Posts tagged ‘estate planning’

October 21, 2013

Necessary Estate Planning for Parents with Minor Children

Are you a new parent or parents without an estate plan?  This applies to you!

From that special moment you find out you are going to be a parent, there are decisions you have to make to prepare for the arrival of your child. It’s understandable that, in the midst of all of those choices, the last thing that may enter your mind is estate planning.

You may think of estate planning documents as being just for the elderly, but that is not the case. If you are a new parent, or parents without an estate plan, you should consider getting documents prepared that will establish your estate plan. Unfortunate circumstances happen every day; therefore, making sure your wishes are in place for your children is essential. Too often people put off getting estate planning documents because they think they don’t need them, and that it can wait. Young parents often think they won’t be able to afford setting up an estate plan, or they simply don’t want to think about the prospect of dying. Though these are common thoughts, no matter your age, or the value of your assets, making sure your children and family are taken care of, should something happen to you, is a priority. As a parent, tackling your estate planning early on will give you a sense of relief knowing that you have done everything possible to ensure that your family is going to be provided for should you become incapacitated.

read more »

January 24, 2013

Tools Available to Plan Your Estate

For anyone considering estate planning, we offer several documents to accomplish common goals of the estate. The information below provides explanations of each of our estate planning documents. For a free consultation about these documents and other common estate planning tools, contact us at (623)551-9366.

WILL: AKA “Last Will and Testament.” The will or simple will is the document that allows a person (referred to as the testator/trix) to choose where his or her assets go upon your death. The will allows parents of minor children to appoint a guardian and trustee for those children if he or she in

read more »

November 9, 2012

Now Offering the Mental Healthcare Power of Attorney

In this day and age, our bodies are at times outliving our minds. All too often we hear of clients who have loved ones suffering from dementia, Alzheimer’s disease, and a host of other mental illnesses that occur late in life. When loved ones suffer from these problems, it is hard for family members to look on as their loved ones turn down necessary medications or avoid the help they really need in order to take care of themselves.

The Carroll Law Firm has added an additional document to our estate planning package. We are now offering the mental healthcare power of attorney in addition to the last will and testament, living will, health care power of attorney, and business power of attorney.

read more »

August 24, 2012

Reasons You May Benefit from a Trust

Many people feel they need a trust for their assets in today’s world, when, in reality, a simple will may be sufficient and much more cost-effective. This guide provides the most common reasons a person should consider a trust and pour-over will instead of a simple will.

1 You Have Substantial Assets

There is currently a $5mil minimum limit on federal estate taxes. This number may decrease to $1mil in January, 2013, unless Congress acts to extend this ceiling. In estate planning terms, if you intend to leave more than $5mil in assets upon your passing, there may be significant tax benefits to setting up a trust. A trust can double the exemption amount available to married couples resulting in significant tax savings. Note that the exemption amount does include gifts made during the grantor’s lifetime. In Arizona there is NO estate tax or inheritance tax. If you are in a different jurisdiction, you should contact a local attorney to see if there would be tax benefits to setting up a trust.

2 You Have a “Blended” Family

read more »

September 20, 2011

Why You May Wish to Change or Update your Estate Planning Documents

At the Carroll Law Firm, we help clients plan their estate by preparing documents including Simple Wills, Durable General Powers of Attorney (AKA Business Powers of Attorney), Healthcare Power of Attorney, Living Wills, Beneficiary Deeds and even Trusts.

Every time you move to a new state, you should prepare a new will. Each state has different laws for probating an estate, and if you do not have a new will prepared, you could leave your beneficiaries liable for problems that you could have helped them avoid such as inheritance taxes, real estate complications and more. The only way to ensure that your true wishes will be carried out upon death is to have a will prepared in accordance with state laws of your primary residence.

In addition to a new will, you also should make sure your Trust adheres to local laws. If you already have a trust, an attorney can prepare an amendment to that trust to make sure that the trust is interpreted according to Arizona law.

read more »