Building generational wealth starts with you. Making smart financial decisions and setting up a sound estate plan will help you set future generations up for success. But you also need to instill strong financial and family values if you want your legacy to continue to...
There are many ways to leave money to a charity in your estate plan. For example, you can make charitable donations in your will or name a nonprofit as the beneficiary of your 401K. You could also set up a charitable trust or contribute to...
Identifying estate planning scams isn't always easy. The people behind the scams are often sophisticated and practiced in the art of deceit. At Phelps LaClair, we want to arm you against attacks like inheritance tax scams by educating you about them and giving you the...
Starting conversations about things like inheritance and end-of-life decisions can be very difficult. However, it’s important to discuss these topics with your parents sooner rather than later. The decisions they make now will significantly impact your life in the future. By making sure they have...
Probate is a long and costly process that places an unnecessary burden on your loved ones. If you want to avoid probate in Arizona, you’ll need more than just a will in your estate plan. Wills are always subject to probate, and that is why...
If you understand and work with tax laws, your estate plan will be all the stronger for it. Knowing when certain taxes will apply, especially those that occur after your passing, is very important. Planning ahead is the only way to avoid incurring extraneous taxes...
Although Arizona doesn’t have an estate tax, the federal government does. Arizona doesn’t impose an inheritance tax either, but you could still have to pay taxes on inheritance that comes from another state. At Phelps LaClair, we understand that estate and inheritance tax laws and...
If you or a loved one dies without a will, the Arizona inheritance laws can complicate the process of distributing your assets. At Phelps LaClair, we can help you leave an inheritance without burdening your loved ones. We can also help incorporate any inheritance you...
The future of the estate tax exemption is not yet concrete. However, we’re getting closer to understanding how wealthy estates may be affected if the bill known as The 99.5 Percent Act becomes law. Currently, the federal estate tax exemption is $11.7 million for an individual...
Some aspects of estate planning can be extremely complicated and lead to headaches—especially tax issues. Whether you’re the estate planner, the grantor, or a beneficiary, the experts at Phelps LaClair can answer all of your questions. You could be in the beginning phases of estate planning...