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...] about Trusts Are Often Misunderstood
It can be intimidating to consider the possibility of relinquishing control over your property. People sometimes assume that you do surrender control of assets when you create a trust. In this post we will provide some clarity about creating a trust in northern Nevada. Different Types of Trusts Revocable Trusts There are different types of trusts. Perhaps the most commonly utilized trust in Reno NV in the field of estate planning is the revocable living trust. These trusts are largely useful to … [Read more...] about Will I Still Have Control Over My Property If I Create a Trust in Reno NV?
The process of estate planning involves some very measured and informed decision-making. If you make certain assumptions as a layperson you may be making errors of commission and omission. Because of the fact that there are websites on the Internet selling do-it-yourself generic, fill-in-the-blanks last wills, more and more people are getting the idea that they can go it alone. Unfortunately, this is increasing the numbers of people who are not properly prepared. With a will, you need to … [Read more...] about Estate Planning: The Devil Is in the Details
It is important to understand that estate planning documents do not exist in a vacuum. Estate planning is one of the most technical and dynamic areas of the law. Properly planning an estate requires consideration of federal and state tax issues, state property law, state probate law and state trust law. Estate planning documents must be carefully customized to meet each individual’s unique circumstances and objectives. If they are not, unintended, and often costly, consequences may … [Read more...] about Understand Perils of DIY Estate Planning
People that have assets that exceed the exclusion amount ($5.25 million in 2013) most certainly need to discuss tax efficiency strategies with a licensed estate planning attorney who places an emphasis on wealth preservation. However, there are those who the only reason someone would meet with an estate planning lawyer is to avoid taxes. They may reason that because their estate is less than the exclusion amount, there is no need for estate planning. In fact, there are myriad concerns that can … [Read more...] about Estate Planning: Taxes Are Only Part of the Equation
On the Internet there are marketers that sell generic estate planning documents like wills and trusts. Statistics tell us that most people don't have a comprehensive estate plan in place. Some of these people finally decide to put the procrastination behind them and they start searching for solutions. They come upon one of the sites, and they see an easy answer because the marketing materials can be convincing. It is important to recognize the things that you can do on your own with a little … [Read more...] about Free Reports: Wills, Trusts, Legacy Planning and More
The estate planning process involves a number of different facets, including matters that the typical layperson may not consider. When you know the facts you understand why certain courses of action are recommended by estate planning and elder law attorneys. On the other hand, when you harbor misplaced notions you may fail to act or take incorrect courses of action. With this in mind we would like to highlight two misplaced notions that can lead to negative consequences. Incapacity Is … [Read more...] about Don't Buy Into These Misplaced Notions
When you hear about the pros and cons of Last Wills versus revocable living trusts you may decide that, for you and/or your family, the latter choice is a better one. One of the best things about revocable living trusts is the fact that the resources that you utilized to fund the trust can be distributed to your heirs outside of the process of probate. Probate is a legal proceeding that can be quite time-consuming. Even in simple uncontested cases involving pretty straightforward property … [Read more...] about Direct Remaining Resources Into Your Trust
Have you considered who would manage your financial afffairs if you became incapacitated? Married couples are sometimes under the impression that their spouse will automatically be given access to all the assets. This may not be the case. Assets that are titled jointly may be easily accessed but that is not always the case. Take for instance real property that is jointly titled. If the well spouse desired to refinance, obtain a secured loan or sell real property that is jointly owned a … [Read more...] about If You Become Incapacitated, Who Will Manage Your Money?
When you are serious about making informed plans for the future you have to be aware of all of the options that are available to you and how to use them effectively. Depending on the resources that you have and what your legacy intentions are some of the instruments that would be useful are rather complex. So, unless you are in the field of financial planning or elder law you probably are not going to have a comprehensive understanding of the challenges that exist and the appropriate responses … [Read more...] about CRUT For Tax Savings, Asset Protection