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...
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...
The advantages of a power of attorney
One aspect of an estate plan for Nevada residents may be a power of attorney. A power of attorney appoints someone to act on the principal's behalf. It may be durable or nondurable, and the former may be a better choice than the latter. The reason for this is that the...
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...
Pitfalls of do-it-yourself estate planning
People in Nevada who are creating an estate plan may wonder whether they can simply use a do-it-yourself will. However, there are a number of potential disadvantages to this approach.One downside is that a do-it-yourself estate plan might be more likely to contain...
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...
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...
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...
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...
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...