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Reports say Anderson Cooper set to inherit $1.5 million

Nevada fans of CNN anchor Anderson Cooper may be interested to learn that he is set to inherit less than $1.5 million following the death of his mother, Gloria Vanderbilt. According to report, it was speculated that Cooper could have received a sizable estate based on online reports that estimated her net worth.

In June 2019, it was revealed in the probate documents that Cooper would inherit less than $1.5 million. His brother, Leopold "Stan" Stokowski is set to inherit Vanderbilt's $1.2 million Midtown co-op at 30 Beekman Place. However, this was reported not unexpected for Cooper. In 2014, Cooper reportedly told Howard Stern that his mother had told him not to expect an inheritance and that there was no trust fund. He stated on the show that he did not believe in inheriting money, as he thought he would not have been motivated to succeed in his career knowing that there was money waiting for him.

The potential pitfalls of a simple will when children come along

It's common for millennials in Nevada and elsewhere in the nation to have a desire to keep things simple, even when it comes to estate planning. They often prefer assets that suit their portable lifestyles. Younger adults also tend to gravitate towards simple documents like wills.

A basic last will and testament can be fine for young adults who are just married with very few assets of their own. However, it's an entirely different story when kids come along. At that point, individuals are often advised to consider setting up a trust. With only a will, a child inherits at the age of 18 if a parent passes away before then. The potential problem is that some adult children aren't fully prepared to responsibly handle having access to all their inheritance at once.

Creating an estate plan when a person has a chronic illness

Those living in Nevada and anywhere else in the country who have a chronic illness should create an estate plan. The same is true for those who have loved ones who are dealing with cancer, Alzheimer's disease or similar conditions. By 2020, it is expected that 157 million Americans will be dealing with an issue that causes ongoing and long-term health issues.

One out of four people between the ages of 65 and 74 will experience quality of life issues because of an illness. By the time a person reaches age 85, there is a 50/50 chance of him or her experiencing a mental decline, and an estate plan can be tailored to help handle any issues that such a decline could cause.

Could you receive a copy of your loved one's will?

When it comes to knowing what a loved one put in his or her will, some people may wait anxiously. Understandably, many individuals want to know whether they were specifically named in a person's will and whether they may receive a desirable bequest. Of course, if the loved one did not disclose that information before his or her passing, the surviving loved ones may have to wait until they receive a copy of the document.

Though individuals do not sit in a room and have someone read the details of the will to everyone, you could receive a copy of the document if you have a connection to the estate. For instance, if the decedent named you as the executor, you would need the document in order to file it with the court and begin probate proceedings. However, the executor is not the only person who could see the will.

Why a trust may be a better choice than a will

Some people in Nevada may assume that a will is sufficient for an estate plan, but there are a number of reasons that a trust might be a better choice. The person who creates a trust is known as the settlor, and the settlor appoints a trustee who will manage the trust. A trustee has what is known as a fiduciary duty. This means that the person is required to manage the assets in the trust competently. Trustees must follow the terms of the trust and be objective in dealing with beneficiaries. They must also provide information to the beneficiaries as required by the trust.

A trust may be created if a person believes that a beneficiary may be irresponsible with assets. It can also protect assets from creditors and divorce. Many people prefer a trust because it is private, unlike a will. A charitable remainder trust may reduce taxes and provide for both a charity and loved ones. It may also have a number of other functions, including providing for the settlor in case of becoming incapacitated.

How to cut someone out of an estate plan

Those who live in Nevada or anywhere else may no longer have a close relationship with a child or other family member. In some cases, an individual may want to exclude that family member from an estate plan. If it becomes necessary to fully or partially disinherit someone, it is generally better to do so with a living trust. This is because a trust is harder to challenge than a will.

In most cases, only a beneficiary can challenge a trust. Almost any interested party can challenge a will by claiming that the person who created it did so under duress. Furthermore, the trust is a private document while the details of a will are made available to the public. Since the will can be seen by anybody, a family member who has been disinherited may challenge it to save face.

There are several kinds of irrevocable trusts

Trusts can be powerful instruments when they are included in Nevada estate plans. They can be tailored to fit the circumstances and wishes of the trustmaker, and they can effect the transfer of assets outside of probate. Broadly speaking, the two categories of trusts are revocable trusts and irrevocable trusts. An irrevocable trust cannot be altered once it is made, while revocable trusts can be changed by the trustmaker after they are established.

In many cases, irrevocable trusts may convey estate and income tax benefits. Placing assets into an irrevocable trust may also make it more difficult for creditors to reach them. This is because the trustmaker no longer owns the assets once they are transferred to the trust. Creditors cannot get to assets that the debtor does not own, generally speaking. There are several more specific types of trusts that are irrevocable trusts, including irrevocable life insurance trusts, irrevocable marital trusts and irrevocable charitable trusts.

What does Nevada law say about wills?

What do you know about wills? Like most other people, you may know that this document distributes your assets to those you choose after your death. Many people often refer to it as the "cornerstone" of an estate plan.

While those statements are true, you may not know that Nevada recognizes different types of wills and numerous rules regarding what qualifies as a valid will.

Using a durable financial power of attorney in estate planning

A financial durable power of attorney could be an important part of an estate plan for some people in Nevada. This allows someone to manage a person's finances if that person becomes incapacitated. Unlike a regular financial power of attorney, it will not become invalid when a person becomes incapacitated.

If there is no durable power of attorney, a family may have to go through a court process to have someone appointed guardian to deal with a person's financial affairs. In addition to the expense and time associated with this process, it might also end up being someone the person would not have chosen. A springing power of attorney is another option. It goes into effect when the person becomes incapacitated. However, the disadvantage with a springing power of attorney is that it may be necessary to get a physician to confirm incapacity, which could mean delays.

Mistakes with estate planning

Estate plans can be used to help surviving loved ones manage a deceased individual's estate. In fact, wills and trusts could help eliminate stress and make the grieving process a little easier. However, Nevada estate owners should take care to avoid making certain mistakes.

Despite the importance of having an estate plan, many people do not even have a will. Individuals who die without a will in place leave what happens to their assets to the state. It is also not unusual for married couples to think that all assets will automatically pass to the surviving spouse. In truth, this is not what happens.

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