Our estate planning legal practice is located in Reno, Nevada which is the County Seat of Washoe County. It is the second largest county in the state of Nevada in terms of population with over 420,000 residents (according to the 2010 census). The county first came into existence back in 1861, so it has a rich history, and it is definitely woven into the fabric of the American “Old West.”
Reno proper offers countless different benefits to its residents. There is a vibrant economy that is growing and becoming more diverse year-by-year, and it is a physically beautiful city with the Truckee River flowing through its heart. It is a great place to raise a family, and it is a regional hub of higher education as the home of the University of Nevada Reno.
The other city in Washoe County is Sparks, and it completes the Reno-Sparks metropolitan area. It is a large municipality in its own right, with a population that is somewhere in the vicinity of 100,000. There are fabulous amenities and cultural events and attractions that make Sparks one of the most desirable places to live in the entire Silver State.
There are many other census designated places in Washoe County, including Crystal Bay and Incline Village, a couple of gorgeous places that are on the North Shore of spectacular Lake Tahoe. Lemmon Valley, Verdi, Cold Springs, Sun Valley, and Spanish Springs are some of the other communities that are located within the county.
Our office is located in Reno, less than 4 miles from beautiful Sparks, a family-oriented city of more than 92,000 residents. The City was recognized as the fastest growing city in Nevada from 1999 – 2008. The quality of life is cited as one of the main reasons people relocate to the Sparks area. It continues to grow as it neighbors the newly constructed Tesla Motors Gigafactory built in June, 2014. Tesla Motors is set to play a major role in the world’s transition to sustainable transportation by producing electric vehicles. Sparks is also close to the University of Nevada, Reno, a Tier One university, as recognized by U.S. News and World Report for its quality students, faculty, research activity, and degree programs.
Our firm has been serving the Reno community for more than 20 years. In that time we have seen tremendous economic growth in the community, with an influx of new businesses and distribution centers. Located in Northern Nevada, less than 25 miles from Lake Tahoe, Reno is the third most populous city in the state, second only to Las Vegas and Henderson. The estimated population of the Reno–Sparks metropolitan area, as of 2016, was 457,667 which makes it the second largest metropolitan area in Nevada.
Located on the shore of Lake Tahoe in Washoe County, Incline Village is part of the Reno−Sparks Metropolitan Statistical Area. This wonderful community was named for the Great Incline Tramway constructed by loggers in 1878. Now, Incline Village is home to many of Lake Tahoe’s most spectacular mountain retreats. In summer, theater enthusiasts come to see the Lake Tahoe Shakespeare Festival at nearby Sand Harbor. If you are a mountain biker, you can have a fantastic time with screamers down the Flume trail, which drains into the Village. During the winter season, come to the Diamond Peak Ski Area, located within the city limits, as well as Mt. Rose Ski Tahoe.
We are fortunate to be able to enjoy all of the countless different things to do here in Washoe County, and we view ourselves as locals helping our neighbors protect their interests. It is important to look ahead toward the future so you can accumulate the resources they need to retire in comfort and prepare for the twilight years that will inevitably follow.
Everyone is aware of the importance of retirement planning, but a lot of individuals don’t think about a very significant expense that can enter the picture late in your life. According to the United States Department of Health and Human Services, 70 percent of people reaching the age of 65 will need long-term care eventually. Medicare does not pay for a stay in a nursing home or assisted living community, and these facilities are very expensive. We are talking about more than $100,000 a year for a room in a nursing home in the Reno area.
This is something to take very seriously, because nursing home costs could potentially consume everything that you have always intended to keep your loved ones after you are gone. Fortunately, there are steps that can be taken in advance qualify for Medicaid to pay for long-term care. This program is only available to people with limited financial resources, so it takes careful planning to position your assets out of your own name before you apply.
When it comes to the estate planning part of the equation, there are a number of different things to consider. Of course, you want to arrange for assets to into the hands of your heirs after your passing, and there are multiple ways to go about it. A last will is an option, but a revocable living trust can be a better one for many people, even if you are not extremely wealthy.
Of course, there are also more advanced estate planning techniques that can be right for high net worth individuals that are exposed to the estate tax. Other scenarios that can call for advanced planning would include business succession strategies, providing for a family member with special needs, and protecting your children as you enter into another marriage.
We provide personalized attention to each and every one of our clients here in Washoe County, and our doors are open if you would like to make the connection. You can schedule a consultation if you call us at (775) 823-9455
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