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
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...] about End-of-Life Planning: Dementia Looms Large
When you find out all the facts about last wills, you will probably be interested in alternatives. What’s wrong with a will as an asset transfer vehicle? The short answer is that that a will must be admitted to probate, which is a costly, time-consuming legal process. You can also add in a number of other drawbacks that we will cover in a future post. A revocable living trust would be a better choice for most people. If you are concerned about losing control of assets that you convey into a … [Read more...] about How Do You Choose a Trustee?
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...] about Consider the Life Situation of Inheritors
At Anderson, Dorn & Rader, we feel a responsibility to do everything possible to make accurate estate planning information available to members of the greater Reno-Sparks community. Many people don't take action because they don't understand why action is necessary, or where to start. When you become apprised of the facts you are likely going to be motivated to take the appropriate steps for the well-being of those that you love. There are many ways that we endeavor to make information … [Read more...] about Information on Nevada Living Trusts Now Available