Voting is Open for NNBW Best in Business

We are honored to be a NNBW Best in Business nominee in the Best Law Firm category. Thank you to our community for your support and acknowledgement. Voting is now open! Please take a moment to view all of the 2023 nominees:

https://buff.ly/45MKEVg

Allison MacKenzie is a proud sponsor of the LUNAFEST, a program featuring 7 wonderful films produced by women that aim to empower and inspire. This year’s stories are told from a variety of perspectives that champion women and gender nonconforming individuals, highlighting their aspirations, accomplishments, resilience, and strength.

For more information and to buy tickets, visit https://lunafest23.eventive.org/schedule/63bdf6d7b3184c00a22553f7

Many people question the necessity of an estate plan and often conclude that the size of their estate does not warrant any future planning. However, estate planning is no longer only considered a vehicle for the wealthy and is used by persons of all income brackets to ensure their possessions go where they want upon their death and how and what decisions will be made upon your incapacity or death.

In Nevada, if you die without a Will, Nevada law dictates who will represent your estate as the Administrator, and more importantly, who will receive the assets of your estate upon your death. With a Will, you have the ability to nominate a Personal Representative and specifically detail who will ultimately receive your assets. While this may accomplish your goal in ensuring your property goes where you desire, your Personal Representative will still have to go through probate, a costly and time-consuming Court process. In Nevada, there are several different levels of probate depending on the size of a decedent’s estate at the time of their death. Within each level of probate, additional Court involvement is required, necessarily entailing higher costs and expense to your estate. In addition, Nevada law entitles attorneys compensation based on a percentage of the size of the probate estate. Said fees are paid out of your estate prior to distribution, therein reducing the size of your estate to ultimately be received by the persons you desire.

Kyle Winter

Fortunately, there are several choices available to someone who desires to establish an estate plan, the most popular being a revocable living trust. A revocable living trust is an effective tool for preserving privacy, eliminating the need for probate and preparing your estate for ease of transition upon your death. Similar to a Will, a trust is established by written agreement and assets are then transferred into your name as Trustee of your trust. While a Trust accomplishes the same goal as a Will in that it permits you to nominate where your property will be distributed and who will be in charge of making such distributions, property passing by virtue of a Trust does not have to go through the probate court process, therein saving your beneficiaries the time consuming and expensive probate court process.

In addition to your Trust document itself, a typical estate plan includes documents such as your durable powers of attorney (for health and for financial matters), as well as directives regarding your personal care and desires during your life. Often, these documents can be prepared for less than one-third of the expense associated with a normal probate.

Finally, your estate plan can grow and change with you. Creating an estate plan lays out the foundation for your affairs, and such foundation can be amended or modified as often as is necessary to reflect your then existing desires. When you are unable to speak for yourself, your estate plan will speak for you.

Kyle Winter is a Nevada native and attorney at Allison MacKenzie Law Firm in Carson City. His areas of practice include Family Law, Estate Planning, Guardianships, and Probate Law.

Financial issues are a common issue within a marriage. For example, one spouse runs up credit card charges and incurs a significant amount of debt. So, if a marriage ends in divorce, whatever the cause, is the other spouse responsible for repayment of debts incurred by the other spouse during marriage? The answer depends on the circumstances.

In Nevada, all assets from a marriage are considered “community property.” Under community property laws, assets are divided equally upon divorce. This means everything you own and everything you owe, either together or even separately, gets divided pretty much down the middle, unless there is a good reason as to why it shouldn’t be, and unless the property in question falls under an exemption. However, debts must be divided in a divorce as well.

A court’s decision on how to split debt may also be impacted by dispersal of other assets, such as property. If one spouse is receiving a majority of the positive financial assets, such as the family home or an expensive vacation property, they may also be assigned a majority of the couple’s debt. Similarly, if one spouse leaves the marriage with a much higher earning potential, they may also walk away with a majority of the shared debt.

Daniel S. Judd

However, separate debt incurred by one spouse prior to the marriage may not be the responsibility of the non-borrowing spouse. In addition, debt incurred by one spouse using separate property as collateral may not be the responsibility of the non-borrowing spouse in some circumstances.

