If you have a large estate with adjusted gross value coming to a minimum of $5.34 million starting 2014, a big chunk of it will be gobbled by the federal estate taxes. Although there is no state inheritance tax in Arizona, any trusts and estates exceeding state exemption will result in you paying income taxes. The list of other taxes …
The Importance of Estate Planning
Most people associate an estate planning with land. The truth is everything that you own can be termed as your “estate”. Your home, your car, your furniture, your bank accounts, any and all investments and your possessions, they’re all a part of your assets. Being valuable, and close to your heart, what happens to them later is something that you …
Settling an Estate: The Process
Settling an estate can turn out to be a tough process for anyone, especially the individuals most affected by the death. If you are aware of the state laws, and follow a few practical steps, then the process will flow much faster for you. The meaning of settling an estate whether it is located in Chandler, Gilbert, Mesa, Phoenix or any …
Talking with your Adult Children about Inheritance
Uninformed heirs often make poor financial decisions with the assets left to them, leading to unnecessary taxes, pointless attorney fees, overspending, family disputes and much, much more. Generational wealth planning can keep your hard earned money in your family where it belongs and keep your parental wishes intact. Recommendations to prepare your children for financial responsibility: 1. Establish a well …