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July 2015 Archives

What is a spendthrift trust?

Nevada residents have many different types of estate planning tools at their disposal. One of these is a spendthrift trust. Essentially, this type of trust is ideal for those who have a beneficiary who cannot control their spending habits.

Can a child be held responsible for a parent’s debts after death?

We recently published a post about who inherits credit card debt when the cardholder dies. But other types of debt may be an issue as well. One primary concern is who will pay for a loved one’s health care expenses after death if insurance, Medicaid or some other type of payment doesn’t cover them.

Why would someone contest a will in Nevada?

When a will is written, it is done so to make sure the writer’s — the testator’s — last wishes are carried out. As such, it is typically unusual for a will to be contested, and even less common for such a challenge to be successful. Yet, there are specific reasons why an interested party, typically the surviving spouse, would want to contest it. A successful will contest in Nevada could result in the document being partially or wholly invalidated.

The validity of an electronic will

Computers are a necessity in our modern age. With so many vital documents being digital, the question of an electronic will is one often asked by Nevada residents. Are such documents valid and legally binding? The answer is yes, as long as they meet certain authentication criteria.

Want to protect your firearms? Consider a gun trust

When planning an estate, many people do not think about including their guns. If you are a gun owner, however, you understand the importance of keeping your firearms safe, even in the event of your death. A gun trust is designed to ensure that your guns can be safely and legally transferred to your heirs after you die.

You have created a trust. Now, how do you administer it?

You may already know about the advantages of a trust when it comes to avoiding probate, minimizing estate taxes and more. But if you are a new trustee, or are working with one, you may discover that there are many things that you did not know: such as, how do you conduct an inventory and asset valuation? What actions, if any, are you supposed to take with regard to creditors of the estate? What are the tax implications, and how do you make sure that they are properly complied with?