access to! If you need a few ideas for how to get your family out of the house this weekend, we’ve got you covered! Here are three...
Naming a power of attorney can be a wise step to take. If you are ever incapacitated by an illness or injury, they will be able to do things like pay your bills or receive information about your medical condition, depending on the terms of...
In the estate planning world it can be easy to get confused. There are many available tools and advice on how to best use them. You may have heard your colleagues, friends, or family talk about how they’ve created an IRA inheritance trust to pass...
If your parents have a substantial amount of debt, you have a very good cause for concern. You may be wondering what happens to their debts after they die, or worried that you might be held responsible for paying them. Fortunately, you can not inherit...
When it comes to splitting up assets in the family, things can go from uncomfortable to hostile very quickly. Dividing heirlooms among siblings is an extraordinarily sensitive topic and it can be difficult to approach, especially when you’re already dealing with the loss of a...
Did you know that you can designate a beneficiary for most bank accounts? Naming a beneficiary is the easiest way to allow your loved ones to access your accounts and avoid having to deal with the complications of probate court. Here’s why you need a...
Planning for your family’s future isn’t always easy, especially when you have to consider all the “what-ifs.” One of the most meaningful ways you can protect your children is setting up an estate plan that reflects your wishes for their care and provides for their...
When one of your parents passes away, it’s an overwhelming loss. And being named as the executor of their estate while you’re dealing with grief can feel like too much at once. You likely have hundreds of questions running through your mind, adding to your...