Sean Tanko

Las Vegas Estate Planning & Probate Attorney

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Mar 08 2022

Find Forgotten Assets With Your Probate Lawyer After Your Loved One Passes

What Your Probate Lawyer Can Do to Help the Search for Assets

There are things your probate lawyer can do for you to uncover assets. There are laws to protect against the wrong person accessing the money. Your probate attorney can contact the places where the money is at and provide the power of attorney documentation. Here are some of the things they can help with finding the unclaimed money.

There are times when complications come up. When those moments happen, your lawyer can help you gain access. Other times, steps need to happen for your assets to release. That may very well take an attorney who specializes in this area. Your probate lawyer can handle that for you.

They have access to the information of where to look as well. Sites that offer this help often lack many of the places that your probate attorney knows about. The attorney can help you locate the most secretive places that your loved one had their assets at. Which gives you more money in your pocket while waiting for probate to end.

How Power of Attorney and Your Probate Attorney Work

The unclaimed money locations are available for everyone to find. To get the money, though, you need to follow a specific procedure and provide the right documentation. If you’re asking yourself how your probate attorney can help, you aren’t alone. They can then give the person who is the power of attorney the assets.

While you can search for yourself, your probate attorney knows all the pitfalls that sometimes come up. Oftentimes, your lawyer is already on retainer, which allows you to access their services for this as well. Let your probate lawyer help you access the money you need while your money is in probate.

How Do Unclaimed Assets Happen in the First Place?

Most of these assets come from bank accounts and other things that the deceased forgot about. Oftentimes, a small amount of money can end up left in a balance of an account. That balance then gains in size through investments that they simply weren’t aware of. The same thing can be true for you as well. You may very well have assets somewhere, growing over time.

Other times, it can come from insurance policies that exist from your deceased loved one. If they forgot about the policy with a company, the value of these policies can be large. When it remains unclaimed over time, those assets get declared as unclaimed. The location of the assets tries to contact the beneficiaries or next of kin, but mailing addresses can cause issues with their efforts.

If you have the right to those assets, you can provide proof of that, and receive those things. These can help you pay bills during the probate time period. It’s immediately yours, and you won’t need to go through probate to receive the assets.

Where Can You Look for These Assets?

There are sites online that link to those unclaimed assets. The state treasury has a list of them as well. If you want a deep search, though, you really do need a lawyer who specializes in finding these. Your probate attorney can handle that for you.

The U.S. Treasury holds savings bonds that go unclaimed as well. Like the other locations, unclaimed assets have a specific time period for people to claim. They also reach out to the address on file. If there is no response, it becomes unclaimed. With proper documentation for the beneficiary or the original owner of the bonds, you can access them.

Failed banks and credit unions must hold assets for a certain period of time. After that, they go to the Federal Deposit Insurance Corp.’s site. You can search this location as well. This along with several locations all hold assets when the original owner fails to show.

In fact, most financial institutions have clauses in their membership agreements that cover this exact thing. Even pensions have a specific protocol for distribution to the recipients or beneficiaries. The same thing applies to 401(k) plans. It’s fairly simple to check and see if former employers had a pension on file for the deceased as well.

In some cases, life insurance policies might not be things you are aware of in the will. A loved one might not have a will at all. That’s one of the conditions that a probate lawyer can help with. If you are wondering if there is a life insurance policy set to pay you when your loved one died, you can search for those as well.

Federal Tax Refunds are often overlooked as well. When you have power of attorney, you can put their social security into the IRS website to search for unclaimed refunds. Depending on the time of year that your loved one died, this can be easily forgotten. It’s worth asking your probate attorney about it if you are unsure about your position in that search.

Should You Use a Finder Site?

If you’re wondering about using a finder site, you’re not alone. Many people use them. The big thing is to avoid those sites that charge to find it. There are sites that take a portion of the finding too. Both of those are fraudulent. Don’t do it. You never need to pay money to search.

If you have a probate attorney handling the estate of your deceased loved one, use their help. It’s detailed and offers a great way to find the money you need while going through the probate process. It can be the difference between having money to pay for your loved one’s funeral expenses and needing to have them cremated.

