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January 2014 Archives

Major Nevada estate planning mistake easily avoided

Throughout one's lifetime, a variety of opportunities arise in which a beneficiary is named. Insurance policies, bank accounts and even retirement accounts all typically require beneficiary information. As a Nevada resident goes through the estate planning process, reviewing and updating these documents may be necessary.

Have you checked on your beneficiary designations lately?

The image of a dusty will being pulled from a dresser drawer that had been its home for several decades might be good for a movie, but it isn’t good when it comes to actually probating that will. The truth is that the best estate plans are as organic as our lives are, because a lot happens during our lives.

Updating wills can prevent flaws in estate administration

Life can get very busy, so it's understandable how important issues can unintentionally fall through the cracks. However, taking the time to create a will and estate plan can prove to be very worthwhile. Not only does it give piece of mind to the individual who created the will, but it also provides a sense of security to his or her loved ones. Although this is a critical step, it's worth noting that people shouldn't forget to update their estate plans on occasion.

More people include pets in their last will and testament

Traditionally, a Nevada will is used to allocate gifts of money to others -- like family members or good friends. Charities and non-profit organizations are also commonly mentioned in many wills as recipients of financial bequests. A recent trend, followed by many people across the country, is to include one's pets when making a last will and testament.

Estate planning is important for all Nevada adults

Estate planning is something most people don't really like to think about. Often, young adults do not realize the importance of an estate plan. However, estate planning can be essential in the event that a Nevada resident needs to have medical decisions made for them, or in the event of his or her untimely death.

A funeral trust gives testator control and family time to grieve

A trust is one of the most flexible estate planning tools available. Do you want to make sure your dog is taken care of after your death? Do you need to set money aside to support a child with special needs? Do you want to avoid taxes on large bequests to charities? What about making sure your art collection is never broken up, or only displayed in your garage?

Making the most of contributions to college savings plans

Tax savings is a particularly good incentive for contributing to 529 college savings plans. But while parents will wish to get the most out of the gifting and financing provided towards their children's education, they may not be taking full advantage of their opportunities.  

Selecting the right person to serve in role of power-of-attorney

Nevada residents who are considering preparing a power-of-attorney will want to put a great deal of thought into their selection. Convenience obviously will factor into such a decision. For example, a child that lives close by can often be of greater assistance than one that lives across the country. However, more needs to go into the decision-making than this.

Use of out-of-state trusts to reduce tax burdens

While many Americans take advantage of states with no income taxes (like Nevada), the placing of financial assets into trusts is gaining scrutiny from officials in other states.  For example, individuals who are in the process of selling a company may move shares from that company from one state to out-of-state trusts so that these gains will not be subjected to state income tax treatment.

Decision reached in case involving Farrah Fawcett's will

Wills are aimed at giving individuals the opportunity to control how their possessions will be distributed upon their death. Sometimes, after a person with a will dies, complex issues arise regarding what property is covered under the will. For example, sometimes, unclear language in a will gives rise to questions as to whether the language applies to a certain piece of property or not. This is one of the reasons why having clear language in a will is very important. Another important and complex question that sometimes arises in will cases is whether a certain piece of property actually belonged to the deceased individual. What the answer to this question is can be very impactful in will cases, as wills can only control property that belonged to the deceased individual.