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May 2018 Archives

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 tasks required to manage the estate. It is a responsibility that could last for two years or more.

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 future generations should employ estate planning methods that go beyond conventional actions.

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.

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, it is becoming less common.

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 gives someone the power to manage that person's finances.

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 benefits while making sure others know how to care for that person if a parent cannot. Writing a letter of intent may help family members or other parties learn more about the disabled person and how care should be provided.

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 policy for yourself in hopes of continuing to provide support to your family after your death.

Trusts provide versatile tools for transferring wealth

People in Nevada interested in preserving wealth and sharing it with heirs or charities often select trusts as their legal instruments. Trusts represent legal documents that direct the investment and distribution of assets. Under the right circumstances, they generally provide tax advantages. Advice from financial or legal advisers typically guides people as they determine how best to integrate trusts with the goals of an estate plan.

Mistakes in estate plans

Nevada residents should take care to avoid making certain mistakes when developing an estate plan. They should also be aware of the legal documents that are a part of their plan and what each one does.

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