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...]
How to Choose a Successor Trustee
When you establish a revocable living trust, you are also generally the initial Trustee of the trust, administering the trust assets for your own benefit as a beneficiary of the trust. If you are married, your spouse can be a trustee with you. This way, if either of you become incapacitated or die, the other can continue to handle your financial affairs without interruption. What happens if you and your spouse are unable to serve as trustees due to incapacity or death? Generally, your revocable … [Read more...]
Do You Really Need a Trust?
Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your death. Advantages of … [Read more...]
Will Contests and How to Avoid Them
Will Contests and How to Avoid Them from Anderson, Dorn & Rader, Ltd. The desire to contest the will of a loved one is a very common occurrence in estate planning. Even though most people would want to eliminate the family squabble if they could, disagreements about who should receive what are still going to happen unless steps are taken to avoid them. … [Read more...]
Do You Know Your Trusts?
Do You Know Your Trusts? from Brad Anderson The basic purpose of a trust, in estate planning, is to minimize estate taxes and avoid probate. There are many different types of trusts, each with their own specific purposes or goals. Learn more about trusts in Nevada in this presentation. … [Read more...]
Free Report: Do You Know Your Trusts?
The basic purpose of a trust in estate planning is to minimize estate taxes and avoid probate. What is a trust, exactly? It is a fiduciary agreement (one based on confidence and trust) between a trustee and the grantor (maker) of the trust. The agreement authorizes the trustee to hold and manage the trust assets on behalf of the beneficiaries, and provides specific instructions on how to manage and distribute those assets. There are many different types of trusts, each with their own specific … [Read more...]
What is a Self-Proving Will in Reno?
Wills are very common estate planning tools with great value when it comes to having the freedom of determining to whom your estate will be distributed after your death. Without one, you die “intestate,” which means how your estate is distributed is established by the intestate succession laws in your state. Even with its clear benefits, there can be complications if your will is challenged after your death. Will contests can be expensive and stressful on your family. An easy way to guard … [Read more...]
Does Your Firm Handle Wills?
Estate planning in Reno and throughout Nevada involves everything related to transfer of your assets at the time of your death. One of the primary estate planning tools is the will. However, it is only one tool included in the many available in our services. As Reno estate planning attorneys, the firm of Anderson, Dorn & Rader, Ltd. is equipped to assist your personal representative through the probate process to manage, transfer, and distribute your real and personal property, upon your … [Read more...]
When Does a Trust Terminate?
A trust is a great way to plan for future management of your property, in the event you become unable to do so yourself. Like most things, the terms of the trust must come to an end at some point. When that happens depends on the circumstances. The definition of a trust A trust is simply a special type of arrangement where the original owner of the property (known as the “trustor”) places that property into a trust, while designating someone else (known as the “trustee”) to take care of it, … [Read more...]
Why should I have a Family Wealth Trust?
In general, trusts are very valuable estate planning tools. A Family Wealth Trust can be used, not only for making estate administration simple and easy, but also for safeguarding the family’s legacy. They can be useful in regulating a younger heir’s access to assets and in providing long-term oversight and management of investments. The trustee of a Family Wealth Trust will be responsible for investing your assets and making sound decisions when it comes time to make distributions to your … [Read more...]
