Congress recently passed SECURE Act 2.0. The updated law includes countless items that affect financial planning and tax planning, however there isn’t much that affects estate planning. Only 2 items are worth noting here:1. The age for required minimum distribution
The IRS recently issued proposed regulations regarding the treatment of tax-deferred retirement accounts after the SECURE Act of 2019. Here are 2 highlights relevant to estate planning:
The FDIC recently approved a rule to change how it calculates the amount of insurance is available for bank accounts held in trusts. Effective 4/1/2024, a trust account will be insured up to $250,000 per beneficiary, not to exceed five,
A revised 2022 edition of the Arizona Estate Administration Answer Book was recently published by Barnes & Noble Press.Practical Answers to Common Questions for Any Size Estate in ArizonaThe Arizona Estate Administration Answer Book is your best resource for understanding
A DocuBank membership provides 24/7 access to your health care directives. You will receive a wallet card instructing medical providers how to instantly acquire copies of these documents, plus any other health-related information you choose to make available. DocuBank also
First, the good news: On 1/1/2022 the Arizona homestead exemption amount increases from $150,000 to $250,000. The homestead exemption, which is automatic in Arizona, is intended to protect an Arizona resident’s primary residence (“homestead”) from creditors. But the new law
No, because the LLC must have a legitimate business purpose. A business purpose would include providing a service, product, or usable space to an unrelated person or company. Every small business provides a service or product, or both, to the
Many people I meet would benefit from an irrevocable asset protection trust, a strategy generally assumed to be too complicated and too expensive. But I am not referring to families with vast inherited wealth or the Mark Zuckerberg-type entrepreneurs. So
In May 2020 the executive council for the Probate and Trust Section of the State Bar of Arizona approved a proposed statute permitting the creation of Arizona qualified spendthrift trusts. This type of self-settled trust is more commonly known as
