Faith, Ledyard & Faith, PLC
COVID-19 NOTIFICATION: To protect your safety and the safety of our staff, in response to the threat of COVID-19, we are offering the option to connect with us via telephone, email and video-conferencing. Our staff are fully operational. Please call or email us to discuss your options.
A Full-Service Law Firm Serving the West Valley and Greater Phoenix for More Than 40 Years
PA Image
Real Estate Law
PA Image
Personal Injury
PA Image
Civil Litigation
Construction Law
PA Image
Bankruptcy
PA Image
Employment Law
PA Image
Estate Planning
PA Image
Debt Collection
PA Image
Government Law
PA Image
Criminal Defense
PA Image
Business And
Commercial Law
PA Image
En Español

Wealth preservation and estate planning

| Aug 25, 2017 | Uncategorized |

When planning your estate, of course it is important to consider strategies and techniques to both preserve wealth and cut unnecessary administration costs. Taking full utilization of strategies and techniques can help preserve a vast amount of money further down the line.

This blog will present a brief overview into creating an estate plan as well as tools to help you get the best out of the wealth that you have acquired.

What an estate plan should include

A good estate plan is best formed as a collaborative input between you and the rest of your estate planning team. This team might include an attorney, a financial planner and perhaps a life insurance agent. The goal of your estate plan should be to utilize the assets you have acquired, and also present detailed instructions for the management of assets for your family members to follow.

Estate planning tools and consequences

One common tool used in the planning of an estate is the appointment of a joint tenancy. This joint tenancy can have several advantages and disadvantages. Usually the joint ownership of a property must be done through the involvement of a creditor. A joint tenancy can also lead to income, gift and state tax problems. Therefore, the opinion of an attorney or financial planner will help you decide if this is the best choice for you.

When it comes to insurance and retirement plans, the act of designating a beneficiary can also have unintended consequences that you should be aware of. For tax reasons, you may consider creating a trust as the designated beneficiary instead of an individual.

Source: Findlaw, “Estate planning concepts,” accessed Aug. 25, 2017

Lead Counsel Rated LC
Certified specialist | State bar of Arizona | Real Estate | Law Specialist
Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability
Martindale Hubbell AV Preeminent peer rated for highest level of professional Excellence 2020
Expertise Best Real Estate Layers in Phoenix 2020
FindLaw Network

Stay Connected With Us