When a loved one passes away, it's often the smallest things that keep their memory alive—a handwritten note, a familiar scent, or the sound of their favorite song. While grief is personal, many individuals want to do more than hold onto memories—they want to create a lasting legacy. A Nevada estate planning attorney can help clients structure their estate plans to include purposeful tributes and lasting remembrances, such as charitable donations, personalized memorials, or family heirlooms. Estate planning is not just about distributing wealth—it's about preserving values, stories, and emotional connections that endure for generations. By incorporating these elements into a thoughtful estate plan, you can ensure that your loved one's memory is honored in meaningful and lasting ways.
Today’s families are moving away from traditional funerals in favor of more personalized celebrations of life. This cultural shift includes everything from eco-friendly burials to events that reflect the deceased’s passions—favorite music, personal stories, or hobbies. Estate planning can help fund and structure these memorials in advance, easing financial burdens and allowing families to focus on remembrance. For instance, advance planning can ensure that a family's favorite location is preserved as a memorial site, providing a place where future generations can visit and remember their loved ones. Additionally, knowing that these arrangements are in place can bring peace of mind to those who are grieving. By integrating personalized memorial planning into your estate plan, you can create a celebration that truly reflects the life and spirit of your loved one.
Personalized memorial planning also allows families to incorporate meaningful traditions and rituals into their celebrations. This might include holding a memorial service at a specific location that held significance to the deceased, or creating a custom ceremony that honors their cultural or personal heritage. Estate planning attorneys can assist in navigating these complex decisions, ensuring that your wishes are respected and carried out. Furthermore, by addressing these details in advance, families can avoid disagreements and focus on the therapeutic process of remembrance. This thoughtful approach helps preserve the emotional connection and values that are essential to your family's legacy.0
Nevada estate planning offers the flexibility to create customized memorials that reflect the unique personality and achievements of your loved one. Whether it's establishing a memorial fund, creating a personalized memorial plaque, or organizing a charity event in their name, these efforts can be seamlessly integrated into your estate plan. By doing so, you're not only honoring their memory but also ensuring that their legacy continues to inspire future generations. This individualized approach allows families to celebrate their loved one's life in a way that is both authentic and meaningful. Moreover, it provides a sense of continuity and connection to the past, which is crucial for the emotional well-being of surviving family members.
Through Nevada estate planning tools such as revocable trusts, testamentary gifts, or memorial funds, individuals can earmark resources for tributes like tree plantings, park benches, scholarships, artwork, and donations to causes their loved ones cared about. These strategies ensure that honoring a memory doesn’t place an unexpected financial strain on surviving family members. By structuring your estate plan to include these creative tributes, you can ensure that your loved one's legacy is celebrated in a way that reflects their values and passions. This approach not only honors their memory but also contributes positively to the community or environment. Additionally, it provides a tangible way for family members to engage with the legacy of their loved one, fostering a deeper connection to their heritage.
Using estate assets to fund creative tributes also allows for the preservation of stories and memories associated with these gestures. For instance, a scholarship fund established in a loved one's name can include a personal message or story about their achievements and values. This ensures that future recipients understand the significance of the award and the legacy it represents. Moreover, by incorporating these elements into a Nevada estate plan, you can leverage the state's favorable trust laws to protect and grow the assets dedicated to these tributes. This strategic planning helps maximize the impact of your tribute while minimizing tax liabilities. Furthermore, it provides peace of mind knowing that your intentions will be respected and fulfilled.
Incorporating these strategies into your Nevada estate plan also allows for flexibility and customization. You can choose to allocate funds for various types of tributes based on your loved one's interests and achievements. For example, if your loved one was an artist, you might establish a fund to support local art programs or create a public art installation in their honor. This approach ensures that your tribute is both meaningful and impactful, reflecting the unique spirit and contributions of your loved one. By working with an estate planning attorney, you can ensure that these wishes are legally formalized and effectively carried out. Additionally, this personalized approach helps preserve the emotional connection between generations, reinforcing shared values and cultural traditions.
Belongings like clothing, books, recipes, or letters often carry deep emotional value. A thoughtful estate plan can include instructions for repurposing items into keepsakes—such as quilts, scrapbooks, or memory boxes—preserving not only possessions but the stories behind them. A Nevada estate planning attorney can help legally formalize these wishes to avoid confusion or conflict. By incorporating these personal items into your estate plan, you ensure that they are distributed in a way that honors their emotional significance. This thoughtful approach helps preserve the history and sentimentality associated with these belongings, providing future generations with a tangible connection to their heritage.
Intentionally gifting sentimental property also allows for the creation of lasting family heirlooms. For instance, a cherished piece of jewelry can be passed down through generations, serving as a symbol of love and continuity. By specifying how these items should be used or distributed, you can ensure that their emotional value is respected and preserved. Moreover, including these items in a Nevada estate plan helps avoid potential disputes among family members, as everyone understands the intended use and significance of each item. This clarity provides peace of mind and reinforces the emotional bond between family members, even after a loved one's passing.
Nevada estate planning offers a structured approach to managing sentimental property, ensuring that your wishes regarding these personal items are respected and carried out. By working with an experienced attorney, you can create a detailed plan that not only safeguards these belongings but also tells the story of their significance. This thoughtful approach preserves the cultural and emotional legacy of your family, providing future generations with a rich tapestry of stories and memories. Furthermore, it allows you to pass on more than just material possessions; you share the values, traditions, and personal history that make your family unique. By integrating these elements into your estate plan, you ensure that your loved one's memory is cherished and celebrated in meaningful ways.
Creating a memory-centered estate plan provides comfort and guidance to heirs. Whether it’s preserving digital assets, writing personal messages into a trust, or allocating funds for future family rituals, intentional planning ensures a loved one’s essence is never lost. These efforts can also reinforce shared values, cultural traditions, and emotional continuity within families. By crafting a legacy plan that honors your loved one's memory, you're not only preserving their emotional legacy but also providing a framework for future generations to connect with their heritage.
Legacy planning through Nevada estate planning allows for the preservation of family stories and values across generations. By including personal messages or stories in a trust, you can share the context and significance of your family's history and traditions. This thoughtful approach ensures that future generations understand the importance of certain rituals or practices, maintaining a strong sense of continuity and shared identity. Moreover, by structuring your estate plan to support these efforts, you can create a lasting impact that transcends material wealth. This legacy becomes a source of strength and inspiration for your family, providing a sense of belonging and connection to their past.
