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...] about What is a GST Trust?
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...] about ABLE Accounts
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...] about What is the Cost of Dying?
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...] about Disaster Preparedness: What would you take?
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 Law 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 affecting our clients … [Read more...] about We Thought You Need to Know: IRS No Longer Accepts Checks over $100 Million
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...] about Should I hold my property as joint tenants with my children?
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 … [Read more...] about Saying Goodbye To A Legend
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...] about Happy Birthday to Medicare
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...] about To Trust or not to Trust?
Do you struggle to keep up with the latest technology? Just when you started to understand the internet, social media, smartphones and smart-whatever showed up. Are you ready for AI—artificial intelligence—or VR—virtual reality—the next big technology that is just around the corner? And what comes after that? If you thought you could get away from all of this by dying, think again! Whether you are a technophobe or embrace the most current technology, when you pass away, someone still has to … [Read more...] about What Is Arizona’s New Digital Assets Law?