What Should I Expect From the Executor of My Estate?
An executor (also referred to as a personal representative) is the person that is responsible for managing the affairs of a deceased person’s probate estate. In a will, you choose the person that you want to act as your executor. This role comes with significant responsibility, so it is critical to choose someone trustworthy and […]
Key Differences Between a Will and a Trust
Key Differences Between a Will and a Trust A will or trust serves as the foundation of all Phoenix estate plans. They both help you transfer your assets to your beneficiaries, but there are significant differences between the two estate planning tools. The role each vehicle plays in your estate plan will depend on your […]
Benefits of a Small Business Buy-Sell Agreement
Benefits of a Small Business Buy-Sell Agreement A buy-sell agreement, also known as a buyout agreement, is a legal contract between business owners that governs what happens if a partner dies, retires, or otherwise leaves the business. A buy-sell agreement benefits the business owners, their families, and the business itself. It is one of the […]
Probate in Arizona- What to Know
What is Probate? Probate is the legal process of administering a person’s estate after their death. During the court-supervised probate process, the court validates the will, and the deceased’s property is transferred to the heirs. The primary purpose of probate is to prevent fraud after someone’s death. When is Probate Required in Arizona? Probate […]
Reasons for a Sub-Trust
A sub-trust is a trust within a trust. Typically, sub-trusts come into being upon the happening of an event. Usually, one single trust exists during the lifetime of both spouses, and various sub-trusts come into existence after the death of one spouse. There are a variety of sub-trusts, and the rules around them are complicated. […]
Estate Planning for LGBT Couples
Estate planning is vital for all individuals, but especially gay couples who face unique estate planning concerns. It is important for LGBT couples to work with a Phoenix attorney knowledgeable about the potential pitfalls that couples can run into while estate planning. Below are four steps that gay couples should consider taking when creating an […]
Top Reasons for Succession Planning for Your Business
Succession planning is an often-overlooked part of running a small business in Phoenix. Business owners are usually heavily focused on the day-to-day operations of their company and put off planning for a future where they will no longer be in charge. However, there are numerous benefits of having an effective succession plan in place. Below […]
Arizona PPP Loan Forgiveness Details For Phoenix
The Paycheck Protection Program (PPP) was lifesaving for many Arizona businesses struggling to survive the COVID pandemic. Although called a loan, if recipients follow the correct requirements, one hundred percent of the PPP funds can be forgiven, essentially turning the loan into a business grant. The government does not automatically forgive PPP loans in Arizona. […]
“Funding Your Trust” in Phoenix Estate Planning?
If you are in the process of creating a Phoenix estate plan, you have probably heard the term “funding your trust.” You may be confused about what this phrase means, but it is important not to ignore it. Funding your trust is a crucial step in the estate planning process. Not funding your trust correctly […]