While a last will and testament is an incredibly important starting point, a last will and testament only *controls* the probate process. It does not *eliminate* the probate process. Probate, in a nutshell, is a legal process, open to the
As we celebrate National Make a Will Month this August, it is crucial to reflect on the importance of estate planning and the peace of mind it brings. Many people tend to delay the process of creating a will, assuming
| | Estate Planning
Estate planning is a crucial aspect of financial and personal affairs that everyone should prioritize. By creating key estate planning documents, individuals can ensure that personal wishes are carried out, assets are protected, and loved ones are provided for in
| | Estate Planning, Probate
Probating an estate or trust is a bit like fixing up a car engine. You need to follow each step carefully to make sure everything runs smoothly. If you’re acting as a personal representative or trustee, here are seven must-do
| | Estate Planning
Previously, in Part 1, I explained how a competent estate plan can be an act of love to those surrounding you by giving them authority to act on your behalf during your lifetime, if necessary, and providing them directions on
| | Estate Planning
Is an Estate Plan Necessary? Part 1. Short answer? No, estate planning is not necessary in the strictest sense of the word. The correct answer? Yes! It is absolutely necessary. Many people refuse to think about what could happen if
| | Estate Planning
The IRS has raised the annual gift exclusion to $16,000 for 2022.1 What does that mean? An individual may gift to any other individual $16,000 in 2022 without reporting the gift. The recipient of the gift also does not need
| | Estate Planning
Hollywood magic has created the expectation that once someone passes away, the family will gather at the deceased’s attorney’s office and sit expectantly to hear the reading of the Will. Formal readings of a Will are just that, Hollywood Magic,
| | Estate Planning
Many families call in asking a key question, “Is there a registry in Arizona? I can’t find my deceased loved one’s Will.” The answer may surprise you… Arizona does not have a registry or database of Wills. The Will is
| | Estate Planning
A little mentioned curve-ball in the September House Ways and Means Committee proposed tax package which would raise top tax rates on ordinary income to nearly 40 percent (and capital gains to 25 percent), is that there are also considerable
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