It is now time to take solid steps in establishing an estate plan. It’s also a wise to think about what might happen prior to your passing, should you become unable to manage your own affairs or would simply welcome some assistance from a trusted relative or friend. Create Your Will If you are without…
Death and taxes. Two things in life we find unavoidable. Although there are ways for decreasing your tax deduction, there are no ways from getting away from the tax man. To put it simple, everything we touch is taxed, from our incomes to the profits made on the sale from stocks and real estate, even…
You don’t have to be a Musk to require a trust. Trusts can be useful estate-planning tools for lots of individuals. But given the costs related to opening one, it’s most likely not worth it unless you have a certain amount of assets. Say you have a net worth of at a minimum of $120,000…
A last will and testament is initial documentation in your estate-plan and the ideal way to make your life after death desires known to friends and family members. Not having a legal will, a court and state laws establish your property allocation and minor children’s guardians—not you. Whereas you could complete a DIY will, you…
Different than money, personal possessions typically can’t be divided equally following their owner passing away. This is why distributing belongings such as furniture, jewelry, dishes, silverware, painting, photographs or clothes is usually the most complicated challenge in the settlement of an estate. It may help if the deceased individual had declared in their will or in…
Conventionally, the method of planning for the transferring of assets to your loved ones following your passing is called estate planning. As you draw clos this method, you may also hear other language: Legacy planning. Each of them is, in many ways similar, with many financial professionals using the term as a “re-branding” of the…
Estate planning is the methodical approach of getting your personal and financial matters if you become mentally debilitated or pass away. The primary legal document required to plan for your passing is a Last Will and Testament, in which comprises of a written arrangement of guidelines to your loved ones as how you wish your…
It is commonly understood that when couples get divorced, they are most likely changing their estate plan to reflect the divorce, in addition to accommodating new spouses or children. Regardless, in Arizona, spouses have the choice of a legal separation, in which retain some inheritance rights for the living spouse, in addition to any fiduciary…
A correctly written and well-maintained estate plan can be a hugely positive legacy. The benefits and services provided by Ogborne Law were designed to help you with avoiding these common estate planning mistakes. 1. Not Creating an Estate Plan One of the biggest mistakes in estate planning is not planning. The outcome is that if…
A trust is conventionally used for decreasing estate taxes and can provide other benefits as part of a well-devised estate plan. In a second (or third or ensuing) marriage, a spouse might feel divided between the needs of their present spouse and the needs of their children from a previous marriage. These children might be…
