Our estate planning legal practice is located in Reno, Nevada which is the County Seat of Washoe County. It is the second largest county in the state of Nevada in terms of population with over 420,000 residents (according to the 2010 census). The county first came into existence back in 1861, so it has a rich history, and it is definitely woven into the fabric of the American “Old West.”
Reno proper offers countless different benefits to its residents. There is a vibrant economy that is growing and becoming more diverse year-by-year, and it is a physically beautiful city with the Truckee River flowing through its heart. It is a great place to raise a family, and it is a regional hub of higher education as the home of the University of Nevada Reno.
The other city in Washoe County is Sparks, and it completes the Reno-Sparks metropolitan area. It is a large municipality in its own right, with a population that is somewhere in the vicinity of 100,000. There are fabulous amenities and cultural events and attractions that make Sparks one of the most desirable places to live in the entire Silver State.
There are many other census designated places in Washoe County, including Crystal Bay and Incline Village, a couple of gorgeous places that are on the North Shore of spectacular Lake Tahoe. Lemmon Valley, Verdi, Cold Springs, Sun Valley, and Spanish Springs are some of the other communities that are located within the county.
Elder Law & Estate Planning Preparedness for Washoe County
We are fortunate to be able to enjoy all of the countless different things to do here in Washoe County, and we view ourselves as locals helping our neighbors protect their interests. It is important to look ahead toward the future so you can accumulate the resources they need to retire in comfort and prepare for the twilight years that will inevitably follow.
Everyone is aware of the importance of retirement planning, but a lot of individuals don’t think about a very significant expense that can enter the picture late in your life. According to the United States Department of Health and Human Services, 70 percent of people reaching the age of 65 will need long-term care eventually. Medicare does not pay for a stay in a nursing home or assisted living community, and these facilities are very expensive. We are talking about more than $100,000 a year for a room in a nursing home in the Reno area.
This is something to take very seriously, because nursing home costs could potentially consume everything that you have always intended to keep your loved ones after you are gone. Fortunately, there are steps that can be taken in advance qualify for Medicaid to pay for long-term care. This program is only available to people with limited financial resources, so it takes careful planning to position your assets out of your own name before you apply.
When it comes to the estate planning part of the equation, there are a number of different things to consider. Of course, you want to arrange for assets to into the hands of your heirs after your passing, and there are multiple ways to go about it. A last will is an option, but a revocable living trust can be a better one for many people, even if you are not extremely wealthy.
Of course, there are also more advanced estate planning techniques that can be right for high net worth individuals that are exposed to the estate tax. Other scenarios that can call for advanced planning would include business succession strategies, providing for a family member with special needs, and protecting your children as you enter into another marriage.
We provide personalized attention to each and every one of our clients here in Washoe County, and our doors are open if you would like to make the connection. You can schedule a consultation if you call us at (775) 823-9455, and if you would like to attend one of our upcoming Webinars, visit the schedule page and follow the simple instructions.