Incorporating legacy planning into your estate strategy also allows for the preservation of digital assets, such as emails, photos, or videos, which are increasingly important in today’s digital age. By specifying how these digital artifacts should be managed and preserved, you can ensure that they remain accessible and meaningful for future generations. This approach not only safeguards your family's digital legacy but also provides a way to honor your loved one's memory in a modern, relevant way. Furthermore, it reinforces the emotional connection between generations, allowing your family's story to unfold over time. By working with a Nevada estate planning attorney, you can create a comprehensive plan that honors your loved one's legacy while supporting the evolving needs of your family.
Closing the Circle: Honoring Memories Through Thoughtful Planning
By incorporating memorial planning, creative tributes, intentional gifting of sentimental property, and legacy planning into your Nevada estate plan, you can create a lasting and meaningful tribute to your loved one. These strategies not only honor their memory but also provide a sense of continuity and connection that supports future generations. Whether you're planning for yourself or a loved one, taking the time to craft a thoughtful estate plan can bring peace of mind and ensure that your wishes are respected. Consider scheduling a consultation with a Nevada estate planning attorney to explore these options and create a personalized plan that reflects your values and intentions. This step will help you turn your vision into reality, ensuring that your loved one's memory is cherished and protected for years to come.
You have worked hard to build your wealth and want to ensure that it benefits your family for generations to come. One of the most meaningful ways to leave a lasting legacy is by supporting your loved ones' educational pursuits. However, without proper planning, inheritances intended for education can create tax issues or be misused. By working with a Nevada estate planning attorney, you can design a legacy that pays for tuition, supplies, or even internship costs while preserving financial control and minimizing gift or estate tax exposure. This expertise can help you create a structured plan tailored to your family's unique needs and goals.
When considering how to use your inheritance to enhance your loved ones' educational experience, it's crucial to plan carefully. Without a well-crafted estate plan, inheritances can lead to unintended tax liabilities or conflicts within the family. A Nevada estate planning attorney helps you navigate these complexities by creating a plan that ensures your inheritance is used as intended. This could involve setting up specific funds for educational expenses or using trusts to maintain control over how the money is spent. By taking proactive steps, you can ensure that your generosity supports your family's educational goals without unnecessary financial strain.
A key aspect of effective estate planning is ensuring that your wishes are respected and that your family benefits from your legacy. This involves understanding the different tools available, such as trusts and tax-advantaged accounts, which can help manage how your inheritance is used. A Nevada estate planning attorney can guide you through the process, helping you make informed decisions that align with your values and financial situation. By working together, you can create a comprehensive plan that supports your family's educational aspirations while minimizing legal and financial risks. This approach not only ensures that your loved ones receive the support they need but also preserves your legacy for future generations.
Inheriting money can be both a blessing and a burden if not managed properly. Without a well-thought-out plan, inheritances intended for education can lead to mismanagement or tax issues. A Nevada estate planning attorney can help you design a plan that pays for educational expenses while preserving financial control and minimizing gift or estate tax exposure. This involves understanding the tax implications of different financial vehicles and using them strategically to support your family's educational goals. By taking a proactive approach to estate planning, you can ensure that your inheritance is a launchpad for your loved ones' educational success rather than a financial burden.
When planning how to use your inheritance to support education, it's essential to consider the long-term implications. A well-structured plan can not only cover immediate educational expenses but also provide ongoing support for future educational endeavors. This might include setting aside funds for graduate school or professional certifications. Working with a Nevada estate planning attorney, you can create a flexible plan that adapts to your beneficiaries' evolving needs. This approach ensures that your inheritance is used as a tool for empowering your loved ones, rather than creating unnecessary financial stress.
Creating a comprehensive estate plan involves understanding the various tools available for managing inheritances. For instance, trusts and tax-advantaged accounts can be used to manage how your inheritance is distributed. A Nevada estate planning attorney can help you navigate these options, ensuring that your plan is tailored to your family's unique circumstances. This might involve setting up a trust specifically for educational expenses or using annual exclusions to reduce tax liability. By taking a thoughtful and strategic approach, you can ensure that your inheritance supports your family's educational aspirations while minimizing potential pitfalls.
Trusts are powerful tools for ensuring that your inheritance is used as intended to support your loved ones' educational pursuits. By setting up a trust, you can earmark funds specifically for educational expenses, such as tuition, room and board, or even internship costs. This allows you to maintain oversight through a trustee, ensuring that the money is used for its intended purpose. A Nevada estate planning attorney can help you draft a trust that aligns with your goals, providing flexibility and protection for your educational legacy.
Revocable or irrevocable trusts offer flexibility in managing educational support. You can distribute funds over time, ensuring that your loved ones receive ongoing support throughout their educational journey. This might involve providing for college tuition now and saving for future graduate studies. Working with a Nevada estate planning attorney, you can create a trust that adapts to your beneficiaries' changing needs, whether they are pursuing higher education or professional certifications. This approach ensures that your inheritance is used to enhance their educational experience, rather than creating unnecessary financial burdens.
A well-drafted trust also provides a level of protection, ensuring that your educational legacy is preserved and used as intended. This can be particularly important if you have specific wishes for how your inheritance should be used or if you want to ensure that it benefits your family for generations to come. A Nevada estate planning attorney can guide you through the process of creating a trust that not only supports your loved ones' educational goals but also minimizes potential risks or conflicts. By taking a proactive and informed approach to estate planning, you can ensure that your inheritance becomes a lasting educational legacy.
When using your inheritance to support education, understanding the tax implications of different financial vehicles is crucial. Options like direct tuition payments, 529 plans, and Coverdell ESAs each have different tax consequences. A Nevada estate planning attorney can guide you through these options, helping you leverage annual exclusions, front-load contributions, and utilize federal exemptions to reduce tax liability. This strategic approach ensures that your educational support is maximized while minimizing unnecessary taxes.
Strategic gifting involves understanding how to use tax-advantaged accounts effectively. For instance, you might use annual exclusions to make tax-free gifts for education or front-load contributions to 529 plans. A Nevada estate planning attorney can help you navigate these strategies, ensuring that your educational support is both effective and tax-efficient. This approach not only supports your family's educational goals but also preserves your wealth by minimizing tax liabilities.
Choosing the right financial vehicles for educational support requires careful consideration of tax implications and potential benefits. A Nevada estate planning attorney can provide guidance on how to use these tools to maximize tax benefits while supporting your loved ones' educational aspirations. Whether you are considering direct tuition payments or tax-advantaged savings accounts, a well-planned strategy can ensure that your inheritance is used to enhance their educational experience without unnecessary financial strain. By working together, you can create a comprehensive plan that aligns with your financial situation and educational goals.
