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…
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…
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…
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…
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…
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…
What has to be done before you file for probate? There’s a lot of things I’m gonna focus on, the kind of probate that happens after somebody passes away when you lose someone. First and foremost, deal with the ceremony and deal with the funeral. Whatever you’re gonna do, the cremation deals with that…
What’s the average cost of probate in Arizona? There’s two kinds of probates you need to know about. There are two, and there’s lots of different big kinds. The first one is one we all know about what happens after we pass away. It’s not all protected from probate. The average cost there is…
Can I clear out the house before I start probate? If you just had somebody pass away, they left the house with all their stuff in there. Can you start clearing it out before the actual probate? It’s a little bit of a risk. You need to know it’s a little bit of a…
Going into court, you got to know what Rule 16 is of Arizona rules of the probate procedure. What is Rule 16? Rule 16 is what gets a lot of lawyers thrown out on their faces at the very first time they talk to a probate judge. Admittedly, we get caught once every few…