Estate Planning Sun City Az – Wills & Trusts
Business owners, entrepreneurs and executives each need sound legal strategies to protect their assets and plan for their family’s future.
Every client is unique and their legal documents should reflect their individual needs. Yet each has the same ultimate goal – to develop the best possible plan for protecting their family today and in the future. At Wills & Trusts in Phoenix & the West Valley, we provide estate planning sun city az and a custom product for each and every client, tailoring our services to fit our clients’ unique personal and business situations.
The attorneys within Wills & Trusts in Phoenix & the West Valley practice are seasoned professionals with proven legal skills, complemented by their business and financial backgrounds. Our attorneys have a wealth of experience and a diversity of backgrounds to draw upon, including roles within international accounting firms, federal tax courts, universities and Fortune 100 companies. As a team, we have the ability to structure and implement a variety of wealth formation and protection transactions and devices, as well as to effectively facilitate dispute resolution.
Wills & Trusts attorneys are experienced in a wide variety of estate planning and probate matters including:
Asset Protection and Wealth Preservation
Business Entity Formation
Business Succession Planning
Employee Benefit Planning and Design
ERISA Reporting and Compliance
Federal Tax Controversies
Pre and Post Marital Planning
Probate and Probate Litigation
Taxation (Individuals and Businesses)
Wills (Simple and Complex Estates)
Our attorneys counsel and appear in court on behalf of an array of clients, from high wealth, multi-generational families to individual entrepreneurs. We are experienced in guiding clients throughout the entire wealth continuum, from the “shoestring” start-up and organization phase through significant wealth creating exit strategies. Wills & Trusts works with clients to proactively identify potential areas of risk or controversy, and to develop the most effective solutions for addressing their individual circumstances and reaching their goal.
When many Americans hear the term “estate planning,” they tend to think of it as something for the very rich – essentially a strategy to avoid taxation on their piles of money and to ensure that their heirs receive their inheritances in full. In reality, this couldn’t be further from the truth. Estate planning has grown to encompass far more than asset distribution and tax avoidance, making it an important part of retirement planning for everyone.
It’s about more than estate taxes
Estate tax is a tax charged against the estate of a person who has passed away and inheritance tax is a tax charged against the person inheriting something from a person who has passed away.
As of Jan. 1, 2015, there is no federal inheritance tax and the current federal estate tax scheme applies only to estates valued at more than $5.43 million. Given these standards, The Joint Committee on Taxation estimates that only 0.2% of estates are currently potentially subject to the federal estate tax – so most Americans don’t need to worry about that.
But beware your state tax code
The federal government is not the only taxing authority that wants a piece of the pie, however – many states impose taxes on estates and inheritances (click here for information about your state’s policies).
It’s about more than money
Just because you are not Bill Gates doesn’t mean that you can’t benefit from estate planning. One of the primary purposes of estate planning is to outline what will happen if you become disabled. Is it important to you to select the people who will make decisions for you if you are not able to make your own decisions? Would you like to be able to give some direction to those people about what decisions they can and should make for you? Or how they should spend your money for you? If you answered yes to any of those questions, then estate planning is important for you. Notice that this aspect of estate planning has nothing to do with tax codes or account balances.
Similarly, for many with even a modest estate, providing asset protection for their loved ones is a compelling reason to engage in estate planning. Did you know that it is possible to leave your inheritance to your loved ones in such a way so that:
Their creditors, including lawsuit judgment creditors, cannot access the inheritance?
Divorcing spouses cannot take half of your loved one’s inheritance?
Your loved one would not be required to spend their inheritance to nearly zero before qualifying for government benefits in the event of their own disability?
If your spouse gets re-married, the new spouse won’t be able to disinherit your children?
Would any of those be of interest to you? If you answered yes, then once again, estate planning is important for you.
Now that you know why estate planning is for everyone, not just the rich, how do you go about beginning the process? The first step is to begin considering your options. Then, you’ll work with an attorney who will help you finalize your plan. Once your plan is in place and you have a team on your side who can work with you to update it as needed, you can breathe much easier knowing that you, your assets and your loved ones are better protected.