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June 2018 Archives

Creating a rationale for an estate plan

Some people in Nevada who have a will might want to consider whether it is enough to convey their intentions to loved ones. Often, even with a will and other estate planning paperwork in place, families argue about a testator's intentions. No asset is too insignificant to spark this kind of argument. One brother and sister fought over their father's surfboard in court and ended up spending more than $750,000.

Planning to give with charitable remainder trusts

Many Nevada residents want to do something to continue to benefit a cause or charity they hold dear, even after they pass away. A charitable remainder trust, or CRT, can be an important part of an estate plan that continues to provide income throughout the donor's lifetime and can support other beneficiaries before the remainder passes to a charity. By setting up a CRT, people can benefit from their wealth in order to live on the generated income while planning precisely how their funds will go to support the charity of their choice.

Business owners and estate planning

Business owners in Nevada should be aware that estate planning is an important part of a business plan. Estate planning can provide a form of protection for their business as well as their family, business partners, employees and customers.

The importance of frequent reviews of your estate plan

Once your estate plan is in place, you may think you are set for the rest of your life and you never have to give it another thought. After all, it may have taken you years to muster the courage to make the plan in the first place, and now you would like to put it out of your thoughts and let it provide peace of mind for the rest of your life.

Using the professional in estate planning

One of the primary goals of estate planning in Nevada is to ensure a prompt and unproblematic transfer of a client's property to his or her successors. Most people approaching a professional about estate planning request that heirs have a minimum of court supervision to facilitate the transfer and that a maximum of assets be preserved.

Duties involved with trust administration

Many people in Nevada establish trusts for a number of different purposes. When people die and leave trusts behind, they must be administered according to the provisions they contain. People who are tasked with administering a trust have a fiduciary duty to the trust beneficiaries.

Estate plans must carefully consider valuable collectibles

Collectors in Nevada should carefully prepare when passing their valuable collectibles on to heirs or donating them to charities. The Internal Revenue Service defines collectibles as artwork, rugs, antiques, certain metals and gems, stamps, certain coins, valuable alcoholic beverages or other tangible personal property meeting the tax agency's guidelines. Specific estate and tax laws govern the distribution and valuation of collectibles, and heirs could be on the hook for high capital gains taxes without careful estate planning. The federal government could apply a long-term capital gains tax of 28 percent on collectibles.

Creating a pet trust to protect pets

While many Nevadans consider their pets to be members of their families, the government doesn't consider them to be any different than other types of property such as cars. When people are planning their estates, they should not overlook their pets. If they pass away and do not have anything in place to provide for the care of their pets, the pets may not be taken care of by their family members.

Reasons to have a pour-over will

Some Nevada residents who are creating an estate plan might also want to consider a pour-over will. A pour-over will is used in conjunction with a trust and ensures that any assets not specifically placed in the trust will be added to it when the owner dies.

Are you worried about power of attorney abuse?

When considering your estate plan, it can be immensely beneficial for you to determine who you might want to act as your power of attorney agent. Appointing an agent could save much time, effort and emotional turmoil in the event that you suddenly become incapacitated and unable to make financial decisions for yourself.