Each family's goals and financial situation are unique, and there is no single approach to education planning that works for everyone. Some families may prioritize supporting private high school, while others focus on college or trade programs. A Nevada estate planning attorney can help you develop a tailored plan that aligns with your intentions and adapts to your beneficiaries' evolving needs. This personalized approach ensures that your educational legacy fits your family's specific circumstances.
Whether you are planning to support a child's education or include education assistance in business succession or employee benefit planning, a customized estate plan is essential. A Nevada estate planning attorney can work closely with you to understand your unique goals and financial situation, creating a plan that supports your loved ones' educational pursuits while minimizing potential risks or taxes. This approach not only ensures that your inheritance is used effectively but also provides peace of mind, knowing that your educational legacy is secure.
Creating a lasting educational legacy involves more than just providing financial support; it requires a thoughtful and strategic approach to estate planning. A Nevada estate planning attorney can help you navigate the complexities of using your inheritance to support education, ensuring that your plan is comprehensive, legally sound, and tailored to your family's specific needs. By taking a proactive and informed approach, you can ensure that your educational legacy endures for generations to come, providing meaningful support for your loved ones' educational journeys.
Now that you understand how a Nevada estate planning attorney can help you use your inheritance to enhance your loved ones' educational experience, the next step is to contact a professional like Anderson, Dorn & Rader Ltd. to explore strategies tailored to your goals. By scheduling a consultation, you can begin creating a personalized plan that not only supports your family's educational aspirations but also preserves your legacy for the future. This proactive approach will ensure that your inheritance is a lasting educational legacy, empowering your loved ones to achieve their full potential.
As someone who understands the value of hard work and personal privacy, you likely want to make sure your assets are protected long after you're gone. Without a clearly documented estate plan, your wishes may not be honored, and state laws can step in to make those decisions for you. Nevada estate planning helps you take control of your future, allowing you to choose who receives your assets, how they are managed, and when they are distributed. This kind of planning offers peace of mind while avoiding unnecessary legal complications for your loved ones.
Many Nevada residents mistakenly believe estate planning is only for the wealthy or elderly. The reality is that your property, financial accounts, and personal belongings all make up your estate, and you deserve a say in how those items are handled. By planning now, you prevent confusion, reduce family conflict, and ensure your personal and financial legacy is honored. Estate planning isn’t about preparing for death—it’s about protecting everything you’ve built.
This guide explains how Nevada estate planning keeps your assets in the right hands and highlights the potential consequences of putting it off. If you want to maintain control, safeguard your privacy, and support those who matter most, it’s important to act now. Each section below will help you better understand your options and what steps to take next.
If you don’t create an estate plan, the state will follow a fixed process to decide who inherits your assets. Nevada’s intestacy laws are designed to distribute property to immediate family, but they rarely account for the complexity of your relationships or your personal intentions. Stepchildren, longtime partners, close friends, and charitable causes are often left out under these rules. Even if you've expressed your wishes verbally, they hold no legal weight without written documentation. You lose the ability to control where your legacy goes.
Dying without a will or trust also increases the risk of family disputes and delays in asset distribution. Relatives may have to go through probate, a legal process that can be both time-consuming and emotionally draining. Confusion over who should inherit can divide families, especially when loved ones are left guessing about your intentions. Nevada law doesn’t know your values or relationships—it simply follows a formula. The only way to ensure your preferences are honored is to document them in a valid estate plan.
Some individuals assume that their spouse or children will automatically inherit everything, but that isn’t always the case. Blended families, estranged relatives, or second marriages can complicate matters if your wishes aren’t clearly outlined. In many cases, the people you most want to provide for may end up with nothing. The lack of a plan often leads to outcomes you never intended. Protecting your loved ones starts by putting your instructions in writing and making sure they’re legally enforceable.
Unclaimed property doesn’t just happen to other people—it happens more often than you think. If your estate plan doesn’t include an accurate list of your accounts and assets, it’s possible some items will go unclaimed. Dormant bank accounts, forgotten retirement plans, or uncollected life insurance benefits can easily slip through the cracks. When these assets remain untouched for a specific period, Nevada law allows the state to take possession. This process, called escheatment, could mean your money never reaches your loved ones.
A common cause of escheatment is failing to update your estate plan or maintain records of your assets. If your executor or trustee doesn’t know an account exists, they won’t claim it during the distribution process. Once assets fall into state hands, your family may not be notified or may face unnecessary hurdles trying to recover them. The lack of planning and documentation increases the likelihood that your financial legacy becomes lost to the state. A detailed and updated plan prevents this outcome.
Creating a thorough estate plan with an inventory of assets is a proactive way to prevent escheatment. It’s important to review your documents regularly and communicate with your beneficiaries about the location of your records. A Nevada estate planning attorney can help ensure your plan includes every asset and account, including those that may be easily overlooked. Taking this step now means your property will be available to those you’ve chosen—not sitting unclaimed in a government account. Your efforts today can make a lasting difference for your family tomorrow.
Nevada estate planning is just as important for middle-income families as it is for the wealthy. Whether you own a modest home or have years of retirement savings, those assets represent your life’s work. You deserve to decide who benefits from them when you’re gone. Estate planning gives you the ability to make those decisions while avoiding unnecessary costs or delays for your loved ones. It ensures your assets reach the people you care about most.
One of the most overlooked benefits of estate planning is naming a guardian for minor children. If you don’t formally make that decision, a court will choose someone without your input. That can lead to outcomes that don’t reflect your parenting values or family structure. A will allows you to designate a trusted person to raise your children if something happens to you. That kind of preparation provides clarity and security during a difficult time.
Specific bequests also matter when it comes to honoring relationships and memories. You might want a friend to receive a family heirloom or a charity to receive a donation from your estate. Without instructions, those gifts won’t happen. Intestacy law doesn’t recognize friendships, partnerships, or sentimental attachments—it only follows bloodlines. Estate planning is how you make sure every piece of your life is passed on according to your wishes.
A will is a foundational document in estate planning, and it gives you the power to name heirs, guardians, and executors. However, a will usually goes through probate, which can be a lengthy and public legal process. Probate also opens the door to potential challenges and delays, especially if your estate is complex. While a will provides direction, it may not offer the level of control or privacy you expect. That’s where a trust can make a significant difference.
Using a revocable living trust allows you to transfer ownership of assets while maintaining control during your lifetime. After your death, the trust distributes your property without the need for probate, which speeds up the process and keeps your affairs private. A trust also gives you the ability to manage how and when beneficiaries receive assets, which is especially helpful for younger heirs or special circumstances. This tool offers flexibility that a will alone cannot match. Trusts are ideal for anyone who values privacy and efficiency in estate planning.
