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.

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.

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.

There are various outlets available for bare bones estate planning documents. Some contend that estate planning is as simple as filling in the blanks. Obviously, there are many reasons why one document does not fit all situations.
Something as important as planning for your potential disablity and transferring all the assets that you have accumulated throughout your life to your loved ones is not something to entrust to documents found on the Internet from an unknown drafter.  This is a highly sensitive matter that requires professional expertise.
This is true even if you have a seemingly uncomplicated family situation.  The truth is most American families are not of the "cookie-cutter" variety.  There are often children from previous marriages involved and these blended family situations create the need for specialized estate planning.  Some people have business succession issues to deal with.  You may have beneficiaries with disabilities or special needs on your inheritance list.  There are many other factors that can enter into the equation that require very specific actions.
Since most families are unique the best way to ensure that your estate plan properly addresses your situtaiton is to discuss it with a qualified Reno estate planning lawyer.  Once he gains an understanding of your wishes and evaluates your circumstances he can recommend a course of action that is carefully crafted for your needs.

Owning a dog is rewarding in a number of different ways, and for seniors a dog could provide a very welcome companion at a time when loneliness can be an issue. There is no replacing your family of course, but for many people, dogs are indeed man's best friend.  You may find that a canine in the household will uplift your mood and perhaps even provide you with protection.
If you are a dog owner you should consider who would be caring for your pet if you were to pass away before the animal. This is obviously a serious consideration for senior citizens who own pets, but it is also important for anyone who owns an animal just as a precaution because life is uncertain at any age.
Your first task is going to be choosing a capable caretaker. It is very possible that a particular person will immediately come to mind. You may have a friend or family member that knows the pet well and who already has somewhat of a relationship with the animal.
Once you determine who would become the pet's caretaker in the event of your death you have to consider the financial side of things. You can provide financial resources to the caretaker by giving this individual a direct inheritance earmarked for the pet's care.  A better option, however, would be to create a pet trust for the benefit of your dog. Doing so will keep your pet from becoming a burden to those left to care for it.
If you have any questions about pet planning, simply take a moment to arrange for a consultation with a good Northern Nevada estate planning lawyer.

Statistics tell us that only around half of Americans have any type of estate plan in place. Going through life without an estate plan is taking a risk that can easily be eliminated.  If you need some motivation, simply envision where your family would be if you were to pass away today.  When you make plans for all contingencies you are protecting those that you love.
If however you deceased without an estate plan in place the intestacy rules of succession would apply. "Dying intestate" means dying without having executed a valid last will.  There are those who understand that there are intestacy laws of succession.  They may not take estate planning very seriously because they assume that their next of kin will inherit their estate.  This could be a crucial mistake.  You may be shocked who would actually inherit your estate under the laws of intestacy.
The estate will be administered under the jurisdiction of the probate court if you die intestate.  Tthe probate process can be extremely time-consuming, expensive and public in nature.  Also, iterested parties can delay the process with objections and creditor claims.
The fact of the matter is that estate planning is not optional if you truly care about the well-being of your family.  If you are currently unprepared now would be a good time to take action and arrange for a consultation with a good Reno Estate Planning attorney.

Most people tend to procrastinate when it comes to estate planning. In fact less than half of people in the United States have a last Will or a Living Trust in place. Since so many people procrastinate before they put an initial estate plan in place, they are also prone to procrastinate when it comes to updating their existing estate plans.
Life is never constant - except, of course, for constant change. Circumstances in your life will change over the years, and these changes may call for an estate plan revision. There may be people who join the family, others who leave, and your financial situation could change dramatically.  A review of your estate plan will reveal if there are needed changes.
In addition, a high percentage of marriages end in divorce and most of these people remarry. Changes in marital status are almost definitely going to make an estate plan update necessary.
We have just entered a brand-new year and as you turn the page on the calendar you may want to make a mental note to yourself regarding an estate plan review. This is especially true in this election year with the distinct possibility of the sunset of a very generous estate tax exemption.
In addition to the things that happen to you personally, of which you would be well aware, there are also legislative changes and alterations to the tax code that take place on an ongoing basis. Many of these can be relevant to your existing estate plan.
It is a good idea to review your plan at least ever three years with professional guidance, and if you're ready to do so simply take a moment to arrange for a consultation with a qualified Reno Estate Planning lawyer.

