No matter your net worth, it is important to have a basic estate plan in place. Such a plan ensures that your family and financial goals are met after you die, and a trusted Reno estate planning attorney will minimize any risks associated. Our firm finds that a good estate plan can fix certain family issues especially in second marriages and with multiple sets of children. Working out potential areas of conflict by assessing all the options and choosing an option and finalizing an estate plan brings a feeling of security and resolve to a family.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. Estate planning allows people to provide direction regarding the management and transfer of their assets before and after death. In addition, good estate planning allows you to retain control over health care decisions if you become incapacitated.
Estate planning helps you avoid probate. Although administering an estate through the probate process is common, it is often a time consuming, contentious and expensive circumstance that can be avoided through careful estate planning.
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual’s heirs.
At the Law Office of Gloria Petroni we believe that quality estate planning will hopefully reduce the risk that family relationships will be destroyed by contention over your estate. We believe that these relationships and your values are often far more important than the physical assets. Reno estate planning attorney Gloria Petroni, and her team, handle a variety of issues involved in estate planning, such as:
- Pay on Death titling to avoid probate
- Financial and Health Care Powers of Attorney
Estate planning is not just for retired or wealthy people. Everyone needs to plan their estate, and if you don’t plan ahead yourself, the state of Nevada will have a default plan, but it is probably not the plan you want. If you become disabled, a court, not your family, will control how your assets are invested and used. If you are a parent and die with a minor child, a court determines who will raise your child. Any inheritance directed to your minor child will be controlled by a court. Courts can’t just give an inheritance outright to a minor. If both parents die and there is no estate planning, the court will control your children’s inheritance. At age 18, when most parents plan their children to attend college, you child will gain complete and unprotected access to their inheritance. If you prefer to have these matters handled privately and not by the courts you need to contact Reno Estate Planning Attorney Gloria Petroni today.
The IRS has a federal estate tax in place. Whether there will be any tax to pay depends on the size of your estate and how your estate plan works. Many states have their own separate estate and inheritance taxes that you need to be aware of. There are many effective strategies that can be implemented to reduce or eliminate death taxes, but you must start the planning process early in order to implement many of these plans.
Reno estate planning attorney Gloria Petroni is sensitive to the full range of issues that arise in the estate planning process including income tax opportunities. She is a leader in the field and consistently provides a high level of quality, service and value that exceeds our client expectations. Her goal is to help individuals and families preserve their wealth for future generations, maximizing inheritances, and minimizing taxes. To schedule a consultation or for more information on the legal services provided by Attorney Gloria Petroni, call today at 775-420-4221.