Choosing between a will and a trust depends on your specific goals, the complexity of your assets, and your preferences for control and confidentiality. Many individuals benefit from having both in place as part of a larger estate planning strategy. By working with a Nevada estate planning attorney, you can determine which approach best fits your needs. Planning ahead with the right documents helps protect everything you’ve built and keeps your legacy intact. Taking action now gives you confidence in your future and peace of mind for your loved ones.
Nevada estate planning empowers you to stay in control and reduce the risk of complications for your family. It ensures your assets are managed and distributed according to your wishes, not left to state procedures or chance. Whether you’re just getting started or updating an existing plan, it’s important to take inventory of your assets, identify your beneficiaries, and consider whether a trust could simplify the process. These steps protect your legacy and give your family clarity when it matters most.
Estate planning is an opportunity to define what matters to you and make sure your intentions are clear. It reflects the values you hold and the people you want to support. By choosing to act now, you prevent future confusion and ensure your estate aligns with your life’s work. It’s a thoughtful way to honor your past and prepare for what lies ahead.
Schedule a consultation with a Nevada who can help you build or update your plan. This small step can have a lasting impact for generations. Start your checklist, list your assets, and ask how a trust might benefit your unique situation. Your legacy is worth protecting, and we’re here to help you do just that.
What Is a General Power of Appointment?
Estate planning in Nevada requires tools that can adapt to life's unexpected changes. A general power of appointment is one such tool, offering unmatched flexibility to ensure your estate plan aligns with evolving circumstances, even after your death.
The Flexibility of a General Power of Appointment in Nevada Estate Planning
Life is full of surprises—family dynamics, economic shifts, and legal changes can all impact your carefully crafted estate plan. While you can make adjustments while you're alive, what happens after you're gone? This is where a general power of appointment becomes invaluable for Nevada estate planning. By granting this power, you enable a trusted individual to make future decisions about the distribution of your assets based on the situation at that time.
How Does a General Power of Appointment Work in Nevada Estate Planning?
When creating an estate plan in Nevada, you may choose to leave assets directly to beneficiaries or hold them in a trust with specific instructions. A general power of appointment adds another layer of flexibility. It allows the designated person, known as the powerholder, to redirect or reallocate assets within the trust. This can include selecting new beneficiaries or adjusting how and when assets are distributed.
In simpler terms, it's like giving someone the authority to decide the fate of your property after you're no longer around to make those decisions yourself. The powerholder has the discretion to exercise this power or leave the original plan intact.
Key terms to understand include:
A general power of appointment is particularly broad, allowing the powerholder to even direct assets to themselves, their estate, or their creditors.
Why Consider a General Power of Appointment in Nevada Estate Planning?
The main advantage of a general power of appointment in Nevada estate planning is the long-term flexibility it provides. This power allows adjustments to be made after your death, accommodating unforeseen circumstances like changes in beneficiaries' financial situations, tax laws, or personal circumstances. For example, if a beneficiary develops financial issues, the powerholder can modify the distribution to protect the assets.
From a tax planning perspective, a general power of appointment can also offer potential benefits. Assets subject to this power are included in the powerholder's estate, which may allow for a basis adjustment (step-up) in value, potentially reducing capital gains taxes for heirs. However, this inclusion can also increase the estate's value, potentially leading to estate taxes.
Is a General Power of Appointment Right for Your Nevada Estate Plan?
Deciding whether to include a general power of appointment in your Nevada estate plan requires careful consideration. While it provides significant flexibility, it also involves balancing potential tax implications. Our attorneys can help you understand how this powerful tool can be tailored to meet your specific estate planning goals and provide guidance if you have been entrusted with such a power. Contact us today!
When you pass away, your debts, including your mortgage, do not simply vanish. If your will or trust leaves your property, which still has a loan against it, to a beneficiary, they will inherit both the real estate and the remaining debt. The beneficiary might have the option to assume the mortgage, allowing them to retain ownership of the house, or they could opt to sell the property and use the proceeds to settle the debt. The specific outcomes depend on the terms of the mortgage and the directives laid out in the estate plan. Planning ahead for the transfer of your real estate assets can significantly simplify the process for your heirs, making it a smoother transition during a challenging time.
In recent years, American housing debt has soared to unprecedented levels. According to the US Census Bureau, the homeownership rate was approximately 66 percent in 2022. By the end of September 2023, the Federal Reserve Bank of New York reported that Americans were carrying $12.14 trillion in mortgage balances. This figure represents a significant portion of US consumer debt, emphasizing the crucial role of real estate in personal finance. The increase in mortgage debt highlights the importance of addressing how these obligations are managed after the homeowner's death.
With housing debt constituting a substantial part of consumer debt, it's not surprising that many Americans pass away while still owing on their mortgages. A survey by CreditCards.com revealed that 37 percent of Americans died with unpaid mortgages. This situation poses potential complications for heirs and underscores the need for comprehensive estate planning.
The inclination to leave a home to one's children is strong among American parents, with a 2023 Charles Schwab survey indicating that more than three-quarters of parents intend to do so. However, the reality of inheriting a home is complex, especially given the current real estate market dynamics. Nearly 70 percent of potential heirs express a preference to sell the inherited property, often due to financial considerations or the rising costs of real estate.
When it comes to estate planning, one of the critical concerns is how to handle mortgages on inherited properties. The process varies significantly depending on the decedent's estate plan, the terms of the mortgage, and state laws.
When a property is left to a single beneficiary, whether through a will, trust, or deed, several outcomes are possible. The beneficiary might assume the existing mortgage, pay off the mortgage with other funds, or sell the property and use the proceeds to settle the debt. Some lenders may also allow for the refinancing of the loan under the new owner's name, potentially offering more favorable terms.
In cases where multiple beneficiaries inherit a property, the situation becomes more complex. These beneficiaries must agree on how to manage the inherited mortgage, whether by assuming it jointly, selling the property, or using other funds to pay off the debt. Disagreements can lead to legal challenges, potentially resulting in a court-ordered sale of the property.
For those who die without a will or trust, the probate process determines the distribution of their assets, including real estate. The executor of the estate is responsible for managing the deceased's debts and assets, which may involve using estate funds to maintain mortgage payments until the property can be sold or transferred.
