Multiple marriages and estate planning priorities
Nevada residents who have gone through divorce and remarriage may find it important to take a fresh look at their estate plans. Life insurance policies and retirement accounts, for example, could inadvertently be ignored after marital changes. This could result in an...
Estate Planning and Prenuptial Agreements
The beauty of estate planning is that it allows people to put their affairs in order. Perhaps after the divorce papers are signed, a person will put together a new individual plan of how their remaining assets are to be dispersed to the kids, what sort of medical care...
How to establish a trust fund
For many Nevada individuals, a trust may be an integral part of their estate plan. Besides lowering estate taxes,a trust provides a greater ability for the grantor to decide how his or her assets will be used or distributed after his or her death. Depending on the...
Remarriage threatens estate planning
When a person decides to get remarried in Nevada, they seldom consider the potential effect that this decision can have on their estate plan. However, it is not uncommon for heirs and new spouses to be at odds when it comes time to read the will. Family members may be...
Tips to avoid mismanaging an inheritance
People in Nevada who inherit large sums of money may end up squandering their newfound wealth. A Williams Group study determined that 70 percent of wealthy families do not maintain their wealth into the second generation. The same study showed that 90 percent of those...
One child may need a trust while siblings don’t
Parents in Nevada who have multiple children know that different children have different talents and struggles. While one child may be excellent at living on a budget and investing, another may spend freely without thinking about the future consequences. When creating...
When wills are necessary
Many Nevadans understand the importance of having a will. However, some middle-class residents may not be sure if having a will is really all that necessary. This may be because they don't have many material possessions or minor children who need to be provided for....
Protecting your family business after death
Many family business owners in Nevada take pride in their accomplishments. Not only do their businesses offer goods and services to customers, they create jobs and income. While some owners hope that their companies will continue to provide these things for...
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...