When you finish creating an estate plan, you feel pride and satisfaction at completing a significant accomplishment. You also have the peace of mind that comes with knowing that your family is protected in the future. But there’s an important task remaining: You need to safeguard your estate plan documents and decide where to store them, to prote…
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Durable powers of attorney are some of most important legal documents everyone should have. Without them, you and your family could face significant problems relating to your financial matters, medical decisions, and personal care. Please read on to find out why powers of attorney are an essential part of your estate plan and what these documents a…
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If you use an electronic device like a phone, tablet, or computer, you probably own digital assets. Have you considered what happens to all that information if you become incapacitated, even temporarily, or after you pass away? The best way to protect your digital assets is to include them in your estate plan, after you have a detailed discussion w…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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