Estate planning goes beyond merely distributing assets; it's about ensuring that your legacy is passed on according to your wishes without imposing undue burdens on your loved ones. For homeowners, this means considering the implications of mortgage debt and making arrangements to ease the financial strain on heirs.
An effective estate plan addresses all aspects of your assets, including your home and any outstanding mortgage. It might include setting aside funds to cover mortgage payments, instructions for the sale of the property, or provisions for refinancing the mortgage to benefit your heirs.
Given the complexities of estate law and the intricacies of mortgages, seeking advice from an estate planning attorney is advisable. They can provide tailored guidance that aligns with your goals and ensures your estate is handled smoothly.
As American housing debt continues to climb, the importance of incorporating real estate into your estate planning cannot be overstated. Understanding how your mortgage debt will be managed after your passing is crucial to ensuring your heirs can navigate their inheritance without undue stress. Through careful planning and professional advice, you can secure your legacy and provide for your loved ones even after you're gone.
The year 2026 is quickly approaching, bringing substantial changes that may affect your estate tax situation. The Tax Cuts and Jobs Act (TCJA) in 2017 significantly increased the federal estate tax exemption to $10 million adjusted for inflation. This is the amount you can gift or leave to your loved ones at your death without incurring a gift or estate tax liability. Any portion of the exemption used during lifetime reduces the total exemption amount available at death for estate tax purposes.
However, the countdown has begun for the potential sunset of this generous exemption by the end of 2025. Adjusting for inflation, the Congressional Budget Office estimates the new exemption amount will be $6.4 million in 2026.1 There are strong arguments for and against the changes in legislation. Whether the current exemption amount remains or is reduced to roughly $6.4 million, valuable insights from professional advisors can prepare you for either scenario. What is not taxable today might be taxable tomorrow.
The federal estate tax was first enacted in 1916 to generate revenue for the government. Over the years, it has undergone various changes in exemption limits and rates.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) gradually increased the estate tax exemption and reduced the tax rate until it reached zero in 2010.2 However, the estate tax was set to return to the 2001 amounts for deaths occurring in 2011 unless further legislative action was taken.3 In 2011, the estate tax exemption was reinstated at $5.0 million.4
In 2017, the TCJA doubled the estate tax exemption from $5.49 million to nearly $11 million to stimulate economic growth and create jobs.5 The exemption continues to adjust for inflation, offering individuals an unprecedented opportunity to pass on substantial wealth free from federal estate tax. In 2024, the este tax exemption is $3.61 million.
A sunset provision was embedded within the TCJA to limit how long the higher estate tax exemption could continue. Without legislative intervention, it will be cut in half to $5 million adjusted for inflation in 2026, creating a potential estate planning crisis for people with considerable estates on December 31, 2025. Adjusting for inflation, the Congressional Budget Office estimates the exemption amount will be $6.4 million in 2026.6
Maintaining or increasing the already high estate tax exemption amount could be seen as a move that benefits the wealthy, broadening the tax burden for others. It can also be seen as maintaining the status quo. And the current law ensures that most people will not be subject to federal estate taxes.
A higher estate tax exemption was expected to foster economic growth and capital investment by allowing wealthier individuals and families to reinvest in businesses and job creation.7 Yet the federal government relies on estate tax revenue to fund various programs and therefore would not want to reduce a lucrative revenue source. Without the estate tax, other revenue sources would have to foot the bill for these programs and potentially face cuts in the benefits and services provided.
For the estate tax exclusion to remain at the higher amount beyond 2025, Congress will need to take action.
The TCJA was part of a short-term tax cut package. Lawmakers had to make room in the budget for the tax cuts introduced by the legislation.8 They did this by temporarily increasing the estate tax exemption.
Reverting to a lower exemption amount is believed to generate more revenue by increasing the number of people who pay the tax and increasing estate tax exposure to those with net wealth above the current exemption amount. Estate tax revenues are projected to increase sharply after 2025, when the exemption amount is scheduled to drop. From 2021–2031, the combined estate and gift tax revenues are projected to total $372 billion.9
As we move into 2024, it is crucial to review estate planning goals and strategies that may be affected by potential changes in the federal estate tax exemption law. By working together with your other trusted advisors, we can reevaluate your current estate plan to ensure that you are protected and your financial legacy is preserved.
1 Understanding Federal and Gift Taxes, Cong. Budget Off., https://www.cbo.gov/publication/57272 (last visited Jan. 2, 2024).
2 Darien B. Jacobsen et al., The Estate Tax: Ninety Years and Counting, SOI Bull. 124, https://www.irs.gov/pub/irs-soi/ninetyestate.pdf (last visited Jan. 2, 2024).
3 Id.
4 Mark Luscombe, Historical Look at Estate and Gift Tax Rates, Wolters Kluwer (Mar. 9, 2022), https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-estate-and-gift-tax-rates.
5 Tax Cuts and Jobs Act (TCJA), Tax Found., https://taxfoundation.org/taxedu/glossary/tax-cuts-and-jobs-act (last visited Jan. 2, 2024).
6 Understanding Federal Estate and Gift Taxes, supra note 1.
7 Id.
8 How Did the Tax Cuts and Jobs Act Change Personal Taxes?, Tax Pol’y Ctr., https://www.taxpolicycenter.org/briefing-book/how-did-tax-cuts-and-jobs-act-change-personal-taxes (last visited Jan. 2, 2024).
9 Understanding Federal Estate and Gift Taxes, supra note 1.
With roughly 40 percent of U.S. adults suffering from a mental illness, it’s time to remove the stigma surrounding the topic. With greater awareness, there is greater opportunity to ensure that those affected by mental illness receive the help or treatment that they need, not just now, but in the future as well. Estate planning for someone with a mental illness will give you peace of mind that your loved one will be well taken care of in any unforeseen event.
The odds that you or somebody in your family is living with a mental health condition are 2 in 5. Rather than dismiss these issues because they are uncomfortable, we recommend being proactive about these challenges so that you’re prepared for whatever life brings your way. The best way to do this is with the help of an incapacity and estate planning attorney who will be able to draft a trust that covers all your bases.
Nearly 50 Million Americans Suffer from Mental Illness
Saying that America is dealing with a mental health crisis is not an exaggeration. According to the National Alliance on Mental Illness, approximately 40 percent of US adults experience mental illness, which is an increase of 20 percent from the year 2020. Additionally, 1 in 20 who experience serious mental illness, and 17 percent of American youth experience a mental health disorder.
The mental health crisis has worsened during the coronavirus pandemic. Loneliness and isolation are fueling increases in anxiety, depression, and thoughts of suicide and self-harm, reports Mental Health America. More people are seeking mental health screening and treatment, but around 23 percent of Americans with mental illness are still not receiving the services they need.
