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Phoenix office: 1850 N. Central Ave., Suite 2400, Phoenix, Arizona 85004 | Sun City office: 13250 N. Del Webb Blvd. Suite B Sun City, AZ 85351

Sharon Ravenscroft Estate Planning Blog

Welcome to my blog covering all things estate planning, family estate planning. business planning, wills, trusts & probate.

New statutory changes have made doing business as an LLCs easier.

The statutes that govern a limited liability company ("LLC") have been updated in total. Chapter 7 of Title 10 now replaces the prior statut...
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Estate Tax Exclusion changes.

The estate tax exclusion has doubled with the new federal tax law which was passed this December 2017.A single person can now pass $11.2 million estat...
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Increase in the Estate Tax Exclusion- No change in the Present Gift Exclusion

The amount that can now be passed estate tax free is $5.45 million. With proper provisions in a trust or Will, a married couple can pass twice that amount or $10.9 million estate tax free when the couple both have died. There has not been any change to the annual present gift exemption which allows $15,000 to be given per recipient each year
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Discount on Estate Planning Updates in 2015

Have you been putting off updating your estate planning documents? From now until the end of 2015, any existing clients who sets an appointment to update their estate planning documents this year will receive a 15% discount on the attorney's fees. Are you a new client? Then you will receive at least 10% off the attorney's fees on the whole plan
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Caution when amending Estate Planning Documents

Each estate planning document has statutory requirements as to whether one or two witnesses are needed or if a notarized signature is required. These requirements create authenticity and a comfort level so that they can be enforced and followed by courts, financial institutions and health care providers. If someone marks out provisions or writes
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Estate Tax Exclusion Increased in 2015

New to 2015 is that one person can pass an aggregate of $5.43 million estate tax free (last year it was $5.34 million). If you are a couple and have a trust that must split upon the death of one of you, your trust likely should be updated for an optional split. If your estate exceeds what you can pass estate tax free, an irrevocable life insurance
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Get more than just paper when your estate plan is done.

Estate planning needs to be more than just a stack of paper. Legal services should be that-- service, including information, advice and a somewhere to call when you have questions how to use your documents. So I provide legal services, and most follow calls are answered without charge, unless new research or documents are needed.
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LLC interests can be held as joint tenants with right of survivorship

If you have an LLC but do not have a trust a new law, A.R.S. 29-732.01, allows LLC interests to be held as joint tenants with right of survivorship or community property with right of survivorship. The Operating Agreement must provide for the right of survivorship. This new law avoids probate if you own interest in an LLC but do not have a trust
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If you have an LLC you need a trust.

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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American Taxpayer Relief Act- Where Things Stand

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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