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Planning for Tommorrow, Today
Carl Sandburg wrote, “The greatest certainty in life is death. The greatest uncertainty is the time.” It is difficult to think about the end of your life, and few people want to consider it before it is forced upon them by age or disease. A 2021 Gallup poll found that fewer than half of Americans, a mere 46%, reported having a plan in place. Though difficult, creating a will is essential for any adult over 18. Having a will in place ensures that your assets go to whomever you designate they should go to, and this decision is not left up to your grieving friends or family or, in the worst case, the state. At The Turner Law Firm, PLLC, we understand that end-of-life and estate planning are emotional and complex topics. We will help you navigate this path and create the best plan possible so that neither you nor your family needs to worry about added distress during a difficult life transition. At The Turner Law Firm, PLLC, your future is our business— call 623-253-8718 for a consultation.
When Should I Create A Will?
A last will and testament gives clear instructions about what you want to happen to your belongings and financial affairs in the event of your death. If you want any say in what happens after you pass away, it is imperative that you create a will as early as possible.
Our experienced estate planning lawyers are available to answer your questions.
What is Probate?
Probate is the legal process an estate must undergo after a person dies. Probate does not begin automatically. Part of the estate planning process involves designating an executor who will be the person to come forward and file the required paperwork and oversee the estate affairs after you have passed away.
If there is a will, the executor must file it with the probate court. Other forms may be filed, and fees must be paid. If there is one, the will will need to be authenticated, which should be shown as the last word and testament of the deceased. The estate executor can expect their role to last anywhere from six months to one year.
Some types of property are passed automatically under the law, while some are required to go through probate. Arizona’s probate process is more time-consuming than most people realize. Effective estate planning can help mitigate some of these headaches.
What is the Estate Tax?
The estate tax is a property tax transferred to your heirs after you pass away. In some circles, it is also known colloquially as the ‘death tax’ since it is not administered on the estate until after the decedent has passed. The Internal Revenue Service states that the tax is levied upon “everything you own or have certain interests in at the date of your death,”
Does Arizona Have an Estate Tax?
No. There is no separate Arizona estate tax. You may still be liable for federal estate taxes. For this reason, it is highly advisable that you speak to us, particularly if you have a large estate with many assets. Many people are uncomfortable when the topic of death is mentioned. Especially when it is their own, no one wants to think about their passing, and no one wants to think about the inevitable grief their family and loved ones will be feeling when this sad event occurs. Unfortunately, it cannot be avoided, and planning is a loving gift you can leave as part of your legacy. Our compassionate and understanding estate planning attorneys can guide you through it. We will do everything possible to help make this difficult transition more manageable for your family. You are our priority, and we are here for you.
Should I Include Charitable Giving in My Estate Plan?
Charitable giving is a beautiful legacy to leave behind and a loving way to support causes, organizations, or ideas that are important to you. There are multiple benefits to including charitable giving in your estate plan. If philanthropic enterprises are essential to you and your family, our attorneys can guide you through navigating Arizona’s legacy planning options.
Some strategies to advance your legacy might be:
- Direct giving—You may wish to give directly to qualifying non-profit organizations that represent causes that are important to you.
- Trusts—Many types of trusts can be set up to help you with charitable giving in your estate plan.
- Private Foundation—Your attorney can assist you in setting up a private foundation to provide a framework for growing charitable assets. Private foundations are good options for those with significant net worth.
These represent only a few of the options available to you. The Turner Law Firm, PLLC, can assist you with your estate planning and help you determine the most suitable path forward for you and your loved ones.
When Should I Call an Estate Planning Attorney
There are few gifts we leave our loved ones that give them true peace of mind after we are gone. This event is unimaginable and impossible to prepare for fully; it is difficult to think about. The most loving thing we can do is discuss these matters beforehand. As an esteemed member of our thriving community, know that your family will be in good hands after you are gone. Strategic planning can mitigate much of the stress for your survivors. The Turner Law Firm, PLLC has a friendly and knowledgeable legal team available—call 623-253-8718 to schedule your consultation.
