When considering bankruptcy, many people turn their immediate attention to Chapter 7. They do so for many reasons, including the ability to eliminate their debt in a timely manner (typically within six months).
When creating an estate plan, focus your time and energy on more than what happens to your assets upon your passing. For example, you should have a clear idea of who will care for any children under the age of 18.
When you create an estate plan, you do so with the idea that it will remain in place until your death. While this is true to a certain degree, remember this: Your plan may require some changes over the years.
When it comes to your health, it's important to make the right medical decisions at the right time. Unfortunately, it's possible that you may not always be able to make these decisions for yourself.
Arizona families whose deceased relatives took the time to create a valid will before death will have a much easier time navigating the days, weeks and months after losing their loved ones. For this reason, when you take the time to draft a last will and testament, you're not doing it for yourself -- aside from the peace of mind it brings you. In fact, you're doing it for your family.
Burt Reynolds did not leave anything to his 30-year-old son in his will, but that doesn't mean his son won't receive an inheritance as a result of the Hollywood star's death. It appears that Reynolds may have left his son an inheritance by way of a strategically-planned trust.
If you've finally completed the task of drafting your last will and testament, congratulations. Countless people forego this important life responsibility, and they leave their relatives facing serious challenges after they're gone. Now that you've appropriately and lawfully drafted your will, however, it's time to sign or "execute" the document -- which means that you need to gather your witnesses.
When an Arizona resident needs to select an appropriate executor for their estates, they need to think about a lot of different factors to select the best candidate. Ultimately, they should rely less on family and friendship ties and more on the following question: "Who's the most financially responsible, the most trustworthy, the most emotionally mature and the most capable to serve as my executor?"
A charitable remainder trust can be an excellent estate planning tool for certain individuals who want to receive tax saving benefits and want to donate a large amount of wealth to a charity. The charitable remainder trust allows you to bequeath assets to a charity after you die, but while you're alive, you'll get to benefit from those assets while profiting from some important tax breaks.
The people who take the time to prepare their estates in ways to benefit their heirs and family members tend to be the glue that keeps their families together. Whether you're a matriarch, a patriarch or a loving sister or brother, you want what's best for the people you leave behind -- and you especially want to maintain good and loving relations with one another after you're gone.