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 bit of guidance and the things that are better left to licensed professionals. Consumer Reports, the highly respected magazine that has been informing people about the quality of various products and services for many years, advised against DIY wills last year.
Legal professors who examined documents constructed with online worksheets and downloads saw a number of different problems with them.
We endeavor to provide legal information that is truly accurate, covering every aspect of estate planning. To this end we have joined with the American Academy of Estate Planning Attorneys and compiled a series of special reports that are available for download on our website.
These reports examine wills, trusts, powers of attorney, legacy planning, asset protection, special needs planning, estate administration, and a number of other topics.
You can download these reports absolutely free of charge. To reach the page that contains a list of the reports and a brief description of each of them simply click this link: Free Nevada Estate Planning Reports.
If you have further questions after reviewing the information contained in the reports simply contact our firm to request a free consultation.

When you die without a will you are said to have died intestate. Under these circumstances the probate court must sort things out utilizing the laws of the state of Nevada.
If you are married and you have no children your spouse would inherit your property, and conversely if you had children but you weren't married your descendents would be your heirs according to intestacy rules. If you die with a spouse and children, the rules vary depending upon the number of children you have.  If you weren't married and didn't have any children your next closest relative would be in line for an inheritance.
The above is understandable, but what would happen if someone who did not have any family died intestate? A very interesting case is playing itself out in New York at the present time, and it answers the question.
In 2012 a multimillionaire former real estate developer named Roman Blum passed away at the age of 97. During his lifetime he had amassed a fortune that is valued at right around $40 million.
Though he had been advised to take action not long before he passed away Blum died without a will or a trust directing his preferences regarding the transfer of his financial assets.
Nobody has come forward claiming to be a relative, and the state has not been able to find anyone. Efforts to locate Blum's next of kin will continue, but there is a three-year rule in New York. Under their escheat rules the state will assume ownership of the assets left behind by Blum if no rightful heir can be identified within three years of his passing.

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 Unlikely
You may feel as though it is unlikely that you will ever become unable to make your own decisions. If you feel this way you should ask yourself if you expect to live until you are at least 65.
If you say yes to the above, and you are correct and you do reach the age of 65, it is likely that you will live to the age of 80 at minimum.
Alzheimer's disease is very common among the elderly. 13% of those who are 65 years of age and older have Alzheimer's, and if you confine the sample to those 85 and up you are looking at a figure of 45%.
Given the likelihood of Alzheimer's disease or other forms of dementia, having durable powers of attorney naming agents to act on your behalf the event of your incapacity is important. Having a living trust is an even better plan.
I Don't Need a Trust
There are those who don't even consider the possibility of creating a living trust because they feel as though trusts are for very wealthy people. Of course, wealthy individuals and families should have a living trust at a minimum, but even those with modest means can benefit.
Living trusts are used to facilitate asset transfers outside of probate. Probate is the process of estate administration, and because it is done through the courts, it is time-consuming and often costly. If you create a living trust your heirs will receive their inheritances in a timely manner because these transfers are not subject to the probate process.
 

The baby boomer generation is comprised of people who were born from 1946 to 1964. This group is reaching the age at which people typically retire, but studies are showing that a very significant percentage of them are not prepared financially.
There are a number of contributing factors to this lack of preparation.  One of them is the idea that Social Security will be enough to finance a comfortable retirement. When you look at the facts you see that Social Security is really only going to provide a modest safety net, and many people find this out when it is too late to make up for lost time.
Another reason why some people don't plan ahead for retirement is that they expect to receive significant inheritances. This may be a mistake because research is indicating that many baby boomers will be inheriting less than they may expect.
A study done by Boston College's Center for Retirement Research looked at the anticipated inheritances of baby boomers. They found that from the middle of 2006 to the middle of 2010 the amount of projected inheritances dropped by 13%. The financial crisis of 2007 and 2008 definitely took its toll on the inheritances that many baby boomers were counting on.
Increased longevity is another factor.
The segment of the population that is at least 85 is growing faster than any other age group. Clearly, when you live to an advanced age you are incurring expenses for a longer period of time, and that is going to reduce the amount that you have to pass along to your children and grandchildren.
Receiving an inheritance can definitely give you a financial lift. However, it is not wise to count on anything, and it is really up to each one of us to take personal responsibility for our own financial well-being.

Back in the late 1980s through to the early 1990s Peter Barton played the role of Dr. Scott Grainger on The Young and the Restless, a popular soap opera. Undoubtedly he had many fans during that era, but one of them would surprise him many years later.
Barton worked on a film called Hell Night in 1981 with fellow actor Kevin Brophy. They became friends while they were filming the movie, but they never knew that they were joined together in the mind of an Illinois man named Ray Fulk.
Fulk died last summer in possession of over $200,000 in cash and certificates of deposit. He also owned 160 acres of property that has been appraised at around $1 million.
In 1997 an attorney named Donald Behle was retained by Fulk to draw up an estate plan. He told the attorney that Peter Barton and Kevin Brophy were his friends, and he wanted to leave his entire estate to them after $5000 was set aside for an animal welfare group.
The actors never actually met Ray Fulk in person. Behle went through his client's papers and found out that Brophy and Barton had responded to letters sent to them by Fulk, who presumably was a fan of their work.
This is certainly an unconventional decision, but at the same time Fulk had no family and no close personal relationships and he had to leave his resources to someone.
You can do what you please with your estate, but if you are going to make decisions that could be brought into question you would do well to work with an estate planning attorney to state your final wishes in an ironclad manner.

