Using a qualified personal residence trust
The 2016 federal estate tax exemption is $5.45 million for single people and $10.9 million for married couples. However, this could change, and Nevada residents might want to consider whether a qualified personal residence trust is a good idea for estate planning...
Pros and cons of irrevocable trusts
A Nevada resident who wants to protect their children's inheritance may want to consider setting up an irrevocable trust. This financial tool holds and distributes assets for the beneficiary in the manner that is specified by the grantor. A person or organization will...
The enforcement of trusts
It's not uncommon for a beneficiary to have questions or concerns about trust payments. Beneficiaries in Nevada should understand the trustee's obligations and be aware of what their rights are regarding the proper administration of the trust. The way in which a trust...
Preventing estate battles over tangible items
It's not uncommon for Nevada families to fight over a deceased parent's personal property. While bitter disputes over multi-million-dollar fortunes are usually the kind of estate battles that make the news, the majority of estate battles involve valueless objects....
Estate planning tools 101: FAQs about intra-family loans
There are a number of legal tools that can be used to put together an effective estate plan. This is especially true when you keep in mind that estate planning is about more than just transferring assets, it's about wealth management. One tool that can be beneficial...
Reasons to designate a trust protector
Nevada residents who are preparing an estate plan may want to create a revocable trust to avoid probate or to ensure some additional control over how their assets are distributed. A trust is administered by a trustee. However, even people who have appointed a trustee...
The use of a trust for pets
Estate planning can be a daunting task for Nevada residents. There are frequently many things to consider, including who should be a beneficiary, powers of attorney, life insurance and how to distribute assets among family and loved ones.One issue that is often...
Estate disputes following death can be curbed with good planning
Music fans in Las Vegas and throughout the world mourned the untimely death of iconic singer Prince earlier in 2016, but many may not be aware that his estate is now in limbo. The musician reportedly did not have a will in place when he died, making the distribution...
How to handle an executor who breaches his or her duties
Often when a loved one dies, family members squabble over the details of the will. In some cases, the person who has been named the executor may cause contention. Nevada residents might be interested in reading about the responsibilities of an executor, and how to...
Making sure that a person’s final wishes are honored
Nevadans with blended families may have questions about how to protect their assets when they die. These concerns can be particularly strong if both spouses have kids from prior marriages. There are several ways a person can help to make sure that his or her spouse...