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Clint W. Smith, P.C.

rental-property

Estate Planning October 10, 2014

HOW DO I INCLUDE RENTAL PROPERTIES IN MY ESTATE PLAN?

An estate plan should be comprehensive. It should address all assets of the person setting up the plan. For many people, this is very simple because the main items in the estate (which are put into a trust) consist of their residence, financial accounts, and any personal property. Other types of assets, which are beneficiary […]

Money problems

Bankruptcy October 9, 2014

GARNISHMENT OF WAGES UP 121% IN PHOENIX

A wage garnishment is a legal process by which a creditor (including child support, taxes, banks or others who are owed money), by virtue of a court order, is allowed to take a portion of a person’s paycheck before the person receives it. It is usually the last straw for many people, who then have […]

elderly-parents

Bankruptcy Estate Planning October 7, 2014

BEWARE OF CO-SIGNING OF STUDENT LOAN

A California couple recently reported to Fox News that they are now solely responsible for their deceased daughter’s student loans in excess of $200,000.00. Steve and Darnelle Mason never expected to be responsible for their daughter’s student loans. They were simply facilitating the young mother of three’s efforts to obtain an education to provide for […]

privileged-children

Estate Planning October 6, 2014

HOW OLD IS “OLD ENOUGH” TO RECEIVE AN INHERITANCE?

I am regularly asked by clients what age I recommend for their children or grandchildren to receive a portion of their inheritance. This is a very difficult question, because all people are different. I cannot generally make these decisions for my clients, but there are many things to think about, and some are illustrated by […]

senior-student

Articles October 2, 2014

STUDENT LOANS ARE NOT JUST FOR THE YOUNG ANYMORE

The General Accounting Office published a report that evidences a troubling trend. Between 2002 and 2013, the number of people whose Social Security checks were offset to pay student loans rose over 500%, from 31,000 to 155,000. That means, many seniors who are dependent on Social Security funds for at least part of their income, […]

help-pay-for-college

Estate Planning July 28, 2014

WHAT’S THE BEST WAY FOR GRANDPARENTS TO HELP GRANDCHILDREN PAY FOR COLLEGE?

It’s actually a pretty easy question to answer. Since 1996, IRS rules allow for the creation of a Section 529 account, in which the growth can be received tax free. So a grandparent can set aside, say, $20,000 in 2014 that grows to $35,000 when Jenny goes to college in 2030. Jenny can receive that […]

WILL THE US GOVERNMENT REALLY KILL THE DEATH TAX? [ESTATE TAX]

The “death tax” is a cynical name for the estate tax paid when a wealthy person dies. Under current law, the tax does not kick in until a person kicks off, and even then, only if a person leaves more than $5.25 million behind. But when it does take effect, it is large: 40%. So, […]

Estate Planning May 27, 2014

MESA – GILBERT ESTATE PLANNING ATTORNEY: “DO DEAD PEOPLE HAVE A RIGHT OF PUBLICITY?”

A recent case from the Arizona Court of Appeals illustrates the stress that results among family members after the death of a loved one.  And this time, it was NOT about money! Robin Reynolds wrote two online commentaries about her mother.  One was about her mother’s diminished quality life, and the other was a Mother’s […]

Bankruptcy May 22, 2014

MESA – GILBERT ATTORNEY TELLS HOW YOU SHOULD CO-SIGN

  Is it a good idea to co-sign on a loan for your kids? I have many clients in my bankruptcy practice who come to me not having any other financial difficulties — no problems with their own credit cards, no problems with their car or their house — but they co-signed on a loan […]

Retirement-plan

ESTATE PLANNING: IS YOUR OFFICE BUILDING YOUR RETIREMENT PLAN? IS IT OWNED BY YOUR LIVING TRUST?

In Estate Planning, we look at several things. One thing we ask is “Is your office building or your warehouse your retirement plan?” There is quite a risk there. I have several clients and over the years I have talked to them about this alternative. People are thinking that they have a lot of value […]

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