Anderson, Dorn & Rader, Ltd.

When you are evaluating your financial position as you plan your estate you may well find that you have the means to set aside resources for the benefit of charitable organizations.

When you serve in the military you have a unique opportunity to feather your nest for the future while you serve your country in the present.

When you engage the expertise of a good Reno estate planning attorney you can be certain that all of your bases will be covered, This is something to keep in mind if you have ever been tempted to utilize some type of estate planning download that is advertised on the Internet.

In a move that is of interest to people who are retired or planning for retirement the Social Security Administration is implementing a cost-cutting measure that is expected to save United States taxpayers approximately $1 billion over the next 10 years. Beginning in March of 2013 the practice of mailing out monthly checks in hard copy form is being discontinued.

There are multiple ways to transfer your assets to your loved ones after your passing. Many people assume that a last will is the best way to pass along their legacies. Though a last will is indeed an option and a frequently used one at that, it is not your only choice and many people would say that it is not the best choice.

Avoiding asset erosion is one of the primary goals of estate planning, and the most powerful source of this erosion that must be reckoned with is the federal estate tax. If you're wondering if you are going to be subject to the tax and how much your heirs will have to pay, you are not alone. And strangely enough, there is no definitive answer.

There is such a thing as living a charmed life, and a lot of people will tell you that their dogs are doing just that. Indeed, many Americans have a tendency to spoil their best friends and who can blame them? Dogs are loyal companions who provide you with endless hours of entertainment while acting as protectors.

Many baby boomers grew up listening to the Rolling Stones song "Time Waits for No One." Some of them are finding out just how true this is when it comes to retirement planning. Elder law researchers are interested in the preparedness of baby boomers for retirement because so many of them are reaching their senior years at more or less the same time. There are some 10,000 people applying for Social Security every day and this will continue for a couple of decades, according to experts.

Estate planning lawyers will always remind clients that they have choices when it comes to asset transfer. Simply using a last will is unnecessarily limiting, and you must consider the realities of probate because wills are intended to go through probate.

The matter of estate planning is unique in that it is something that you do that is not intended to benefit you personally. When you plan your legacy you are doing it for the well being of your family members, and people who procrastinate before they take the time to consult with an estate planning lawyer to devise a plan may be losing sight of this.

People generally go to the same hair stylist over a number of years once they find one they like because the stylist gets to know what the client's preferences are and he or she has had the opportunity to understand the specifics of the client's hair. This is true of estate planning as well in terms of the need for ongoing adjustments and the value in gaining an understanding of the specifics of the client's case.

There are those who equate the concept of the premarital agreement with the undermining of true romance, but this impression is now beginning to soften. The truth is that if all marital unions were first marriages taking place between two young adults with no children and no significant personal assets a prenuptial agreement may indeed seem unnecessary. But these days, marriage is simply not the same institution that it was in years gone by.

A brand new year is upon us, and as we brush ourselves off after the holiday reveling we are invariably ready to embrace the many changes that are in store for us. But then we get in the same car, drive the same route, sit at the same desk, and greet the same co-workers as we did last year.

You have to love win-win situations, and that's what you get when you include tax-free gift giving in your inheritance plan. Essentially, when you leave someone an inheritance you are giving this person a gift posthumously. But when you do you never get to see the look of surprise, joy and gratitude cross the face of this person who is dear to you. In addition, if that gift is received as a direct result of your death the occasion is certainly not a cause for celebration.

Not too long ago there was quite a buzz generated in financial circles by two of the highest profile and wealthiest businessmen in the world. Just this past summer Bill Gates and Warren Buffet issued a challenge to the nation's billionaires, asking them to give away at least half of their fortunes to charitable causes. The last we saw they had 38 takers, and Buffet himself had pledged to give away just about all of his assets previous to issuing this challenge.

