irrevocable trust Tag Archives

Advantages & Disadvantages of an Irrevocable Trust - lock and key on a bed of chains

25 Jun Advantages & Disadvantages of an Irrevocable Trust

Posted at 11:03h in Living Trusts by Phelps LaClair Law

When you’re looking to protect your assets for future generations, calling on the expertise of an estate planning lawyer is a smart idea. At Phelps LaClair Firm we’ve been helping families in the Phoenix Valley choose the right estate planning vehicle for their needs for...

30 Nov Spousal Lifetime Access Trust

Posted at 17:57h in Asset Protection, Estate Planning, Irrevocable Trusts by Phelps LaClair Law

Phelps LaClair is an estate planning law firm serving Chandler, Mesa, Phoenix and Scottsdale. We help our clients to protect the wealth they have labored to build, and to pass it on to succeeding generations. With another presidential election on the horizon for 2020, many...

what are the duties and responsibilities of a trustee

18 Jan What Are the Responsibilities of a Trustee?

Posted at 09:53h in Estate Planning, Living Trusts by Phelps LaClair Law

Wondering what you will have to do if someone names you as trustee or what you’re really asking of the person you want to name as trustee? Understanding what the duties and responsibilities of a trustee entail can help make accepting or assigning the role...

17 Dec Can You Inherit Debt from Your Parents?

Posted at 12:33h in Asset Protection, Family Fun, Holiday Fun by Phelps LaClair Law

If your parents have a substantial amount of debt, you have a very good cause for concern. You may be wondering what happens to their debts after they die, or worried that you might be held responsible for paying them. Fortunately, you can not inherit...

If you’re a single parent, creating an estate plan is more important than ever. Here are three steps you can take to secure your child’s future.

14 Dec Three Crucial Estate Planning Moves for Single Parents

Posted at 08:15h in Uncategorized by Phelps LaClair Law

Being a single parent is quite common in the United States—in fact, the Census Bureau estimates that 23% of U.S. children live in single parent homes. Some people begin the parenthood journey all on their own, while others might have lost a partner to death...

when does a revocable trust become irrevocable - man thinking and looking at computer

22 Feb When Does a Revocable Trust Become Irrevocable?

Posted at 17:07h in Irrevocable Trusts, Living Trusts by Phelps LaClair Law

Revocable trusts offer many benefits, including protecting your assets and keeping them out of probate. They also allow you to control and access the assets in the trust as well as make other changes at any point during your lifetime. If you've already set up...

young boy showing grandma something on phone

22 May What Is a Generation-Skipping Trust?

Posted at 20:13h in Asset Protection, Estate Planning by Phelps LaClair Law

If you have grandchildren, you can use a generation-skipping trust to pass some of your assets directly to them. This way, you can leave an inheritance for your grandchildren without burdening their parents’ estates. And not only do generation-skipping trusts avoid probate, they also keep...

can a trust replace a will, does a trust override a will

23 Jun Do I need a trust and will: does a trust override a will?

Posted at 10:44h in Irrevocable Trusts by Phelps LaClair Law

Many people ask us here at Phelps LaClair about the difference between wills and trusts. To most, the revocable living trust looks a lot like a will. They wonder if a trust can replace a will, and whether they need to create a will if...

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