Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones.Many Reasons to Plan … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.What is a GST Trust? … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
What is the Cost of Dying?
You’ve worked hard your whole life and are enjoying your retirement. Your financial planner and Tucson estate planning attorney have worked together to ensure you have living expenses covered by pensions and retirement investments, and when the time comes, you’re able to afford the cost of dying to pay medical and funeral expenses. Cost of Dying and Cost of Living Not surprising, the cost of dying in each state is in direct correlation to the cost of living. For example, Mississippi is the … [Read more...]
Disaster Preparedness: What would you take?
This summer brought a number of disasters from the Burro Fire in the Santa Catalina Mountains east of Tucson to the Tonto National Forest wildfires, and most recently the devastating hurricanes in Texas, Florida, and Puerto Rico and earthquakes in Mexico. It’s made us take a step back and ask ourselves, “What would you take with you in case of disaster?” Many times evacuations take place in what feels like a moment’s notice - days, hours, or even minutes depending on how a fire or storm moves … [Read more...]
We Thought You Need to Know: IRS No Longer Accepts Checks over $100 Million
I just received an email letting me know that the IRS will no longer accept checks for more than $100 million beginning in 2017. While I doubt this will affect many Americans (the IRS received only 14 checks of this size in 2015), this was just one of the many updates the attorneys at Kinghorn Heritage Law Group, PLC receive on a weekly basis.As members of the American Academy of Estate Planning Attorneys and the National Academy of Elder Law Attorneys, we receive updates every time a law … [Read more...]
Should I hold my property as joint tenants with my children?
Often, parents think the easiest way to pass assets to their children is to simply add the children onto their deed or bank account. “I know this avoids probate because it’s how my parents did their estate plan.” No one wants to go through the public probate process, but not all methods are best for transferring ownership.So why don’t we recommend joint tenancy with children for estate planning purposes?The transfer could trigger gift tax that would otherwise be avoided with an … [Read more...]
Saying Goodbye To A Legend
Growing up in a basketball family, I often watched Coach Pat Summit on TV coaching her Tennessee Lady Volunteers to victory. I remember her intimidating glare and strength as she faced adversity. Who would have thought that one of our country’s greatest coaches, a lady with such high-energy and a sharp mind, would be diagnosed with early onset dementia—Alzheimer’s Disease—at the age of 59? She resigned from coaching the following year despite her desire to continue coaching her players.Coach … [Read more...]
Happy Birthday to Medicare
As Medicare celebrates its 50th birthday on July 1st, there are a few important milestones to recognize. First and foremost, is that for the past 50 years, Medicare has been an important resource for those over age 65 and the disabled. Medicare now provides health insurance for nearly 55 million people, making coverage available to virtually all people over age 65. Prior to Medicare, only 65 of people in this group had health insurance. Here are a few Medicaid fun facts:President Lyndon B. … [Read more...]
To Trust or not to Trust?
If you know me, you understand the passion I have for what I do. It is not uncommon for me to ask my friends about their estate plan and how it is working for them. My friends usually tell me they don’t have an estate plan, or ask me what plan I have in place. When I tell them about my revocable living trust, I usually receive blank stares followed by “Do I need one of those?”, “What the heck is a trust?”, “Do I have enough to have a trust?” or “When should I put a trust into place?”Before … [Read more...]
