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July 2017 Archives

Estate planning as an entrepreneur

A survey of hundreds of entrepreneurs found that many were poorly prepared in terms of estate planning. Only about a quarter had a will while 80 percent lacked a financial power of attorney. Fewer than 15 percent had a living trust and nearly two-thirds had no documents at all. Nevada entrepreneurs can help protect their businesses and families with these types of documents.

The power of attorney and other estate planning considerations

Some Nevada residents may wonder whether they need to include a power of attorney in their estate plan. An estate plan is important for everyone, but in particular, people who do not have children or a spouse may need to take certain steps to ensure that their wishes are carried out. For example, a person whose closest relatives are half-siblings may be closest to one and want to leave the estate to that person.

Advantages of using an attorney instead of DIY estate planning

You understand the importance of making final arrangements for your estate, and online companies that offer do-it-yourself will or trust creation might appear tempting. Working directly with an attorney, however, could offer you many advantages, staring with personal service and an in-depth analysis of how Nevada law might apply to your estate.

Protecting assets now so you can avoid a dispute in the future

Protecting your assets is a critical effort, both for your protection now and in the years to come. While it is impossible to predict the future, you may feel that a divorce could be a major threat to your financial future. Fortunately, with a strong estate plan and asset protection plans in place, you can have security in the years ahead. 

Understanding irrevocable trusts

People in Nevada can use irrevocable trusts keep control of assets that have been intended for their loved ones. Irrevocable trusts offer multiple advantages, such as tax savings, and may be more beneficial to use than revocable trusts or wills.

Where will your assets go if you die intestate?

Commonly, many Nevada residents mistakenly believe that they do not need to create an estate plan. However, those individuals also may not know what happens to an estate when no will or other related documents exist. If you find yourself considering the possibility of skipping the estate plan, you may want to find out more information on what could happen to your property when you die intestate, or without a will.

Mistakes when drafting a will

Nevada residents are not required to have a licensed attorney draft their will. However, for people who choose to write their own, they should take care to avoid certain mistakes.

Unmarried couples benefit from estate planning

Unmarried couples in Nevada and throughout the United States might not prioritize estate planning. The most common reasons people give for not doing so is not having children and not being married. It turns out that estate planning is just as important for people who are not married, especially if they are committed to their long-term relationship.

How a charitable split-interest trust works

A charitable split-interest trust is one way that Nevada residents can donate to charity as well as providing an income for beneficiaries. These types of trusts have several other advantages as well. They can create income from properties that are not profitable because property can be placed in the trust and sold as tax-exempt. There are income tax exemptions for a charitable trust, and it can also result in a reduction in estate tax and gift tax.