Estate Planning

Kinghorn Law focuses on Estate and Business Planning, Living Trusts, Trust Administration, and Long-term Care & Medicaid (ALTCS) Planning.

We counsel clients on the unique legal issues relating to advancing age. Whenever possible, we prefer to help clients plan for the future, avoid probate, minimize taxes, and solidify their legacy. We also help clients plan for possible incapacity and long-term care. We help our clients deal with issues of aging with independence and dignity.

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Estate Planning

Tucson Legacy Planning

Leaving a legacy isn’t just for celebrities and public figures. Every single person who walks this earth makes his or her own unique mark on the world and shapes the future in ways big and small. For your family and the people you care about, you can change their lives forever if you make smart choices to create a legacy plan.

Kinghorn Law can help. Our legal team can offer you assistance in understanding what the legacy planning process is all about. We work with you to discuss your personal situation, define goals you wish to accomplish, and use Arizona laws to make those goals a reality. Your legacy plan isn’t just about what happens after your death but is something you can start thinking about now.

Leaving a legacy isn’t just for celebrities and public figures. Every single person who walks this earth makes his or her own unique mark on the world and shapes the future in ways big and small.

When (and How) Should You Create a Legacy Plan?

It is important that you think about your legacy when you are young. The sooner you begin to work towards achieving big goals, the easier it will be to accomplish your dreams.

You can change the world in ways big and small, even if that just means giving your kids a stable start on the path towards financial security. It is up to you to begin the legacy planning process when you have the time and ability to shape the impact you make.

If you begin the legacy planning process when you are young, you can make smart plans for saving and investing so you have a nest egg that you can leave behind for your loved ones and for charities.

You can use asset protection tools to protect your growing wealth so it is not at risk of loss due to things like nursing home care expenses or lawsuits. You can build a business, which can pass on to the next generation, or you can keep your family farmland safe so it can stay in the family.

 

While it is never too late to start legacy planning, as long as you are still of sound mind, there is no reason to wait… especially since there is no guarantee of how much time you will have left to shape your family’s future.

The process of legacy planning is going to be personal to everyone, but it is something that you should think about so you can build your legacy over the course of your life. The best way to create a legacy is to work with an experienced attorney who can help you to define your goals and make the choices  necessary to achieve them. 

What Should Be a Part Of Your Legacy Plan? 

Your legacy plan should incorporate the legal tools that allow you to grow and build wealth and that make it possible for you to use that wealth to accomplish great things.

Your plan may include:

Creating IRAs, 529 accounts, and other financial accounts that give you tax breaks for investing and that make it easier to build up the type of nest egg that allows you to leave a big legacy.

Using asset protection strategies, such as incorporation, purchasing sufficient insurance and creating trusts, so your nest egg does not end up lost.

Creating an incapacity plan, including the use of a power of attorney, so your assets are not lost or left in the hands of a guardian the court appoints, just because you happen to suffer an incapacitating illness or injury.

Creating charitable foundations or charitable remainder trusts so you can give to causes you care about.

Using a last will and testament, trusts, and other estate planning tools so that you can determine what happens to your property after you have passed away.

These are just some of many possible components to a legacy plan that you can create. Kinghorn Law can help you to make certain you use the right tools under Arizona law to make a legacy plan that lets you leave your mark. 

Is Your Estate Plan Outdated?

Review the questions below to see if it is time for an Estate Plan Check-Up. If you have answered ‘YES’ to any of these questions, it is a good idea to schedule a review appointment.

Has it been more than 3 years since you reviewed your current estate plan?

If you have minor children, does your estate plan name Guardians for them?

Since creating your estate plan, are your children now adults?

If you have a Trust, are there any assets that you have not transferred into your Trust?

If you become disabled, is your Power of Attorney document for financial decisions older than 5 years?

If you become disabled, is your Power of Attorney document for health care decisions older than 5 years?

Are there any gifts you would like to make to charities at your death that have not been clearly set forth in your planning documents?

Is there any personal property that you would like distributed that have not been clearly set forth in your planning documents, including the care of any surviving pets?

Since you signed your planning documents, have you changed your mind about any aspect of the plan?

Has the value of your assets changed since you signed your planning documents?

Have you added or changed the kind of assets you own since your planning documents were signed?

Have you recently been married, divorced or widowed since your estate planning documents were signed?

Have you had children since your estate planning documents were signed?

Have your children had children?

Have any of your children been married, divorced or died since your planning documents were signed?

Have you, your spouse or child become physically or mentally incapacitated since your planning documents were signed?

Have you bought or sold a house or other piece of property since your planning documents were signed?

Are you contemplating selling stock or other valuable assets with a low cost basis?

Have you moved between states since your planning documents were signed?

If you have a Living Trust, are Medicaid triggers in place to ensure that at the appropriate time Medicaid planning can be implemented?

How can a Tucson Legacy Planning Lawyer Help? 

A Tucson legacy planning lawyer at Kinghorn Law can work with clients of all ages to set goals for their legacy and to achieve those goals.

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