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September 2016 Archives

Estate planning is important for everyone

Some Nevadans may believe that they do not need estate plans because they do not have large estates. Unfortunately, this is a common misconception. Estate plans really involve planning for death and the future of one's personal assets. They can also help people to decide in advance on the type of care they want to receive and who will handle their affairs if they become incapacitated.

Multiple marriages and estate planning priorities

Nevada residents who have gone through divorce and remarriage may find it important to take a fresh look at their estate plans. Life insurance policies and retirement accounts, for example, could inadvertently be ignored after marital changes. This could result in an ex-spouse receiving resources that an individual might prefer to leave to a current spouse or their children. Beneficiaries of such policies are usually handled outside of estate planning documents. However, one's will could be important for identifying various belongings that are intended for specific heirs.

Estate Planning and Prenuptial Agreements

The beauty of estate planning is that it allows people to put their affairs in order. Perhaps after the divorce papers are signed, a person will put together a new individual plan of how their remaining assets are to be dispersed to the kids, what sort of medical care is desired and how other family responsibilities are to be handled. It can be as simple or as complex as needed.

How to establish a trust fund

For many Nevada individuals, a trust may be an integral part of their estate plan. Besides lowering estate taxes,a trust provides a greater ability for the grantor to decide how his or her assets will be used or distributed after his or her death.

Remarriage threatens estate planning

When a person decides to get remarried in Nevada, they seldom consider the potential effect that this decision can have on their estate plan. However, it is not uncommon for heirs and new spouses to be at odds when it comes time to read the will.

Tips to avoid mismanaging an inheritance

People in Nevada who inherit large sums of money may end up squandering their newfound wealth. A Williams Group study determined that 70 percent of wealthy families do not maintain their wealth into the second generation. The same study showed that 90 percent of those families are no longer wealthy by the third generation.

One child may need a trust while siblings don't

Parents in Nevada who have multiple children know that different children have different talents and struggles. While one child may be excellent at living on a budget and investing, another may spend freely without thinking about the future consequences. When creating an estate plan, it may be wise for a parent to take their children's individual spending habits into account while deciding how to disperse the inheritance.

When wills are necessary

Many Nevadans understand the importance of having a will. However, some middle-class residents may not be sure if having a will is really all that necessary. This may be because they don't have many material possessions or minor children who need to be provided for. As a result, going to the expense and trouble of writing out a will isn't a top priority.

Protecting your family business after death

Many family business owners in Nevada take pride in their accomplishments. Not only do their businesses offer goods and services to customers, they create jobs and income. While some owners hope that their companies will continue to provide these things for generations to come, others may wish to sell their businesses and allow heirs to use their legacies to pursue different dreams.