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September 2017 Archives

Planned giving as part of an estate plan

Nevada residents who want to reduce the financial burden on their loved ones after their death may want to consider gifting some of their assets. Planned giving can be included in an estate plan and can provide advantages for the donor and the beneficiaries.

Trusts can prevent estate planning headaches

Trusts are among the most flexible and useful instruments available to Nevada residents when it comes to estate planning. There are a number of different types, including some that are designed for specific purposes, like testamentary trusts, marital trusts and life insurance trusts. Bypass trusts and qualified personal residence trusts are also types that exist to serve a particular goal.

Think about estate planning now

Estate planning is understandably not a favorite topic for many people. Most people put off thinking about end-of-life planning, and some estimates say that six out of ten adults have no estate plan in place. Nevada residents who are in this category might want to learn about some basics.

Are you thinking about disinheriting your children?

Though you may have felt a great sense of joy when you became a parent, the relationships with your kids may have crumbled over the years. As a result, you may feel as if you have little relationship with them at all. Now that you have decided to begin estate planning, you may wonder what your children could potentially inherit in the event of your death and whether you could prevent such action.

Executors may have unique tasks for wine collections

When an estate holder dies in Nevada, a number of different duties fall upon the estate executor. The executor must, for example, take all estate assets into possession, arrange for payment of taxes and debts and then oversee the distribution of property to heirs and beneficiaries. In a case where the deceased had a wine collection, the unique nature of the wine as an asset could make matters more complicated.

The importance of communication in estate planning

Some Nevada residents may find it difficult to talk to loved ones about estate planning and finances. It may help to think instead of this as a conversation about values. With partners, this is a conversation that can happen throughout the relationship, and with children, an age-appropriate conversation can start when they are young.

Estate planning and fiduciary responsibility

When Nevada residents create a trust, one or more individuals will be appointed to have some fiduciary responsibility. It is important for a person who has been appointed a trustee or who has other fiduciary duties connected with an estate to fully understand those duties and the liabilities associated with them. A fiduciary might want to work with a professional to identify potential issues and risks with the trust.

Are you aware of your non-probate assets?

The types of assets a person owns can impact how his or her estate closes after death. The manner in which you plan for your family to address these assets can also impact the settling of your estate. If you hope to ensure that your estate administration goes smoothly for the sake of your surviving family, understanding your assets could prove beneficial.

What to know about choosing a trustee

Nevada residents who prepare a living trust in most cases name themselves as the trustee. In many cases, spouses are both named as trustees. However, it is possible that each spouse may pass away sooner than expected. To account for this, a successor trustee is usually designated in the document.

Ways to provide care for pets after passing on

According to a National Pet Owners Survey, 85 million Americans own a pet. For many in Nevada and throughout the country, they are treated like a part of the family. To make sure that a pet is cared for if its owner dies, it may be possible to establish a pet trust. In other cases, it might be advisable to designate a person or organization to provide care if its owner cannot do so.