Benefits of living trusts
Nevada residents who are planning to retire should be aware of the benefits of establishing a living trust. A revocable living trust makes it possible to designate assets that will be directly passed on to beneficiaries and avoid the cumbersome probate process. Assets...
Dying without a will in Nevada
If you or a loved one passes away without a will, commonly known as "dying intestate," the estate is distributed according to Nevada's intestate succession laws. The state of Nevada will appoint someone to serve as your personal representative who will be in charge of...
Questions to ask before leaving a vacation home to heirs
Nevada residents who are lucky enough to own a vacation home may want to leave the house to family members in their will so that future generations can enjoy it. Before deciding how to handle an asset like a vacation home in an estate plan, there are some key...
Beneficiary details matter
Experts recommend regular reviews of estate planning details, which should include an evaluation of beneficiary designations on retirement accounts as well as insurance policies. A Nevada resident who neglects this could leave certain assets vulnerable to loss based...
Handling inheritance issues in Nevada
It is possible for a parent to leave his or her entire estate to a single child instead of dividing it equally among all the children. However, it is also possible for the heir to give a portion of that inheritance to his or her siblings. One method is to disclaim the...
Important considerations when creating a special needs trust
Parents of a special needs child in Nevada will have numerous issues to take into account when planning for the care of the child after they die or become incapacitated. Should they decide upon the creation of a special needs trust, the assignment of a trustee and...
Trusts may not be enough to protect assets from creditors
Even Nevada residents who follow prudent financial plans may be unprepared for unexpected developments like lawsuits or medical problems. A small error in judgement behind the wheel could lead to a six figure civil judgement, and doctor and hospital bills can quickly...
Pros and cons of a Nevada trust
For individuals with an estate worth less than $5.45 million and couples with assets less than $11 million, a trust may not provide any tax advantages. This is because changes to estate tax laws provide exemptions that eliminate estate taxes for almost all Americans....
Benefits Of Estate Planning For Same-Sex Couples
Marriage is generally considered a key to creating wealth. However, for same-sex couples, having the ability to marry has not yet translated into wealth generation. Same-sex couples face a variety of financial challenges that other couples statistically do not. From...
How a will is contested
Nevada residents may wonder what is involved in the process of contesting a will. A will can be contested by any beneficiary or by a child, spouse or next of kin. If there was a previous will, beneficiaries of that may also contest the current will. There is usually a...