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July 2018 Archives

Providing for your pets in your estate plan

When you discussed your ideas for your estate plans with your family, you likely talked about your various assets, properties and accounts. You may have sought their opinions about how to provide for the education of your grandchildren, the well-being of your disabled sibling and the support of your spouse and children. It seems like a solid and comprehensive plan except for one thing.

Choosing who will manage estate affairs

Nevada residents who are concerned about how their interests and assets will be handled if they become incapacitated or die should make sure that they choose wisely when designating legal authority to the individuals who will be making the decisions. The actions of the people who will act in their stead will impact the relationships between family members and the financial security of the heirs.

Choosing professionals instead of family to manage a legacy

Some Nevada residents who are creating an estate plan may assume that because they want to leave assets for their children and spouse, they must also leave their family in control of their legacy. The problem with this approach is that family members may be ill-prepared to take over a business or other assets. The solution is to think about succession planning for a business as separate from providing for loved ones.

Simple estate planning mistakes could have major consequences

When it comes to getting end-of-life affairs in order, having a thorough estate plan can be one of the best ways to ensure that you have made your intentions clear. You may consider yourself a thorough person when it comes to planning for any type of event, and the fact that many estate-planning options exist may leave you feeling comforted and excited to start the process.

Why name a trust as an IRA beneficiary?

When people in Nevada plan for the future, IRAs can be an important part of that planning process. This is true whether people are planning for their retirement years or thinking about the distribution of the remainder of the account as part of their estate. Because of the different ways that inherited and individually owned IRAs are treated under the law, some people may wish to consider naming a trust the beneficiary of their IRAs after death rather than an individual person.

Estate plans could include frequent flyer miles and reward points

The probate process has made public the content of world traveler Anthony Bourdain's will. Besides bequeathing the bulk of his $1.2 million in assets to his only child, his will granted his frequent flyer miles to his estranged wife. People in Nevada who travel extensively might accrue substantial value in rewards from airlines and other companies, so they might want to include them in their estate plans.

Determining what's fair when dividing assets

Nevada residents should know that they can control what happens to their assets after they die. It is important to recognize that no two people may have the same opinion as to what is fair. Regardless of how assets are split, a beneficiary may still believe that he or she was slighted. Ideally, parents will talk about their estate planning decisions with their family members in advance.

How special needs trusts work

Some people in Nevada might want to create a trust for a family member with special needs who gets government benefits. These trusts can be a way to continue helping a person who has special needs without jeopardizing that person's access to those benefits.

Revoking or changing a will

State laws vary regarding how wills should be changed or revoked. In Nevada, however, a will can be changed by a formal legal codicil or revoked by physical destruction. There are a number of different circumstances that may lead a person to change or revoke a will.

Suitable trusts for higher interest rates

An integral part of estate planning involves taking into account current interest rates: Certain types of trusts can be beneficial to the citizens of Nevada during times of low-interest rates, while other types of trusts are better suited for times of high interest rates. With that being said, the past few years, past decade actually, have been dominated by low interest rates, yet this is about to change. As a matter of fact, current interest rates are rising, and they are not showing any signs of slowing down.