Probate Law Firm Chandler, AZ
When meeting with a Chandler, Arizona probate law firm for the first time, many people are surprised to learn about the limitations of wills insofar as estate planning tools are concerned. After a review of your circumstances by our Chandler, AZ probate law firm, you may gain a fuller understanding of which estate planning tools will be of most benefit to you and your loved ones. We welcome new clients, and look forward to learning more about your unique circumstances.
Here are some of the things that a will cannot accomplish but which other types of estate planning tools can do for you with the help of Chandler, AZ probate law firm.
A will cannot be used for the following:
- Bequeath property which you own jointly with one or more other persons. This type of ownership is referred to as joint tenancy. It is sometimes called “community property with right of survivorship” or “tenancy by the entirety.” Joint tenancy property will automatically transfer in whole to the surviving tenant.
- Bequeath property which you have transferred to a revocable or irrevocable living trust.
- Bequeath the proceeds from your life insurance policy for which you have named a beneficiary. That beneficiary will automatically receive the funds after your passing.
- Bequeath funds from your pension plan, an individual retirement account, or another type of retirement plan such as a 401(k) for which you have named a beneficiary. That beneficiary will automatically receive the funds after your passing.
- Bequeath stocks, bonds, possibly real estate that is held in beneficiary in a transfer-on-death basis to that beneficiary.
- Bequeath funds that are in a payable-on-death bank account to a specified beneficiary.
The Reduction of Estate Taxes
A will is not an effective method to reduce or eliminate the estate’s tax liability, particularly federal estate taxes. However, there are alternate estate planning tools that can help you achieve this and they can be explained to you by our Chandler, AZ probate law firm.
Avoid the Probate Process
Not only does a will not help your estate avoid the probate process, if it’s valued above a certain dollar amount then it can be forced into probate. Our Chandler, AZ probate law firm can inform you of whether or not your estate might have to undergo the probate process because its total value is over the maximum value. At that time, we can explore alternative estate planning tools that will bring down the value of assets contained in your will specifically. Probate in Arizona can be easily handled by one of our probate lawyers.
Arrange for Long Term Care for an Individual with Special Needs
If you have a loved one who has special needs, leaving them funds for their long term care in your will is not an appropriate estate planning tool. The legal team at Citadel Law Firm PLLC can help you create a special trust that is customized to meet your loved one’s needs. This method also protects your loved one from getting their government benefits canceled as a result of inheriting funds from your estate.
Learn more about wills and other estate planning tools by speaking with our team— call (480) 565-8020 today to schedule a free initial consultation.