Reno Gazette-Journal from Reno, Nevada • Page 6

RENO Change is in the air. Are you ready? Nevada Law Firm Reveals the 6 A FRIDAY, JUNE 3, oil 3 Costly Mistakes Families Make in Their Estate Plans Will your family be one of those casualties? Attend this seminar and immediately discover how you can protect your family's future. a The funeral is only the start of your family's problems. Even though you've worked hard your entire life and saved up something youd like to pass on to your family, they may end up with nothing. You can spare your family a second round of grief.

Keep reading and we'll share just 2 critical reasons your family may be facing cafhculties. We at Anderson, Dorn The Belvedere Tower condominium building burns July 29, 2008. liz margerumrgj file BelvedereArraignment June 20 Rader have reviewed countless wills and trusts here in Nevada. Recent legal 1 (i I I i trends cause us great concern. In this article, we would like to highlight just some of the issues which may affect your family.

Your family's troubles only start with the funeral. Even January 1, 2011, the tax if you think you've taken care of your family with a will or a living trust, recent legal activity shows your family could lose much of your estate. Our free seminar will reveal if your family is at risk and how to fix the problem if they are. system we have been used to for the past 10 years changes significantly. This means some serious tax planning must take place for many estates.

We have gone from no estate tax to an estate tax that could be as much as 35 of your taxable estate overnight. This change is only good for Irresponsible Behavior Sometimes protecting your family means protecting individual members from their own irresponsible behavior. Perhaps there is a young person in your family 2 years, then we revert to the version we had in the 1990s. turned unopened. Companies controlled by Madjlessi bought the former Sundowner for $7.89 million in 2006.

On March 14, Madjlessi settled a lawsuit filed with Metcalf Builders Inc. of Carson City over money owed for the condominium renovation work. A foreclosure lawsuit with U.S. Bank was settled later that month. His companies also sold the south tower to Mountain Air Enterprises, controlled by another Marin County investor.

A civil suit over that sale is pending. Companies controlled by Madjlessi were delinquent in paying nearly $1 million in Washoe County property taxes and downtown railroad trench special assessment district taxes owed on many of the north tower condominiums. In April, Madjlessi attorney David Lonich bought 92 of the condos for nearly $2 million at a county auction. Another 80 condo units owned by individuals in the north tower were not involved in the sale. The project, which was to include more condos in the south tower and offices and shops in the casino building, stalled when the downtown condo craze ended with the collapse of the housing From 1A Madjlessi's arraignment in Marin County Superior Court is scheduled for June 20, Horngrad said.

Belvedere fire in Reno Reno fire investigators described the fire at the Belvedere, the former Sundowner hotel casino, on July 29, 2008, as arson. The fire climbed up the unoccupied 14-story south tower that sits on top of the former casino building that faces Fourth Street. The 11-story north tower toward the rear, largely renovated as condominiums, also was damaged. About 10-15 people were evacuated. The arson case is still open.

According to an affidavit signed by Thomas Mc-Callister, Marin deputy district attorney, Madjlessi received double payment from two insurance companies for the same damage from the fire. On behalf of the Belvedere Towers Homeowners Association, Madjlessi purchased a policy with Travelers Casualty insurance company for the north tower. It was renewed June 25, 2008. He also had insurance on the entire property with Fireman's Fund Insurance Co. On Aug.

8, 2008, Madj lessi told a Fireman's Fund adjuster that he had no other insurance or claims on the property. Fireman's Fund paid the Belvedere Homeowners Association and Madjlessi $2 million for damages to the entire property; including $860,376 for the north tower. On Aug. 9, 2008, Madjlessi told a Travelers adjuster that he had no other insurance or claims on the north tower, McCallister wrote. Travelers then paid Belvedere Towers LLC $1.4 million in five payments.

It's one of the larger cases of double-dipping insurance fraud in California, said Dave Althausen, a California Insurance Department spokesman. Repairs take 2 years Despite the $3.4 million in insurance payments, it was two years before burned portions of the buildings were renovated. Charred exterior walls, broken glass and plywood over broken windows on the west side of the buildings remained until last summer, when repairs were finally made, said Cindi Gil-Bianco, Reno code enforcement officer. Gil-Bianco said she mailed several citations to Madjlessi over these issues and other problems. She said the letters were re estate plan is and how dangerous it can be for your family.

We'll highlight some of the most common risks you want to consider and show you how to protect yourself and your family. The most common remark we hear after these seminars is that most people are amazed at how exposed their family was. Some people might even be a little angry their planner didn't advise them of many of these issues. The good news is that it's not too late to fix the problem and get the real peace of mind you deserve. This is purely an educational you will not be sold anything at the seminar.