Your probate attorney can help you in finding unclaimed money during probate. They have information about the process when things get messy legally. The places to find unclaimed money are well-known by them, too. They have extensive experience in this field. When you require them to handle accessing the money you’re entitled to, you might as well ask for their help in this process as well.

Written by editor · Categorized: Blog · Tagged: estate planning attorney las vegas, probate attorney, probate attorney las vegas, probate lawyer, probate lawyer las vegas, probate lawyers las vegas

Feb 22 2022

What Special Needs Trusts Are and Why You Need a Probate Lawyer to Set One Up

According to research, there are around 1,127,181 disabled adult children in the U.S. If your child is among these children, you may want to request a probate lawyer to help you set up a special needs trust. Such a trust will help you ensure that your child continues to get financial support even in your absence. Below are more details on this type of trust.

What Are Disability Trusts for Special Needs Adult Children?

A disability trust for a special needs adult child is usually a type of legal arrangement that can help you ensure that your disabled child receives the financial support they need even after you die. When you set up this kind of trust, you will not have to worry about reducing your disabled child’s eligibility for the disability benefits offered by public assistance programs.

It is important to set up this trust for your disabled child, especially if they receive the support offered by the government to individuals with disabilities. For instance, setting up this trust should be a priority if your child receives supplemental security income, Medicare, or Medicaid. Setting up the trust will help you pass assets to your child without necessarily raising their income which could trigger loss of eligibility for the financial aid offered by the government.

Who Can Use Disability Trusts?

You should set up a special needs trust for your child if they fall in any of these categories.

• The child is terminally ill.
• The child has a mental health condition.
• The child is suffering from a chronic health condition.
• The child is battling alcohol or drug addiction.
• The child is generally not self-sufficient.
• The child is a chronic gambler.

How Disability Trusts Work

You should choose a trustee when you decide to set up a special needs trust for your disabled child. This trustee will have complete control over the disability trust. The trustee will oversee the disbursement of funds placed into this trust and its overall management. The party will also ensure that the funds and assets held in the trust do not pay for shelter and food expenses.

If the disabled child has assets and the assets are placed into the disability trust, these assets will be subjected to the repayment rules of Medicaid. However, if all the assets placed into the trust belong to the child’s parents or any other third party, the assets will not be subject to any repayment rules.

How the Money You Set Aside in a Special Needs Trust Will Be Used

Giving your disabled child funds will increase their income, triggering loss of eligibility for disability benefits. That is why money put in special needs trusts is not given to disabled people directly. Instead, it is used to cater to the expenses not catered for by Medicaid, Medicare, and supplemental security income. Some of the expenses that will be paid using the special needs trust income include:

• Dental and some other medical expenses
• Recreation and entertainment services
• Payments for personal care attendants
• Cars
• Traveling costs
• Education
• Home furnishings
• Rehabilitation Services

You can request your trustee to give your child funds directly if need be. In such a case, the trustee should ensure that the funds given to the beneficiary are not much since they will still be counted as income.

The Benefits of Disability Trusts

Setting up a disability trust for your disabled child will benefit you and the child. For instance, when you set up this trust, you will get some reassurance that your assets and money will be used to help your disabled child even after you die.

Setting up a disability trust for your disabled loved one will also help reduce the potential for financial mismanagement or abuse. For instance, think about a situation whereby your adult child is addicted to drugs or gambling. If such a child gets a cash inheritance, they are likely to use this money to feed their addictions. However, if you set up a special needs trust for this child, the chosen trustee will ensure that this child’s inheritance is only used for the intended purposes. That will reduce the chances of financial mismanagement or abuse.

According to law, money and assets put in special needs trusts can never be seized by lawsuit winners and creditors since these trusts are usually irrevocable. Therefore, when you set a special needs trust for your disabled child, this child’s inheritance will not be available for judgment and creditors. However, if your child’s inheritance is not put in a special needs trust, the inheritance may be seized by creditors, or people can use it for legal judgments.

