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Jordan S. Simon
Jordan S. Simon is Vice President of Asset Management at Venture West, a Tucson-based investment firm.
Articles & Books From Jordan S. Simon
Article / Updated 10-06-2023
Probate is the method by which your estate is legally transferred after you die. When estate planning and writing your last will and testament, keep these tips in mind to help the probate process run smoothly.
You can be both specific and general in your last will and testament — it's up to you. You can parcel out individual items to people by name and also let your beneficiaries decide how to divide up your worldly goods.
Cheat Sheet / Updated 10-06-2023
An estate plan, including a last will and testament, protects your family and finances after you die. Your first step in estate planning is to write a comprehensive will that moves smoothly through the probate process.Make sure you're aware of current estate taxes that may influence your planning and how insurance factors into your estate plan.
Article / Updated 03-26-2016
Most marriage-oriented trusts postpone payment of estate taxes until both spouses in a marriage have died. A marital deduction trust allows you to put property in trust with your spouse as the beneficiary. Upon your death, your spouse has the right to use the property in the trust.
No matter how valuable the property in the trust is even if it exceeds that year’s federal estate tax exemption amount, your spouse won’t owe any federal estate taxes.
Article / Updated 07-05-2021
A trust agreement is a document that spells out the rules that you want to be followed for property held in trust for your beneficiaries. Common objectives for trusts are to reduce the estate tax liability, protect property in your estate, and avoid probate.
Think of a trust as a special place in which ordinary property from your estate goes in and, as the result of some type of transformation that occurs, takes on a sort of new identity and often is bestowed with superpowers: immunity from estate taxes, resistance to probate, and so on.
Article / Updated 03-26-2016
Almost always, a simple will is the will of choice for you. A simple will is a single legal document that applies only to you (unlike a joint will for you and your spouse). A simple will describes
Who you are, with enough information to clearly identify that document as your will.
The names of your beneficiaries, both people — whether those people are family members or not — and institutions, such as charities, and enough information about the beneficiaries, such as their addresses and birth dates so whoever is reading your will can figure out to whom you are referring.
Article / Updated 03-26-2016
Your will is a living document. Although a will’s intent is to provide for what happens to your estate after you have died, your will needs to change as your life changes. Don’t make the mistake of putting your will away and forgetting about it. You must make sure that the details of your will reflect changes in your life.
Article / Updated 03-26-2016
Even the most orderly estate plans can fall victim to some unforeseen event. To put together a thorough estate plan, take a look at situations that may occur and find out the necessary information for dealing with them.
If you're in the process of getting a divorce, you have a lot on your mind. But you also need to look at how your divorce will affect your estate planning.
Article / Updated 03-26-2016
Joint tenancy means that you share ownership of property. Property held in joint tenancy isn’t part of the probate process; creditors don’t have access to property held as joint tenants.
If the court can prove that you transferred title of property to joint tenants to hide from creditors, your creditors may still make a claim against part of your joint tenancy property.
Article / Updated 03-26-2016
The federal tax system includes a gift tax, generation skipping transfer tax (GSTT), and estate (death) tax that work together to make as much of your estate as possible disappear. The laws and rules for these three federal taxes created some confusing relationships among them. Your estate-planning team — particularly your accountant and your attorney — can help you make sense of the odd relationships among these taxes:
The gift tax: The federal gift tax is imposed on taxable gifts that you give to others.
Article / Updated 03-26-2016
Before you can plan how to distribute your assets after your death, you need to understand what your estate is. In the most casual sense, your estate is your stuff or all your possessions. In addition to understanding what your estate is, you also need to know what your estate is worth. First you make a list of positive balance items such as:
Cash, checking and savings accounts
Certificates of deposit (CDs)
Stocks, bonds, and mutual funds
Retirement savings in your Individual Retirement Account (IRA), 401(k), and other special accounts
Household furniture (including antiques)
Clothes
Vehicles
Life insurance
Annuities
Business interests
Jewelry, baseball card collection, autographed first edition of Catcher in the Rye
You calculate your estate’s value as follows:
Add up the value of all of the positive balance items in your estate.