The estate planning and elder law attorneys at Anderson, Rader, and Dorn proudly represent residents of Fallon, Nevada. This city holds a special place within Churchill County, because it serves as the County Seat. It is in the beautiful Lahontan Valley, and the land is fertile, so there are numerous farms in the area. Fallon is the home a major Naval Air Station, so many active service members reside in town.
There are some extraordinary points of interest in the valley, and Grimes Point is at the top of the list. There is a trail there that leads to a series of rocks that were carved with petroglyphs thousands of years ago. The site is included in the National Register of Historic Places, and the general public can explore its wonders at any time. Fallon is definitely a fantastic place to call home, and we enjoy the time that we spend with locals.
Effective Inheritance Planning
Everyone is going to need a vehicle of asset transfer. For many people, this is going to be a last will, but there are other options. A simple alternative would be a revocable living trust. These instruments are popular because they enable asset transfers outside of probate.
There are other asset transfer vehicles that can be used to accomplish more complicated objectives. For example, some people with disabilities are reliant on government benefits that are need-based. A significant direct inheritance could jeopardize government benefit eligibility.
Under these circumstances, a last will or a revocable living trust would not be a good way to transfer assets. You would want to set aside assets for the benefit of someone with special needs through the creation of a supplemental needs trust so that benefit eligibility is not jeopardized.
Then there is the matter of estate tax exposure. The estate tax exclusion is just over $11 million, and the maximum rate is 40 percent. If your assets exceed this amount, estate tax efficiency would be very important to you. A document such as a qualified personal residence trust or a generation-skipping trust may be part of an effective plan.
As you can see, there are many possibilities, and each case is unique. This is why personalized attention is so very important, and this is exactly what Fallon residents receive when they engage our firm.
Financial and Health Care Decision Making
During the latter stages of your life, you may go through a period of time when you cannot make your own decisions. If you do not execute legally binding documents naming your own chosen decision-makers, the state can appoint a guardian to make these decisions on your behalf. This individual may not be someone that you would want handling your affairs.
You can take the matter into your own hands by executing documents called durable powers of attorney. With these legally binding devices, you select agents or attorneys-in-fact who would be able to make decisions on your behalf if you were to become incapacitated.
The typical incapacity plan will include two different durable powers of attorney. A durable power of attorney for health care can be used to name someone to make medical decisions. You can add a durable financial power of attorney to empower a decision-maker to handle financial matters for you if it ever becomes necessary. It is also possible to arrange for a disability trustee to handle assets that have been conveyed into a trust in the event of your incapacitation.
With regard to the durable power of attorney for health care, the medical community is not allowed to share medical records with anyone other than the patient. However, you have the right to grant access to a representative of your choosing, or multiple representatives if this is your choice. This is done through the execution of a HIPAA release form.
In addition to the durable power of attorney and the HIPAA release form, there is another medical-related document that should be included in your incapacity plan. Sometimes doctors can keep terminally ill people alive indefinitely through the utilization of artificial life-sustaining measures. Whether or not you would want to be kept live in this manner is a personal decision. You can state your preferences in writing through the inclusion of a living will.
Schedule a Consultation Today
If you are a Fallon, Nevada resident, we would be more than glad to help you put a solid estate plan in place. You can schedule a consultation right now if you give us a call at 775-823-9455, and you can use our contact page to send us a message if you would prefer to reach out electronically.
