It is often human nature to delay tasks that are viewed as unpleasant or complex. However, with the upcoming elections on the horizon, now may be the ideal time for estate planning. Arizona residents who wait may find that their desired plans will not be valid in the future.
One of the least enjoyable chores for many Arizona residents is contemplating how their affairs and property should be disbursed after their demise. However, once one has settled down to the task of estate planning, it is important that errors do not undo all of the hard work. Those who are unsure about certain details relating to trusts may benefit from learning more about selecting beneficiaries.
According to an American Association of Retired Persons report, an estimated 60% of adults do not have any formal documents in place regarding their final wishes. While the numbers are improved for those nearing retirement, there are still many people who have not engaged in any formal estate planning. Arizona residents who are approaching retirement may find this is a good time to review their estate plans.
The Tax Cut and Jobs Act of 2017 made some major changes to the Internal Revenue Code. Since it significantly increased the exemption amounts for the estate and gift taxes, it made the need to engage in estate planning for tax purposes a less pressing issue for the majority of people. However, there are still many reasons why Arizona residents may consider drafting these important plans.
In the United States, approximately 13% of women will receive a diagnosis of breast cancer at some point in their lives. Men also suffer from this disease with an estimated 3,000 diagnosed annually. Though such a serious illness is a frightening prospect, it may only magnify the importance of estate planning. Arizona residents who are facing a serious health crisis are encouraged to attend to this important issue sooner rather than later.
Before the advent of technology, most people could handle their final wishes through wills and trusts. However, since so much of life is handled through online accounts, estate planning may need to take this into consideration. Arizona residents who need to establish their own plans may wish to ensure these digital assets are included when drafting their plans.
Parents work hard to provide for the needs of their children. Part of that provision includes estate planning, which may be especially important for single-parent families. Arizona residents who are concerned about how their children would fare if they died unexpectedly may wish to establish a trust.
Few people like to think about death, especially their own. But those that do may find some comfort in the knowledge that they have protected loved ones through estate planning. Unfortunately, many Arizona residents mistakenly believe that having a plan in place is not necessary.
Today's families take many different forms. Many families are comprised of stepparents, biological children and children from previous marriages. When it comes to estate planning for these situations, Arizona residents may need to approach the task with careful consideration.
The internet is full of websites that purport to teach a viewer how do almost any task. While many of them can be helpful, there are some topics that do not lend themselves well to a do-it-yourself (DIY) approach. Though it may be tempting to think about carrying out estate planning in this fashion, Arizona residents may find that such an approach will cost more in the end.