When you own a dog or a cat (or any other type of pet) as a senior citizen you gain a lot of benefits. The companionship that a pet can provide can be priceless to a person who may be experiencing a bit of loneliness. Pets provide hours of free entertainment, and they can help to keep you active as you endeavor to give your pet adequate exercise.
At the same time, you do have to concern yourself with the possibility of passing away while your pet is still alive. Many people wonder exactly how they should proceed to make sure that their pet is provided for, so we have prepared a report that answers your questions.
Our report is available to you for download absolutely free of charge. If you want to obtain answers to the questions you may have about pet planning simply click this link and complete the form:
Nevada Pet Trusts
Creating a pet trust for the benefit of your animal companion will give you peace of mind knowing that your friend will be cared for even after you are gone. There will be money set aside for your animal's care, and you can leave behind instructions with regard to exactly how you want the pet cared for after your passing.
If there is anything left over in the trust after the pet dies these funds would be inherited by a beneficiary that you name when you create the trust.
We encourage you to download the free pet planning report, learn about pet trusts, and ultimately take action for the well-being of your best friend on four legs.

Knowledge is power in every walk of life, and this certainly applies to the field of estate planning. When you learn all of the facts you understand why certain courses of action are necessary to preserve your wealth and optimize your financial position with the future in mind.
The above paragraph can seem like mere words on a computer screen. But in fact, individuals who do not understand all of the details often times make errors of commission or omission that are extremely costly.
Our firm is serious about spreading sound information throughout the greater Washoe County area.  To this end we have developed a series of informative reports covering a number of different aspects of estate planning.
One of our reports looks at the entire process of estate planning from an overview. If you would like to download this valuable report take a moment to fill in the form that you will see off to the right after clicking this link:
Northern Nevada Estate Planning Report
This report will give you a solid foundation of information to work with going forward. It touches upon wills, trusts, advance directives, asset protection, estate tax efficiency strategies, small business succession and much more.
After reading the report you may be motivated to take action for the well-being of those that you love. If you would like to schedule a free, no obligation consultation get in touch through the contact page on our website or over the phone. We can be reached at (775) 823-WILL.
 

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 available including the ongoing informative posts that we consistently offer here on our firm's blog.
We have also developed quite a library of informative estate planning reports that can be downloaded and read at your convenience. Currently we are offering access to our report on living trusts.
Should you be interested in downloading our free report (that is informational in nature rather than being promotional) simply click this link: Nevada Living Trust Report
A living trust can be a very attractive alternative to a last will as a primary vehicle of asset transfer. This is largely because of the fact that these transfers can take place directly between the trustee and the beneficiaries absent the need for probate court supervision.
This free report will provide you with all the details regarding the benefits of living trusts. There is no substitute for sound information coming from a truly reliable source, and we urge you to take advantage of this valuable educational opportunity.
We are available to provide you with information about our free educational Webinars that include a free consultation if you have further questions after you read the report. To register or get more information, simply give us a call at (775) 823-9455 or get in touch through the contact page on our website.
 

A lot of people procrastinate when it comes to estate planning, and in fact the majority of Americans have not executed all the appropriate estate planning documents.
This pattern of procrastination is not confined to single individuals who have no children. Many parents who have minor children do not have an estate plan in place either, and this is absolutely unwise.
To lend a hand and provide information we have created the K.I.S.S. the Kids program.This acronym stands for "Keep the Inheritance Safe and Secure for the Kids."
We want people to understand just how important it is to make sure that their minor children are provided for financially, while avoiding foster care or protective custody. Also, parents need to understand that children cannot consent to medical procedures. If you happen to be away when a child needs medical attention, who is legally authorized to give consent?
As young people, we tend to procrastinate with regard to estate planning is because we feel we will have plenty of time to execute an estate plan "later on." Unfortunately, later on arrives too soon for many families and their planning is not in place.
The stark reality is that people of all ages pass away every day, and when you go through life without an estate plan you are taking a major risk. Sadly, you will not be the person who pays the price if the unthinkable was to take place. It is the children that you will be leaving behind that would suffer the consequences.
We invite you to visit our webpage that is dedicated to the K.I.S.S. the Kids program. To get there simply click this link: Anderson, Dorn & Rader Present “K.I.S.S. the Kids”
 
