Using a spendthrift trust to manage family members’ inheritances
Some parents in Nevada who are creating an estate plan might be concerned about whether their adult children will be able to handle a sudden influx of wealth. It is not uncommon to hear stories about lottery winners or other people who mismanage their money and end up...
Going to probate isn’t necessarily a bad thing
Nevada residents may believe that they need to avoid probate at all costs. However, this is not necessarily true depending on the size of a person's estate and their estate planning goals. Those who want to skip probate can do so by naming a beneficiary a joint owner...
Common misconceptions regarding powers of attorney
A power of attorney is a legal document meant to transfer the ability to make certain decisions to another trusted individual under certain circumstances. While it may seem relatively straightforward, there are still some common misconceptions that Nevadans have about...
What happens in the probate process
Some people might wonder what is involved in the probate process. A person must file a petition for probate. If there is a will, a Nevada court will decide whether it is valid. In some cases, family members might challenge the will. The court would then hear evidence...
Tips for talking about inheritances
Taking time to talk with family members about estate planning can be worthwhile for Nevada residents. Having this conversation can make it easier to plan for a range of issues such as where money will come from to pay for a parent's long-term care. It can also make it...
Why estate planning matters for adults of all ages
Nevada ressidents may be able to learn a lesson about the importance of estate planning for adults of all ages from the Swedish musician Avicii. Avicii died in 2018 at the age of 28 without leaving any kind of estate plan behind. According to Swedish law, his parents...
Key differences between wills and trusts
For anyone considering estate planning in Nevada, two of the main options are wills and trusts. While there are some individuals who believe it's better to opt for a trust than a will, the fact is that either one of these estate planning methods can work well. A will...
Creating an estate plan when your child is an addict
As challenging as it may be for anyone to consider and establish an estate plan, you have an added complication if your son or daughter is addicted to drugs or alcohol. Your plans to leave your children your estate, life insurance benefits or other assets is...
Using trusts as part of an estate plan
Many estate planners in Nevada want to take advantage of the higher level of flexibility and autonomy offered by trusts. However, they may have questions about how trust instruments work, especially where they differ from wills. For example, some may wonder if they...
How life insurance fits in an estate plan
Over the next several decades, roughly $30 trillion in wealth will be transferred from grandparents and parents to their children and grandchildren. Therefore, it's important for Nevada residents to plan how the assets will be transferred. This may be made easier...