How to Set Up a Disability Trust and Why You Need a Probate Lawyer When Setting It Up

Setting up a special needs trust is not complex. To begin the process, you need to set money and assets aside that you will use to fund the trust. If possible, set aside around $100,000 since this trust’s maintenance and setup fees are usually high. The amount of money you will set aside for this trust will depend on how disabled your child is and the amount of care this adult needs. Consult your financial team if you experience any difficulties while deciding the amount of money to set aside for the trust.

After settling on your funding level, look for a probate lawyer. The chosen probate lawyer will help you set up a trust that favors the specific needs of your disabled child. After setting up the special needs trust, choose a trustee.

You should be careful when choosing the trustee since this person will be the trust administrator. They will be the one to authorize the dispersion of money and assets from the trust. That is why you need to ensure that you choose a person who will have the best interests of your disabled child at heart. Your lawyer can help you make the best choice. The trustee can decide to work with your financial advisor.

If you want to improve your disabled child’s quality of life, set up a disability trust for this child. Setting up this trust will help you offer financial support to your child while still preserving this child’s eligibility for special needs benefits. You should, however, ensure that the trust’s administrator is a person who will look out for the best interests of your child.

Written by editor · Categorized: Blog · Tagged: estate planning attorney las vegas, probate attorney, probate attorney las vegas, probate lawyer, probate lawyer las vegas, probate lawyers las vegas

Feb 08 2022

Ask a Probate Attorney: Is an Inheritance Community Property?

In community property states, the division of marital property is fairly cut and dried. If a couple divorces, all assets gained during the marriage are split 50/50 regardless of who purchased them or earned the lion’s share of the income. Anything you owned or owed before you were married belongs to you unless you stipulate otherwise, as a probate attorney can tell you.

One gray area that comes into play is the question of inheritance. If you receive a bequest during your marriage, is this considered a marital asset or does the windfall remain with the heir as separate, individual property?

What Is Community Property?

Community property is a defined as any assets obtained during a marriage. Property, income, and even debts incurred prior to marriage are considered individual assets and obligations that are separate from marital property and debts. That means anything you had before your marriage is still yours if the marriage dissolves. Your spouse is not legally responsible for debts incurred before the nuptials took place, and you are not responsible for theirs.

Any of this can be changed when you’re working with a probate attorney to write your will and through prenups or post-nuptial agreements. The only thing that matters in a legal setting is that:

• The decision is agreed upon by both parties,
• it’s entered into in good faith, and
• the choice was made of your own free will and not under duress.

Most courts will abide by the terms of the prenup/postnup even if the couple lives in a community property state.

Community Property States Versus Common Law

The majority of states are not community property states. Under common law, division of assets is performed through sometimes lengthy and fraught negotiations. Community property laws are determined at state level. They seek to simplify divorce by splitting all marital assets down the middle.

The one caveat regarding community property is that the law is not absolute. It only applies to income earned and assets obtained while the couple was living in a community property state.

This has led to quite a bit of legally maneuvering for couples with homes, businesses, and assets in multiple jurisdictions. However, the state of residence is generally determined by where you pay income tax, vote, and/or are licensed to drive, among other factors.

Do You Live in a Community Property State?

As of 2021, there are nine true community property states in the United States. Nevada is one of them. That means if your legal residence during your marriage is in one of these states, any assets are divided in half during a divorce.

These states differ from common law states, which define marital property as anything jointly owned. Any other assets go to the person whose name is on the title, deed, or account and anything purchased by the individual with their own money. This can only be challenged or changed during divorce negotiations or unless a judge determines otherwise.

Although not on the list of community property states, South Dakota, Alaska, and Tennessee have a conditional opt-in arrangement that allows a 50/50 split if both partners can agree to such a division. Nevada is one of three states where community property laws extend to registered domestic partners as well as those who are legally married. The others are California and Washington.

If you’re a legal resident of Nevada, it’s even more essential that you talk to an estate planning lawyer in Las Vegas about your options.

The Difference Between Marital Assets and an Inheritance

Inheritances are one asset that is excluded from community property laws. However, using any part of the inheritance to purchase, upgrade, or maintain a marital asset can put your bequest in jeopardy. The same applies if you use money from jointly held marital funds to maintain an inheritance.