Improvement starts with acknowledging that there is a problem. Talking to a healthcare professional about mental health struggles and treatment options leads to better outcomes. One improved outcome can be creating an estate plan that takes into account your own, or a family member’s, mental health.
Your Mental Health and Your Estate Plan
Every estate plan should be tailored to the individual’s needs and their unique family dynamics. A number of estate planning documents are available to address concerns about your mental health. Chief among such concerns is the possibility that, at some point, you may be unable to manage your own affairs. To prepare for that contingency, consider having the following documents in place:
Importantly, for these documents to have legal authority, you must have mental capacity when you sign them. To ensure capacity, you may want to obtain a professional opinion from a licensed mental health provider stating that you are of sound mind and understand the meaning and effect of the documents you are signing. Alleging lack of capacity is a common basis for contesting an estate plan.
In addition, if you are entrusting somebody with power of attorney authority, and that person has their own mental health concerns, you should discuss the issue with your family as well as your estate planning lawyer.
Your Beneficiaries’ Mental Health
Having beneficiaries who suffer from mental illness presents a different estate planning challenge. You must pass your legacy to them in a way that serves their best interests. Discretionary trusts and supplemental needs trusts are two ways you can look out for a mentally ill loved one even after you are gone.
There is a significant difference between suffering from a severe mental illness, such as bipolar disorder or schizophrenia, and a more minor issue such as anxiety or depression. Some people’s mental health issues can come and go over the course of their lifetime. Others’ illnesses are prolonged or recurrent. In some cases, a person may be genetically predisposed to mental illness that has not yet manifested. Proper proactive estate planning can protect you and your loved ones from whatever type of mental disorder may be of concern to you.
These are some of the factors to consider when making estate planning decisions based on mental illness in your family. Every individual and every family is unique. Your estate plan should reflect what you know now and be updated to reflect changes in your life and the lives of your family members. Contact us to learn how mental health considerations can fit into your estate plan.
Estate planning is a sensitive subject and it can be even more sensitive when the issue of mental health is involved. If you need to set up an estate plan, or revise an existing estate plan, around mental health concerns, we are here to help. Please contact our office to set up an appointment with an estate planning attorney.
Every February, American Heart Month begins as a friendly reminder to think about your heart health. This commemorative month was established in 1963 and prompts us to combat heart disease, the leading cause of death in America. Even with the high mortality rate of Covid-19, heart disease continues to be the dominant cause of death in the United States. Ultimately, American Heart Month is a great time to review your heart health and build healthy habits for the future. Of course, don't forget to consider who will act as your medical agent if you are unexpectedly stricken with a heart attack.
Various states have differing titles for medical agents, including a medical power of attorney, an advanced health care directive agent, a health surrogate, a health or medical proxy, and more. Regardless of the title your state uses, this person will make all medical decisions for you if you ever become too ill to communicate your wishes.
This person plays an essential role in making critical decisions regarding your health. Your medical agent should understand your medical wishes because they decide what care you will or won’t receive by communicating with providers caring for you. Also, keep in mind this person gains access to your private information, so you should consider all these factors before deciding who will act on your behalf.
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It is easy to assume anyone close to you is fit to be your medical agent, but this is not the case. Consider someone you know will stay level-headed in emotional situations since everyone handles stress differently. Your medical agent should be reasonably assertive because of the many family opinions and doctor recommendations they will have to navigate. This person should be comfortable silencing others opinion to focus on your wants and needs when making decisions.
Your medical agent should live close to you because something unexpected can come up at any moment. This person will have to act on your behalf quickly and efficiently so that you don’t have to wait for care if you are incapable of speaking for yourself.
It is crucial to make sure your medical agent is willing to set time aside in case of a medical emergency. Having this title is both time-consuming and emotionally draining, so reach out to the person you’d like to act as your medical agent and address any concerns. Doing this in advance will help you choose someone willing to take on this responsibility.
You must choose a medical agent who will make decisions following your wishes. The person you choose needs to set aside their own wants to focus on making the decisions you expressed previously. Your medical agent acts as your voice even if they don't agree with your course of action, so be sure to find someone you can trust to follow your wishes if you are incapable.
Remember, even if you believe someone is right for the title, some states prohibit certain individuals from acting as a medical agent.
Many states don’t allow minors to be patient advocates, but there can be exceptions. Also, remember not everyone over the age of 18 qualifies to act as a medical agent so talking with a professional can help clarify state restrictions.
Not every state restricts health care providers from acting as medical agents, but most do. These restrictions can be overlooked if the health care provider is a family member, but make sure to take the proper steps to allow this. Furthermore, Kansas, Missouri, and Kentucky allow your health care provider to act as your medical agent if they are an active member of your religious organization.
If you haven’t decided who will act as your medical agent, Anderson, Dorn, and Rader can help determine the best fit. If you need someone to act as a backup, our attorneys are willing to build a strong relationship with you to understand your needs in case of an emergency. We will ensure that your wishes are carried out and written as required by state law.
Contact us now to discuss how to properly name a medical agent, as well as discuss other advance care directives.
An estate plan consists of several parts and considerations, including a living trust. A living trust is a legal arrangement set up during a person’s lifetime that places their assets into a trust overseen by a trustee. The living trust also determines how the trustor’s assets will be distributed once they pass or become incapacitated. Some factors that may cause someone to create a trust range from tax benefits and avoiding probate to caring for family members with special needs. See how working with an estate planning attorney to create a living trust will help your family.
Avoiding probate is the most common reason for seeking out a living trust. Probate is the courts’ process of proving a will is accepted as a valid document that can be used to effectively distribute assets. There are several reasons in which you would want to avoid probate. The first is that probate can be a costly way to transfer your assets upon death. There are multiple parties that may need to be paid out during a probate proceeding, including the court, which add up quickly.
Probate is also a very lengthy process. It can take six to nine months (sometimes longer) to fully go through probate. There are many factors, documents, and people involved in the probate process, so it’s easy for complications to arise. Problems such as a contested will or an inability to find clear records of all of the deceased's assets and debts can extend this timeline.
Lastly, your probate proceedings will be publicly recorded for the court, meaning your case will become public knowledge and will be available to anyone. This significantly limits you and your family’s privacy which is not ideal during a family member's death.
