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December 2015 Archives

Changing tax laws have changed estate planning

Many Nevadans have trusts established in order to pass assets to their intended beneficiaries outside of the probate process. At the same time, the tax laws have changed significantly in the past few years, with the federal estate tax exemption being increased to $5.43 million. This higher exemption amount means that a large number of people do not need to worry about avoiding estate taxes on their assets.

Trustee services for Nevada residents

Trusts provide a number of important benefits, but deciding who will act as trustees can be a difficult decision. Trusts allow a greater degree of privacy and control, but overseeing their administration and being responsible for distributing assets can be a difficult burden for trusted friends or family members. Appointing an experienced attorney to act as your trustee allows you to enjoy the advantages of a trust without placing undue and possibly unwelcome responsibility on the shoulders of your loved ones.

Digital legacies in estate planning

People in Nevada who have prepared an estate plan may feel that they have been thorough, but they should ask themselves whether they have considered their digital legacy. With so many aspects of people's lives lived online these days, it is important to ensure that loved ones have clear instructions regarding those accounts.

Reasons to review trusts regularly

Nevada residents who have an existing estate plan might feel that their work is done, but reviewing the documents periodically is advisable. For example, due to changes in tax and trust laws, anyone who created a trust a few years ago should take another look at it.

The importance of powers of attorney in Nevada

As Nevada residents get older, they may start having problems making financial choices for themselves if they develop a mental condition, such as Alzheimer's or dementia. It is very important that a power of attorney is set up before this happens that will allow a trusted person to make financial choices for them if they become incapacitated.

Writing a will in Nevada

Creating a will can give Nevada residents more power over how their assets are distributed after passing away. The first step in the process is to decide how the will is to be written. It may be possible to prepare the will through the use of an online will creation service.

Why a will may be challenged

Nevada residents have likely read salacious media stories concerning the families of deceased celebrities battling over their inheritances. These accounts often center on accusations that the deceased individual's last will and testament should be ruled invalid for some reason, but the judges hearing such arguments are are often difficult to convince. A will is viewed as the last wishes of the testator, and they withstand the scrutiny of probate the vast majority of the time.

Naming a replacement after a trustee passes away

Many Nevada residents choose to use trusts because they provide more privacy and can avoid probate, but they may also be more complex than a straightforward last will and testament. Selecting the individuals who will be entrusted to act as trustees are very important decisions, and it may be necessary to revisit a trust if one of these individuals were to pass away.