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August 2016 Archives

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 purposes. This type of trust could allow a person or couple to transfer real estate and lower the value of their estate.

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 be needed to serve as the trustee and make sure that everything is administered correctly.

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.

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. Things that may have no monetary value can hold tremendous sentimental value to a person's loved ones.

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.

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 of his millions of dollars' worth of assets difficult to work out. Unfortunately, poor estate planning is not only a problem for the rich and famous; every year, countless individuals may find themselves in a similar dispute following the death of a loved one, but the solution is relatively simple.

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 deal with one who is uncooperative.

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 will honor the will and agreement on how the assets will pass.

Deciding whether a trust should be part of an estate plan

Nevada residents who have given any thought to their estate plan are probably aware that they need to have a will. A last will and testament is a basic estate planning document that everyone should have. Depending on the size of a person's estate and the needs of their beneficiaries, a trust may also be a key document to include in an estate plan.