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Arizona Affidavit Process for Small Estates May Avoid Probate

Arizona statutes provide for a simplified affidavit process for small estates with real property or personal property valued below specific amounts. An heir or devisee of property may be able to use the affidavit procedure to claim estate assets without going through the probate process. However, the affidavit process has specific requirements and… Read More
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Inherited IRA written on a piggy bank.

Do Inherited IRAs Lose Asset Protection in Arizona?

If your assets include an IRA, how is it treated in your estate plan? Taking the approach of simply providing for one or more beneficiaries on the account is a significant mistake — it leaves the assets in the account exposed to substantial risks following inheritance. The only way to address those risks is to discuss your IRA account with an exp… Read More
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Categories: Estate Planning
Man is writing succession planning in the book.

How Can You Determine Who Inherits the Family Business?

If you own a family business, one of your primary long-term concerns should be how to pass the business along to your family when you’re no longer part of it. A frequent hurdle to planning the future is deciding who should inherit the family business and how your family will run the business without you. When you put a business succession plan in… Read More
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Estate plan file

4 Arizona Estate Planning Considerations For Non-U.S. Citizens

Many people with legal residence outside the United States own real estate and other assets in Arizona and spend part of the year here. Regardless of whether the Arizona connection is for residential or business reasons, all non-U.S. citizens need to be attentive to estate planning issues that arise from property ownership in the state. At Peterson… Read More
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Is Probate Required For E…

Is Probate Required For Every Arizona Estate?

In our probate and estate planning practice at Peterson Law Offices, PLLC, clients often ask whether every Arizona estate must go through probate. The simple answer is “no,” every estate does not go through probate. But Arizona law requires many estates to go through a probate process. And — to make an important distinction — every estate d… Read More
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Do-It-Yourself Wills & Es…

Do-It-Yourself Wills & Estate Plans Are a Serious Mistake — Especially During Coronavirus (Covid-19) Uncertainties

Your will and other estate plan documents protect you and your family during your life and after you pass away. Your estate plan provides peace-of-mind about the legal protection you have put in place. However, using forms or an online do-it-yourself (DIY) service can defeat those important goals and have significant negative consequences for you a… Read More
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New SECURE Act 10-Year Di…

New SECURE Act 10-Year Distribution Rule for Inherited IRAs and 401(k)s May Affect Your Estate Plan

If you own an IRA or 401(k) that will be inherited on your death, the rules that apply to inheritance of those assets just changed significantly. The change accelerates required distributions for many beneficiaries. The new rule is part of the federal SECURE (Setting Every Community Up for Retirement Enhancement) Act, enacted at the end of 2019. Th… Read More
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Categories: Estate Planning
Arizona Beneficiary Deeds…

Arizona Beneficiary Deeds for Non-U.S. Citizen Real Estate Owners

Buyers from all over the world purchase real estate in Arizona, largely because of our hospitable climate. Non-U.S. Citizens who purchase real estate in Arizona know they must be cognizant of all the legal implications of owning real estate here. One aspect that sometimes escapes attention relates to what happens to the property when the owner pass… Read More
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Estate Planning For a Ble…

Estate Planning For a Blended Family After a Remarriage

Estate planning is important for everyone, but it is especially vital for individuals who have a blended family following a remarriage. The estate planning goal of ensuring that natural children (and grandchildren) receive their inheritance becomes more challenging in a blended family situation. Other special estate planning concerns warrant consid… Read More
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Estate Planning Options F…

Estate Planning Options For Singles Without Heirs

If you are unmarried and do not have children or living relatives, you might think that estate planning is not important or deserving of your attention. However, it is an undertaking that is essential to protect you during your life and ensure that your property does not end up in the hands of the state. Singles sometimes feel there aren’t good o… Read More
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