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...]
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...]
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...]
Three Things to Know About Your Estate and Taxation
When income is received from any source, you are naturally going to be concerned about taxation. This will enter the picture when it comes to estate planning, and there are some misconceptions out there. In this post, we will take a look at the subject and pass along three facts about taxation that you should understand when you enter the estate planning process. Inheritances are not subject to regular income taxes. If someone leaves you an inheritance through the terms of a last will, you … [Read more...]
Communication Can Prevent Inheritance Disputes
For a lot of people, estate planning is simply a matter of slicing up a pie. You decide who will have a seat at the dessert table and how large the respective slices will be for each individual. In a very basic sense, there is truth to this, but there is much more to take into consideration if you want to plan your estate effectively. First, you have to recognize the fact that there are different types of “pies” as it were. The way that assets are distributed if you use a last will is … [Read more...]
Study: 57% of Adults Have No Estate Plans
They say that the only two certainties of life are death and taxes, and everyone is well aware of the April 15th date that approaches all too rapidly. With few exceptions, most people are diligent about making preparations for tax day. Yet, for some unknown reason, the majority of the same folks totally ignore the other inevitability that we will all face at some point in time. A while back, a website that is focused on legal matters did some research to get a feel for the estate planning … [Read more...]
