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.

If you are serious about your legacy you must plan ahead with the future in mind. Long-term financial planning is going to involve goal setting. You should do the math and figure out exactly how much wealth you must accumulate to be able to reach the fruition of your goals.
The sooner you get started along a path that leads to financial freedom the better because intelligent choices over a sustained period of time will be necessary if you are going to be able to fulfill your objectives.
This may sound like a no-brainer, but so many people find themselves completely unprepared for retirement. As a result, they suffer financial hardship and ultimately pass away without being in a position to leave anything behind to their loved ones.
A study was recently conducted by the National Bureau of Economic Research and the results were not encouraging. Researchers found that some 46% of people in the United States die in possession of less than $10,000 worth of financial assets. As you might expect a lot of these individuals were almost entirely dependent on government programs during the end of their lives.
The difference between success and hardship can often times be reduced to a single word: planning. If you want to retire in comfort and leave behind a lasting legacy the key is to work within an intelligently conceived framework and exercise the discipline that it takes to actually realize your vision for the future.

There are those who are more practical than they are sentimental. Some of these individuals will be very careful about making sure that they are distributing their resources among their heirs in a fair and equitable way.
At the same time, however, they may not put appropriate care into evaluating how they pass along items that could have sentimental value to some of their family members.
The cases of siblings and others having had long standing feuds over certain items about which they both felt strongly are numerous. Jane may say that the old portrait of dad as a boy was promised to her and so does her sister Deborah.
For this reason it is a good idea to evaluate your personal possessions carefully and ask yourself who would be the ideal recipient. Some people will include something in writing that explains the choices, and this can be quite meaningful as you share memories. With the proper formalities, making such a list can be as valid as a will or a trust.  Your estate planning attorney will know the rules for making such a list. As informal as it is, it can be perfectly valid.
Sentimental items do not have to be things that are of great monetary value. It can be something as simple as a particular photograph, an old baseball glove, or a certain special book.
This is just one thing to consider when you are making preparations for the future. To devise a comprehensive estate plan the intelligent first step is to sit down and discuss your intentions with a licensed and experienced Reno NV estate planning lawyer.
Your attorney will gain an understanding of your wishes, evaluate your resources, and provide you with a personalized plan that will make your wishes become a reality when the appropriate time arrives.

There are those who like to roll up their sleeves and do things for themselves, and there is nothing wrong with taking some matters into your own hands when it is appropriate. In a lot of cases you save money while you actually enjoy completing a DIY project.
It is important, however, to know where to draw the line. When it comes to drafting sensitive legal documents you would probably do well to steer clear of do-it-yourself documents, even though they are sold on the internet.
When you use Last Will worksheets and downloads that you find on the web you are leaving a lot up to chance. In fact, Consumer Reports magazine advises against utilizing these online outlets for several reasons.
They consulted with three different legal professionals who examined Last Will documents that were constructed utilizing the products that are offered by three of the leading do-it-yourself legal document websites. Their conclusion was that the wording could be misconstrued and that conflicts in clauses could be contained within these Last Wills. Many of these companies do not take into account the specific laws of your state, so it unnecessarily extends the probate case.
Consumer Reports ultimately stated that it is best to engage the services of a qualified estate planning lawyer when you are planning your estate rather than depending on a download that you find on the internet.
So the bottom line is this: Yes, anyone can legally draw up a last will. However, if you want to be certain that it actually stands up in probate court and will distribute your assets according to your wishes, it is best to draw up your last will with the benefit of expert guidance.

While we would all like everyone in our families to get along perfectly at all times reality is something different for most people. Many families are comprised of very different types of personalities, and in fact blended families can include individuals who really don't have a whole lot in common.
And even if you have a relatively small family that is close-knit each person simply may not agree about certain courses of action.
This is why it is important to state your wishes about the use of medical procedures if you were to fall into an irreversible terminal condition. The case of Terri Schiavo several years ago underscores the importance of executing a living will.
In addition to this there is the matter of final arrangements. There are a lot of decisions that must be made with regard to your funeral and the handling of your body. Exactly how to proceed can be a matter of debate unless you are very clear about your wishes when you are devising your estate plan.
These are details that can sometimes be overlooked by people who are primarily focused on asset transfers. The best way to make sure that all of your bases are covered is to work with a licensed estate planning lawyer who will guide you through all the details and see to it that nothing gets overlooked.

Life is precious and longevity is welcomed by most, but there are also some challenges that go along with it.
When you live to an advanced age you may outlive your spouse, siblings and extended family members and friends. If you are long retired you probably don't have regular interaction with coworkers. As a result, loneliness can set in.
If you find yourself in this position you may be able  to fill the void by adopting or buying a dog, cat or other pet. In one fell swoop you have a best friend for life who will provide you with all sorts of benefits.
Along with the companionship you also have a reason to get more exercise, which can be great for your physical and mental health. Plus, you have an innocent and vulnerable animal depending on you, which can provide you with a sense of purpose that really adds something to your life.
Seniors who question whether or not they could handle a pet, physically, can select a smaller breed. If you were to adopt a dog, for instance, that is under 25 pounds you would likely have no physical problem.
When it comes to providing for the pet after you pass away you should consider the creation of a pet trust. If you fund the trust adequately and select the right trustee and caretaker, your pet will be set for the rest of its life even after your passing.
If you would like to learn more about pet trusts and other pet planning possibilities, simply take a moment to pick up the phone to arrange for a consultation with a qualified Reno NV estate planning lawyer.