There is a big DIY movement afoot in the United States these days, and for the most part this is a good thing. It can be a lot of fun to make home improvements, take on landscaping projects, fix up or restore cars, tailor your own clothes or engage in any other do-it-yourself project that may be of interest to you. The trick is to recognize your limits and make sure that you know where to draw the line.

Most people are not opposed to paying taxes that they feel are fair and properly used, but it is very difficult to accept levies that overstep the boundaries of logic and respect for personal property. The estate tax is the target of a lot of criticism, and though it was repealed for 2010 this is a temporary repeal for just the one year.

Did you know that you can donate your body to science? If you wish to do so, it is important that you set those desires out in advance in an anatomized gift declaration or other planning document that is provided by the agency you wish to favor.

Have you been named as the guardian of a minor child or a mentally incapacitated adult? If so it is important to understand what your fiduciary duties and obligations are to the ward. - Handle Financial Assets - As a guardian, you may have control of your ward’s financial accounts. You may use funds for the best interest of the ward.

Planning a funeral for a loved one can be a heart-breaking process full of confusing, sometimes expensive choices. You can alleviate this burden from your family by leaving written instructions for your final tribute. There are many advantages to making your own funeral preparations.

There’s been a lot of hype about the estate tax recently that created a good deal of confusion. The estate tax is a tax that the IRS imposes on the entire value of the estate when someone passes away. According to the IRS, the estate tax is a tax “imposed for your right to transfer property.” Prior to 2001, the estate tax exemption under the existing law was increasing annually from $600,000 until it reached $1,000,000 so any assets over that amount were taxed at a whopping 39% to 55%.

Some people want to provide for minors or adults who are incapable of making their own decisions when they are making preparations for the future. If you want to set aside resources for the well-being of such an individual you would place them into a trust of some kind.

The estate tax and the gift tax are unified under the tax code. We would like to provide a basic explanation with regard to what exactly this means to you. You cannot simply give gifts while you are alive in an effort to circumvent the estate tax. There is a federal gift tax in place as well and it carries the same rate as the estate tax.

When websites that offer do-it-yourself estate planning documents started to appear and advertise aggressively licensed attorneys began cautioning people about utilizing these downloads and worksheets. There is really no substitute for legally binding documents constructed by a licensed professional who is a member of the Bar Association right here in the state of Nevada.

These days many of us spend a lot of time online.The emergence of the Internet has made it possible to socialize with people all over the world on an ongoing basis from the comfort of your computer chair or for that matter, anywhere that you choose to go with your laptop or smartphone. This reality is something to keep in mind when you are engaged in the process of estate planning.

Some people within the estate planning community call the estate tax the "death tax" because it is a tax that is levied because you passed away and for no other reason. The assets that comprise your estate are simply your real and personal property you accumulate while you are living.You paid taxes along the way and these assets are what you were able to hold onto after paying them. They are not taxed again while you are alive.

Estate planning extends into areas beyond arranging for the eventual transfer of your monetary and physical assets to your heirs. All of the eventualities of aging should also be taken into account because people usually don't pass away suddenly without experiencing any health difficulties beforehand.

Revocable living trusts are becoming a very popular alternative to last wills because of the fact that they enable a fast and efficient transfer of assets

There is no reason to automatically assume that you should use a Will when you are considering estate planning. A Will can seem like a simple document but it can yield some not-so-simple results. If you utilize a Will your estate will be probated at your death. This process takes place under the supervision of the probate court and it can be quite time consuming, expensive, proceedings are public. Your estate may have multiple probates if you have interests in real property in multiple states.

There are a few ways to create a Last Will, one of which is a holographic Will. This sounds rather high-tech, but in fact the reverse is true. A holographic Will is simply a Will that is written entirely in the handwriting of the person creating the will and signed by them, as well. The popular painter Thomas Kinkade died recently at the age of 54 due to acute intoxication. He was living with his girlfriend Amy Pinto-Walsh at the time.

