Estate planning crucial for family farms and ranches in Nevada
A family's agricultural business can be a great source of pride, but these entities face challenges when passed from one generation to the next. New leadership must be chosen carefully to ensure continued business success, and the threat of estate taxes after an...
Unless you execute a plan, you can’t choose an estate heir
Do you ever hear people talking about someone in their 50's and think to yourself that 50 sounds light years away, then suddenly realize it's right around the corner in your own life? It's not uncommon, as people often feel younger in their minds than they are in...
How a spendthrift trust works
Some Nevada residents who are creating an estate plan may be interested in a spendthrift trust. This trust is usually used to protect a beneficiary who is unlikely to be able to manage money responsibly. It might also protect assets from creditors and in the event of...
Letters of final wishes can comfort and help families
Nevada lawyers with experience in estate planning draft wills, trusts and powers of attorney for their clients, but there is one very important document that is not written by an attorney. Letters of final wishes have no legal standing and do not influence how assets...
How to handle an unfunded trust
Nevada residents may know that a trust may be an effective estate planning tool. However, the trust doesn't work as intended unless it is properly funded. Assets that were meant to go into that trust may need to be looked at to determine how they were owned and by...
How an estate tax repeal might affect planning
Nevada residents whose estates are large enough to worry about federal estate tax will probably want to review their estate plan if there is an estate tax repeal. For most people who expect to owe estate tax, devising ways to reduce the value of the estate and bring...
The uses of a funeral trust
Nevada residents who are concerned about how they might pay for their funeral may want to consider a funeral trust. Planning a funeral ahead of time may help relieve loved of having to make difficult decisions while they are also dealing with grief. A funeral trust...
Analyzing the effectiveness of an estate plan
Nevada residents who are creating an estate plan may want to consider an estate analysis and a settlement cost analysis. The former reviews the current arrangements to make sure they are consistent and effective. For example, an estate analysis could reveal that a...
Certain life events are inevitable. Will your estate be prepared?
Recent studies indicate that as many as 60 percent of individuals who are nearing the age of retirement don't have a will in place. Perhaps you have loved ones that you wish to provide for in the event of your death, but you haven't found time to write a will. Maybe...
Handling debts after a person passes
When an individual passes in Nevada, the executor of the estate should determine if that person's estate has any outstanding debt balances. From there, the executor must decide when and how to pay them. It may also be necessary to contact creditors to tell them about...