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May 2014 Archives

Estate planning is for every Nevada resident

Wills, probate, power of attorney, medical directives, trusts and the list goes on and on. The words are familiar; however, the exact definitions may not be. Many throughout Nevada do not recognize the importance of each of these items as individual pieces and then as part of an overall estate plan. In fact, quite a few individuals mistakenly believe that these estate planning items only apply to wealthy individuals and families.

Will planning should include digital assets

Computers, smartphones and tablets seem to be everywhere. People are posting to their Facebook account, managing their bank account and paying their bills while sitting in a restaurant or even walking down the road. Many Nevada residents have found that their lives are now intertwined with a number of digital devices and assets. With so much being placed into these digital devices and assets, including them in the will planning process could be essential.

Power of attorney can allow someone to handle financial matters

Most Nevada residents tend to prefer to make their own day-to-day financial decisions. They are quite comfortable deciding which bills should be paid when and how much should be spent on other items. The need for another individual to be given the power to perform these mundane daily tasks seem frivolous until one looks ahead to see what may be coming. With the possibility of dementia, other medical conditions or a variety of other issues arising in the future, many individuals find that establishing someone to act as a financial power of attorney is a good idea.

Leaving a legacy with a charitable remainder trust

Each year, Nevada residents generously support a variety of charitable organizations. These organizations provide a number of services and benefits to the community, including cancer research, scholarships for needy children and other worthwhile efforts. The majority of the benefits received from these organizations would not be possible without this generous support. As individuals look for ways to leave a lasting legacy, one option to consider is a charitable remainder trust.

What you need to know about tax laws and estate planning

As Nevada readers are well aware, estate planning can be a rather complicated process. Further complicating this process are new tax laws that have been changed, updated and reworded multiple times since 2001. After many of these changes were finalized in 2013, estate planning may now be more fluid and easier for those wishing to prepare for the future.

Steps to take in order to set up a special needs trust

For Nevada parents thinking about estate planning, one of the main concerns is how a family will be cared for after the parents have passed on. Most Americans are concerned with saving for retirement and making sure that their children are secure, but how does this work for families that are considering a special needs trust? Setting up a special needs trust is extremely important for families who have disabled children, and it is vital to take all of the necessary legal steps.

Avoid euthanasia by including your much-loved pet in a trust

Many people find it difficult to confront issues about what will happen after their death. To avoid the state of Nevada deciding how to divide their property, proper estate planning can provide peace of mind. By including a trust in their estate planning, they can determine how their estates will be distributed upon their death.

The estate planning process can lead to questions

On any given day in Nevada, babies are born, couples get married and individuals take their final breath. While two of these events are often joyous occasions, many do not like to dwell on the certainty of death in the future. All three of these events typically involve some sort of planning and preparation, along with a number of questions to be answered. The estate planning process has its own particular set of questions and concerns that should be addressed prior to one's final departure.

A carefully selected trustee is key to trust planning

When looking for a relatively easy way to transfer assets to beneficiaries while still maintaining privacy and keeping costs at a minimum, many Nevada residents find that a trust is the appropriate tool. By establishing either a revocable or irrevocable trust, the individual is able to dictate exactly which assets or investments are to be received by each beneficiary. Careful trust planning can effectively transfer assets while avoiding the cost and time associated with probate.

Powers of attorney essential prior to Alzheimer's diagnosis

Mental health diseases such as Alzheimer's and dementia can present formidable financial and legal problems for patients and families alike. Many Nevada residents suddenly find themselves needing to make decisions for loved ones; however, they are unable to easily do so because powers of attorney were not established prior to the development of the mental disease. When that happens, the family must go through a guardianship process which can cost both time and money.