 

Part of the estate planning process involves the execution of documents that direct the transfer of assets to your heirs after you pass away. Most people will use either a will or a trust to accomplish this.
Making sure that you have legally binding documents in place is absolutely essential. However, when you are working with an estate planning lawyer to draw up these documents you should consider the matter of postmortem planning as well.
A document can't get up off the desk and take action. The will or the trust is going to provide instructions, but you must also arrange for human beings to make your wishes become a reality after you pass away.
Individuals who express their wishes through the execution of a will must understand the fact that the estate will be passing through the probate process. Your family may not have any any idea how probate works.  At least the executor that you chose should have some understanding of the probate process.
A wise course of action may be to make arrangements for the attorney who assists you as you are drawing up your will to act as the probate attorney after your death.
The same thing is true of trust administration. You should instruct your trustee to speak with your attorney about administering the trust upon your incapcity or death.  This will help ensure that your fiduciaries will have the legal support that they need to carry out your estate plans for the benefit of your loved ones.

A couple of years ago a legislative measure was passed that has subsequently been named the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This legislation re-unified gift/estate tax exclusions.
In 2011 the amount of the unified gift and estate tax exclusion was $5 million. This year the exclusion has risen to $5.12 million to account for inflation.
Throughout both 2011 and 2012 the maximum rate of the gift tax, the estate tax, and the generation-skipping transfer tax has been 35%.
As a result of the above, people who have resources that do not exceed $5.12 million have been more or less immune from taxes on such transfers to their loved ones.
However, things are changing in the very near future.
This tax relief act is going to expire at the end of 2012. If this expiration takes place without any new legislation being enacted the exclusion will go down to $1 million while the top rate rises to 55%.
Those who have resources in excess of $1 million may want to consider giving gifts during the 2012 calendar year. There is, of course, a very limited window of opportunity left because the end of the year is rapidly approaching.
The act of funding certain types of trusts such as dynasty trusts could be taxable under gift tax regulations. Aside from giving direct gifts, however, there are methods that could allow you to take advantage of this larger exclusion to fund an irrevocable trust for the benefit of loved ones. These methods may allow for discounting, so an even greater amount may qualify for the exclusion.
Giving shares in a family limited partnership  or family limited liability company may also be a possibility.
These methods are relatively sophisticated, so if you are serious about wealth preservation you would do well to discuss this temporary opportunity with a qualified Reno estate planning lawyer as soon as possible.

Back in July the actor Sherman Hemsley died at his home in El Paso, Texas at the age of 74. We reported on this a while back and there is now some updated news to share.
A court date wasset for Halloween day in El Paso. The probate court judge has required the individual challenging the estate, Richard Thornton of Philadelphia, to provide the results of a DNA test.
Thorton says that he is Sherman Hemsley's brother by blood. Hemsley left behind a last will leaving everything to Florida Enchinton, who was referred to as his "beloved partner" in the will. Reports indicate that she was also his manager.
Hemsley's body is still being held in an El Paso funeral home and no services can be held until the matter has been resolved by the court. These facts seems to disturb Enchinton more than anything. It should be noted that observers suggest that the value of Hemsley's estate is quite modest.
The probate process does indeed open the door for those who want to challenge the stated wishes of a deceased individual, and as you can see from this case it can be quite time-consuming.
There are however things that can be done to avoid probate and arrange for future asset transfers in a private, confidential, and direct manner.
If you would like to gain an understanding of probate avoidance strategies as you plan your own estate, don't hesitate to pick up the phone to set up an appointment to speak with a qualified Reno NV estate planning lawyer.