Beloved actor Mickey Rooney testified in front of a Congressional committee recently about his personal experience with elder abuse. Rooney, whose acting career spans nine decades, petitioned for court intervention this year to stop his step-son and his step-son’s wife from abusing him and draining him financially according to court records. According to Rooney, he was “stripped of the ability to make even the most basic decisions about my life.”

The death of a spouse ranks at the top of a list of stressful lifetime events. If you survive your spouse, you’ll need to make sure you take good care of yourself. Most likely, for the first few weeks, you may be in a constant state of confusion, running on autopilot. Here are some tips to help you during the initial aftermath of your spouse’s death.

Many of us have lived through generation X, the “me” generation, and generation “Y”, but have you ever heard of the “sandwich” generation? Unbeknownst to you, you may be one of the millions who will make up the sandwich generation.

If you have heard claims such as “protect your estate assets and still qualify for Medicaid” and wondered about the legality of the claims, you are smart to do so. Although it is possible to legally protect many of your assets and still qualify for the Medicaid program, it must be done carefully, and with the help of an experienced elder law attorney, in order to prevent Medicaid fraud.

Your Last Will and Testament is the foundation of your estate plan. Everything starts there and eventually comes back to there if not disposed of by another estate planning document such as a living trust. For this reason, your Will should be prepared with care to ensure that all the proverbial “Is” are dotted and “Ts” are crossed.

Anyone over the age of about 40 should be aware that the Social Security retirement system has problems. We have all heard the warnings. Unless you are a financial analyst, you likely don’t know what to make of all the warnings. Will the system disappear entirely before I retire? Will the benefits decrease? Are the warnings unfounded?

With President Obama’s recent public announcement in support of the right for same sex couples to marry, the tide may finally be turning for same sex couples. Until there is universal acceptance for the right of same sex couples to marry though, partners must take advantage of all the estate planning tools that are now available to protect each other.

Although not a new story, the story of Larry Hillblom bears repeating as an example of why estate planning is so important and why updating that plan is essential. Larry Hillblom was an eccentric multi-millionaire living on the island of Saipan. He died when his plane went down during a Micronesian island hop in 1995. As one of the founders of the international shipping giant DHL, Hillblom’s estate was valued at close to $600 million at the time of his death.

We have all heard how important it is to create an estate plan. Despite this, many people put off creating one. We all also know how important it is to discuss funeral plans or burial wishes without loved ones, yet many people also fail to do so. The best way for people to understand the consequences of not preparing properly is often to provide an example of what happens absent preparation. Imagine the following scenario.

When most people make an appointment to sit down with their estate planning attorney, they have given some very serious thought to how they want their assets to be distributed upon their death. If you are like most, you have done this as well as thought about the need to provide for your family in the event you die an untimely death. These are the things that most people think about when it comes to estate planning.

Your estate plan is not only of the most important things you will ever create in your life, but also one of the most private. In the modern digital age, where it seems as though personal information can be accessed by a few quick clicks of a mouse, it is completely normal to be concerned about what estate documents are public record.

It may be safe to say that most people realize the need for an estate plan. It is also safe to say that the majority of people put off creating one until long after one should have been created. Although each person’s needs are unique to the individual, the general rule when it comes to estate planning is the early the better.

Estate planning typically requires a thorough understanding of the tax laws that will directly impact the choices you make for your plan. Unfortunately, in an election year, uncertainty surrounds the fate of many tax laws, making estate planning more difficult. That is not to say that you should be complacent this year -- on the contrary.

In years past, family wealth was traditionally passed down from one generation to the next without question. It was rare for a family patriarch or matriarch to disinherit the children without a very good reason. Even the proverbial “black sheep” of the family typically received something when the time came. Passing on the family fortune was done out of tradition, family loyalty and pragmatism.

If you own a family business, you have likely spent your lifetime growing and nurturing the business. You have undoubtedly given considerable thought to the future of your business, including what will happen to it upon your death. If you are like most family business owners, your initial thought is that you wish to pass the business on to your family. But is this really a wise choice?