As estate planning lawyers , we often remind their clients about the need to take action with regard to updates when life changes take place. One of these is a change in marital status. If you don't take the appropriate action you could be leaving behind quite a tangled mess and people that you love may suffer the consequences.
The matter of the estate of popular painter Thomas Kinkade is a case in point. The self-proclaimed "Painter of Light" died on April 6 of this year at the age of 54 due to acute intoxication via the use of alcohol and Valium.
Kinkade's estate was estimated to be valued at around $66 million when he passed away but of course earnings will be ongoing as his work continues to sell.
About two years prior to his death Kinkade's wife Ninette filed for divorce but it was not finalized at the time of his passing so he was legally married. The couple had an estate plan in place and it was professionally prepared.
However, Kinkade had a live-in girlfriend named Amy Pinto-Walsh. She has produced handwritten wills signed by Kinkade that leave her $10 million and some real property.
Nanette is going to contend that these documents are not valid because her husband was not of sound mind when he executed them. Experts say that the holographic wills must have been authored when the painter was extremely intoxicated given the poor nature of the handwriting.
Clearly, you must make the appropriate changes when you enter into a new relationship if you want to provide for your significant other. Impairment, however, may occur from the effects of intoxication as from dementia.  Given the nature of this issue and the amount of money involved, we can expect expensive legal wrangling for a very long time.

It can be quite an exciting and challenging adventure to go into business for yourself.  As we all know the majority of start-ups do not succeed in the long run so you have to defy the odds to gain traction and become successful.
Because of the demands involved in starting up a business how you will be exit the business may not be the first thing on your mind.  However, once you know that you are in fact going to be in it for the long haul you should ask yourself how you or your estate will proceed when it is time to retire or after you pass away.
The way you approach this is going to vary depending on the type of business you are in. Some businesses are owner driven, such as professional practices and they are not really viable after the exit of the owner.  Other businesses will continue to operate after the owner steps away. Some plan on handing the business off to the next generation. Others intend to sell the business to finance their retirement years.  Partners in small businesses have yet a different set of circumstances to address.
The best way to explore your options and ultimately devise an exit strategy is to sit down with an experienced Reno NV estate planning attorney.  Your lawyer will gain an understanding of your unique situation, listen as you explain your objectives, and give you the appropriate advice.

If you have taken the time to create a comprehensive estate plan, you are ahead of millions of Americans. The next step may be to sit down and talk about your plan with your family. Creating a plan may not work out as you planned if your family ends up in a bitter court battle once you die over the terms of the plan. Talking to them now may prepare them for what is to come.
Most people struggle with whether discussing their estate plan with their family is the best decision. Only you can ultimately answer that question; however, there are many reasons why you may wish to do so.
If you anticipate that someone in the family will not be happy about the terms of the plan, sitting down now and discussing the terms may help that individual come to terms with it. If, for example, you have given one child more than another child as part of your estate plan, explaining why you chose to do so may help ease the anger or hurt caused by the decision. By the same token, if you have chosen to donate a significant portion of your estate, or leave the funds to someone other than your children, they should now this ahead of time so that they can plan accordingly.
On the other hand, if you plan to leave a significant amount of your estate to a beneficiary who may not be expecting it, it may also be helpful to discuss your plans and advise the intended beneficiary how best to handle the inheritance.  Either way, the best way to ensure that your plan unfolds as you want it to is often to make sure everyone knows what to expect.

Same sex partners face estate planning challenges that opposite-sex partners do not face. The obstacles that create these challenges, however, make estate planning even more important for same sex partners than for couples in a traditional marriage.
The Defense of Marriage Act, or DOMA, must be considered whenever a same sex couple sits down to work on an estate plan. DOMA impacts a same sex couples’ estate plan in two very significant ways. First, it gave states the legal ability to refuse to recognize a same sex marriage even if it was legally performed in another state. Second, it established that the federal government does not recognize any same-sex marriages, civil unions, or other relationship designations.
Because the federal, and most state, governments do not recognize same sex marriages, the partners must plan accordingly. A surviving spouse, for example, can roll over an IRA without incurring taxes and delay distributions. A same sex partner does not get this favorable tax treatment.
Purchasing life insurance may not be a viable option for same sex partners. Many states require the purchaser to have an “insurable interest” in order to be able to purchase a life insurance policy. Often, a same sex marriage, civil union, or other type of partnership does not count as an “insurable interest”.
Care must be taken to avoid over-gifting. Opposite sex partners can take advantage of the unlimited marital deductions for gift tax purposes, but same sex couples do not have this option. Over-gifting could result in a hefty gift tax bill.

Many of us grew up listening to “The Monkees” and watching their comedy sketch shows. Many of us remember the introduction to their television show (“Hey, hey, we’re the Monkees, and people say we monkey around . . .”)
The Monkees were so popular with teenagers, especially female teens, that the term “Monkeemania” was coined to describe the mania displayed by teenage fans. Davy Jones was probably the most famous of all the Monkees. Jones went on to pursue a successful solo musical career and acting career.
Davy Jones died on February 29, 2012 at age 66 of a heart attack. He left behind several children and his third wife. Jones married his third wife only a few years before his death. However, sources say that he may not have included her in his most recent will. According to news sources, Davy Jones last revised his will in 2004, several years before he married his third wife, Telemundo actress Jessica Pachecho. When they wed, Jones was 63, while she was only 32.
Unfortunately, we may never find out the details of the famous Monkee’s probate records because of the unusual decision by a Florida probate judge to grant a motion to seal the singer’s records filed by his eldest daughter.