The firm will provide you with a well-crafted Estate Plan that protects loved ones, saves money and avoids costly litigation. We are licensed and serve clients in both Idaho and Nevada. practice includes preparation of wills, testamentary trusts and living trusts. As well as more advanced planning techniques such as irrevocable trusts, estate insurance planning, family limited partnerships and limited companies, private foundations, charitable remainder trusts, and retirement plan distribution planning. The firm also prepares financial powers of attorney and advance health care directives.
Callister Law can help you understand whether you should form a will or a combination of a will and trust to maximize your legacy to loved ones and avoid unnecessary legal expenses and taxes. Each estate plan is tailor-made because each of our clients is unique. By starting your estate plan early, you may enjoy greater flexibility and tax savings in the future.
Last Will & Testament
Creating a Will can be strenuous process and very personal. It is not easy to consider your own death unfortunately what is the alternative? Without a will your family or loved ones would be left at the mercy of the Probate system.
A last will and testament is the most basic element of any estate plan, but it should still be written to reflect your individual goals. A will is the only way to identify a guardian for your minor children and name someone to be your personal representative. With a will it is important it meets the legal requirements of the Nevada/Idaho probate process. Callister Law has drafted many wills and has the know how to draft according to the states rules and we will tailor it to your needs. Even with a will it does not give you all the protections for your best interests.
A testamentary trust is created when a person dies and is detailed in their last will and testament. Because the establishment of a testamentary trust does not happen until death, it is by nature irrevocable. A testamentary trust does not protect an individual’s assets from the probate process and because of this, the distribution of cash, investments, real estate or other property may not conform to the trusts owner specific desires.
We can work with you to create any additional safeguards you may need including:
Durable Power of Attorney
Nevada Power of Attorney documents have been created to legally permit another to have access to making any and all financial and medical decisions on your behalf. Especially in the situation if you become incapacitated and are unable to run your financial affairs or make the necessary choice about your health care. In Nevada and Idaho there are some very easy steps to take that will make sure those decisions aren’t made by inappropriate family members, or by those who know nothing of and your values and of course, will not allow the courts to make these decisions for you.
The Durable Power of Attorney for Health Care and Declaration can insure your wishes for the health care you desire will be heard even in the unforeseen event of your incapacitation. Callister Law has written many of these directives ensuring their client’s needs and wants are met in this event.
Advanced Directive to Physicians
Nevada and Idaho allow for an Advanced Directive, which protects your right to refuse medical treatment you do not want, or to request treatment you do want if at a time you lose the ability to make decisions yourself. For instance, withholding or withdrawing of life-sustaining treatments including the artificial administration of nutrition and hydration if you are terminally ill.
Beneficiary Deeds for Real Estate
If you own real estate in your sole name without a co-owner, you have limited options if you want to pass the property to a beneficiary at your death without the necessity of probate. Assets placed in a living trust can avoid probate, but it’s far simpler and much less expensive to simply transfer the property by beneficiary deed, also know as a Transfer-On- Death Deed. You can create and sign this deed now, moving your property from your sole name into the name of your beneficiary, but the deed is not valid and does not take effect until you die
At Callister Law we can help you with creating an Estate Plan and avoid the state of Nevada or Idaho from using their authority of using interstate succession laws to divide your property. The proper plan now can bring you the peace of mind that your estate will be distributed the way you want upon your death.
Callister Law will help you in structuring a detailed Asset Protection Plan to ensure your personal assets and the livelihood of your business will be safe from creditors and have the best tax advantages possible.
When considering protecting your assets as much as possible in Idaho and Nevada it is important to know that one size does not fit all and every client we have worked with through this process situation is unique. Whether you are a business owner, a real estate investor, doctor or a dentist. Even if you are a potential Estate tax payer you will need a plan that maximizes your exemptions.
Effective planning requires well thought out consideration of all your circumstances to ensure a plan is created which is not only solid, but you can realistically maintain throughout the years.
Timing is critical when it comes to asset protection don’t wait until it is too late to act!
Here are some important questions to ask yourself when considering the protection of your assets:
- Isn’t having a Will good enough for me?
- Why do I need an estate plan?
- What is probate?
- What is difference between a will and a living and why should I create one?
- How large must my estate be for me to need a trust?
- What can I do to protect my assets?
- What can a creditor do?
- When is a trust effective?
- When should I start?
- Other FAQs
Give us a call so we can answer any question you have, when realizing your need for asset protection and estate planning.