Who needs asset protection planning? Is it necessary for everyone, or is it only important in certain situations? Asset protection planning is a key component of wealth management. The goal is to shield your wealth from being seized or used to satisfy a legal judgment. Not...
At Phelps LaClair, we love to spend time with our families out in nature. Getting outdoors and indulging in the scenery always puts us in a better mood. From hiking the gorgeous rocky landscapes or canoeing the rivers and lakes, to playing the golf courses...
A power of attorney (POA) is a legal document that lets you give someone you trust the authority to make decisions on your behalf. But how much authority does a power of attorney actually have? That depends on the type of POA, what’s written in...
If you choose, the same person you name as guardian for your minor children can serve a dual role as trustee. However, this decision takes some careful consideration. Having one individual serve both roles isn’t always the best idea. It can be complicated, impractical, and...
There are many ways you can use estate planning to protect your children, now and in the future. You can set up a trust fund to protect their inheritance, or name a guardian in your will. You can also use a parental power of attorney...
Most of us would agree that springtime in Tempe is an absolute delight! Spring brings the perfect blend of mild temperatures, clear skies, and vibrant outdoor events. We always enjoy the outdoors scene at Tempe Town Lake, taking scenic walks along the Salt River, and...
When someone dies, their mortgage debt becomes part of their estate. What happens next gets complicated…it’s going to depend on several different factors, like whether there’s a co-signer on the mortgage, and whether or not the deceased had a will. For example, if you are...
Writing a will is a step that every adult needs to take. However, if you want your will to work, you need to make sure that it's legally valid. Every state has its own laws regarding legal wills—for example, electronic wills are only allowed in...
When you’re entering the realm of estate planning, there can be a lot of information thrown at you. Unfamiliar terms can get confusing. Who does what can be easily misunderstood. We’re here to explain things clearly, to help you feel more confident when making choices...
For seniors like you with large financial portfolios, you’ll need to take a few steps to protect your hard-earned wealth. Careful estate planning will not only ensure the smooth transfer of your assets after you pass, it will also help your heirs avoid unnecessary costs...