Planning for the future sometimes involves considering uncomfortable topics such as mental or physical incapacity.  To prepare for this eventuality you will need to select an individual who can handle your financial and medical affairs.  If you have established a revocable living trust your successor trustee would be in a position to manage your assets in trust.  A durable power of attorney would authorize the agent that you select to manage your assets that you own that are not in trust.  The health care power of attorney is used to appoint an agent to make medical decisions in the event of your incapacity.   The individual that you may want to see managing your financial affairs may not be the same person who you would like to make medical decisions in your behalf.
One thing to remember is the need to provide your health care agent with the authority to access your medical records. The medical community may not release medical information to anyone without your consent.  This is accomplished by including a Health Insurance Portability and Accountability Act (HIPAA) release when you are executing your estate planning documents.  To learn more about planning ahead for the possibility of incapacity get in touch with us for a free consultation. You can contact us by clicking this link: Reno Incapacity Planning Consultation

The estate tax parameters we could expect for 2013 were hazy throughout last year. At the end of 2010 a piece of legislation called the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was passed that implemented the rules for 2011 and 2012.
Due to provisions contained within this act the estate tax exclusion was $5 million at its base with annual adjustments for inflation.  The estate tax, the gift tax, the generation-skipping transfer tax was set at a flat rate of 35%.
This tax relief act was scheduled to sunset at the end of 2012. Under laws that existed throughout the year the maximum rate would automatically go up to 55% while the exclusion went down to $1 million upon the expiration of this measure. This tax increase was one of the perils that we would have faced had the country gone "over the cliff."
Because of the agreement that was reached around the first of the year we avoided the cliff and the estate tax parameters are largely unchanged. We still have a $5 million base exclusion adjusted for inflation. The Internal Revenue Service has announced that adjustment, making the estate tax exclusion $5.25 million in 2013.
The top rate of the federal estate tax has been raised, but the increase is not anywhere near as severe as it could have been. In 2013 the rate has gone up from 35% to 40%, and once again this applies to the gift tax and the generation-skipping transfer tax as well.
Though things could have been worse 40% of your taxable legacy is a lot of money. It is however possible to implement tax efficiency strategies that will preserve your wealth.
As Reno estate planning attorneys we have a thorough understanding of tax laws, and we urge you to contact us to arrange for a consultation if you would like to tap into some professional expertise.
We can be reached by phone at 775-823-WILL (9455), or online at www.wealth-counselors.com.
 
 

A report was made available by the U.S. Census Bureau in 2010 stating that around 26% of minors under the age of 21 were living in single-parent households - an alarming statistic.
Everyone hopes to live a long and healthy life, and in fact the average lifespan at this time is 78 years. Of course, this is an average, not a guarantee. Everyday we read reports about young people dieing and leaving minor children behind.
We all recognize the fact that accidents take place every day that kill young people. Other young adults pass away as a result of catastrophic illnesses. It is just not going to happen to us, right?
When people who die at a young age leave behind minor children, it is seldom that they have taken the time or opportunity to properly provide for their welfare.
The children of single parents are vulnerable. All single parents absolutely must have an estate plan in place that names a guardian to care for the children.
We should also have sufficient life insurance to provide a financial underpinning for the children throughout their lives. To make sure that the funds are properly managed should this become necessary you could include a testamentary trust in your last will. You may want to consider a revocable living trust instead, so a court does not need to supervise the guardian with annual hearings.
To learn more about why estate planning is so important for the parents of dependent children please take a moment to download our free report and read it at your earliest convenience: Estate Planning for Parents of Young Children

There are certain responsibilities that you may not have addressed for one reason or another, and for many people estate planning is one of these.
When you are busy with your day-to-day life, time can get past you in a hurry, and some things are simply left undone.
Now that we are in a new year you may start to take stock of the things that you would like to accomplish during 2013. We would like to urge you to make estate planning a priority this year.  If you have an estate plan, make this the year you have it reviewed and updated.
All adults should have an estate plan in place that includes a method to  transfer assets, income replacement for the benefit of family members, and advance health care directives that would come into play in the event of a medical emergency.
Estate planning is not something that is only relevant for senior citizens. It is true that the average lifespan is 78 years, and many people live well beyond this average age.
There are, however, no guarantees for any of us. You may be a young adult with minor children in the home who are totally dependent on you. From that perspective it could be said that estate planning is as important for younger adults as it is for senior citizens who have grown children who are self-supporting.
It is quite simple to put an estate plan in place. All you have to do is contact us for a free estate planning consultation and we will do everything possible to assist you as you make preparations to ensure the security of those that you love.

