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October 2016 Archives

Making timely decisions about power of attorney duties

Nevada residents who become mentally incapable of managing their affairs could face some serious difficulties if there is not a valid power of attorney in place. Although this issue might seem like an end-of-life matter, the reality is that people of all ages can be mentally affected by accidents or illness.

Estate planning tips for retirees

Owning property in Nevada and another state may offer people the flexibility to live their chosen lifestyle. However, it may cause estate planning issues that need to be addressed. For instance, it may be necessary to pay estate taxes on the state level even when exempt from federal estate taxes. Therefore, it may be beneficial to claim residency in the state with the lower estate tax burden.

Estate planning before a second marriage

Before getting married, Nevada residents might want to review their estate plan. This may be particularly important for people who have children from a previous relationship or who have been married before. They may need to adjust their will and their beneficiary designations. If a person leaves all their property to certain people in a will but the beneficiary designations differ, the beneficiary designations take precedence over the will.

Establishing guardianship for future contingencies

It is impossible to predict the future within any degree of certainty, but it is possible to plan for contingencies. Any person might experience a serious illness or suffer an injury in a future accident, and a guardianship is a practical and prudent way to protect your interests and wishes in these circumstances.

Helping angel investors keep more of their money

An angel investor is someone who invests in a startup or new small business with the aim of achieving large returns. Those returns are then used to help friends, family members or their favorite charities. It may be beneficial to start giving prior to death as it transfers a portion of those returns outside of the taxable estate. This may lower a Nevada resident's federal estate tax burden while also helping to establish a legacy during life.

How angel investors can pass on wealth in trusts

Angel investors in Nevada may want to give some thought to how they will protect their wealth to pass on to beneficiaries. However, estate planning is not just about what happens after an individual's death. There are a number of ways that people can begin taking steps to protect those assets while they are still alive.

Online accounts and estate planning

People who are working on an estate plan might think primarily about who they want to pass assets on to. However, increasingly, there is another important area that they need to consider, and that is their life online. While Facebook, Google and other online companies refer to federal privacy laws and say these prevent them from allowing family members to access a person's accounts on their death, some states have begun to pass laws dealing with terminating these accounts, and Nevada is one of them.

Living trusts offer advantages over traditional wills

Many Nevada residents believe that drafting a will is the best way to ensure that their estate will be distributed according to their instructions after they die, but placing assets in a living trust offers a number of advantages not provided by a traditional will. Individuals have free access to assets they have placed in a living trust while they are alive, and what remains after they pass away is divided among their heirs according to their instructions.

How trusts can be versatile estate planning tools

People in Nevada who are making an estate plan may think that a trust is not useful for them if they are not looking for a way to lower their estate tax burden, but trusts can offer a variety of advantages. For example, if a person has a difficult relationship with a child but wants to leave assets to grandchildren, a generation-skipping trust can do this.

Considering establishing an education trust

Nevada residents may worry about the future costs of education for their children or grandchildren, and some may choose to use instruments such as 529 savings plans to ensure that funds are set aside to address these needs. However, others might consider developing educational trusts to manage funds that are intended for helping beneficiaries to meet academic goals. There are some excellent benefits to be enjoyed by creating an educational trust, but there can also be some pitfalls, which makes it important to carefully plan.