Of course we do expect some people will find their current arrangements do not protect their family and we will offer a free no obligation personal consultation if you discover a need to make a change in your plans. Reserve Your Place Now Seating is limited in order to give your family's issues our fullest attention. BY ORDER OF UNITED STATES BANKRUPTCY COURT DISTRICT OF NEVADA Many people assume that leaving the estate outright to a spouse is the best result. From a tax standpoint, there may be a better way. Lost in Probate Court Chances are high your estate is going to wind up in probate court.

In probate court they decide if your will is valid, try to settle disputes, distribute your assets to your heirs, and settle any outstanding issues. Probate court is a very lengthy process and may take several years until your will clears probate. Another problem with probate is its public nature. Everything about your will is in the public record so virtually anyone from an angry distant relative to someone out to cheat your family has access to every single detail of your finances. Finally, your heirs don't get their share of your estate until Uncle Sam and the lawyers get their share which can be very expensive.

But there is a way to pass on your entire estate regardless of its size to your loved ones while legally avoiding probate. We'll show you how to do this at an upcoming free seminar. Not Protecting Your Family Most people fear once they're gone their spouse and kids will be taken advantage of by creditors, lawsuits or divorce or- squander the estate with foolish financial decisions. Many wills and trusts we've examined do nothing to protect against these risks. Most wills and trusts give your assets outright who may take the money you saved and squander it in one afternoon.

We've seen cases where someone got their share of a trust that was designed to protect them and spent it all on a fast imported car, drove recklessly, and ended up losing the balance in the lawsuits that followed. There are simple ways around this problem we will detail at our free seminar. Special Needs Relatives If you have a child or grandchild with special needs and this child inherits wealth from your estate all of the government benefits will stop immediately. Your gift may cause them a double problem first the loss of services and second what they receive from your estate will go to reimburse the agency and pay out of pocket until the money rapidly runs out. We'll show you how you can look after your special needs family member even after you are gone.

Ignoring the Fine Print Many living trusts are designed simply to protect your estate from expensive probate procedures after your death. Still, many plans we review are inadequately "funded" so probate is required. In fact, if you refinanced your home or condo in recent years to take advantage of lower interest rates chances are you were forced to move the home back into your name but after the it stayed in your name and as your home. This may cause you serious problems in the future. Free Seminar Reveals a Better Way If you are concerned about making sure the money you've earned goes to your loved ones without going through probate you owe it to yourself to attend our upcoming Free Legacy and Wealth Planning Seminar.

At the seminar, well highlight some of the most common risks you'll want to consider and show you how to protect yourself and your family. Here's What You'll Discover We'd like to invite you to join us at an upcoming Legacy Planning presentation. In this seminar, youll find out what a "bare-bones" Attorneys for CIT Small Business Lending Corp. Have Commissioned Lightning Auctions Inc. To Liquidate All Equipment and Furniture Associated With the Debtors Restaurants Due To Lessor Restrictions this will be an Auction Limited to Online Bidding informationlightningauctions.com This Online Only Auction features Restaurant Equipment and Furniture located at the Hawaiian BBQ locations.

Restrictions prevent a presale inspection. The bidding will begin on our website, www.lightningauctions.com, Tuesday May 24th and will begin a soft closing Sunday June 5th at PDT. Payment must be made at Lightning Auctions 870 S. Rock Blvd on Monday June 6th and Tuesday June 7th. Arrangements for removal will be made time of payment.

If you have any questions please call (775)-33 1-4222 or Email us at informationlightningauctions.com CALLUS TO ATTEND ONE OF THESE FREE SEMINARS RENO JUNE 7TH, 2011 (TUES) Best Western Airport Plaza RENO, NV MINDEN JUNE 8TH, 2011 (WED) Carson Valley Inn MINDEN, NV Noon CARSON CITY JUNE 8TH, 2011 (WED) Hampton Inn Suites CARSON CITY, NV RENO JUNE 11TH, 2011 (SAT) Best Western Airport Plaza RENO, NV Noon CALL FOR DIRECTIONS! Attend one of these Seminars and youll receive a FREE, one hour, private consultation to answer any questions you have about setting up your personal Family Wealth Trust (value $330). to your heirs when you and your spouse are gone. This is a huge mistake. If one of your goals in establishing a trust was to protect your family, your work may have been in vain. There are three principal issues of concern with regard to protecting your family.

Skyrocketing Divorce Rate With the divorce rate hovering at 50, you cannot afford to ignore another very real danger. In Nevada, a divorcing spouse can walk away with 50 of your assets if things are not properly handled. You worked your entire life to build up a nest egg and planned carefully to make sure it was transferred into the right hands. You don't want a sizeable chunk of it to end up in the hands of a "soon to be ex" in-law. Seating is limited, so call ANDERSON, DORN RADER at (775)S23-1LL(9455) orregister online now at wMw.probatebusters.com 870 S.

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