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January 2018 Archives

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 revocable or irrevocable. As the names imply, revocable trusts may be altered while irrevocable trusts generally cannot.

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 other forms of digital assets, like social media and PayPal accounts, to ensure their timely distribution or simply to let heirs know that they exist.

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 tax in mind, but since the exemption has been raised, some of the measures they took no longer may be necessary.

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 massive estate tax hit to their heirs after death.

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 close parties may allow you to feel a sense of connection and joy in your life.

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 should take care not to appear intent on impeding legitimate claims from creditors or accessing the funds for later personal use.

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 vulnerable.

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 documents in place, such as powers of attorney, can help prevent conflict among family members and provide a guide for how to decide on matters related to the health or wealth of the incapacitated loved one.

Probate assets could impact how you plan

As you consider moving forward with estate planning, you may find yourself in need of various information. You may have questions regarding certain types of planning tools, what information you can include in your plan and how the details of your estate could impact the planning process. Your assets in particular could play an important role in determining how you could create the best plan for your circumstances.