A living trust provides tax savings to those estates that are subject to estate or gift taxes. There are many types of trusts to choose from, but the most common are irrevocable trusts and revocable trusts. A revocable living trust allows you to make amendments and changes to the documents as necessary, even during the trustor’s life. An irrevocable trust cannot be amended after the document has been signed, but it does offer significant transfer tax benefits that are not subject to the typical gift tax requirements. When you work with us, we'll make sure to align the type of trust with your family's tax-saving needs and other goals.
When it comes to your trust, it’s important for you to understand that a trust only controls assets that are put, or funded, into the trust. Living trusts need to be continually updated to accommodate changes such as marriage, childbirth, home purchases, and tax laws that could affect the trust. With a living trust, the trustor is able to amend the document to reflect their wishes. Because of this, it’s crucial that you work closely with your estate planning attorney to make sure your assets are properly aligned with your trust. This will not only help you get organized, but it will also make things easier for your heirs when you pass away.
Call our office at (775) 823-9455 or visit us online at wealth-counselors.com to schedule a complimentary consultation.
Estate plans are more than your monetary net worth. Categories of your estate can include real estate, pets, possessions and all other property you own. Some people forget how priceless personal property, such as family heirlooms and keepsakes, can be to those you leave behind.
It is important to work out what will happen to these valuable items after your death by creating an estate plan.
Heirlooms have been passed down to family members for generations. These items can vary in monetary value, but the memories attached to them are copious, giving them an emotional and sentimental value that shouldn’t be discarded or auctioned after your passing.
Keepsakes are slightly different from heirlooms because they apply to specific items you owned during your life. These items can be anything from cutlery sets, furniture, or jewelry that you left behind for your family. While these valuable items only have been passed down once, they have nostalgia your family wouldn’t want to lose.
Family members can have different values associated with certain heirlooms and keepsakes. It can be crucial to talk with each family member about their feelings and expectations towards certain items in advance. This common knowledge will help your family avoid unnecessary fighting for heirlooms or keepsakes after your death.
It is a good idea to decide if you need to have your family heirlooms or keepsakes appraised. By doing this, you provide your heirs with the necessary documentation to understand the value of each object passed down to them. Plus, you might realize you want to get some of these items insured due to their worth. Handling this before you pass will make it easier for your heirs to go through the mourning process and avoid unnecessary externalities.
There is no proper way to distribute these valuable and irreplaceable items after your death. Of course, these valuables could end up lost or undervalued if they end up in the wrong hands when there is no plan in place for family heirlooms and keepsakes.
Here are some ways to distribute these precious items to your heirs.
Some people prefer to equally distribute heirlooms and keepsakes to their heirs by focusing on each items' monetary value. An estates planning attorney can offer you guidance when understanding the liquidity of each family heirloom and keepsake.
It is important to note more than two of your heirs may desire the same heirloom or keepsake. You can resolve this dilemma before you pass by creating a personal property memorandum. This document is a chance for you to explicitly state your wishes and avoid any conflict that may come after your death.
One benefit to this type of inheritance planning is that a property personal memorandum is referred to as your last will and identifies who is to receive said property. Also, you don't need to execute a new will or amend your trust if you decide to make modifications to which heirs receive these family heirlooms and keepsakes.
You may prefer to gift special items to your heirs before passing away. Doing this could be a consideration if you find enjoyment in seeing how your family reacts to receiving their heirloom or keepsake.
Of course, you don't want to forget the gift tax you may incur after giving any items to your heirs while alive. Furthermore, you may want to consider if you should factor them into what share of your estate your heirs receive after your death depending on their value.
Anderson Dorn and Rader’s attorneys have the expertise and knowledge to help you create an estate plan that considers all your assets. Family heirlooms and keepsakes are just one piece of the puzzle. Define all your wishes for what your heirs receive with an estate plan to help avoid conflict between your heirs later on.
Many Northern Nevadans know the dangers that come along with this time of year. A 2019 statistic showed that 17% of all accidents happen during winter conditions, highlighting an increased chance for individuals to experience an accident due to extreme weather changes. Ultimately, no matter how long you’ve lived in the region, less sunlight, alongside rain, snow, and black ice creates challenges for anyone driving on the road. While no one ever thinks they will fall victim to an accident, knowing what to do after a fender bender is crucial to ensuring a headache-free experience.
Following these guidelines can help you document the incident calmly and efficiently.
While many people believe there is no reason to immediately report minor accidents, following these steps avoids unnecessary complications and significant penalties down the road.
If an accident occurs making you unable to speak or communicate decisions clearly, you will need to have someone talk to medical professionals on your behalf. This should be a previously planned and trusted individual who would be deemed your medical power of attorney. This person will arrange treatment with doctors until you regain consciousness, so it's crucial you've assigned this power to someone. Your medical power of attorney will expedite medical treatment in the case of an emergency. Furthermore, your medical power of attorney should know where to obtain a copy of this documentation to help expedite treatment.
Opting for minimum coverage can be detrimental to your savings and property in the event of a serious lawsuit. You and your car must be fully covered to prevent this from happening. Plus, you should speak to your insurance broker to find out if umbrella insurance makes sense for you. Umbrella insurance is a low-cost way to gain extra liability coverage and protect yourself from damages that may exceed the limits of your car insurance. Umbrella insurance ensures you have access to a bigger pool of money in the event of a car crash lawsuit against you, protecting your savings and future prosperity.
After a car accident with significant property damages and medical injuries, it may feel necessary to protect your assets from excessive lawsuit demands. You may attempt to do this by transferring funds to friends and family, but be careful because this is against the law in some states. These transfers used to protect assets won’t be ignored by the courts. If considered fraudulent, court judges have the full right and power to reverse transfers. This means that these assets can be obtained by the party in the event of a successful lawsuit against you even after being gifted to a friend or family member.
Revocable trusts are used to protect your assets and trust from creditors and lawsuits after your death. Unfortunately, while some people believe that these trusts protect their assets during their life, this is a misconception and not their design. These trusts fail to completely protect your assets because you have complete control of all assets placed in a revocable trust. Your ability to control these trusts means a judge can order you to revoke the trust to pay creditors and lawsuit judgments.
However, with the guidance of an experienced asset protection and estate planning attorney, you can use properly designed strategies to enhance protection for your assets and property. That means taking the time to sit down with an experienced attorney well before an accident occurs offers you the best chance to maximize asset protection for your estates.
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Contact us today to see how AD&R can provide you with the finest legacy and wealth planning advice Northern Nevada has to offer. We help get you the proper insurance and design estate planning to help you overcome unexpected lawsuits after an accident. Give us a call today so that we can help prepare you for the perils winter might bring.
