Anderson, Dorn & Rader, Ltd
Anderson, Dorn & Rader, Ltd
You spend your life building a family, creating a business, growing your wealth, and supporting the people and causes that you care about. You need to make certain that your life of hard work allows you to leave behind a strong legacy. The estate planning process helps to make that happen.
Estate planning is important for people of all ages, from young parents to older seniors to those just starting out in their careers. Anderson, Dorn & Rader, Ltd. can help you to make a plan that is right for you and your loved ones and to keep that plan updated as your life changes and your family grows.
Our Reno estate planning lawyers help you to use legal tools to grow and protect your wealth and to keep your loved ones safe and secure in times of uncertainty. Give us a call at 775-823-9455 to get started on your personalized estate plan.
Why Is Estate Planning Important?
If you have yet to create your own estate plan, you are not alone. Over half of all Americans do not have a plan in place, despite acknowledging the need for one. Often, the reason for the absence of a plan boils down to the fact that people don’t understand why they need an estate plan. A better understanding of the benefits you gain by having an estate plan may motivate you to get started on your plan.
Even the most rudimentary estate plan guarantees that you decide what will happen to your estate assets when you are gone instead of allowing the state to decide for you using the state intestate succession laws. That’s only the beginning of the numerous and varied benefits an estate plan offers. A comprehensive estate plan can also help protect your hard-earned assets from a variety of threats, assist you in planning for your retirement, and provide for your loved ones when you cannot do so yourself.
What Components Should Be Included in My Estate Plan?
Considering the highly personal nature of estate planning, it is always wise to consult with an experienced estate planning attorney to ensure that your estate plan accomplishes all your unique goals and objectives. There are, however, some components that are commonly found in a well thought out plan, including:
- Incapacity planning — you might be surprised to learn what your odds are of suffering a period of incapacity long before you reach your retirement years. Incapacity planning allows you to decide now who would make healthcare decisions for you and who would take over control of your assets if that happened.
- Asset protection — your assets may be may risk in more ways than you realize. The high cost of long-term care, gift and estate taxes, and even spendthrift beneficiaries could all put your assets at risk. Asset protection tools and strategies, however, can protect those assets from threats you may not even know exist.
- Probate avoidance — one reason for creating an estate plan is to ensure that loved ones are financially secure if something happens to you. Probate, however, can tie up your assets for months, even years, completely defeating that goal. For this reason, probate avoidance strategies are a popular addition to the average estate plan.
Contact an Estate Planning Attorney Today
The Reno, Nevada estate planning attorneys at Anderson, Dorn & Rader, Ltd. are committed to assisting you with the creation of an initial estate plan as well as ensuring that your plan stays up to date as you move through the various stages of your life. Contact us a call at 775-823-9455 or contact us online to find out more about the ways in which we can help you with all of your estate planning needs.