Business Transfers Within The Family Maybe you’ve considered the question of whether to retire or whether to keep running your business. And you’ve decided it’s time to trade in your ergonomic executive chair for a cushy deck chair. But then more questions arise: What will happen to your business? Who will take over? And can…
Managing the probate process for an estate can be complicated, and even more so when the decedent lives in one state and owns property in another. If a member of your family dies while owning property in multiple states, an Arizona ancillary probate may be necessary. Arizona Probate & Ancillary Probate Explained Many people use…
Most people enjoy giving presents and watching people open them. Gifting is also an important tool used while preparing an estate plan, but some gifts may be taxable by the Internal Revenue Service. Federal Gift Tax Explained In 2017, individuals can give up to $14,000 per person to as many people as they want. Spouses…
Benjamin Franklin said, “In this world nothing be said to be certain, except death and taxes.” Most of us pay taxes like income tax, sales tax, and capital gains tax. When it comes to estate planning, both death and taxes come into play. Fortunately, we can use strategies for reducing taxes that we owe. Income…
Swedish tennis legend Bjorn Borg retired in 1983 – at age 26. Jack Borden, an attorney from Weatherford, Texas, was still practicing law when he died at age 102. Some people retire because they’ve reached the top of their career and want to move on to something new. Others keep working from necessity or just…
Some people put off estate planning because they don’t want to think about death or feel they don’t have enough property to bother with. Others pay the lowest fee possible, either by hiring an inexperienced attorney or buying forms from an estate planning website. While it may seem like winning to save a little money…
Every person leaves a legacy, a way for their families and friends to remember them. Legacies can consist of favorite memories, belief systems, and tangible assets like homes or financial accounts. No one can take away the memories you leave, but how can you go about protecting your tangible assets for the next generation? Why…
Entrepreneurs build businesses for various reasons. Sometimes it’s for the thrill of winning or facing the risk of losing. Or maybe an individual has a special talent that can be built into a profitable venture. At some point, however, business owners may find themselves in a position where they want – or need – to…
After Someone Dies Their Estate Lives On – At Least Until The Probate Process Has Been Completed We’ve all heard about cases that drag on for years while heirs fight about who gets what, all the while depleting the funds they hoped to inherit. Or about people who find out their loved one’s estate was…
We’ve come to rely on electronics and the Internet for many things we used to do on paper. Nowadays, we use e-readers instead of paper books, smartphone apps instead of maps, and Internet sites instead of newspapers. One of the most important documents you will ever sign exists only in paper form – your Last…