Overview of a trust
Nevada residents who are concerned about their privacy or want to minimize taxes may want to place assets into a trust. A trust can be controlled either by the person who creates it or on behalf of that person through a trustee. Trusts are generally considered to be...
Bitcoin and digital assets affect estate planning
The potential of bitcoins to store value has caught the attention of some investors in Nevada. As a digital asset with a private password, it requires special attention when someone wants to pass the asset to another party. Estate plans also need to formally address...
Tips for updating an estate plan
The tax law passed by Congress in December might be a good opportunity for Nevada residents to review their estate plans. The increase in the estate tax exemption may affect couples whose estates are worth up to $11.2 million. They might have designed their plan with...
Estate plans can change along with tax laws
Nevada residents may want to ensure that their estate plans and wills are updated to ensure that they are in line with tax laws that went into effect as of 2018. Many had worked with estate planning attorneys and financial planners to develop strategies to avoid a...
Your estate plan could help surviving family avoid issues
Over the years, you may have had many people come into your life whom you care about immensely. Though some of those individuals may no longer be in your life, you undoubtedly still have loved ones you hold dear. Your spouse, children, siblings, parents and other...
Legal considerations when creating spendthrift trusts
People in Nevada have the option of forming spendthrift trusts to transfer assets to beneficiaries. These legal instruments also go by the label of domestic asset protection trusts. Although they possess features that could protect assets, the grantor of the trust...
Tips for preventing exploitation of older adults
Some older people in Nevada may be at risk of fraud and exploitation. Among people between the ages of 70 and 74, around 12 percent experience mild cognitive impairment. Almost two-thirds of people older than 84 suffer from MCI, and this could make them more...
Estate planning for art collectors
Some Nevada residents may collect art for many different reasons and may accumulate extensive collections. However, many of them may not properly address their collections in their estate plans. Not including provisions for a valuable art collection in an estate plan...
Important steps for powers of attorney
Careful estate planning is a necessary part of how Nevada residents can make sure their interests are protected. They should take steps now to make plans for unexpected situations in which they may not be able to make important decisions on their own. Having legal...
Estate planning and passing assets to loved ones
Some Nevada residents might think they do not need to do any estate planning because they are not wealthy. However, it is important for all adults. Without proper planning, fees and court costs can consume assets, and without a plan, the state decides what happens to...