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November 2015 Archives

Using trusts to place conditions on inheriting assets

Nevada residents who are working on their estate plans may wonder what kind of conditions they can put on an inheritance. For example, they may wish to pass assets to a beneficiary who is married to someone they dislike, and they may not want that spouse to have access to the assets.

Strategies to reduce taxes in estate planning

Individuals in Nevada who are working on an estate plan may be wondering how to protect their assets from taxes. Even the beneficiaries of those whose estates fall well under the federal exemption limit of $5.43 million may face taxes on assets like second homes and retirement accounts. However, there are strategies that can prevent or reduce these taxes.

Trusts can help protect estates from tax

Nevada residents should avoid the errors made by the late actor James Gandolfini when it comes to estate planning. When Gandolfini died unexpectedly in 2013, his $70 million estate was vulnerable to estate tax. An irrevocable charitable trust is one way of protecting the estate from this type of tax.

Woman's destruction of fortune teaches estate planning lesson

Nevada residents may have read about the Austrian woman who reportedly destroyed her fortune to prevent her heirs from getting anything when she died. The woman reportedly shredded approximately $1 million worth of Euros and left the pieces all over her nursing home bed. She also cut up all of her savings accounts passbooks for the same purpose.

Constructive trust addresses potential estate-related problems

Some Nevada residents may worry that their estate plans won't turn out as desired in spite of careful work to detail their wishes in a living trust or last will and testament. However, constructive trusts can be used to address a number of situations involving the incorrect or unlawful transfer of property. A constructive trust is a temporary trust that is used mainly to handle the transfer of assets to the intended or rightful recipients.

Celebrity estate planning

Estate planning is often misunderstood by Nevada residents as to how the various roles assigned to individuals with differing responsibilities function. Kris Jenner, the Kardashian clan matriarch, illustrated this when she stated that Caitlyn Jenner was no longer the executor of her living will. Even though Caitlyn had been appointed as executor of her last will and testament, a living will is an entirely different document.

Foreign wills in Nevada courts

Although it doesn't occur frequently, sometimes Nevada courts will have to determine the validity of a will that has been executed in a foreign country. When a foreign will is written after a will was executed in Nevada, the question remains how the court will treat the foreign one.