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April 2019 Archives

Creating an estate plan in a blended family

People in Nevada who have remarried but have children from a previous marriage need to take steps to ensure that both their spouse and children are taken care of in the estate plan. A simple will is usually not sufficient in these situations. If a person leaves everything to the spouse, that spouse may leave nothing to the children.

Health care powers of attorney can aid decision-making

When Nevada residents think about estate planning, they may consider it a matter for dealing with wills or trusts. However, some of the most important documents can affect the way people are treated while they are alive but incapacitated. Many people have strong feelings about the kind of treatment they receive when they are in a situation where they are unable to make their own medical decisions. A health care power of attorney can ensure that a trusted person is responsible for making those decisions in such a situation.

When was the last time you updated your estate plan?

Creating a will is one of the best steps any Nevada resident can take to ensure that surviving family members understand certain end-of-life wishes. Of course, this and other estate planning documents are only helpful if the information in them is up-to-date and reflects the most current circumstances possible.

Why parents may want to consider a trust instead of a will

It's not unusual for parents in Nevada to instinctively think of a will when estate planning is discussed. Part of the reason for this is a lingering assumption that trusts are only for wealthy individuals, or that they are just too complicated. However, there are several advantages a trust can offer any parent looking to protect assets that can't be offered by a will.

Surviving the Nevada probate process

Prince's siblings are in a dispute with the bank handling the late singer's estate and have filed a petition to limit the bank's powers. They say that Comerica Bank & Trust has wasted millions of dollars, and they want more control over how Prince's estate is handled. The two parties have butted heads since 2017 when a court appointed Comerica Bank & Trust to administer the estate.

Common mistakes executors of wills should avoid

When a Nevada resident is appointed an executor of a family member's will, it may seem like the to-do list is endless. Most of the time attorneys and a team of advisors, including insurance experts and accountants, are involved. They are helpful in prioritizing tasks that need to be accomplished.

Tom Petty's widow in probate battle with his daughter

Nevada fans of late singer Tom Petty may be surprised to learn about news of ongoing family drama concerning his estate. Petty's widow is in a probate battle with the singer's daughter. It's a fight that could also affect the release of future albums from the "I Won't Back Down" singer's catalog. Petty's widow filed a petition in a Los Angeles probate court alleging that the late singer's daughter has attempted to take control of his estate.

Who will raise your child if you pass away?

New parents here in Las Vegas and elsewhere often anxiously and excitedly await the newest additions to their families. Perhaps you are one of them. During this time, there is often a flurry of buying. Diaper genies, baby bathtubs, diapers and everything else a baby will need, you purchase and prepare before the arrival. 

Estate planning lessons to be learned from Lee Radziwill

While some people in Nevada have a natural curiosity about what kind of salacious details might be found in celebrities' estate documents, there are sometimes important lessons to be learned when such individuals pass. This is the case with American socialite, public relations executive and interior decorator Lee Radziwill. Her estate plan serves as an example of how accumulated wealth can be effectively passed along and preserved for future generations.

The influence of step-up in cost basis on inheritance

People inheriting various assets in Nevada could enjoy certain tax advantages due to the concept known as step-up in cost basis. This term refers to an asset's increase in value while someone possesses it. A person who buys a stock for $2 a share and then sells it while still alive for $10 a share would owe capital gains taxes on the $8 per share increase in value.

Pro and cons of online estate planning documents

An estate plan is a crucial tool for individuals who want to have control over what happens to their assets if they become incapacitated or die. Without at least a will, financial power of attorney and advance health care directive, Nevada probate courts will make decisions over which a person could have had complete control. By planning ahead, no one has to rely on case law or guesswork to determine what is best for him or her at the end of his or her life.

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