If the spouses entered into a prenuptial or premarital agreement, that agreement may address allocation of debt in the event of divorce. In that situation, the provisions of the agreement are likely to determine the division of debt after a divorce.

Finances can become strained by divorce, so if possible, it is best to find a settlement that is debt-free. You risk filing for bankruptcy if you continue to hold onto property you cannot afford and debt that is difficult to repay.

If it is impossible for you and your spouse to walk away from your divorce debt-free, take precautions so that you are not impacted by their financial circumstances once the divorce is finalized.

Ask your attorney about adding an indemnity clause to your divorce decree. Even though joint debts are split by the court, creditors are still legally allowed to pursue anyone whose name is on an account. And sometimes when accounts hold debt, it is difficult to remove a name until the debt has been paid. An indemnification clause will state that one spouse is responsible for this particular debt, and it will list the spouse’s name and the name of the creditor. It will also state that the other spouse is not responsible for this debt. By adding a clause like this for each debt that will remain in a joint account, you will have protection over debts that you are not responsible for.

Additionally, be sure to remove your name from old accounts when possible, or close them and create new ones.

If your former spouse begins to miss payments and you are being pursued by their creditors, there are a couple of options. You can ask the court for assistance in enforcing the divorce agreement with your spouse, or you can make the payments yourself and ask the court for reimbursement. This language must be contained in the decree.

Sometimes there is no option other than bankruptcy. If you must declare bankruptcy because you cannot pay your share of debt from a divorce, keep in mind that you will still need to pay any court-mandated child and spousal support.

The best resource for answers to your questions about property division and divorce in general is an experienced Nevada family law attorney. Your lawyer can help you understand what you are likely to receive from the marital estate, implement a strategy for your divorce, and finalize your divorce as quickly and amicably as possible.

Allison MacKenzie has served a variety of clients on a local, statewide and national level for over 50 years. The firm offers a diverse offering of practice areas, with a demonstrated dedication to providing comprehensive legal service, delivered in a professional manner. Though the firm is located in Carson City, Allison MacKenzie’s work spans across the state.

Allison MacKenzie is dedicated to supporting athletes in northern Nevada. We are sponsoring the Carson Baseball Booster Club, which helps the Carson High School varsity, junior varsity, and summer baseball programs. Learn more here: https://www.carsonbaseball.com/

As seen in Peak NV, read the full article here.

We are honored to be a NNBW Best in Business finalist in the Best Law Firm and Influential Leader categories. Thank you to our community for your support and acknowledgement. Voting is now open! https://www.nnbw.com/bestinbusiness2022/

Allison MacKenzie is excited to announce the sponsorship of the Nevada Legal Services Champions of Justice Awards at the Nevada Museum of Art.

The Annual Champions of Justice luncheons are held once a year in Reno for the North, Las Vegas for the South, and Elko for the Rural Counties. This year’s event will take place on September 28.

At the ceremony, distinguished political, judicial, and community service leasers are invited to meet and congratulate outstanding Pro Bono Attorneys and Law Firms. A ‘Champion of Justice’ is also recognized for their exemplary work that represents the missions and goals of Nevada Legal Services, as well as provides access to justice across Nevada.

As a local law firm, we believe every person has the right to representation and want to celebrate those who provide Pro Bono assistance.

Allison MacKenzie is a proud sponsor of the Brewery Arts Center, Eddie 9V Concert.
As a national funder of creative placemaking that empowers communities to inject new life into underused public spaces through free, outdoor concerts, the Brewery Arts Center will present 10 free, family-friendly concerts to the public this summer at The Change Companies stage.
Eddie 9V, a blues artist from Atlanta, Georgia, will perform on August 20th with Colin Ross as the opening act.
Our team is committed to supporting artists, as well as providing a public space for people to enjoy the music.

Our firm is a proud sponsor of the 2022 Eureka County High School Scholarship.The Eureka County High School community is dedicated to providing all students with the opportunity to learn skills, knowledge, and attitudes essential for success. The scholarship provides opportunities for high school students to continue their education in an accessible way.

Allison Mackenzie is excited to help provide any and all students within our community with access to education.