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June 2017 Archives

4 questions you may have about estate planning

At some point in your life, you have likely considered the inevitability of your own demise. Though this type of idea can sometimes prove difficult to think about, death happens to everyone. Because of this natural and unavoidable outcome, you may have also wondered how your surviving family would get on in your absence and whether you could potentially take steps to better ensure their financial stability.

How an IRA trust can protect assets

Nevada residents who are creating an estate plan may want to consider setting up an IRA trust for their retirement account. An IRA trust can protect an account from creditors. It can also specify how distributions are made to beneficiaries. This may be useful if the beneficiaries are likely to be irresponsible with money or if they are very young. For example, a person who inherits a retirement account at the age of 18 or 21 may not know how to effectively manage money.

Family communication important in estate planning

When Nevada residents are planning their estate, including their heirs in the process can be a critical part of a successful outcome. These types of conversations can be emotionally challenging, but for people with substantial assets, doing so is important for personal and family futures.

Powers of attorney may require periodic updates

Powers of attorney are among the most useful, flexible instruments in estate planning law. Legislative changes in Nevada and across the country, though, have given health care providers and financial institutions new reasons to reject them. There are steps that individuals can take, either on their own or through their attorneys, to ensure the continued effectiveness of powers of attorney.

How to preserve powers of attorney

Las Vegas residents may benefit from having both medical and financial powers of attorney as part of their estate plan. These documents allow an individual to appoint someone to handle his or her affairs if that person cannot. However, changes to the law may result in a financial institution or a healthcare provider to reject the document. The first step to avoiding this fate may be to talk with an estate planning attorney.

Items to cover while reviewing an estate plan

Creating an estate plan is a smart move for Nevada residents. However, it may not be enough to simply create the plan and forget about it. As both personal and professional events unfold throughout the year, a will or trust may need to be altered to reflect any changes that may have taken place. Individuals should look to see if beneficiary designations need to be changed or if the plan is still tax-efficient.

Out of sight out of mind, not the best policy for estate plans

Did it take you awhile to finally execute an estate plan? If so, you're definitely not alone. Many people in Nevada hesitate to even broach the subject because they don't much care for discussing their own mortality. However, perhaps like you, many people also realize the importance of documenting their final wishes or specific instructions related to their wills, powers of attorney and/or medical directives. Estate planning is a highly customizable exercise that most adults can use to protect their assets and care for loved ones.

About disability planning

When creating an estate plan, Nevada residents should include the possibility of having a disability. Planning for disability can limit confusion among family members and ensure that one's assets are protected while they are incapacitated.

Second marriages complicate estate plans

When a Nevada resident gets remarried, the second marriage could represent a new chance at family happiness, but it also means his or her estate plan should be updated. Subsequent marriages often create blended families with both spouses having children from other partners and then perhaps with each other. Trusts are often used to communicate the intentions of each partner when it comes to inheritances.

Why a will matters even for people without heirs

Single and childless people in Nevada might wonder what kind of an estate plan they need. In addition to deciding who to leave their assets to, they may also want to think about who will manage their health care and financial affairs if they become incapacitated. If a person dies intestate, which means dying without a will, then the state decides how that person's assets are distributed.