For example, if your father leaves you his home and you use money from an account containing joint assets to make repairs or otherwise improve or maintain it, it can be argued that the home is now a martial asset in some cases. If you sell the property and put the money into a marital asset, such as buying a home with your spouse, purchasing a painting together, or event just putting it into your bank account, you’ll lose the right to claim it as separate property.

In legal parlance, this is known as “commingling.”

The account doesn’t need to be a joint account, either. If it holds funds or income acquired during your marriage, it’s used to pay bills, or your spouse benefits from the money in any way, it’s community property.

However, even in community property states, courts will subtract the portion of a jointly held marital asset that’s purchased with individual or pre-marital funds and divide only the portion that’s considered marital property. Assets purchased with income earned in a community property state are considered community property regardless of their location.

As you can see, it can become very confusing. The good news is that there are steps you can take to preserve your inheritance.

When You Need to Take Steps With a Probate Attorney to Protect Your Inheritance

Although inheritances are excluded by law from marital assets, it’s still important to take steps to protect your personal assets when it comes to property division.

1. Open a new bank account to deposit any cash you inherit, and only use funds from that account to maintain or improve property and other inherited assets
2. If you sell or earn income from an inheritance, place those funds into the separate, dedicated account
3. Don’t use funds from an inheritance to purchase, upgrade, maintain, or fund joint marital ventures or pay expenses
4. Establish a trust to protect your inheritance. There are various types of trust that will provide tax benefits in addition to protecting your personal property.

You should also detail in your will how you’d like inherited assets to be dispersed. A probate court will automatically assume that all property and assets are jointly owned community property. If you want to make sure a child from a previous marriage gets grandpa’s house or your favorite gallery gets the sculpture Aunt Bee left to you, spell it out in your will. To protect your assets, you may want to talk to an experienced probate attorney in Las Vegas about estate planning strategies according to your unique circumstances.

Deciding who gets what in the case of death or divorce is never easy. Although an inheritance is protected by community property laws, things can become messy and contentious when emotions run hot.

Written by editor · Categorized: Blog · Tagged: estate planning attorney las vegas, probate attorney, probate attorney las vegas, probate lawyer, probate lawyer las vegas, probate lawyers las vegas

Jan 25 2022

Why You Need a Probate Attorney to Write Your Pet Into Your Will

How to Write Your Pet Into Your Will With a Probate Attorney

Recent research and polls have found that animal lovers are more likely to leave a portion of their estate to their pets than other family members. Pets don’t usually count as a priority for people, so only pet parents are aware that they need a will or living trust to make sure their pets are cared for in the event of their death. Pets are considered property and, for this reason, should be included in your will with the help of a probate attorney.

Why Do You Need a Probate Attorney?

Pets do not have the same legal rights as human beings. Without legal help, your beloved pet will likely end up in the animal shelter if it’s not adopted or given away by your family members. While it might be tempting to write your pet into your will on your own, but it’s advisable to work with an experienced estate planning attorney who can help you plan for your pet’s future.

An attorney can help give instructions on what to do with your pet. They can inform you all about the rules regarding pets in a will. This way, you won’t worry about taking care of your pet anymore because the attorney will be there to help you out with that matter.

Additionally, they can tell you who should be taking care of your pet after you die, as well as other important details regarding your non-human family member and their caretakers. Generally, tasks performed by a probate attorney include:

1) Verify that there are no living heirs or beneficiaries who could inherit the deceased’s property

2) Determine if there is a valid will or if it has been lost

3) Draft an inheritance petition for submission to the court

4) Notify all living heirs and beneficiaries

5) Preserve all of the decedent’s assets until they can fully distribute them

6) Submit final reports to appropriate agencies detailing all transactions and distributions made during their representation.

7) Distribute remaining assets to any remaining heirs or beneficiaries once their portion has been calculated.