You have a trust or a will in place, so you have determined how the distribution of your assets will take place upon your death.  That is great, because now you are at least assured that the "government plan" or intestate succession is not necessarily your plan.  Further, with a funded trust, your estate will also avoid unnecessary and unwanted probate.
Your estate plan will also avoid unnecessary disputes about the distribution of the estate. Each family is different but how do you think a typical family may react if it was up to them to agree upon how the assets of a loved one should be distributed? Clearly, in many cases, consensus would be hard to come by. You don't have to worry about this when it comes to your estate, but there is an issue that is often ignored.  That issue is the funeral planning.
If you were to pass away without leaving behind any instructions regarding your funeral details your family members could wind up disagreeing.  Of course, this comes at a very difficult time for families.  If one family member takes charge and arranges for cremation when other family members have moral or religious objections, it can create a rift in the family.  Even choices of caskets, the amount spent on the funeral arrangements and the choice of burial clothing can create hard feelings at a highly emotional time.
Even if there are no particular disagreements among family members, someone is going to have to take up serious time in making these arrangements at a time when they are grieving and in no mood for it.
If you take the time to make your funeral arrangements in advance, you can even select the facility, casket and clothing of your choice and pre-pay should you choose to do so. To learn more about including final arrangements in your estate plan, get in touch with an experienced northern Nevada estate planning lawyer to arrange for a consultation.

The dictionary definition of the word "legacy" will tell you that your legacy involves gifts of property and monetary assets after your passing. This is of course a large part of it, but there could be more to shaping your legacy than simply arranging for the passing of your assets to your family members.
Depending on your resources exactly how you go about this can vary considerably. There are those who will make a donation that is specifically used to finance some type of building project. This may carry your name into perpetuity, which can be quite rewarding for many people.
Some people will leave behind the resources to provide a scholarship or scholarships to worthy students. This too can be an enriching portion of an individual's legacy.
You can also choose to pass along the wisdom that you have acquired throughout your life by committing your experiences to writing. Some people choose to write a full-blown autobiography and leave it behind for future generations to draw from. Others will author an ethical will that passes along their moral and spiritual values. Today, there are many resources to assist in writing an interesting personal history that can be found online or in bookstores.  The same is true of writing an ethical will.
Carefully selecting certain family heirlooms and/or personal possessions and handing them on to particular respective heirs for specific reasons can also be part of a carefully planned legacy.
There are many possibilities to take into account when you are preparing for the latter portion of your life and your eventual death. If you're interested in taking estate planning to a higher level, don't hesitate to get in touch with a Northern Nevada legacy planning attorney to arrange for an informative consultation.

When you consider the subject of estate planning it is useful to recognize the fact that it is an ongoing process. Your initial estate plan is going to be based on a snapshot of your life as it existed at that time. Clearly, things do not stand still and events happen in your life that often times render your existing estate plan obsolete. Things like changes in marital status and additions and subtractions to the family would fit this description.
In addition, there are things that take place that are out of your control that affect your estate planning efforts. Legislative changes that impact the tax code are among them, and with this in mind we would like to take a look at the lay of the land at the present time.
The estate tax and the gift tax are unified, and at the present time there is a $5 million unified exclusion. So if your estate and any gifts that you have given utilizing your unified exclusion do not exceed this amount no estate or gift taxes will be levied. Estates or gifts exceeding the exclusion are taxed at 35%.  Keep in mind that any gift exceeding the annual exclusion amount of $13,000 per person, reduces the estate tax exemption by the amount of the gift.
Those parameters are only in place through the end of next year.  At that time the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 will expire and the rate of the tax will rise to as much as 55% while the unified exclusion is reduced to just $1 million.
So, this presents an interesting situation. The $5 million exclusion becomes a $1 million exclusion when 2013 arrives, so it would be logical to consider giving gifts to your loved ones in 2012 before the exclusion is reduced.
Of course it is possible that changes to the laws could take place at any time, and this is another factor to consider. Clearly, the pending reduction of the exclusion is food for thought and it is something to discuss with your estate planning attorney.

