Whether you’re considering starting a business or are already in the process of starting one, you’ll need to plan how you will protect your personal assets. Without the right protection, your personal assets could be taken in a lawsuit against your business. At Phelps LaClair,...
Trusts can be used to your advantage for personal and business reasons to accomplish your goals of reducing or eliminating your estate taxes. Other benefits of trusts include: asset protection, probate avoidance, and safeguarding from creditors or lawsuits. Many types of trusts exist, and they each...
Yes, a trust can own an LLC. In fact, placing your LLC in a trust is often a smart move. When you put your LLC in a trust, you can combine the protections that both entities offer. For example, an LLC will keep your personal assets...
Like any other type of family business, your farm or ranch is your legacy. It represents decades of hard work, and often the work of several generations. But all of that dedication and family history could be lost if you don’t have an estate plan. A...
Estate planning is a very important part of retirement planning. Although technically you can make an estate plan after you retire, it's not wise to put it off. We know it can be difficult to tackle some estate planning topics, like writing your will or...
If you’re a business owner and you’ve created something successful from the ground up, it’s a great point of pride. You want to make sure it’s well cared for and remains in the best hands if you’re unable to run it someday. Many people pass on...
When it’s time to retire and you’re a business owner, leaving isn’t as simple as just picking a day on the calendar. It requires thought, communication, and legal action. If you intend to pass your business on to your children, grandchildren, or other family members,...
Forming an LLC is a good way to protect your business assets in the event of a lawsuit or bankruptcy. However, if you’re considering creating an LLC, you may be wondering what happens to your ownership interest after you pass away. At Phelps LaClair, we’re...
If you own rental properties in Arizona, you may be wondering whether an LLC is something you really need. While LLCs aren’t mandatory for rental properties, they’re certainly a good idea. A Limited Liability Company (LLC) protects assets like real estate by making them into separate...
As a business owner, your company is an important part of your legacy. You've devoted your life to establishing and maintaining a solid, sustainable business. Naturally, you want your business to remain in good hands. At Phelps LaClair, serving the Phoenix Valley, we care as...