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October 2018 Archives

Estate plans require periodic follow ups

Estate planning in Nevada is a continuing process. For many people, there is follow-up required even after a will has been drafted and trusts, living wills or powers of attorney have been established. People should make sure that beneficiaries are properly designated, trusts are funded and the terms of the estate plan are made known by certain people. It's important that estate plan information is accessible, and changes in circumstances often necessitate updates to the plan.

How to establish a legacy of giving

For some in Nevada and throughout the country, charitable giving will be an important part of an estate plan. However, it is important to know how to incorporate it in a way that makes sense. First, an individual will want to consider the type of charities that are worth donating to. Typically, an individual will want to give to a cause that has a particular meaning in his or her life.

Millennials may want to plan for incapacitation

When people hear references to the Millennial generation, they may think of young kids attached to their smartphones. However, if you are between the ages of 23 to 37, you fall into the category of the Millennial generation. While you may still have a great deal of your life ahead of you at your current age, it may still prove wise to plan for the end.

Including pets in an estate plan

People in Nevada who are creating an estate plan might be concerned about what will become of their assets after their death and ensuring that their children and other family members are taken care of. However, if they have beloved pets, they may also want to make sure they are cared for as well.

Digital assets in an estate plan

Like most states, Nevada has a law in place that allows executors to manage digital assets just as they would manage more traditional assets, but people who are creating an estate plan with digital assets still have to make the right legal and technical arrangements.

Ways to use estate plans

The main reason many Nevada residents may create an estate plan is to implement tax-saving strategies that can limit the estate taxes their heirs may have to pay. However, there are other, non-tax reasons estate planning should be used.

What to know about inheriting timeshares

While timeshares may be attractive to some, future generations may not want to inherit the cost associated with them. However, there are ways that Nevada residents and others can avoid taking them over after a parent or other family member passes on. One option is to create a trust. By putting an asset in a trust, a creditor has limited recourse to go after an individual directly.

A general overview of trust options

A trust is a relatively common estate planning tool that individuals in Nevada and throughout the country can use. Their structure will largely determine how they are taxed and how they are controlled. It will also play a role in determining if assets in the trust are protected from creditor claims. Generally speaking, a trust can be defined as revocable or irrevocable. A revocable trust can be amended or terminated at any time by the person who has created it.

What is your fiduciary duty as executor of an estate?

You may not have known it at the time, but having a loved one name you as executor of his or her estate placed a great deal of responsibility on your shoulders. You may have known that you would have to handle certain steps in closing the estate and settling final affairs, but the process may be far more extensive than you realized.

Creating a will that won't trigger conflict

Unfortunately, many wills lead to conflicts among heirs. One of the best ways for Nevada estate owners to prevent such issues is to select a reliable executor. The person who is chosen has to be able to bear the responsibility of administering an estate, must be organized and must have ethics.

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