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August 2015 Archives

Estate planning for young people in Nevada

The transition into a career or vocation can be exciting as independence and the ability to support oneself are realized. However, it's easy to focus on the perks of a professional life without giving much thought to future issues such as estate planning. Younger Nevada residents may not realize it, but having an estate plan in place, even at a young age, could be beneficial to family members in the event that they are killed or unable to make decisions.

Questions to ask your estate planning attorney

In Nevada, estate planning can become complicated. As such, it is often wise to consult with an estate planning attorney to make sure you don’t miss anything. While a quality attorney will be able to answer your questions before you even ask them, there are a few answers you should make sure you get in your first session.

Questions to ask your estate planning attorney

In Nevada, estate planning can become complicated. As such, it is often wise to consult with an estate planning attorney to make sure you don’t miss anything. While a quality attorney will be able to answer your questions before you even ask them, there are a few answers you should make sure you get in your first session.

The benefits of naming a trustee from outside the family

When you create a trust in Nevada, it is crucial you pick a trusted individual to carry it out in the event of your death or incapacitation. This person is called the trustee. Often, you will pick a family member, such as a spouse or child, as the trustee. But there are reasons why this may not be a good idea. In fact, in many instances, it may be advisable to just forego even considering a familial pick. Though these reasons are separate, they all come under one singular idea: This kind of trustee is disconnected from the family and can therefore generally perform the necessary duties with a more level head.

What are some mistakes to avoid when writing a will?

Individuals ignore writing a will for many different reasons, but it is a very important task to complete — and do so correctly. Your interests might not be adequately protected unless you have certain documents completed and established. At minimum, a rough draft of a will should be completed so that your things may go to their perspective owners when you are gone. Depending on how much you own and your personal wealth, making a will can be quite simple. Though it does not take much to get this important job done, there are a few mistakes that you should avoid when writing your will.

Dynasty trusts can protect family assets for centuries to come

We all know at least one; the control freak, every minute of every day planned morning to midnight. And not just his own, but, if he had it his way, everyone he comes into contact with. You’d think he’ll even want to control things from beyond the grave.

The top must-have financial planning documents

Couples and individuals in Nevada may or may not have thought about what will happen to their estate when they pass away. Even those who have considered this scenario may not have all the proper documentation to ensure they and their heirs are properly taken care of when the time comes. There are a few essential estate planning documents Las Vegas residents should have in place.

Trust planning may help keep creditors away from your estate

As the “most interesting man in the world” might say: “I don’t always think about estate planning, but when I do, I think that everything I have will go to my family”. And, just as not everyone agrees with his choice of beer, many people who have been through administration of a loved ones’ estate can tell you that he is wrong about this as well.

Writing a will for a blended family

For Nevada residents, estate planning comes in many degrees of complexities. For some, it’s as easy as leaving everything to their spouse and/or children. But others have more factors to consider, just as being in a blended family. This means you and/or your spouse has children from previous families that must be considered for a will. While these situations may seem straightforward, parties like ex-spouses, stepchildren and children from your current marriage can make the process extremely difficult.

Roth IRAs and probate

When you compose a will, it will typically go through the Nevada probate process. This allows for the document to be verified, debts to be paid off and assets to be distributed correctly. While this may seem like an essential process, it can often cause your will to be in limbo for months on end and can become rather expensive. One way to avoid probate is to leave your assets, or at least the monetary form, in a Roth IRA.