An estate planning attorney in Flagstaff, Arizona, will use several strategies to minimize your tax liabilities. These techniques may include establishing a Living Trust, reducing your taxable estate, or a Durable General Power of Attorney designating someone to manage your finances after you pass away. These steps are critical to ensuring your loved ones’ financial security after your death. For more information, contact David Weed today. You can also request a consultation to discuss your unique situation.
David Weed is an estate planning attorney in Flagstaff
Estate planning is an important process that sets forth how your assets are distributed upon your death. The goal is to ensure that your assets go to your loved ones while minimizing taxes for your heirs. Unfortunately, many people do not know where to begin. To get clarity and peace of mind, consider hiring a Flagstaff estate planning attorney to help you create an estate plan. The services provided by an estate planning attorney can range from wills to trusts.
In addition to estate planning, David Weed practices business and corporate law. His practice also includes real estate financing, lending, sales, leases, and acquisitions. He is licensed to practice in the District of Arizona and the State of Arizona. For your estate planning needs, consider hiring an attorney with a strong record of success. David Weed is committed to providing high quality service to his clients and is dedicated to helping them navigate the complicated landscape of estate planning law.
Trusts are powerful estate planning tools
Trusts are effective estate planning tools that will avoid probate and other costs. These artificial entities are governed by an agreement between the trust’s trustee and its creator. The trust agreement specifies the rules and provisions for the assets that are left to the trust after its creator dies. It is not necessary to be a millionaire to create a trust. People from all economic levels can benefit from a trust. If you have significant assets, you may consider establishing a trust as a way to transfer them to your family.
One common type of trust is a revocable trust, which is used to replace a will. Although a revocable trust isn’t irrevocable, the grantor retains control of the assets and doesn’t lose legal ownership. Revocable trusts are beneficial because the grantor doesn’t have to pay estate taxes before the beneficiaries receive them. The benefits of setting up a trust are many, including the fact that estate taxes won’t be imposed on the trust’s assets until the beneficiaries receive them.
Living trusts reduce taxable estate
A living trust, also known as an intervivos trust, is a legal document that is formed while the settlor is still alive. This person is also known as the settlor or donor. This legal document can help reduce the size of your taxable estate if done correctly. These trusts can reduce or eliminate estate taxes. These documents are often combined with other estate planning techniques to achieve the desired results.
In addition to reducing the taxable estate, they can prevent the emergence of guardianship or death probate. While the use of a living trust is widely accepted as a way to avoid estate taxes, it is important to note that the settlor is not sheltered from creditors; he or she is still responsible for paying taxes on the assets in the trust. Moreover, living trusts are not public records, and thus, people without beneficiaries do not have a right to know what is in them.
Durable General Power of Attorney designates a person to manage your financial affairs after your death
A durable power of attorney is a legal document that appoints another to manage your finances in your absence. It usually designates an individual to act on your behalf in case of incapacity or when you are unable to do so yourself. A durable power of attorney is different than an ordinary power of attorney, because it continues to be effective even if you are incapacitated.
If you are a military service member, you can estate planning lawyer in Flagstaff has special requirements that must be taken into account when a person is preparing a POA for themselves. In addition, you can designate a successor agent who will carry out the duties of the original agent. One disadvantage of a durable power of attorney is that it cannot be challenged after your death. Moreover, it can be contested, as you may not have been mentally competent at the time of signing it.
