Estate Planning

Make Sure Your Family Transitions Prepare Your Children and Your Family for Financial Freedom.

Estate planning is far more complicated and involved than most people realize. If you don’t have a full understanding of your legal and financial rights, it is going to end up costing you… or your family… much more in the long run.

If you think you are too young to worry about estate planning, or perhaps you are waiting until you have more “estate” to bother with, think again. By planning now what happens to your estate in the event of your death, you will be left with the peace of mind that comes with knowing that you have provided to the best of your ability for your children and your family.

We can help. Our estate planning experts will get to know you and help you plan for the future based on your particular needs and situation. We are happy to discuss, recommend, and offer useful research tools which will help you get your estate in order so that those that follow you won’t be unduly burdened with taxes, probate courts, government bureaucracy, end-of-life costs and other problems relating to inheritance.

Questions you might need help answering…

How does divorce or multiple marriages affect estate planning?
What happens when heirs are too young to inherit?
Are there children from multiple marriages or individuals who might challenge or interfere with estate planning?
How can an inheritance be protected from creditors of an heir?
How can you pass along your estate with the minimum of tax liability involved?
Who needs to be on your estate planning team?
Do you have all the proper paperwork in order, including wills, power of attorney, healthcare directives, and trusts?
How will your estate be taken care of in the event that you are incapacitated?
What are the processes for amending your estate plans as your situation changes?
How can you leave money to charities or other organizations?

This is one area where a do-it-yourself mentality might not be to your greatest benefit. Let us help guide you through the complexities and challenges of estate planning that are unique to each individual case.

Let Us Help:

Can I Use My RMD To Fund A 529 College Savings Plan For My NW Tucson Grandchildren?

Quick Answer: Yes, you can use your Required Minimum Distribution (RMD) to fund a 529 college savings plan, but you can’t execute a direct, tax-free rollover between the accounts. Instead, you have to first withdraw your annual distribution as ordinary taxable...

Should I Do A Roth Conversion Before Year-End? When NW Tucson Taxpayers Should Skip It

Quick Answer: You should only do a Roth conversion if your current marginal tax bracket is lower than your projected retirement rate and you can pay the full tax liability with outside, non-retirement cash. If the extra income pushes you into a higher tax tier or...

Do HSA Funds Expire at the End of the Year? Answers from a NW Tucson Tax Pro

Quick Answer: Health Savings Account (HSA) funds never expire at the end of the year, so there's no use-it-or-lose-it deadline to beat. Your entire balance rolls over automatically on January 1 because you own the custodial account outright.Key TakeawaysYour HSA...

How To Donate Appreciated Stock to Avoid Capital Gains Tax For NW Tucson Investors

Quick Answer: Donating your long-term appreciated stock to a qualified charity removes federal and state capital gains taxes and secures an itemized tax deduction for the full fair market value of the shares. To preserve these tax benefits, execute an in-kind DTC...

What Taxes Do You Pay in Retirement That Most NW Tucson Retirees Overlook?

Quick Answer: The most frequently overlooked retirement tax traps are taxable Social Security benefits, Medicare IRMAA surcharges, and forced Required Minimum Distribution (RMD) tax pileups. These hidden costs occur when mandatory RMDs and uncoordinated pre-tax...

Last Minute Tips for NW Tucson Taxpayers to File By Extended Tax Day

Quick Answer: To meet the October 15 deadline, pull missing tax records directly from your IRS Online Account and verify your identity using your prior-year AGI or IP PIN. Submitting your e-file before midnight locks in your official timestamp and stops late-filing...

How Much Do Independent Contractors Pay In Taxes? MJM Income Tax’s Tax Strategies for 1099 Contractors

Quick Answer: How much do independent contractors pay in taxes? Independent contractors typically pay between 25% and 35% of their net profit in total taxes, covering federal and state income brackets alongside the mandatory 15.3% self-employment tax. Because...

Do You Have to Pay Taxes on PayPal, Venmo, or Cash App Payments For Your NW Tucson Side Hustle?

Quick Answer: You have to pay income tax on any net profit earned through PayPal, Venmo, or Cash App, regardless of whether the platform issues you an official Form 1099-K. However, the IRS only taxes true financial gain, meaning personal bill splits, gift...

What’s the Best Time for NW Tucson Retirees To Execute Retirement Planning Tax Strategies?

Quick Answer: Retirees should execute retirement planning tax strategies during their gap years, which are the temporary low-income window after you stop full-time work but before Social Security benefits and Required Minimum Distributions (RMDs) begin. This...

What Is the Tax Extension Date For NW Tucson Extended Filers?

Quick Answer: For individual taxpayers, the federal deadline to file your extended tax return (Form 1040) is October 15. Or September 15, if you're waiting on a business Schedule K-1. Just remember that an extension grants extra time to file your paperwork, not...

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