Estate planning attorneys have noticed an interesting trend emerging in the United States.
There was a 14% increase in the numbers of people who are at least 60 years of age who are living with someone as a domestic partner according to a 2008-2010 United States Census Bureau survey as compared to 2005-2007 numbers.
In most cases the underlying reason that so many seniors are choosing to live together is that marriage can have negative financial implications.
Retirement pensions are one of the concerns. Many pension plans allow for the surviving spouse of the individual receiving the pension to continue to receive survivor's benefits after the death of his or her spouse.
Given the limited income that is provided by Social Security this survivor's pension can be the difference between relative poverty and a comfortable lifestyle.
In many instances the rules governing the survivor's pension state that it will no longer be paid if the recipient was to get remarried. Because this income can be so important to many individuals they simply don't get legally married.
There are other financial reasons why seniors choose to remain unmarried, not the least of which are the preferred tax benefits of a single person. If you make the choice to remain single, but live with your new partner, you must be certain that you have executed all of the appropriate estate planning documents.
The law will not recognize your significant other if you were to become disabled, need medical decisions to be made for you, or pass away without recording your wishes in a legally binding manner. However, with a visit to a good estate planning lawyer you can make sure that you and your partner are provided for come what may.
With a proper estate plan you can not only provide for your domestic partner, but you can also include an incapacity provision empowering your partner to act as your representative and handle your affairs if you were to become unable to make sound decisions at some point in time. You can also allow them access to you if you are hospitalized and name them to make medical decisions for you in your advance directives, should you choose to do so.

As local northern Nevada estate planning attorneys we take our commitment to the community seriously. Making sure that your wealth is preserved for future generations is extraordinarily important, and many people don't know much about legacy planning.
This venue on the Internet is one way to push out good information, but we also understand the importance of the human element. With this in mind we regularly offer Webinars that are quite informative, and entertaining. You can attend for free if you register in advance while there is still room.
The Webinars that we have coming up in October and November are listed below:
Tuesday, October 9, 2012
Hampton Inn & Suites
Carson City, Nevada
2 p.m to 4 p.m.
Wednesday, October 10, 2012
Hyatt Place
Reno, Nevada
2 p.m to 4 p.m.
Saturday, October 13, 2012
Holiday Inn
Sparks, Nevada
10:00 a.m to 12:00 Noon
Tuesday, November 13, 2012
Hyatt Place
Reno, Nevada
2 p.m to 4 p.m.
Wednesday, November 14, 2012
Hampton Inn & Suites
Carson City, Nevada
Thursday, November 15, 2012
Hyatt Place
Reno, Nevada
2 p.m to 4 p.m.
Saturday, November 17, 2012
Holiday Inn
Sparks, Nevada
10:00 a.m to 12:00 Noon
We will be covering a wide range of topics including wills and trusts, incapacity planning, advance health care directives, wealth preservation, legacy planning, and more.
If you are interested in registering to attend one of our Webinars simply give us a call at (775) 823-WILL (9455) or visit this page on our website: Reno/Sparks/Carson City Estate Planning Webinars.
Will be having some more Webinars in December if you cannot attend any of these dates.

On May 10 of 2012 we lost an iconic figure in the world of automotive design and racing. Carroll Shelby died at the age of 89.  He left behind a colerful legacy that includes the classic AC Cobra and Shelby Mustang designs.
Following his death there was a story circulating about some difficulties between his seventh wife Cleo and his three children.  The three children reportedly contended that their father wanted to be cremated, and they had signed documents to prove it. Cleo did not accept the validity of these documents. She said that he wanted to be buried and that final arrangements were her responsibility and right to make.
While this dispute was taking place the final services had to be postponed while the body of the legendary automotive designer was held in a morgue.  This unpleasant situation was a source of great dismay for the many friends and admirers that Carroll Shelby had around the world.
There is however some good news to report about the matter. The parties finally came to an agreement to direct the cremation of Shelby's body.
This situation illustrates how easy it is for people close to you to disagree after you pass away.  Because of this it is important to express your desires in binding estate planning documents.  By taking these steps you lessen the likelihood of a dispute among your loved ones concerning these types of decisions made after your death.

Estate planning for high net worth families is extraordinarily important given the realities of the federal estate tax and any damage that could be done via litigation. In addition to these protections you also have the ability to reach out and support nonprofit entities that you believe in while gaining tax advantages in the process.
This may seem self-evident to anyone who has the financial savvy to have accumulated a significant store of wealth. You must, however, be diligent because constant adjustments may be necessary as things change.
There are changes that take place in your own life such as a divorce, getting remarried, and watching family members depart while others join the family. Of course very significant changes in your financial standing are relevant as well.
In addition to these things that can take place in the life of an individual there are also very important changes that reverberate throughout society as a whole. For example, in 2013 the estate tax exclusion is going down to $1 million while the rate rises to as much as 55%. These parameters will also apply to the gift tax and the generation-skipping transfer tax.
The portability of the estate tax exclusion between spouses ends in 2013 as well. Besides the increased exposure to estate taxes, taxes on dividends and capital gains will be going up if the currently existing laws are not changed in the very near future.
To keep wealth intact you must be ready to adjust along the way, so take advantage of an annual review with your estate planning attorney and stay on top of your financial health.

