In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not prepared any estate planning documents such as a will or trust even though 76% viewed them as necessary. Many of the respondents said this was due to … [Read more...] about Estate Planning Awareness Week: The Importance to You and Your Family of Having an Estate Plan
Far too many people automatically assume that a last will is the right asset transfer vehicle, but this is a shortsighted perspective. There are many different types of trusts that can be utilized, and some of them are ideal for people that are not extraordinarily wealthy. The trust that is optimal for the widest array of people is the revocable living trust. These trusts provide several advantages, but we are going to focus on one aspect here. Estate Administration If you were to use a … [Read more...] about Living Trusts Streamline the Estate Administration Process
You have the ability to craft your legacy in a way that makes life better for the people that you will be leaving behind in various different ways. Of course, you can leave lump sum inheritances and let the individuals that are receiving the bequests do whatever they want to do with the resources. This can be the right choice for some, but for others, you may want to go in a different direction. Before you make any final decisions along these lines, you should understand your options with … [Read more...] about An Incentive Trust Can Provide Guidance
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. Be Specific and … [Read more...] about Can Estate Planning Protect My Family Heirlooms?
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...] about Understanding the Probate Process
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...] about Edith Windsor and LGBT Estate Planning
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...] about Why Can’t I Just Plan My Own Estate?
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...] about Will My Heirs Receive Their Inheritances Quickly?
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...] about Don’t Make Uninformed Estate Planning Choices
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...] about Using an IRA for Estate Planning Purposes