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August 2017 Archives

Important aspects of estate planning

It may be particularly important for women in Nevada to ensure that their estate plan is in order since women often live longer than men and may outlive their husbands. Women should make sure that there is adequate life insurance for them to cover expenses if their spouse does die first. They might also want to consider purchasing a life insurance policy themselves to cover any expenses that may arise in their own estate.

A closer look at trusts for education funding

When Nevada families want to invest in the education of their next generation, trusts could provide flexibility and tax savings. Trusts allow people to set up their own investment plan instead of being limited to the investments allowed through a 529 education savings plan. The terms of a trust could also encompass more than paying for a young person's education. A trustee could have the ability to distribute funds for other expenses, such as medical bills or paying for a home.

Incentive trusts may enrich your estate

You have likely reached a point in your life where you are able to help your loved ones financially. It may give you great satisfaction to slip some spending money to your grandchildren or take your adult children out for a nice dinner with their families. Perhaps you are able to do even more, such as paying for their college educations or helping them with the mortgages on their homes.

Handling final requests

One important detail people in Nevada may leave out of their estate plan is their preferences regarding their final arrangements. While wills were commonly used in the past to detail one's final arrangements, that is no longer the case. Typically, some time will pass after the death of a loved one before the surviving family members begin to search for a will.

Estate plans for all income levels

Some people in Nevada may think that the word "estate" in "estate planning" implies that a person needs to be wealthy in order to have an estate plan. However, an estate plan is important for all adults regardless of their income or assets. All estate plans are different, but they may have some elements in common.

Do you feel ready to appoint a power of attorney agent?

Preparing for potentially detrimental life events may have you feeling lost. The idea of suffering serious injuries in an accident, developing dementia in old age or otherwise becoming incapacitated may cast a dark cloud over your future. However, this type of scenario is common, and therefore, addressing the potential for incapacitation may allow you to feel better in knowing that you planned for such an event.

Simplifying an executor's job

When Nevada residents begin the estate planning process, they are often concerned with ensuring that their assets are fairly distributed to their children and loved ones. Another consideration, however, is less obvious, and that is how to make the executor's job easier.

Using a qualified personal residence trust

With rising estate tax and gift tax exemptions, the qualified personal residence trust is less common than it once was, but some people in Nevada still have a QPRT as part of an estate plan. With a QPRT, the owner transfers ownership in the home to a beneficiary but retains the right to continue living in the home for a fixed period of time. A QPRT can remove the value of the home from the estate and reduce the taxes on the home.

Selling a home after the death of a loved one

Nevada residents who are in charge of a sibling or parent's home after that person dies may wonder what they should do with the home. There could be options such as selling the home or renting it out although if the person is not an experienced landlord, it may be a good idea to get help with the latter option. The person might also wonder what to do if there is a reverse mortgage on the house. It is important to not be overwhelmed. Speaking to professionals, including a realtor, may be helpful. The difficulty of knowing how to proceed may be compounded by the grief and stress surrounding the loved one's death.

How to choose a beneficiary

Nevada residents who have created an estate plan may not have taken beneficiary designations into account. These forms may have been filled out along with a lot of employment paperwork, and people could forget about it. Therefore, beneficiary designations may need reviewing regularly. Otherwise, a person may fail to remove an ex-spouse or add a new one. There are a few points to keep in mind when choosing a beneficiary.