estate planning terms

Understanding Estate Planning Terminology

When you create an estate plan, you may encounter unfamiliar legal words and phrases that can make the process a little bewildering. While your lawyer will explain everything in detail, you can get a head start by understanding some basic estate planning terminology before you meet with your attorney. In this discussion, East Valley estate planning… Read More
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couple discussing how protect business assets

How to Protect the Business Assets of Your LLC

If you established your small business as a Limited Liability Company, you likely chose an LLC because of the benefits of the structure, including liability protection for your personal assets. After your business is up and running, it is important to protect the business assets of your LLC as well. At Peterson Law Offices, we provide business clie… Read More
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Categories: Business Planning
Arizona LLC ideas

Advantages of Starting Your Small Business as an LLC

When you establish a small business, one of your most important decisions is the legal structure of the business. In Arizona, you can choose among a number of legal entity options. For many new small business owners, an LLC or Limited Liability Company is an excellent choice. An LLC has advantages over other structure choices for a business, partic… Read More
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Categories: Business Planning
taxes owed on inheritance

Does Arizona Have Inheritance and Estate Taxes?

Questions about taxes on estates are common during the estate planning process and during probate administration of an estate. While the State of Arizona does not impose an inheritance tax or an estate tax, an Arizona estate and the beneficiaries or heirs of an estate may still owe taxes in some circumstances. The complexity of an estate, as well a… Read More
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probate law in arizona

Do You Need a Lawyer to Probate an Arizona Estate?

When a loved one passes away, you naturally go through a difficult period of grieving the loss of a family member. At the same time, you have to address the legal issues relating to the estate, which can be daunting. When you count on an experienced probate attorney to help you navigate the myriad of questions that arise after the death of a loved… Read More
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Categories: Arizona Probate
personal representative of an estate

As a Personal Representative of an AZ Estate, What Are My Responsibilities?

The personal representative of an Arizona estate is the individual with responsibility for probate administration of a deceased person’s estate. State law imposes substantial fiduciary duties on a personal representative. This article explains why understanding those duties is important, as well as what the responsibilities entail. Importance of… Read More
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living will

Should You Have a Living Will in Your Arizona Estate Plan?

The estate planning document commonly referred to as a living will can be the source of confusion. A living will is an entirely different and separate document from a last will and testament. The two documents accomplish very different goals. A significant difference is that including a living will in your Arizona estate plan is optional, while a l… Read More
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Categories: Estate Planning
power of attorney in arizona

Do You Need a Lawyer for an Arizona Power of Attorney?

In Arizona, a power of attorney must comply with provisions of state law to be valid. The statute includes requirements for the content and execution of a power of attorney, as well as provisions relating to the conduct of an agent designated in a power of attorney. While you technically don’t need a lawyer for an Arizona power of attorney, signi… Read More
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Categories: Estate Planning
What Does It Mean to Fund…

What Does It Mean to Fund a Trust?

If your estate plan includes a trust, establishing the trust requires more than executing the legal document that sets up the trust. Creating a trust involves a two-step process. The second step is to fund the trust by transferring property into it. Otherwise, the trust has no assets for the trustee to manage and distribute. The process of funding… Read More
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Categories: Estate Planning, Trusts
how a revocable living trust helps with the probate process

Benefits of a Revocable Living Trust as Part of an Estate Plan

A revocable living trust is a valuable estate planning tool that may help you achieve important personal and financial goals for yourself and your family. However, a living trust is not necessarily the best or right choice for all estate plans. Discussing your circumstances and goals with an experienced Arizona estate planning attorney is the only… Read More
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