Creating an estate plan without a spouse’s cooperation
Some Nevada residents may face the challenge of trying to create an estate plan with a reluctant spouse. While nagging rarely works, it may be possible to persuade the spouse to participate in estate planning, and in the meantime, there are steps people can take on...
How to avoid probate
Probate can be a lengthy and expensive legal process that can make heirs wait up to years to receive ownership of assets that were bequeathed to them. Individuals in Nevada can take certain steps avoid probate so that their beneficiaries will not have to endure the...
Passing on a sense of values to heirs
People in Nevada might want to consider creating an ethical will as part of their estate planning. Although it is not a legally binding document, it acts as a sort of adjunct to the financial part of an estate plan. The purpose of an ethical will is for people to pass...
Why estate plans are important in blended families
Up-to-date estate planning may be particularly important for people in Nevada with blended families. The first step is to update beneficiary designations. These should be reviewed regularly because they override what is written in a will. Therefore, if a person's...
Common misconceptions about the probate process
After the death of a loved one, it is possible that his or her estate will go through the probate process. Probate establishes the validity of a will, identifies the assets included as part of the estate, appraises the value of the property and pays outstanding debts....
The importance of planning who will inherit property
Nevada landowners might try to take a shortcut in their estate planning because the process seems stressful and complicated. They might think that writing a will that leaves their property to be divided equally among their heirs is sufficient. However, a problem can...
Adding a special needs trust to an estate plan
Many people in Nevada who plan their estates create a plan that will benefit their children. If a person has a child with a mental or physical disability, it may be especially important to create an estate plan for the benefit of the special needs child. For that...
Prince’s estate valued at approximately $200 million
Many Nevada music fans in Nevada were saddened in April 2016 when it was reported that Prince had passed away at the age of 57. The prolific songwriter and performer was a leading music industry figure for more than three decades, and it was widely reported that he...
How to preserve wealth for future generations
Nevada residents may be interested to hear that baby boomers will pass down an estimated $30 trillion in wealth in the coming decades. However, these individuals will have to plan properly to ensure that rising long-term care costs don't take away everything inside of...
Determining the lifespan of a trust
A trust may be an effective tool for Nevada residents to manage their assets well into the future. However, a trust can end for a variety of reasons. First, the trust may end because the assets inside of it have been used up. This may happen if money has been paid out...