Problems Solved: Anxious Mary

Real-Life ProblemDaughter has high anxiety and may be bi-polar.  Let’s name her “Mary.”  The other two children function well.  One is married to a man with a steady job and she is a full-time mom, three children.  The third child has steady employment with no health issues, two children. Mary’s conditions have grown worse over the years.  She is 45 ...

Estate Planning Legal Changes 2018

What changes in the law for 2018? CHANGES TO FEDERAL LAWS   THE FEDERAL ESTATE TAX LAW The new tax law enacted in December has significantly changed the gift and estate tax laws.  The law increased the current $5,000,000 estate tax exemption to $10,000,000 indexed for inflation since 2011.  This means for those individuals who pass away in 2018, the …

New Alzheimer’s Treatment

Many of our clients hire us to prepare documents to help them avoid guardianship if they lose their mental capacity.  My step-mother died of Alzheimer’s Disease when she was 59.  When Alzheimer’s strikes at that age, it’s called the early onset.  PBS ran a special on this form of the illness and called it an epidemic.  She technically died because …

Who Should Not Use a Living Trust

Living Trusts are used to help folks avoid probate and guardianship.  They are also used to shelter assets from lawsuits and preserve the assets for your children.  But Living Trusts are not for everyone.  Here is one possible analysis to help you determine if a Living Trust would benefit you or your family.  This is not a complete analysis so …

Joint Tenancy Disasters

Some advisors recommend using joint tenancy rather than a Las Vegas Living Trust as a method to avoid probate.  If property is held jointly and one of the owners dies, the property may pass to the surviving owners by “operation of law.”  Jointly-held assets create unintended consequences and should be avoided. Let’s suppose you are single and you have three ...

When An Older Woman Marries Older Man

Often I write about the dangers to your family if you marry a “Gold Digger” if your spouse dies.  Without proper planning, a remarriage can dramatically alter the disposition of your assets when you die.  In community property states, like Nevada, any assets acquired during the marriage are presumed to be community property such that if there was a death, ...

Online Living Trust Disaster

A woman who attended one of my Living Trust workshops came to see me with two trusts that had been formed for her by an online form company.  She paid approximately $500 for each of the trusts.  This company claimed they could prepare Living Trusts and that you don’t need an estate planning attorney to help you.  Nothing could be ...

How Are Assets Transferred After Death?

After a person dies, what happens to their assets? If you have recently lost a loved one, you may be wondering how their assets will be transferred to family members and other heirs. Understanding this process can help during a time of grief, as it can otherwise be overwhelming and needlessly stressful. Know that if desired, a probate or estate …

Avoiding Living Probate and Death Probate

Death Probate is a legal proceeding to settle the estate of a person who has died. It includes appointing an executor/executrix, settling with creditors and dividing the assets among your beneficiaries. Living Probate is a term that was coined to describe a conservatorship or guardianship proceeding if a person has lost their mental capacity. Both Death Probate and Living Probates ...

5 Important Things to Know About the Probate Process

The probate process can be difficult to navigate. Often, people are confused about what happens when an estate enters the process of probate. Who takes care of the taxes, paperwork, appraisals, and distribution of the assets? The information below contains important facts to keep in mind when dealing with probate. Executor The executor of a will is either named in ...