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January 2015 Archives

Avoiding probate when transferring real estate

Individuals in Nevada who are planning for the ultimate distribution of their estates and whose only significant asset is real property may be able to avoid probate altogether by using some other methods of transferring property in place of a will. Probate can be expensive and time-consuming, so individuals may wish to consider changing the title in some way that will allow the real estate to pass straight to the beneficiary. One way of doing this is by creating a living trust. The property is transferred into the trust and retitled accordingly. A living trust permits the individual to keep control of the asset.

Estate tax exemption rises in 2015

Nevada residents considering planning their estate as tax season is in full swing may be interested to hear that the IRS somewhat recently formally announced the gift and estate tax exemptions for 2015. Taxpayers will not need to file any paperwork with the government for gifts of up to $14,000 per person. Furthermore, they will not have to pay taxes on the first $5.34 million on assets in their estate. The gift tax remained the same from 2014 while the estate tax exemption has slightly risen.

The benefits of having a living will

Adults living in Nevada, regardless of their age, may benefit from having a living will. Also known as an advance directive, a living will gives instructions to doctors regarding end-of-life care and eases the burden on family members who may have to make a decision on whether to keep their loved one on life support. A health care proxy who makes decisions for a patient in cases where they are incapacitated can be designated on the form.

Spendthrift trust creation in Nevada

At times, a person may want to leave a trust for the benefit of an intended beneficiary who, for whatever reason, is unable to control his or her own spending. In those cases, the person creating the trust may do so under the law by establishing a spendthrift trust.

Trusts that may save money for grantors or beneficiaries

As many Nevada residents may know, there are several ways to save money on taxes. In some cases, the family will pay a lower estate tax and, in others, the asset owners will owe less in income tax. Knowing the intricacies of such opportunities and using them may be beneficial.

The different types of powers of attorney

Many Nevada residents have older parents who will likely need help managing money and making health care decisions as they age. One way to ensure that this will be handled properly is to suggest that they grant a power of attorney to a child, close friend or other trusted individual.

Avoiding trust mistakes in Nevada

When people create trust accounts in Nevada, they normally do so with specific purposes in mind. There are certain common errors about which people should be aware so they do not make them, thereby subverting the purposes they had for starting the trust to begin with.

Boomers and their inheritances: Planning for the next generation

It is estimated that on a national level, baby boomers could inherit in excess of $30 trillion from parents in coming decades. Nevada residents who have children in this group may find that guidance is important for creating an estate plan. A sound strategy could be the difference between one's heirs losing or retaining assets. Experts note that the emotion associated with such transfer of wealth can be a challenge during the estate planning process. An effective financial advisor may be helpful in assisting with these issues and even continue a professional relationship with one's heirs, ensuring that the next generation down the road is taken care of too.

Avoiding will and trust contests

When people in Nevada are planning how to handle their estates, it is important to make certain the documents drafted are written in such a way to make them unassailable in future will and trust contests. When an interested party to an estate mounts such a contest, expenses can substantially increase, depleting the total amount held by the estate.