When going through the estate planning process, you may encounter words and phrases you’re not familiar with. One of the most misunderstood terms is “power of attorney.” Here at Phelps LaClair, we want our clients to fully understand every aspect of their estate plans. In...
For Phelps LaClair staff, nothing says “Happy Holidays” more than enjoying beautiful displays of festive lights. While we may not get a winter wonderland here in the Valley of the Sun, our chilly nights are perfect for walking or driving through beautiful Christmas lights in...
Joint tenancy vs. community property—what’s the difference? Both are common ways for two people to hold a property title together equally in Arizona. These ownership structures both involve the right of survivorship, ensuring that a surviving co-owner inherits the property upon the other’s death. How you...
There may come a time when you want to withdraw money from your individual retirement account (IRA). Perhaps you wish to use it to pay for college expenses for yourself or your children. Maybe you recently had a baby and could use some extra income....
When was the last time you updated your will? There are plenty of reasons to update your will, the number one reason being that your estate plan should always reflect your current wishes. At Phelps LaClair, we understand the importance of keeping estate plans up-to-date....
Whether you’re adopting or expecting a baby, welcoming a new member to your family is always an exciting time. It’s also a good opportunity to get your financial affairs in order. You should start preparing for your child’s future with professional estate planning as soon...
Before we stuff ourselves—quite literally!—during Thanksgiving dinner, the staff at Phelps LaClair loves to get together with their families and friends to participate in a morning turkey trot. Running is a great way to spend some time with loved ones while getting in some metabolism-boosting...
Besides the peace of mind it offers, one of the main advantages of a revocable living trust is the ease of making changes according to your wishes. Amending a revocable trust is a fairly simple process and help from your estate planner will make it...
Refusing to accept an inheritance is not a decision you should ever take lightly. Once you disclaim an inheritance, you have no control over who will receive it. However, the estate planning attorneys at Phelps LaClair understand that accepting an inheritance is not always the...
A family business is a valuable asset that you’ll want to leave in the right hands after you’re gone. However, unless you make a plan for transferring your business, you will have no control over who gains ownership when you pass. The experts at Phelps...