Receiving an inheritance is something that most people would welcome. Tax consequences are probably not the first thing you would think about when you receive assets or money, but they play an important role in your life. Taxes may increase or reduce the value of your inheritance.
There are many estate planning tools at your disposal to ensure that your life and end-of-life experiences are handled as you wish and to ensure that your loved ones are provided for. One of these tools is the power of appointment.
What is the power of appointment?
The power of appointment in […]
Wills are very important tools in planning for the disposition of your assets at the end of your life. It is a great idea to be proactive and to have a will early on. However, times change and so do your assets and your feelings about certain people. If you ever need to revise your […]
Since wills are legal documents, they come with a set of rules to be considered valid. In order for a will to be considered valid in Arizona, it must be in writing, signed by the testator in the testator’s name or someone else in the testator’s conscious presence and by the testator’s direction, signed by […]
The property that you accumulate over your life is very important. If you have a will, then you have specified where you want your property to go at the time of your death. However, not all property can be passed to beneficiaries through a will.
What property does not pass by means of a will?
While most […]
It is not common, but it does happen: people die at the same time. This causes issues with inheritance since in some situations people in second or third generations die alongside each other, or sometimes spouses die at the same time. For example, assume a couple gets in a car crash. The husband dies instantly, […]
What is a pour-over will?
A pour over will is a mechanism in your will that allows all the property in your will to “pour over” into a trust that you created.1 The property is then distributed to your beneficiaries that you named in your will.2 The pour-over will is designed to ensure that […]