What Your Probate Attorney Should Consider When Writing Your Pet in Your Will

It’s always hard to think about losing a beloved pet but leaving them out of your will is even more challenging. A probate attorney can help you write your pet into your will. Here are some things to consider when writing your pet into your will:

Legal Rights – The first thing to know is that, in most states, pets don’t have legal rights. A person cannot get a divorce on the grounds of cruelty to animals or sue for the wrongful death of a pet. It means that if the animal gets separated from their owner, they have no rights against their owner’s estate. If you want to make sure that your animals are taken care of, you have to specify it in your will.

Provider for Your Pet – There are several ways to provide for your pet. You can name an executor who will be responsible for caring for any animals in the event of your death. You can also ask an individual or organization to take over ownership and care of the animals after you die. Be sure that all necessary provisions are made concerning food, shelter, and medical care costs throughout the animal’s lifetime.

Does the owner have enough money saved up to ensure my pet is well taken care of? Many states require that an owner provide for their animals or relinquish them within a certain amount of time after the death.

Advantages of Writing in Your Pet in Your Will

Having a will is an integral part of estate planning. However, when writing a will, you should also consider including a provision for your pet. The fact is, there are many advantages to doing so.

The most important part of including your pet in a will is making sure that someone who will be responsible for the animal’s care knows in advance. If someone suddenly inherits a pet they didn’t know they were getting, the person doesn’t have time to prepare or grieve the loss of the companion they just inherited.

Here are some of the other benefits you may gain by including your pet in your will:

1.) You can provide for their care after you have passed away.

2.) You can ensure that they have an opportunity to live in a home that is fit for them.

3.) You can make sure that they are comfortable and pain-free throughout their remaining years.

4.) You can provide them with love and attention while ill or injured.

5.) By having your pets’ needs addressed in your will, you can secure their comfort and care without the need for guardianship proceedings.

Legal Requirements for Having Your Pet in Your Will

There are legal requirements for leaving your pet in your will.

You must have had the pet for a certain amount of time and provided for the care and upkeep of the animal. For example, your pet should be predeceased by you rather than predeceasing you. The reason is, it is considered your property and, as such, cannot inherit anything.

If you seek to leave your pet to someone specific in your will, that person must also be willing to care for the animal. If they are not willing or able to care for this animal, they must agree to give it up to an appropriate party who can. Otherwise, they would be stealing from the rightful heir of the animal.

You should also make sure that whoever you decide to leave your pet to is aware of any additional expenses associated with taking care of it. If they cannot provide enough money every month, they might not have enough money set aside for vet bills and other costs associated with owning a pet.

You need to make sure your pet has proper legal identification. It is more than just a tag on the collar. Your pet needs an up-to-date rabies vaccination and a microchip with your contact information and other vital statistics if it is ever lost.

For starters, you must be aware of the legalities of probate and guardianship while writing your will. Depending on where you live, you may have fewer options than you think. For example, many states have statutes prohibiting unrelated persons from serving as guardians for young people. Things get even trickier when deciding who should serve as guardian for your pet if that person is in the same family tree as your chosen caretaker. It would be best to avoid all these potential problems by talking about this with an estate planning lawyer first.

Written by editor · Categorized: Blog · Tagged: estate planning attorney las vegas, probate attorney, probate attorney las vegas, probate lawyer, probate lawyer las vegas, probate lawyers las vegas

Jan 11 2022

How a Probate Lawyer Helps Your Digital Estate Planning Process

What Does a Probate Lawyer Do for Digital Estate Planning?

Your probate lawyer guides a person, who is the executor of your will, through the probate process. This allows your beneficiaries to get their inheritance sooner, and with far less stress. Their ability to settle your affairs after your passing ensures that others, who might try to take your beneficiaries’ assets away from them. It is also essential to have a probate attorney in place before your time arrives.

Probate Lawyers and Your Digital Assets

Did you know that you have digital assets? You might wonder what they are. Your digital assets are things like money that you have, which isn’t in a bank. Here is a small list of some of those things.

• Bitcoin
• NFTs (Non-fungible tokens)
• Digital Income
• Profitable Social Media Sites
• Income Generating Domains

Your probate lawyer knows exactly how to handle those digital assets. They can create a trust to provide continued income to your beneficiary. They also offer a way to protect those profits for the future. That allows your beneficiaries a way to remain safe financially for life. Your generational wealth needs that type of protection.

