03 Jun What Is the Future of the Estate Tax Exemption?

Posted at 16:29h in Taxes by Phelps LaClair Law

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...

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31 Oct Tax Strategies Post-Election

Posted at 09:50h in Estate Planning, Taxes by Phelps LaClair Law

No matter who is elected (or re-elected) on November 3, estate planning tax strategies post-election will need to be reassessed. Phelps LaClair is a second generation estate planning law firm serving Chandler, Mesa, Phoenix and Scottsdale. Helping our clients to navigate changing tax laws is...

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24 Jun Building Generational Wealth: 5 Secrets of Wealthy Families

Posted at 10:44h in Estate Planning, Living Trusts, Taxes by Phelps LaClair Law

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...

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19 Aug What Is a Donor-Advised Fund?

Posted at 12:51h in Giving Back, Taxes by Phelps LaClair Law

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...

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29 Jun What Is an Inheritance Tax Scam?

Posted at 09:23h in Taxes by Phelps LaClair Law

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...

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25 Mar Why It’s Important to Talk to Your Parents About Estate Planning

Posted at 10:11h in End of Life, Estate Planning, Power of Attorney, Taxes by Phelps LaClair Law

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...

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12 Jan Do I Need a Trust to Avoid Probate?

Posted at 09:09h in Estate Planning, Living Trusts, Probate, Taxes, Wills by Phelps LaClair Law

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...

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12 Jun How to Avoid the Generation Skipping Transfer Tax

Posted at 08:30h in Taxes by Phelps LaClair Law

    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...

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08 Jun What’s the Difference Between an Estate Tax and an Inheritance Tax?

Posted at 17:31h in Estate Planning, Taxes by Phelps LaClair Law

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...

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18 May Understanding Arizona’s Inheritance Laws

Posted at 12:44h in Estate Planning, Taxes by Phelps LaClair Law

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...

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