Some view Social Security as their primary retirement plan.  The reality is that this program is a basic safety net that may not provide the financial resources needed for a comfortable retirement.
That said, since most are required to pay into the program it can be viewed as welcome supplement to retirement if nothing more.  There are several commonly asked questions that people who are engaged in retirement planning often ask.
The first question most people have involves the age of eligibility.  Qualified Americans who were born in 1954 and earlier reach full retirement age in a Social Security eligibility context on their 66th birthday.  The age of full eligibility then rises by two months per year through 1959. Anyone born after that becomes eligible to receive their full Social Security benefit when they reach 67.
Another question people often have is whether or not they can work while receiving Social Security. The answer is that once you reach the age of full eligibility you can indeed earn any amount of income and still collect your full benefit.
However, you don't have to wait until you reach your full eligibility age to begin receiving Social Security.  You can start receiving Social Security when you are as young as 62, but you receive a reduced benefit.  If you work before you reach full retirement age while you are receiving this reduced benefit your payout is cut by one dollar for every two dollars that you earn above a certain annual limit.  Right now that limit is $14,160.
The above information is accurate as of this writing but of course it is subject to change.  To review current information visit the following website.

Inheritance planning is really a comprehensive endeavor and it entails more than simply directing the transfer of assets via the execution of documents. There are numerous practical considerations that require communication with family and loved ones. Some feel as though they will always have time to communicate their wishes at some point in the future when they have more time. For many the topic of death is s difficult topic to discuss. Though these concerns are certainly understandable, procrastination can leave your loved ones in a difficult situation. You never know what lies ahead and this is what intelligent and comprehensive advance planning is all about.
It is a good idea to ask yourself what your family members would be faced with if you were to pass away on a purely practical level. Are there keys to vehicles and perhaps real property that they should have or be able to obtain? Do you have a safe deposit box? If so, who has access to it? Documents are another matter to consider. Do your your family members know where to find documents that would be relevant to them if you were to pass away? Who has passwords to accounts and other information on your computer files?
Since we live in the digital age a lot of people have important passwords and usernames that their loved ones would need if they were charged with the responsibility of handling the final affairs of the deceased. This can include social network identities as well as business relationships.
These are just a few specific things to keep in mind. Take time to compile a list of items that you should communicate to your loved ones so they will be prepared to handle the practical matters that they will face when the inevitable ultimately takes place.

We seem to live society that is somewhat obsessed with celebrities lives. Some media reports are instructive with respect to estate planning dos and don'ts. It was recently announced that Frenchwoman Liliane Bettencourt, who is the second richest woman in the world, has been declared mentally incompetent to handle her own affairs. Bettencourt is 88 years old and reportedly suffering from Alzheimer's induced dementia. Her family members have been involved in court struggles contending that she has been making bad financial decisions, including the diversion of some $1.4 billion to French renaissance man, Francois-Marie Banier. Bettencourt reportedly sought assistance to create a new will making Banier the sole beneficiary of her estate. The French court has given Bettencourt's daughter Francoise Bettencourt-Meyers and her two grandsons control over the Bettencourt fortune, which is estimated to be valued at about $23.5 billion. According to Forbes this makes Liliane Bettencourt the 15th richest person in the world.
Situations like these provide a window into the way things can go if you do not engage in appropriate planning when you are in full control of your faculties. Whether or not the heiress was a victim of financial exploitation is in question. It may be safe to say that most people would not choose to give away $1.4 billion to someone who is not a family member and then change their will to disinherit their only child and grandchildren when they are in their 80s when they are of sound mind. Some 40% of people age 85 and up suffer from Alzheimer's disease. So yes, something like this could happen to you, which emphasizes the importance of seeking a qualified estate planner to assist in putting together a sound estate plan.