Reno estate planning attorneys emphasize the need for advance planning even for a relatively young adult. You never know what the future holds.  Procrastinating to another time to establish your estate plan could be leaving people that you love in a difficult situation should the unexpected take place.
This is something that is demonstrated by the estate of the author Stieg Larsson, the Swedish wordsmith who is known for the novel The Girl With the Dragon Tattoo and other works.
Larsson had ammassed millions of dollars in his estate. He died in 2004 at the age of 50 in Stockholm after walking up several flights of stairs because the elevator in the building that housed his office was broken.
The author had lived with his partner Eva Gabrielsson for many years.  They never got married due to certain nuances of Swedish law. Larsson received many death threats throughout the course of his life so he kept his location confidential. Under Swedish law people who get married must make their addresses available to the general public so the couple did not marry for security reasons.
No valid will existed at his death.  As a result the author's brother and father inherited his estate through court proceedings. His partner, who contended that he was never close to his father and brother, received nothing.
As you can see, you are not the one who will suffer the consequences if you decease without establishing a proper estate plan. Those that you love may be left behind to deal with the aftermath.

Imagine living with someone for 10 years as a committed partner. Your partner is diagnosed with a terminal illness and he or she creates the Last Will making you the executor and the sole heir. You have known this individual for 20 years and you have been made aware of the fact that he or she has never been married and had no children.
After your beloved one passes away you will be grieving and anxious to take care of final arrangements in accordance with the wishes of the decedent.  This is the situation that a woman named Flora Enchinton experienced recently. She was the partner of the recently deceased actor Sherman Hemsley. He was the individual who portrayed the character George Jefferson on the classic television sitcom The Jeffersons.
Hemsley apparently lived a simple life. He resided in El Paso, Texas with Enchinton and this is where he died. He reportedly had a much different personality than that of his on-screen alter ego. Hemsley was a shy, quiet, and unassuming man who had no interest in publicity or attention.
Flora Enchinton is being forced to deal with a difficult situation. The estate is being challenged by a Richard Thornton, who contends that he is the actor's brother. For some reason Thornton thinks that he is entitled to the assets that Sherman Hemsley accumulated throughout his life.
Because of the realities of probate law the court must hear his arguments and they are doing just that. As of this writing the body of the late actor is being held at the funeral home, and needless to say this is a source of great dismay for Flora Enchinton.

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 transfers and little or no debt it can take a number of months, up to about a year. In more complex cases it can take years.
There is something to remember, however, when you are executing a revocable living trust. You are likely to still be in possession of some resources that you have not placed into the trust at the time of your passing.
If you do nothing to account for these assets their transfer would indeed be delayed as the probate process ran its course.
Making sure that you have a pour-over will to account for your remaining personal assets is something that is routine for experienced probate lawyers. With this instrument you express your desire to have these remaining resources "poured over" into your revocable living trust.
Some people and even inexperienced advisors assume that a pour-over will avoids probate on those assets that were not funded into the trust.  Just the opposite is true.  Experienced attorneys will provide a document that assigns non-titled assets to the trust, such as art work and furniture.  They will also give detailed instructions as to how to place specific assets into your trust.  Properly drafted powers of attorney allow others to place forgotten assets into the trust if you are incapacitated.
People who use do-it-yourself estate planning downloads, or place their trust in inappropriate advisors, may never include such details. These are good examples of why it is always advisable to engage professional expertise when you are executing important legal documents.