People who use a last will for their estate plan should be aware of the process of probate and the role of the executor.  Probate is a court supervised process to ensure that creditors of an estate are paid and to facilitate the distribution of an estate to the decedent's designated beneficiaries or heirs.  During this legal process the court will determine the validity of the will, hear any challenges that may be presented and supervise the administration of the estate.
When you work with an estate planning lawyer to prepare your last will you must choose an executor or executrix. This individual will be charged with the various responsibilities that must be undertaken to administer your estate.  The executor, or Personal Representative, should have an ability to manage the administration of assets.  Also, the executor will require the assistance of a qualified probate attorney.
We have prepared a report that will serve as a good overview of this process.  To access the report we ask you to simply click the link that follows and fill in the form so that you will see on the page:
An Executors Role & Responsibilities

When you utilize a living trust to plan your final wishes the distributions of your assets will take place outside the probate process. This process is often avoided because of three major factors: it is time-consuming, it can be expensive, and it is an open proceeding that provides a forum for those who may want to challenge your will.
A revocable living trust gives you the power to control the funds while you are still alive, and because the trust is indeed revocable you can make changes or dissolve it entirely if you want to at any time.  Plus, you could cover all your bases by including an incapacity component that names a disability trustee who would manage your affairs in the event of your incapacity.
Executing the trust agreement is one thing, but you also must consider the hands-on tasks involved in on-going trust administration. We have put together a valuable free report that explains trust administration in detail.  We urge you to arrange for the download information to be sent you right now. To obtain this report simply click this link and complete the form that you will see on the right of the page:
Nevada Trust Administration
After you read the report we invite you to contact us for a free consultation. You can do so by clicking this link:  Reno Estate Planning Consultation

Your estate represents everything that you have worked for throughout your life. And, passing along your legacy to your loved ones will be your final act of giving to those that you care about the most.
This is a very profound act, and it is important to go forward in an informed and intelligent manner when you are making preparations for the inevitable.
It in not unusual for many to lack an understanding of estate planning techniques.  Our firm has developed a series of special reports that we have prepared as part of our educational initiative. One of the reports that we are making available at the present time examines the probate process.
You may have heard the term "probate" without having a complete grasp on exactly what it is. If you download this report and take the time to review the information contained within it you will no longer look upon probate as a mystery.  To obtain a copy of the report click this link and complete the form that you will see to the right of the page:
Nevada Probate Report
Once you gain an understanding of the probate process you will see why it is important to work with a good estate planning lawyer when you are establishing your estate plan.  If you have questions, please contact us at (775) 823-9455 to set up a free consultation.

People who are fortunate enough to enjoy significant financial success are often in a position to create a charitable foundation. When you take this step you can leave behind a profound legacy as your name is associated with philanthropy into perpetuity.
The actor Larry Hagman died at the age of 81 recently, and he will certainly be missed. Though he played a rather unlikable character on the classic television series Dallas, people who knew him say that he was a very nice person who made the world around him a better place.
Individuals who have created artistic works of various kinds leave behind a legacy in the form of their work. Hagman certainly left behind a great deal of his own work, and people will be able to enjoy it for generations to come.
In addition to his legacy as a performing artist Hagman was also an avid philanthropist.
People who start foundations often target causes that are particularly meaningful to them. Hagman greatly valued the creative arts, and indeed, his ability to craft a character before the camera enabled him to enjoy extraordinary financial success.
He gave something back by starting the Larry Hagman Foundation. This foundation assists children in the Dallas-Fort Worth area who have an interest in the creative arts but lack financial support.
Admirers sometimes want to do something in remembrance of a public figure who has passed away. The family of Larry Hagman asks that you make a donation to the Larry Hagman Foundation if you want to pay your respects.
If you are interested in establishing or identifying a foundation that meets your charitable intent, be sure to contact qualified legal counsel to assist you. There are many legal and tax pitfalls that can be avoided with proper advice.
 

It is no secret that the gaming industry is very prominent here in the state of Nevada. Many families have been able to build wealth working within this industry, and it is a very important part of our state's economy.
However, far too many residents of our state are gambling with the future of their families.
Every day that you go without an estate plan, or with an estate plan that is not current, is a day during which you are rolling the dice.
Statistics tell us that almost no one under the age of 50 has all the appropriate estate planning documents in place. Even though the number having an estate plan in place is increased for those over age 50, the majority are still procrastinating. In addition, countless people who do have some type of estate plan in place have inadequate plans due to improper advice, changes in circumstances or changes in the law.
If you die without a last will or any other estate planning documents having been executed, the court will be in charge of deciding how your assets are distributed. This probate process could take a very long time, because the court will have to interpret the laws of "intestacy." These rules of succession may not be in line with how you would have wanted your assets divided among your family members.
Your family could also lose a great deal of money to the estate tax if you were to pass away without having taken any steps to gain tax efficiency.
Don't take risks; take action. Pick up the phone right now to set up a consultation with a licensed and experienced Washoe County estate planning attorney.

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”