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March 2017 Archives

Choosing an executor plays significant estate planning role

Your will may act as the staple of your estate plan. This document can provide instruction for various parts of your estate, most commonly the distribution of your assets. However, before your will and estate can go through the probate process, your executor must carry out certain duties. Therefore, you may want to ensure that the party you appoint to the position of executor has the capabilities and willingness to take on the position.

The benefits of estate planning

There are probably many Nevada residents who believe that they do not have to worry about estate planning because they're not concerned about estate taxes. For 2017, the federal estate tax exemption is $5.49 million per person and double that for married couples. In addition, President Trump has long indicated that he wants to abolish the estate tax entirely. As a result, it is not an issue for too many people.

Estate planning tips to prevent conflict

An estate planning tool such as a will that does not clearly express the wishes of a decedent can result in confusion and conflict for families and heirs. Nevada residents may benefit from learning tips for how to make sure their estate is distributed according to their preferences.

Digital assets and estate planning

Nevada residents who are putting together an estate plan should remember to include digital assets. These may include everything from music to Bitcoins to domain names. While some digital assets are mainly of sentimental value, such as photographs, the average worth throughout the world of an individual's digital assets ranges from $35,000-$55,000.

What not to omit from a will

Creating a will is something that Las Vegas residents can do whenever they want. Regardless of when it is written, it should be as comprehensive as possible and provide alternative options should unexpected events occur. For instance, it may be a good idea to include an alternate beneficiary in a will in case the primary beneficiary passes away.

Appointing care agents may be in your best interest

Throughout your life, you likely have become ill or injured multiple times. During these times, you probably had a family member or other loved one available to help take care of you. On the other hand, you may have provided the care for a sick or injured loved one. As a result, you undoubtedly understand the importance of proper care.

Unraveling false ideas concerning probate

For more than a decade, the attorneys at Cassady Law Offices, P.C., have been assisting clients from the greater southern Nevada area with their estate planning needs. Throughout that time, we have seen that there are many false ideas floating around regarding probate. Our job is to unravel this complex issue by explaining it in layman's terms to ensure our clients fully understand the process, which can greatly benefit them in estate planning matters.

How to keep an estate out of probate

Probate is a procedure that is designed to ensure that a deceased person's will is being honored. However, it can be a lengthy and costly process. Residents in Nevada who want their beneficiaries to access to their assets without any hassle after they die may want to know what to do in order to prevent their estates from having to go through probate.

The complexities of trust administration

Nevada residents who are responsible for administering trusts may find it to be confusing. It may be very complex, and designated trustees may find it to be overwhelming. If you are a trustee, your responsibilities include managing and distributing the assets held in the trust to the designated beneficiaries in a way that is both efficient and cost-effective.

Considerations when creating an estate plan

Although many people in Nevada would rather avoid thinking about what will happen after their death, it's important for individuals to have a will drawn up. When creating an estate plan, there are several ways to make the process easier and to ensure that a person's actions will provide the largest benefit to their heirs. These include making a complete list of assets and deciding how beneficiaries will receive those assets.

Taking care of your loved ones is not a DIY project

Everyone loves a good do-it-yourself project, but there are some things in life that are too important to do on your own. One of these things is estate planning. Despite the advertisements for kits and websites that claim to help you build your own will and create an estate plan quickly and cheaply, there is nothing that can replace the guidance of a knowledgeable legal ally.

How to be the executor of a parent's will

Being the executor of a parent's will is an emotional as well as administrative task. It involves handling financial obligations, attending any necessary court hearings and managing assets until the estate has been settled. Nevada residents who have been named as executors of their parents' last wishes should know that there are many steps involved in this process.