Common estate planning errors that should be avoided
Nevada residents who are making plans for the distribution of their estates should keep in mind that the process might have a number of pitfalls. Errors made while making an estate plan can result in the wrong people receiving assets or in assets being tied up in...
Hoffman estate left to mother of his children
Nevada fans of the late Philip Seymour Hoffman may be surprised to learn that the actor did not form trusts for his three children. His lawyer recently indicated that the actor rejected any form of trusts. His will, written in 2004, indicated that everything was to be...
When Nevada residents -- and individuals across the country -- think of heirs, they likely think first of those who will inherit assets from family members. In some cases, assets aren't the only thing made part of an estate. When individuals who pass away owe money,...
Liability for credit card debt when cardholder dies
If a Nevada resident dies with an outstanding credit card balance, what happens to that obligation? The answer to that question depends on the circumstances surrounding the balance and if that person was the only one who was obligated to repay that debt. In most...
The role of trusts in estate planning
Nevada residents who are being to plan how their estate is administered after they pass away might benefit from information in a recent article regarding trusts funds. Trust funds can be used to care for people when they no longer have the capacity to care for...
It seems like a common sense idea that the home of a person would pass to his or her heirs upon death. Even with complex estates, most people take that for granted. However, there are some reasons that real estate wouldn't automatically pass to heirs, and mortgages...
Trusts may be preferable to wills for family privacy
Many Nevada residents know that celebrities have little privacy during their lifetime. Lou Reed, the consummate performer, was on the world's stage for decades as a guitarist with The Velvet Underground, songwriter and solo performer. Yet, when he died in 2013, he may...
Our Nevada readers who have created an estate plan in the past are aware of all the time and effort they put into doing so. However, just because you have done this in the past does not mean you are done looking over your will, trusts, power of attorney, and other...
Avoiding responsibility when acting under a power of attorney
nevada residents may be interested in an article discussing some of the potential pitfalls when acting under a durable power of attorney for an older relative. Care must be taken when signing documents in order to avoid incurring any financial responsibility. When a...
For Nevada residents -- and anyone else in the country -- creating an estate plan is a good idea at any time in life. Estate plans include legal documents such as wills that protect your interests and wishes at the end of your life and after death. Proper estate...