Feeling uncertain about how to plan for your family's future in the event of your passing? In this episode, I'm joined by Sarah Ocampo, a seasoned estate planning and probate lawyer with extensive knowledge of the legal landscape in Nevada. Together, we shed light on the intricacies of estate planning and the significance of probate and provide valuable insights into securing your assets and ensuring a smooth transfer to your loved ones.
In 2015, Sarah Ocampo founded Ocampo Wiseman Law, previously known as Morris Law Center. With over 20 years of practice, Sarah frequently appears in State and Federal courts in Nevada. Before founding Ocampo Wiseman Law, Sarah gained a broad range of experience at several law firms. This experience includes working for a well-known national insurance defense firm and a boutique California-based firm focused on mortgage banking.
If you value safeguarding your legacy, want to understand the significance of estate planning, and seek guidance for asset protection and seamless wealth transfer, this episode is for you.
In this episode, we cover:
- Triggers for estate planning include marriage, divorce, having a child, and purchasing a home.
- The importance of updating estate plans and identifying beneficiaries for financial and retirement accounts to avoid probate.
- Differentiating between wills, trusts, and incapacity planning documents, such as power of attorney over financial and health care decisions.
- Understanding the levels of probate in Nevada based on the estate's value.
- The significance of having a trust for asset transfer and avoiding probate.
- Exploring the considerations for business owners in succession planning as part of their estate plan.
Remember, having a will does not necessarily prevent probate, whereas establishing a trust can bypass the probate process. Specifically, a living trust was highlighted as an effective means for individuals to retain control over their assets while alive and ensure seamless asset transfer to their beneficiaries, bypassing the need for probate altogether.
Have you thought about your succession planning for your business as part of your estate plan? Come share your thoughts with us. Join the Growth Driven Entrepreneur Community, where we help you market, grow, and scale your business simply and sustainably.
3 Powerful Quotes from Sarah Ocampo
6:24 - "We take the home's fair market value on the date of death. You can use Zillow."
19:19 - "Having a will is an estate plan."
23:51 - "Marriage is a big one. If you get married, then If you already have an estate plan in place, you'll want to relook at it because Nevada is a community property state."
About the Guest
In 2015, Sarah Ocampo founded Ocampo Wiseman Law, previously known as Morris Law Center. With over 20 years of practice, Sarah frequently appears in State and Federal courts in Nevada.
Prior to founding Ocampo Wiseman Law, Sarah gained a broad range of experience at several law firms. This experience includes working for a well-known national insurance defense firm and a boutique California-based firm focused on mortgage banking.
In between law firms, Sarah spent a year in-house at a national insurance company managing their litigation files. While in law school, Sarah worked as a Legal Extern to Judge Mark Gibbons in the Eighth Judicial District.
Before becoming an attorney, Sarah owned her own business, which she sold shortly after law school. As a child and through high school, Sarah traveled the world due to her father’s job with the Foreign Service. Consequently, she loves to travel and experience new cultures.
Connect with Sarah Ocampo
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