Estate planning is about protecting everything you’ve worked so hard to build. Whether you’re planning for your own retirement or helping an aging parent explore their options, don’t forget to include a plan for long-term care. Many people who make this mistake end up losing...
Creating an estate plan is one of the most crucial steps you can take to safeguard your family, assets, and wishes. However, even a well-structured estate plan can be contested in court if a disgruntled heir or beneficiary decides to challenge it. While no estate...
Running a successful business takes hard work and dedication, and preserving it for future generations takes some careful planning. Without a solid plan in place, your business could face legal battles, tax liabilities, or even dissolution after your passing or retirement. When you own a family...
Receiving a large inheritance can feel like both a blessing and a big responsibility. Whether it comes as a surprise or you’ve been expecting it for years, it’s not always clear what to do next. Before you start spending or making big decisions, take a deep...
Creating a trust is a powerful way to protect your assets, avoid probate, and ensure a smooth transfer of wealth. But once you’ve named your beneficiaries, you may be wondering—should tell them? It’s a personal decision, but it’s worth considering carefully. Here’s what to keep in...
When most people think of the assets that make up an estate, they imagine homes, bank accounts, or family heirlooms. But for Arizona entrepreneurs, creatives, and business owners, their intellectual property (IP) holdings may be the most valuable assets they own. Whether it’s a copyrighted book,...
Estate planning helps us prepare for the future. But let’s not forget to enjoy the present! The scorching summers in Phoenix offer the perfect excuse to visit one of our amazing local water parks. From natural water slides to lazy rivers, wave pools to surf...
Marriage changes a lot about your life, including what happens to your assets when you pass away. But if you already have a will, does getting married override it? And does your spouse automatically inherit everything? In Arizona, the answers depend on a few key factors:...
When you set up a living trust, you name a successor trustee to carry out your wishes and manage your assets. But what if that person can no longer fulfill their duties? Illness, injury, or cognitive decline could exclude them from acting as your successor...
As your circumstances change, so should your will. It's a good idea to review it periodically to make sure it's still legally valid, includes all of your assets, and reflects your current wishes. If you ever need to update your will, the attorneys at Phelps...