Estate planning and funding a trust
Many people in Nevada create trusts as part of a comprehensive estate plan to leave their assets to beneficiaries. An important part of this process is putting assets into the trust. A living trust is usually designed to help manage assets during a disability and help...
What estate executors should expect
A Nevada resident who takes on the role of estate executor could have many different responsibilities. For instance, they must determine how much the estate is worth, arrange to pay taxes and distribute assets to beneficiaries. It may also be necessary to sell assets...
What happens to assets if a beneficiary dies first
Some people in Nevada might wonder what will happen if a beneficiary dies before the testator of a will. In part, this could depend on how the will is written. A last will and testament might name someone else who should receive the asset if the beneficiary dies. It...
Is your estate plan complete?
If one of your goals for the end of the year is to complete your estate planning, you may be like many who believe you can accomplish this simply by drafting a will. However, there are situations in which a will is inadequate. If you have complex assets or complicated...
How living wills benefit all adults
Nevada residents and those living throughout the country can benefit from having a living will. This is true regardless of how old a person in. Younger adults could suffer mental or physical injuries in an accident, and having a proxy could make it easier to get the...
Are you dealing with an insolvent estate?
Growing up, you may have had a loved one that was always buying new items. You did not think too much about his or her financial situation as it was well known that your family member was wealthy. This person may have even been a parent of yours, and you may have...
How to avoid common estate plan issues
Nevada residents who are fans of Stan Lee may still be mourning his death. However, there are estate planning lessons that can be learned from his passing. The first lesson is that an estate plan needs to be reviewed as a person ages. Another lesson is that it is...
How beneficiaries can effectively work with trustees
A trust beneficiary is allowed to receive a copy of the trust document that he or she is named in. This is true in Nevada and most other states. At a minimum, the beneficiary is entitled to receive information pertaining to his or her inheritance contained within that...
The benefits of a silent trust
Some people in Nevada who are creating an estate plan might be interested in creating what is known as a silent trust. This differs from most other types of trusts because in a silent trust, a trustee does not have the same obligations to keep beneficiaries informed....
About irrevocable trusts
Nevada residents who want to develop a successful estate plan should make sure that the plan efficiently transfers their wealth to their heirs while reducing any taxes that may be assessed. One particular legal device that can help accomplish this is an irrevocable...