Estate planning involves more than just your cash and personal property. A mistake that some clients make is overlooking family heirlooms, which often have more sentimental value than monetary value. Part of determining how to distribute your assets after death includes distributing heirlooms that need to be kept in the family and passed on through the generations. Including your family heirlooms in your estate plan is important and our Reno estate planning attorneys can help. You need to be … [Read more...]
Can a Person With a Disability Establish a Special Needs Trust?
Before we address the question that serves as the title of this blog post, we should provide some necessary background information on government assistance programs.. Most people with special needs do not have health insurance from jobs, and they do not have the ability to pay for coverage out of their own pockets. As a result, they qualify for Medicaid.Medicaid or Supplemental Security Income (SSI) are jointly administered federal/state government health insurance programs that are … [Read more...]
Understanding the Probate Process
Probate is the legal process of estate administration. We practice law in Nevada, and in our state, the probate court in the county that the decedent resided in would supervise the process.In this blog post, we will provide some answers to frequently asked questions about probate. Why does probate exist? In an estate planning context, probate exists to provide supervision when an estate is being administered. If the last will is used as a vehicle of asset transfer, an executor would be … [Read more...]
Edith Windsor and LGBT Estate Planning
Our firm has always been very receptive to the needs of the LGBT community, and there was once a time when legal safeguards were absolutely necessary for committed gay couples. When same-sex marriages were not recognized by the federal government, people in these committed partnerships were not afforded the same inherent rights that married people enjoy.To provide an example, if you pass away without any state estate planning documents at all, this would be looked upon as the condition of … [Read more...]
Why Can’t I Just Plan My Own Estate?
A lot of people like to roll up their sleeves and embrace do-it-yourself projects, and there is certainly nothing wrong with taking the initiative to get things done on your own. It can save you money, and it can become an enjoyable hobby. This being stated, it is important to know where to draw the line when it comes to the DIY phenomenon. Objective Analysis There are websites on the Internet that sell do-it-yourself legal documents, including last wills and other estate planning devices. … [Read more...]
Will My Heirs Receive Their Inheritances Quickly?
People that are serious about their estate planning efforts are interested in attending to every detail. This is wise, because the matter boils down to the final gifts that you will be able to give to the people that you love the most. The simpler and more efficient it is, the better for them, so you would naturally be concerned about the time frame after you are gone.There is no cookie-cutter, one-size-fits-all estate plan, so the waiting game, as it were, will depend upon the way that you … [Read more...]
Don’t Make Uninformed Estate Planning Choices
In some instances, a client will come to us looking for help because of a bad situation that has developed due to a lack of informed planning. We do what we can under these circumstances, and there are damage control strategies that can sometimes be implemented.These situations are a bit frustrating for us, because we know how easy it could have been to avoid the difficulties. With this in mind, we will look at a handful of common estate planning mistakes that are made in an effort to … [Read more...]
End-of-Life Planning: Dementia Looms Large
A lot of people think that estate planning begins and ends with the financial part of the equation, but this is really not the case. It is also important to address eventualities that you may face toward the end of your life, such as incapacity or incompetency. They are not especially pleasant to consider, but a difficult situation can be much worse if you enter into it when you are completely unprepared. Aging Statistics The population is aging rapidly because of the fact that the baby boomer … [Read more...]
Using an IRA for Estate Planning Purposes
When you are being introduced to the benefit program at your first “real job,” you typically get initial exposure to a couple of long-term planning concepts that you may have never considered before. Most packages come with a certain level of life insurance, and you can typically participate in a 401(k) plan to save for retirement.In many instances, the employer will match your contributions up to a certain percentage. This is nothing more or less than free money that you can receive on a … [Read more...]
What Are Fiduciary Services?
Laypeople often think about estate planning as something that is resolved after you execute certain documents. While it is true that you must state your final wishes in writing, you should also consider the estate administration process that will unfold after you are gone.In the trust declaration, you name a successor trustee to administer the vehicle when the time comes, and your heirs would be the beneficiaries. It is possible to use someone that you know personally to act as the trustee, … [Read more...]