To date, twenty-four states have enacted or introduced model legislation referred to as the Uniform Voidable Transactions Act (Formerly Uniform Fraudulent Transfer Act). The full text is available on the website of the Uniform Law Commission at https://www.uniformlaws.org/committees/community-home?CommunityKey=64ee1ccc-a3ae-4a5e-a18f-a5ba8206bf49.
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.
Comprehensive retirement planning is going to involve deciding where you would like to live after you put your working years behind you. People who live in many of the states have incentives to relocate. Some are looking for warmer climates, and financial matters can enter the equation as well.
Certain states have better tax structures for retired individuals than others, and in fact here in Nevada we are fortunate in a number of ways. Indeed, Nevada residents who are planning for retirement have some incentives to stay right at home.
We are one of the handful of states that does not have an income tax on the state level. This is a huge advantage and it is something to keep in mind if you are considering the possibility of relocating after you retire.
Another thing to consider is the legacy that you will be leaving behind to your loved ones. Some states have an estate tax on the state level. A few have an inheritance tax, and New Jersey and Maryland have both of these taxes on the state level.
There is no type of death tax on the state level here in Nevada.
If you are concerned about taking tax efficient steps as you are preparing for retirement you would do well to consider the advantages that we are enjoying right here in the Silver State. Most people would not want to make a move that results in an increased tax burden at a time when they are going to start living on a fixed income. Also, if you are looking for mild sunny winters, Southern Nevada is certainly a viable option.
Retirement planning requires a firm understanding of all relevant facts, so changes to the Social Security program are certainly something to monitor.
For most people Social Security is going to be an important income stream during retirement. By no means should you depend on it as your sole source of income, if you can avoid it, but it is certainly going to help.
Up until last year the Social Security Administration sent out statements annually to people who have been paying into the program. When you think about the volume of paper involved in something like this and the cost of postage you you realize that this is a very big expense to the government.
Since we live in the digital age and almost everybody is online the SSA made a shift. The statements are no longer being mailed to anyone who is under the age of 61.
However, it is possible to create a My Social Security account on the SSA website and gain access to your statement whenever you would like to see it.
In addition to this there has been a new announcement from the Social Security Administration. As of March of next year paper checks will no longer be an option. Recipients of Social Security are going to have to set up direct deposits or agree to payment through the loading of a special type of debit card.
Officials say that this move along with the discontinuation of some other types of government benefit checks will save some $1 billion over the next 10 years. These savings will certainly be welcomed by those who are concerned about the costs associated with administering the program.
Some need the money and postpone retirement or get a part-time job; others simply have the urge to keep busy in some constructive way during retirement and choose to do some type of work.
These days financial planning experts often write about the value of working longer. This can be necessary if you simply need more time to accumulate the resources that you need to retire. Others who don't absolutely have to work choose to do so because they want to have plenty of discretionary income so they will never be pinching pennies. Some simply feel the need to remain productive.
When you think about working during what would otherwise be retirement you can expand your vision; you are not limited to what you have been doing throughout your career. There are many different ways that you can make money from the comfort of your own home from freelance opportunities within your areas of expertise to maintaining an online store.
You could also consider going into business for yourself outside the home in a store or office. Many people incorporate their passions into a business later in their lives, such as a flower shop or a restaurant.
It is certainly nice to have a source of significant income going into your retirement years to make your Social Security benefit more of a supplement and less of a staple. You are in fact allowed to earn any amount of money while receiving Social Security without being penalized once you reach the age of full eligibility.
If you look ahead and take the appropriate steps you can potentially step right into your own business and work a bit on your own terms during your retirement.
Many people trade up throughout their lives and live in increasingly more valuable homes. This can provide you with an ever-improving quality of life while you put your money into real property. Depending on the markets this can be an efficient course of action all around.
Keep in mind, however, that you will still have to pay property taxes after the home is paid for during your retirement years. Getting a rather large annual bill is something that you have to prepare for when you are budgeting for the future.
Apparently a lot of people fail to do so. At least $7 billion in property tax liens are imposed each year according to the National Tax Lien Association. This statistic includes all people who are delinquent on their taxes and not just retirees,but a number of retirees are at risk when they fail to put adequate money aside for the big tax bill.
Individuals who fall behind on their property taxes can usually arrange for installment payment plans. However, this approach is not ideal because you actually wind up paying more because the county may charge interest. Planning ahead would avoid unnecessary interest.
This is one of the many details that you have to take into account when you are making long-term financial projections. Keep in mind, as well, that as your financial circumstances change, other aspects of your estate planning may need to be adjusted. Contact your estate planning attorney for your regular review and keep your estate up to date.
It is said that there are some things that money can't buy, and wisdom would certainly be one of these things. When you are planning your estate your primary concern is going to involve our valuables. However, you may be able to pass on your values as well by maintaining a blog during your retirement years.
A lot of people have an interest in writing their memoirs once they have the time to devote to the project. This is a great way to share formative experiences with people that you care about. There is no substitute for learning by experience and some of these stories may be very instructive to the people that you will be leaving behind.
But what about publishing? And what if you don't finish the book prior to your passing?
There is a very simple solution these days in the form of self publication on your own blog. You can actually start your own blog without having any particular technical expertise by using very user-friendly platforms that are offered on sites such as WordPress.org.
When you have your own blog you can publish your work incrementally as you see fit so your family and friends can always have something new to read if you are updating it regularly. If you work on your blog throughout your retirement years you will have assembled a significant body of work by the time you pass away.
While it will forevermore exist in cyberspace, most blog sites provide a publication service, so you can print off a book of your blog. Now family members and even future generations of your family can draw from your experiences into perpetuity. There is no time like the present, so get started!
The liklihood that you will need long-term care towards the end of your life is relatively high. Budgeting for this cost is important because contrary to the beliefs of some people, Medicare does not pay for long-term care. If you think you can just simply write a check and be done with it you may not be aware of the extent of the costs associated with long-term care.
Every year the MetLife Mature Market Institute releases a survey that contains a great deal of information about long-term care expenses in the United States. They have just put out their 2011 version, and once again long-term care costs have gone up significantly.
If you were to spend a single day in a private room in a long-term care facility in 2011, the national average cost was $239, which is a $10 increase over 2010 figures or a 4.4% increase. A year in a private room in a nursing home in 2011 averaged $87,235. According to the United States Department of Health and Human Services the average length of stay is between two and four years.
When you see the facts it becomes clear that these are no trifling expenses. To devise a plan that prepares you for all eventualities, including the possibility of long-term care, simply take a moment to arrange for a consultation with a good Reno financial planning attorney.
