Estate planning and why it is important
There are several reasons that people in Nevada might want to create an estate plan. Some people may be concerned about taxes and the cost of probate. Preparing an estate plan in consultation with an attorney may help reduce these costs. Asset protection is another...
Steps after receiving an inheritance
Nevada residents who are left money or assets in a will may have to take a few steps to obtain their inheritances. Furthermore, they should know how to manage those funds. The first step is to talk with the will's executor. One should request to review the last will...
Tips for choosing the right person as estate executor
One important step for people in Nevada who are creating an estate plan is choosing the right executor. This person will be responsible for locating the will and other important documents, inventorying assets, paying taxes, distributing assets and doing any other...
Estate planning the right way
Creating a proper estate plan involves more than consulting with an attorney about various types of trusts, wills and estate planning strategies. Nevada residents who want to make sure that the wealth that they have accumulated is sustained long enough to benefit...
Be careful! Not everything you own should go into your will
You may have heard that you need a will. Without this document, the state of Nevada could decide who inherits your property after your death. This is true, but it also implies that you should make provisions for the distribution of everything you own in your last will...
Avoiding estate plan failures
Nevada residents should be aware that many estate plans might not bring about the desired results. A plan may contain insufficient language, or poor tax planning may be a factor. However, the majority of estate plan failures tend to be related to human behavior.Heirs...
Final arrangement plans need not be included in will
People in Nevada who are putting their wills together sometimes wonder whether or not the document should address the handling of their final arrangements. While it was once commonplace to include funeral instructions or other plans for final arrangements in the will,...
Why married people still need powers of attorney
There are two types of powers of attorney that Nevada residents may need even if they are married. A medical power of attorney gives someone the ability to make medical decisions on a person's behalf if that person becomes incapacitated. A financial power of attorney...
Estate planning tips for special needs families
Nevada residents may find that creating an estate plan is difficult under normal circumstances. It could be even more challenging for families who have members with special needs. This is because an estate plan needs to take into account rules related to government...
Could an ILIT protect your life insurance proceeds from taxation?
Many people choose to take out life insurance policies so that their loved ones can obtain some added funds in the event of death. The payouts from these policies can often prove immensely beneficial to surviving loved ones. As a result, you may have taken out such a...