A lot of people look at estate planning as an exercise in slicing a pie into pieces of different sizes. Of course, you have to determine exactly what you would like to leave to each person on your inheritance list. However, there is another dimension that many people do not think about. You should also consider the life situation of the people that will be receiving inheritances from you when you are gone. In this blog post, we will look at two scenarios that can be addressed in certain … [Read more...]
Estate Tax Exclusion Adjusted for 2019
We serve clients in the Reno-Tahoe area, and there are many very successful people here. It is a good feeling to reach your financial goals and go forward with the knowledge that you will be able to leave a legacy for your loved ones to draw from after you are gone. This being stated, there is a looming threat that can have a negative impact on your family. There is a federal estate tax in the United States, and the maximum rate is a whopping 40 percent. Some states in the union impose … [Read more...]
Q & A Session With a Reno Estate Planning Lawyer
When we consult with clients, we often hear many of the same questions. With this in mind, we present a hypothetical question-and-answer session with a Reno estate planning lawyer in this post. Doesn’t the state take care of everything when you die without an estate plan? To die without an estate plan is called dying intestate. Under the rules of intestacy, the probate court would supervise the administration of the estate. Creditors would be given an opportunity to come forward seeking … [Read more...]
Addressing Advanced Estate Planning Scenarios
Most people will be best served by the creation of a revocable living trust as a primary estate planning vehicle. This being stated, there are advanced techniques that can be utilized to address more complicated scenarios. In this blog post, we will take a look at three of them, and we will examine others in future articles. Special Needs Planning Many people with disabilities rely on Medicaid, which is a government health insurance program that is available to people with very limited … [Read more...]
Dead Hand Control: How Much is Too Much?
Often, clients want to continue to control their beneficiaries after death, just as they’ve done during their lifetime. They want to etch in stone the exact circumstances under which distributions should be made to the beneficiaries. Sometimes they think the beneficiary will have to go to the tombstone like a confessional or ATM. The problem is the client doesn’t know what may happen in the intervening years. Here are just a few of the several things that regularly change after a plan has been … [Read more...]
Estate Planning and Small Businesses
When you are caught up in your day-to-day activities it can be difficult to take a step back and look at the bigger picture. This is certainly true for a small business owner because it takes so much time and energy to run your business successfully. Retirement and estate planning involve some complexities for everyone, but when you are a small business owner you have added issues to consider. When you work for a company you can simply put in your notice and accept your plaque as you walk out … [Read more...]
Estate Planning Isn’t Spooky! But not planning can be downright terrifying.
The idea of estate planning might be one of the scariest things you have to confront as an adult. After all, nobody wants to think about their death. Or incapacity. But estate planning does not have to make chills run down your spine. On the contrary! Estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you … [Read more...]
Trusts Are Often Misunderstood
The estate planning lawyers at our firm place an emphasis on education, because far too many people have misconceptions about wills and trusts. One of the most common ones is the idea that a will is the only choice because trusts are "only for very wealthy people." Trusts are often misunderstood as being only useful for the rich. Yes, very high net worth individuals can benefit from the utilization of certain types of trusts. These are going to be irrevocable trusts that are used for estate tax … [Read more...]
Why Have a Revocable Trust?
If you have not thought a lot about estate planning until now, you may assume that you will eventually go to an attorney to execute a Will. Many people know that trusts exist, but they assume that they are only useful for people that are extremely wealthy. In fact, this is a myth. There is a certain type of trust called a Revocable Living Trust that is very useful for most people. Let’s look at some of the benefits that are realized through the utilization of a Revocable Living … [Read more...]
Digital Assets: An Estate Plan For Your Facebook Account
Did you ever wonder what happens to your digital footprint when you pass away? Well you should, particularly if you are part of the 77 percent of Americans who go online every day. As the internet has become more of an integral part of our lives, our information -- pictures, videos, financial, emails, social media accounts, and other personal information -- is constantly being stored online. All of this information is known as your “digital assets.” While the internet has made our lives easier … [Read more...]
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