There are numerous  reasons why people choose to avoid probate when they are preparing their estate plan. The one that is most commonly cited would be the fact that probate is time-consuming, taking up to a year in simple cases and several ears in more complicated situations.
Probate also comes with some significant expenses including probate proceedings in each states where property of the estate is located. This would be another motivation that would compel many individuals to look for ways to transfer assets to their loved ones outside of probate.
There is however a third very good reason to consider the implementation of probate avoidance strategies. The process of probate is an open proceeding that takes place under the supervision of the probate court. Court records are accessible to the general public. As a result, all the details of the administration of your estate would be available to anyone who wanted to take the time to do the research.
Probate and all of the various pitfalls that go along with it will not be a factor if you arrange for the transfer of your assets througha revocable living trust rather than a last will. This is a very popular otion today even for those who would not consider themselves wealthy. If you are interested in creating a revocable living trust the first step is to discuss your options with a licensed and experienced Reno estate planning attorney.

There is a lot to take into consideration from a legal perspective when preparing a Last Will.  It is not something that you would want to undertake on your own without any professional advice. While it is true that a will that you draft yourself can be valid the typical layperson could omit essential language or use language that results in unintended consequences.
Some do-it-yourself types may recognize the fact that they need guidance but are unwilling to engage professional help. If you start scouring the Internet you will find resources that will sell you worksheets and downloads that you can use to construct your own will. How effective are the products that these sites sell? This is a question that Consumer Reports had, and they put three of the most popular sites under the microscope.
Consumer Reports constructed Wills using these resources and passed them along to a trio of leading experts in the legal field. After hearing the responses that they got from the law school professors they reached a verdict: Don't utilize these DIY Wills if you want to be certain that your true wishes are carried out after you pass away.
Arranging for the transfer of your assets to those that you love the most after you pass away is a significant act, and it is one that is best taken with the assistance of professional guidance.

H. L. Mencken once said, "For every complex problem there is an answer that is clear, simple and wrong." In our quest for a simple solution to avoid probate, you may hear someone make a suggestion that makes some sense on the surface. But when it comes to estate planning you have to ask yourself why informed people don't take this layperson's advice.
There are those who like to think that the powers that be make things more difficult than they need to be, and perhaps there are cases when this is actually true. However, don't buy into overly simplistic assumptions regarding the transfer of assets to your loved ones after you pass away.
One idea that circulates is the notion that you can simply add someone's name to your bank accounts and tell this individual how you want your resources divided among your heirs after you pass away.
We will just assume for a minute that there is absolutely no chance that this individual that you choose will decide to do anything with the resources of which you would not approve either while you are living or after you pass away. (But of course in reality anything is possible.)
What if this perfectly trustworthy individual was to get into financial trouble or become the target of a lawsuit? As a joint account holder the funds that are in the account are the property of this person and they are subject to attachment. If that person dies before carrying out your wishes, their estate plan (or the government's plan) will determine where your assets will go.
Elder financial abuse has become a big problem in the United States today. Senior citizens are scammed out of billions of dollars annually. What if your co-account holder was to become a victim of financial abuse? You could wake up one morning and find the cupboard bare and there would little you could do about it.
Don't take chances with your financial assets. Perhaps it is time to engage the services of a licensed estate planning attorney who will assist you as you arrange for future asset transfers in a safe and effective manner.

We have all seen depictions of the attorney-client privilege being demonstrated on television and in the movies. These are often criminal cases, but confidentiality is the order of the day in estate planning as well.
Sometimes people have gone through life with certain things that they wanted to keep confidential. This can involve long-term relationships, outside of marriage. In cases such as these there can be the expectation of an inheritance, but that will not happen if there is no provision in a formal estate plan. Be sure to disclose it to your lawyer.
If you were to pass away and someone with whom you are having a relationship was to come forward contending that you had made promises either verbally or in writing, but it is not contained in a will or trust, the estate could be held up in court for months while the matter was being hashed out.
There are also those who have given large gifts throughout their lives that they would rather not talk about. This is something that your attorney should be made aware of because of the existence of the federal gift tax.
Another thing to consider is life expectancy. Some people have health conditions that they would rather not speak about. However, if you know that you have a medical condition that could limit your life your attorney should be made aware of this because some courses of action are only useful if the individual in question lives for a certain amount of time.
If you are open, honest, and completely forthcoming when you explain your situation to your attorney you should walk out of the office with an ironclad estate plan that facilitates the eventual realization of your wishes in a smooth an efficient manner. And, it is completely confidential.