The Arizona legislature has passed a law effective on September 12, 2013, which increases the amount of assets which would require a probate. You can avoid probate only if the assets you hold in your name do not exceed $100,000 of real property or $75,000 in personal property (cash, accounts and tangible personal property). This is increased by
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The IRS has ruled that same-sex couples legally married in a jurisdiction that recognizes same-sex marriages, will be treated as married for federal tax purposes. The ruling applies even if a same-sex couple moves to a jurisdiction that does not recognize same-sex marriages. Therefore, the IRS in a revenue ruling, 2013-17, have adopted a “state of
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If you are a Member in an LLC, or own stock in a corporation, you need to be sure your ownership interest is titled in the name of your trust. There is no "pay on death" designation effective for Member's interest or ownership in your business so, even if the owner is your spouse, you will still need to have a probate on your death, unless
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I am sorry for any inconvenience but Cavanagh Law Firm is switching servers and it is taking longer than we thought. So we are hoping to be back up some time this after noon June 17, 2013. Please call at 623-815-7451, or contact me through facebook.
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Your accounts, whether in a bank or investment institution, and your real property all have legal title requirements. Financial institutions and title companies will not release assets unless the legal requirements are satisfied. If you die with assets in your name, and if those assets total more than $50,000, then a probate court filing will be
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Ever been ill? Who has legal rights to mske sure your doctors or health care providers take good care of you? Hsve a healthcare power of attorney and thete will be certainty that the right person has the tights to help you.
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Who should be you Personal Representstive? I suggest the question be changed to: who do you trust to handle your finances if you sick? That person is the same person you can trus
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I can appreciate the desire to have simple documents and a "simple will." Yet, we live in a complicated world, where we have bank accounts, investment accounts, IRAs, doctors, hospitals and then-- if we do not have the right estate planning documentation, we have courts. Therefore, a simple Will does not always meet our objectives. We still need
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Normally, when a client has a trust, I like to have the first beneficiary be the trust and the contingent beneficiaries be the humans. Then, if one of the humans beneficiaries predecease the participant, then the trust will distribute that deceased child’s share per terms of trust and if that includes a minor beneficiary, we can avoid court
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Whether living in the metro Phoenix area or the Sun City Peoria area, most of my clients are interested in the following highlights: All the individual "Bush era" tax rates are retained with the addition of a new top rate of 39.6% imposed on income over $450,000 for married taxpayers filing jointly or $400,000 for single taxpayers. The capital
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