Did you know that you can set up an IRA (individual retirement account) for your kids? It's never too early to start planning for retirement! Thanks to the flexibility of Roth IRAs, any child who has earned income can open a Roth IRA. Parents and...
As the weather turns cooler, there’s no better way to celebrate fall in Phoenix than with some fun family activities outside! Luckily there are lots of great ways to enjoy autumn in Arizona, from festivals to pumpkin patches to fall foliage. Today the Phelps LaClair...
If you recently lost a parent who did not set up a living trust, you likely have a lot of questions about what happens next. One of the main questions that come up after a parent dies without a will is “who gets the house?”...
You have probably heard over and over again that avoiding probate is a good idea, and that’s because it’s true! If you’re dealing with an estate in probate, you will face court costs, legal fees, and time lost. A slow-moving legal process, probate court cases...
Upon the arrival of a sweet little bundle of joy, a grandparent’s thoughts often turn to the financial stability of their loved one’s future. Helping provide for your grandchildren by leaving them the assets you’ve accumulated is a common practice. However, the best way to...
Discovering that you have been named in someone's will can be surprising. Whether you're a close family member or a distant relative, understanding your status as a beneficiary can help you prepare for the future. However, it's not always straightforward to determine whether you've been...
When a parent passes, sometimes we are shouldered with the heavy job of managing their after-death affairs. Unless this process is planned in advance and in detail with professional help, it quickly becomes a heartache. Some bereft children are left asking themselves questions like, “How did...
Are you curious about a charitable remainder trust (CRT) distribution or how it relates to estate planning? Learning more about estate planning vehicles like irrevocable trusts and charitable remainder trusts will help you select the right ones for your situation. We’ll cover those topics here and...
At Phelps LaClair, we like to stay healthy so we will be able to enjoy long lives with our families and friends. We also encourage our clients to engage in athletic activities that bring them joy, like indulging in hikes with special attractions like a...
Trusts offer numerous advantages compared to wills. They offer you more control over your assets and help your loved ones avoid probate. They even offer enhanced privacy protection. A will, on the other hand, puts your assets through the expensive and lengthy probate process. Since...