Tag Archives: Retirement

The 4 P’s of Protecting Your Family’s Legacy Home

Lake CabinThe lakefront home, the mountain cabin or the ocean-side estate all require special planning to protect and enhance these legacy homes. From Lake Tahoe to Donner Lake, from downtown city condos to Pacific Ocean properties, we advise our clients to give special attention to these legacy homes. These special properties need the “four P’s:” protection, privacy, probate avoidance and planning.


These types of properties need comprehensive insurance coverage for potential damage to the structure, adequate liability coverage and an ownership structure that provides protection from outside creditors. Under Nevada law, limited liability companies (LLCs) offer tremendous protection, particularly if you or your family rent or lease the legacy home. A Nevada LLC may not prevent a lawsuit, but it will certainly deter potential creditors.


You and your family may not want to divulge the ownership of the real property. Nevada counties have very transparent real property records. Anyone with basic internet search skills can locate the owner of real property, past and present, and the price paid for the real estate. To provide a privacy shield, ownership of the legacy home can be held by a legal entity such as a trust or LLC, with a name unconnected to the family. You should consult with a lawyer to determine which device, trust or LLC, will best meet your objectives as simply titling your legacy home into an existing business entity is not a great solution. Doing so could subject your legacy home to the claims of existing or future business creditors.

Probate Avoidance:

Many people understand the primary benefit of a revocable living trust is probate avoidance. What many do not understand is that a revocable living trust can hold title to real property, like legacy homes, in other states. Families with real property in more than one state must have a trust to avoid probate. An existing revocable trust could be a ready-made device to hold title to your legacy home.


Plan now if you want to keep the legacy home in your family. If you do not provide directions or instructions to your family, anxious beneficiaries can force the sale of the legacy home. You must establish a clear succession plan establishing how the property will be managed, maintained and eventually distributed to the next generation or beyond. Please contact a qualified estate planning attorney to discuss how to preserve and protect your legacy home.

Estate Planning Awareness Week

October 17-23, 2011 has been designated by Congress as National Estate Planning Awareness Week.  Some estimate that as many as 120 million Americans do not have up-to-date estate plans and long term financial strategies to protect themselves or their families in the event of sickness, accidents, or untimely death.  The purpose of National Estate Planning Awareness Week is to encourage consumers to address these issues before they have a chance to negatively impact their daily lives.   Estate planning can include many different areas such as: retirement planning, asset protection planning, beneficiary designations, tax planning, planning for children, taking precautions to  address the risk of future disability, insurance planning, and more.

Locally, several charities are sponsoring a free workshop series titled, “It’s Your Estate.”  The workshops are designed to educate the public in the consumer financial arena and help them take charge of their own money and estate.  Jason C. Morris, Esq.will present on the Advanced Estate Planning topic the week of October 11th – 13th.  Mr. Morris will present at S. Valleys Library, 15650 Wedge Parkway, on October 11 at 2 p.m.  On October 12th, Mr. Morris will present at the North Valley Library, 1075 N. Hills Blvd #340 at 2 p.m.  Thursday, October 13th, Mr. Morris will present at the Sparks Library, 1125 12th Street, at 11:00 a.m. and offer another presentation at the Northwest Reno Library, 2325 Robb Drive, at 2:30 p.m.

For reservations or questions, call the Community Foundation of Western Nevada at 775.333.5499.