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August 2018 Archives

Why individuals should consider a DAPT

Nevada residents and others who are creating their estate plans may want to consider including a domestic asset protection trust, or DAPT. These trusts offer a variety of benefits such as protection from creditors as well as privacy from those who may want to know the details of an estate plan. It can also be helpful for those who plan on transferring money to minors or to those who are immigrating to the United States.

Aretha Franklin's heirs will likely face estate taxes

The death of Aretha Franklin at the age of 76 saddened music fans throughout Nevada and the rest of America. Her passing also revealed that she did not prepare a will or any kind of estate plan. With an estimated fortune of $80 million, which includes illiquid assets like song copyrights and future royalties, her heirs will very likely owe the federal government 40 percent estate taxes on the portion of the fortune that exceeds the exemption of $11.18 million. The Internal Revenue Service will expect this tax payment within nine months.

Issues to consider when amending a trust

Nevada residents and others may want to amend their trust or amend one on behalf of a parent. The first step is to ensure that a trust's terms can be changed. In many cases, the terms can be amended assuming that the proper procedures are followed. Depending on the trust's language, it may be possible for an attorney-in-fact (AIF) to make changes if the creator of the trust doesn't have the mental capacity to do so.

Famed singer Aretha Franklin dies without a will

Iconic singer Aretha Franklin was beloved by audiences in Las Vegas and around the world for her powerful voice and songs. However, when she passed away in August of advanced pancreatic cancer at the age of 76, she reportedly did not have a will or trust in place. As a result, her four sons have filed a document with the probate court, listing themselves as interested parties in the distribution of the estate. In addition, the singer's niece also requested that the court appoint her to serve as the estate's personal representative.

Incorporating digital assets into an estate plan

It isn't uncommon for Nevada residents to have digital assets like social media accounts or digital currency holdings. Currently, 42 states have laws that allow executors to manage digital assets like they do physical assets such as a home. However, even if they have the legal authority to access a digital account, they will need to know how to get into it.

About micro estate planning

Nevada residents may already be familiar with the various benefits that long-term estate planning can provide, such as the elimination of probate fees and a reduction in taxes. However, micro estate planning is a type of planning that many people should consider using as well.

Why are you hesitating to make your estate plan?

You have worked hard to achieve what you have. Even if you did not reach every goal you set for yourself, you are successful in many ways and respected by those who matter most to you. This is an important place to be in life, and it feels good to have some control over your destiny. In fact, it may be too difficult to imagine that a time may come when you will have to relinquish some of that control.

The benefits of a micro estate plan

Nevada residents are likely familiar with the basic benefits of an estate plan. Generally speaking, estate plans can help keep estate taxes to a minimum or transfer assets without the need to go through probate. It may also be possible to designate a guardian for a minor child. However, there may be a process needed to establish guardianship even if instructions are left in a will.

Estate planning after an Alzheimer's diagnosis

There are certain steps people in Nevada and their loved ones may need to take after a diagnosis of Alzheimer's. According to the Alzheimer's Association, it is the country's most expensive disease. Making plans after an Alzheimer's diagnosis involves both financial and other types of preparation.

Effects of tax law changes on irrevocable life insurance trusts

In the past, Nevada residents with substantial estates who expected their heirs to owe federal estate taxes often planned for the expenses by creating irrevocable life insurance trusts. These trusts paid for life insurance policies funded with small gifts to pay the premiums every year. When the time came, the life insurance would cover tax bills.