Some assets work well in a trust, but others don’t. We’re going to help you outline what doesn’t belong in a trust and give you a quick breakdown on how revocable living trusts work. After getting your feet wet here, you can dive even further...
Prince is back in the news again. Early this month, the IRS announced that Prince’s estate was undervalued by $80 million. As you may recall, the probate battle over Prince’s estate has been dragging on since 2016. Every day that passes costs the estate money...
At Phelps LaClair, we are estate planners with more than 40 years of experience in creating exceptional estate plans. We have served thousands of satisfied clients in the Phoenix Valley to enable them to protect their assets and successfully pass on their wealth when they...
Developing a family cabin succession plan requires long-range planning that involves the whole family. This may seem obvious, but cabin owners should confirm that each child or other prospective new owner has an interest in becoming a cabin owner. After it’s determined that there is cooperation...
Last Will and Testament—This is what many people think estate planning is. The truth is that while a will is part of it, an estate plan is so much more. At Phelps LaClair, we believe that everyone needs an estate plan, no matter how much...
Phelps LaClair is one of the premiere estate planning law firms in the Phoenix area. We design and create an estate plan that is unique for each client. We often get asked, “What is a revocable living trust, and why do I need one?” Most...
There is a famous saying: “It’s not so much what you earn that’s important, it’s what you can keep.” Everyone is on the lookout for ways to reduce their tax burden. Phelps LaClair is a 2nd-generation estate planning law firm serving Chandler, Mesa, Phoenix and...
“Till death do us part” is often quoted in marriage vows. And for good reason. Very few marriages start out with the intention of ending in divorce. However, divorce is a reality that affects about half of all marriages. Phelps LaClair estate planning law firm...
You’ve begun to set in place a Living Trust that will protect your assets and keep your estate from going through the expense and delay of probate. But there’s one area of your planning that has been causing you a bit of difficulty: you’re struggling...
Which are the best vehicles for estate planning: living trusts or limited liability corporations? Phelps LaClair has prepared thousands of estate plans for our clients in the Phoenix Valley. We can say with certainty that there is no “one size fits all” estate plan. Some...