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...
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...
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...
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...
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...
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...
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...
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...