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March 2018 Archives

How an estate pays off its debts

Nevada residents who were in a marriage or civil partnership with someone who has recently died are not necessarily liable for their debts. Whether a person is liable for a given debt depends on whether or not his or her name was on the loan. Furthermore, a person may be liable for it if he or she guaranteed repayment in some fashion. Otherwise, outstanding debt balances would be paid from a decedent's estate.

Tax law changes could affect charitable giving

For Nevada residents who are concerned about the future of their estate and who want to include charitable giving as part of their plans for their assets, recent changes in federal estate and gift tax laws might alter the way that they include philanthropy as part of the process. Up until 2017, people could leave bequests of up to $5.49 million before their heirs would have to deal with federal estate or gift taxes.

Durable financial power of attorney and estate planning

Nevada residents who are going through the estate planning process might want to consider the benefits of adding a durable power of attorney. A power of attorney allows one person to handle the financial affairs of the estate holder. This could include filing tax returns, paying bills, making gifts, depositing checks and more.

Protecting a family member with an addiction in estate planning

Recently, the Trump Administration announced the intent to battle the opioid crisis in the United States. This is due to the alarming number of people who become addicted to these medications. It also highlights the problem of substance abuse and addiction as a whole throughout the country.

Mistakes to avoid in estate planning

Nevada residents should be aware of a few common mistakes in estate planning. One of those errors is not having the minimum components of a plan. For example, many advisers recommend having at least a will and powers of attorney that appoints someone to handle financial and medical affairs if the principal becomes incapacitated. Another error is failing to plan for the distribution of personal effects. Sentimental items may have the potential to cause more conflict if the estate plan is not clear about who gets what.

Trusts can be a better option for gifts to adult children

When people in Nevada start to think about future planning, estate planning is often part of the equation. When people marry, have children or pass other significant life milestones, these events can draw attention to the importance of dealing with one's assets after death. Estate planning documents like wills and trusts along with insurance policies and other non-probate transfers can help to ensure that one's assets are properly transferred and not wasted on court fees.

Reasons to use a trust for adult children

Some Nevada parents who are planning their estate might want to consider creating a trust to pass assets on even to their adult children. While it is not uncommon for people to create trusts for minor children, there are a number of reasons to do so for adults as well.

The role of a will in an estate plan

Nevada residents may be able to achieve their estate planning goals with just a will. However, for many, wills represent the first step of creating an estate plan that truly meets a person's needs. To transfer assets to beneficiaries in a timely manner, an individual should consider transfer-on-death or payable-on-death designations. The use of beneficiary designations can also be appropriate depending on a person's needs.

What type of information could you include in a living will?

Having the ability to make your own decisions may have been something you felt strongly about since you reached adulthood, or maybe even before. When it comes to decisions regarding your body and health care, you undoubtedly want to ensure that you have the final say in any tests administered, medications taken or treatments undergone. While making these decisions may seem easy now, you may wonder what will happen if you become incapacitated.

Using revocable living trusts

When it comes to revocable living trusts, it's important that Nevada estate holders use these legal devices to their full advantage. Otherwise, they will incur a waste of legal fees and heirs will not be able to fully benefit from the trusts.