What are the common questions you should ask when you’re preparing a will? Also, what are some of the common questions that I get asked when people are preparing their will? You want to know the answer to both of all of these. If you’re preparing your will, you want to ask questions like, how…
Details Is a trust better than a will in Arizona? It depends on what you want to set up your estate to do. Arizona has a very aggressive probate system. What I mean by that is the system itself – The courthouse, the court-acquainted attorneys, the Guardians Ad Litem, and all of the professionals that…
Details If you’re thinking about creating a trust, you might be wondering – how long can it last? How many years can a trust last in Arizona? This is something that goes way back in time, to the beginning of trusts when they were first invented in English common law. There were some sneaky guys…
DetailsHow does a living trust actually work in Arizona? Well, there’s kind of three big stages if you think about how it’s going to work. First stage is putting it all together. You’ve got to have it done. You’ve got to create the documents, get everything funded in there, and you’ve got to have that…
Details Does the money you get from a trust count as income to you? You know, mom and dad passed away, and you’re gonna be taxed on that. Think about this. You work at a job, and you get your paycheck, right? That’s taxable income under federal law and under state law, and you’re going…
Details What are the disadvantages of Medicaid in Arizona? Yes, there are some. You need to know what these are before you pull the trigger and do something that you’ll later regret. There are three big disadvantages that can be broken down. First, you have to qualify, and that might be tricky. It might take…
Details Do inheritance checks get reported to the IRS? Do these checks get reported? What are you going to do about that if they do it? Cash & Cash Equivalents There’s the publication or the form that transactions get reported with the IRS, which is form 8300. It says that, yes, transactions over $10,000 must…
Details Do you have to pay taxes when you’re receiving an inheritance? What if it’s 10 grand? What if it’s a hundred thousand dollars? What if it’s a million dollars? What if it’s 10 million dollars? Do you pay taxes on that when you’re receiving it as an inheritance? It breaks down into a few…
Details How much can you inherit in Arizona and pay zero, big fat zero in taxes? Would you like to know? It’s not a big secret. Arizona doesn’t impose estate taxes. They don’t have a tax on the estate, but the federal government does. It’s about $12 million, if you’re under $12 million, you won’t…
Details Is a will enough to avoid probate in Arizona? No. This is when I get asked all the time, and the answer is no. Do you need me to do a longer video than that? The answer is no; if you have a will, you must go to probate. Here’s what happens when somebody…
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