- Estate Planning Blog -

joint tenancy vs community property
Joint Tenancy vs Community Property with the Right of Survivorship in Arizona

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...

ira withdrawal rules -- woman and man in business meeting
What Happens If I Withdraw IRA Contributions Early?

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....

reasons to update your will
8 Reasons to Update Your Will

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....

estate planning after baby
Estate Planning Essentials When You Have a New Baby

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...

phoenix turkey trot 2021 - people running a race
Thanksgiving Morning Fun: Sign Up for a Local Turkey Trot!

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...

amending a revocable trust - married couple sitting on bench
Can I Amend a Revocable Living Trust?

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...

disclaim inheritance
When Should You Disclaim an Inheritance?

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...

transfer of family business
How to Transfer Your Family Business

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...

ira for kids -- African American father and teen leaning against a car
Setting Up a Roth IRA for My Child

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...

fall in phoenix -- pumpkin patch
5 Fun Ways to Celebrate Fall in Phoenix/Arizona

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...

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