Estate planning can be difficult with complicated legal documents, tax ramifications, and discouraging questions. Nevertheless, it is an important part of a versatile financial plan. Everything you own—your home, your investments, and your assets —is a part of your estate. Even though it may be awkward to consider, you should have a plan in place…
Asset protection is a collection of methods and planning strategies used to legally protect individual or business assets from legal judgments, taxes, seizures, lender claims or unwanted beneficiaries like ex-spouses. These protection methods can comprise of trusts, limited liability corporations (LLCs), general liability insurance and pre-nuptial agreements. Asset protection is particularly vital if you’re in…
Prior to 2018, the IRS did allow itemized deductions on eligible estate planning fees until the Tax Cuts and Jobs Act of 2017 (TCJA) changed that rule. This means that estate planning fees are no longer deductible from your taxable income. However, these changes will be up for renewal in 2025. Is Estate Planning Tax…
Each and every divorce case is unique, which means there is no way to predict exactly what will happen once a divorce decree is signed by the judge. However, we can explore a few common scenarios below! What Is A Divorce Decree? Think of a marital settlement agreement as simply the preliminary process of the…
If you’ve decided you want to get divorced, you probably want to make the process as streamlined as possible. There is a lot of documentation to review and sign to finalize your divorce. Two documents, divorce decrees and divorce certificates, are vital to understand. What is a divorce decree? A divorce decree is a court…
Determining an average alimony payment in Arizona is challenging due to the individualized nature of each case. Alimony, or spousal maintenance, is calculated based on various factors, including the length of the marriage, the income and earning capacity of both spouses, and the standard of living established during the marriag In 2023, Arizona adopted spousal…
The short answer is Yes, it is possible to get divorced without splitting assets. This could occur through a prenup, a mutual agreement, or your particular state laws. Nevertheless, in community property states, like California, any income, real estate, or other property attained by either spouse throughout the marriage belongs to both of them, and…
Preparation and communication can help guarantee that assets go where you want them to go, should there be a divorce. Anybody who makes a commitment to get married is probably not thinking about the relationship ending. Likewise, a lot of parents and grandparents do not consider the possibility of an heir’s marriage ending in their…
One thing you never want to do is hide assets during a divorce process. A legal requirement for divorcing couples is disclosing each and every asset they have, including income, expenses, and debts, if applicable. People may hide assets during this process for a variety of reasons, with money being the main culprit. So, what…
A married couple’s house is often one of their biggest assets. If the home was purchased during the marriage, it will be considered a marital asset that must be divided in the event of a divorce. This will be the case regardless if one or both spouse’s names are featured on the deed. Let’s take…