There are two basic reasons why estate planning is so important. First, estate planning allows you to decide what will happen to your assets upon your death. Second, by planning ahead, you can substantially decrease the tax consequences of transferring your estate assets to family members or loved ones. In the absence of planning, your estate assets may be subject to either estate or gift taxes, both of which can significantly drain estate assets.

Even without litigation, an estate with only moderate assets can take twelve to eighteen months to clear probate and can incur a sizable sum in legal fees associated with the process. An estate that ends up in litigation can take years to resolve and may incur a staggering sum in legal fees in the process.

In the field of financial planning, a HECM is a home equity conversion mortgage. These are reverse mortgages that are supported by the federal government. These loans are totally legitimate, and in fact you must complete an informational session that is approved by the United States Department of Housing and Urban Development before you can close on such a loan.

A lot of people are interested in diverting resources to charity when they are devising a long-term financial plan. Indeed, charitable giving is its own reward but there are also tax advantages that can be realized through acts of generosity. Weaving your philanthropic intentions into your estate plan in an efficient manner is key.

People tend to procrastinate when it comes to addressing the issues of aging and the inevitability of death and you are probably among them. Of course, these are not especially pleasant subjects to consider. These are realities all the same and it is useful to remember that you are assisting your family members when you take action and make the appropriate arrangements.

The subject of same-sex marriage is a controversial one and the legalities surrounding these unions are always being questioned. At the present time, at the federal level marriages between people of the same sex are not recognized. Most states don't recognize marriages between gay couples either, and this would include the state of Nevada.

We have all experienced the indescribably pleasant feeling that goes along with an act of giving. Making someone else happy is a great experience because, as they say, it is better to give than to receive. However, the powers that be seem to take a dim view of giving for some reason.

They say that the only constant is change, and some of these changes are for the better while some of them are for the worse.

Hollywood’s depiction of Estate Administration leaves the impression that a last will is something that is read by an attorney and then the assets are handed out to the family members after a relative passes away. In reality, when you use a last will to express your final wishes your estate is going to have to pass through a process called probate.

When you hear estate planning attorneys encouraging people to take action and create an estate plan for the protection of their families you may think that they are preaching to the choir.

Facing the prospect of becoming seriously ill is bad, but becoming seriously ill and not being able to tell your doctor what kind of treatment you want is worse

There are many things to consider when you are arranging your affairs financially for the latter portion of your life. Depending on the exact nature of your wishes and the form that your assets are in, a number of different financial instruments could be utilized in combination.

When you create an estate plan it may not have a great deal of emotional poignancy to you at first. You are making sure that your family is provided for “just in case” though the odds are that your death is many years away.

Without being partisan in any way, the fact is that the results of the midterm elections had a lot to do with the extension of the Bush tax cuts.

If you want to be totally prepared for all of the possible contingencies that go along with aging there is a lot to take into account.

When you are immersed in your career during your working years it is understandable that you may be living in the present as you address all the twists and turns that come your way.

The estate tax is one of the first things that you should take into consideration when you are planning your estate.

They say that "50 is the new 40," and it is true that people are living longer, healthier lives so the implications that go along with reaching a certain age are different today than they were decades ago.

The short answer is, yes it’s possible to change your Will once it has been drawn up. In fact, it is highly advisable that you schedule regular maintenance reviews to ensure your will is always up to date.

Are you wondering if a Trust could help your family avoid probate after your death? A Revocable Living Trust is a legal document that can be used to accommodate the control of your property and financial assets.

Money issues tend to take on more significance as you enter retirement.

If you’ve started creating an estate plan, then you probably know there’s more than one way to address all your concerns.

For some people, the idea of spending money on an estate planning attorney might seem like an unnecessary expense.

An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes.

There are those who think that they don't have to engage in retirement and estate planning until late in their lives.