How Your Digital Probate Attorney Handles Everything

They will have you create a list of those assets. You’ll need to provide a place for their storage. If you’re unsure how that works, ask your probate lawyer. That’s one of the things they can offer guidance for. They have legal documents that grant them the power to handle all your assets after your passing. Passwords and bank accounts that continue to receive the income after your passing, require a person in charge. Your executor works with your probate lawyer to handle all those things. Without this, your digital assets could be forever lost.

Obstacles Your Probate Attorney Eliminates for You

The probate attorney eliminates all the issues that come up. Those obstacles won’t get in the way for your beneficiaries when your time comes. After all, they have enough to handle the sorrow in your passing. They shouldn’t have to worry about anything. Changes that happen after that date, with those assets, need a person to handle everything. Otherwise, your beneficiaries could, again, face the loss of the assets.

Passwords and Your Probate Lawyer

Once you have your probate lawyer in charge of these, each change will happen with ease. It’s like working from beyond the grave to maintain income for your family. What more could you ask for? They help your beneficiaries remain safe, even after you’re gone.

Data Protection and Your Probate Attorney

Like passwords, the data storage requires someone to handle all the details. This offers you a way to provide a data storage plan forever for your family. They understand how to connect your beneficiaries with the best encryption protection available.

Legal Protection Against Data Breaches

They are experts at handling the attempts of thieves who prey on deceased individuals that have digital assets. They proactively work to protect those assets and handle any attempts to breach them, through prosecution. They continue to change with the new laws of the future and protect your beneficiaries.

How to Get Started and Find One

It’s easy to get started with the process to find the perfect probate attorney. Work with your executor to select the best one for the job. You’ll want to find out how many probate cases they have handled. Be sure to also ask if any of those cases are often stuck in probate. Probate is the process of handling your affairs after your passing. A good one isn’t spending a lot of time in probate. Instead, they handle the affairs quickly, so the beneficiaries are free to enjoy the inheritance.

Other Things to Consider While Selecting Your Probate Attorney

Ask about their cut of the money accrued from the digital assets. If you don’t have enough coming in, they could end up taking all your assets in the end. Watch for predatory attorneys. They do exist. Make sure they show you how much actual work they do, versus the work of the paralegals. While it’s not a deal-breaker for most, you don’t want your digital assets completely under the control of those who aren’t actually an attorney in this field.

Communication Methods and Details of Your Digital Assets

It’s also essential to find out how they communicate. Having a probate attorney does no good if they can’t communicate with you. The next thing is the timing. Do they do things at the correct time? Timing is everything. That is even more important after you pass and need a reliable person to handle the communication in time to handle the things that come up.

How Knowledgeable Is Your Probate Attorney?

Lastly, you need to ask about their knowledge in the field of protecting digital assets after a loved one passes. They must have a continued plan that keeps them up to date on the ever-changing laws in the world of digital media assets. Ask them about their process. You have that right. If they don’t have a way to remain current, they won’t protect your loved ones after you pass.

After Your Decision Are Finally Made

Once you’ve chosen who will be your probate attorney, there are decisions you’ll have to make. Just as there are different attorneys, people like things done a certain way. Make sure to effectively communicate to your probate lawyer exactly how, when and where steps will happen for your loved ones. Social media sites need a manager as well. Don’t forget to have a plan in place for your social media accounts, even those that aren’t profitable.

Memorialization Steps After You Pass

There are steps to take to establish your memorialization accounts. Facebook and other social media outlets require a person to handle that. Each person that holds an account there, must have a person as their designated account manager after their passing. Each of your social media accounts has something like that in place. You must have that set in place before you pass. Discuss that with your probate attorney. They can help with those steps as well. In fact, they can help you set up your executor, and help to handle all the details and worries involved.

Written by editor · Categorized: Blog · Tagged: estate planning attorney las vegas, probate attorney, probate attorney las vegas, probate lawyer, probate lawyer las vegas, probate lawyers las vegas

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