TUCSON ESTATE PLANNING
Planning for the Future
You’ve spent a lifetime building your assets. At the time of your death, you don’t want to add to your loved ones’ grief by leaving them with a confused and uncertain succession to those things that you greatly valued. We can assist in planning for that orderly transfer, mitigate tax consequences, and assist your heirs at a time when they need it the most. We have years of experience in navigating a variety of cost-effective ways in which to manage your succession.
After a lifetime of building assets, most individuals find it necessary to turn to an estate planning lawyer. At times, the unfortunate and untimely manner of death leaves a loved one grieving, and the confusion and uncertainty added because of poor financial planning can be an incredible hurdle for those left behind. Freeman & St. Clair is the perfect assistance in providing an orderly and successful solution for those who remain when a family member dies.
Estate planning involves a widespread variety of legal aspects, including:
Wills: A will or testament is the legal declaration by which a person names one or more persons to manage his/her estate and property.
Trusts: Referred to as a living trust, this is a legal arrangement that allows a person to avoid probate for the majority of the property they own.
Beneficiary designations: A legal document that allows persons to describe the manner in which their assets are distributed after their death.
Property ownership: Within property ownership are five common forms of ownership. First, joint tenancy is property owned by two or more people at the same time in equal shares. Second, tenancy in the entirety where the tenants each own one-half and must have the consent of each other before selling. Third, sole ownership simply means the property is owned entirely by one person. Fourth, tenants in common, where the proportionate interests and rights are not equal and property is owned by two or more persons at the same time. Finally, the fifth is community property which is a special form of joint tenancy between husband and wife where each owns one-half.
Tax planning: When preparing an estate plan, clients need to determine if the amount left to heirs is free of federal tax or if they must file an estate tax return.
With the use of a Tucson lawyer from Freeman & St. Clair, the navigation of a client’s succession of assets is appropriately and painlessly dealt with, limiting the overwhelming situation for loved ones when the client dies.
Arizona estate planning in Tucson is more than just the determination of who receives what assets in the case of death, and is instead an orderly and intelligent way to reduce conflict among the loved ones left behind. The tireless efforts from the estate planning lawyers from Freeman & St. Clair are the surest way to leave your estate conflict-free.