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July 2019 Archives

Dispute over late performer's estate continues among her heirs

When Nevadans lose a loved one, it is difficult in an emotional and personal way. This can be made more complicated if there are disputes among loved ones as to how the assets will be distributed. Even those who have done due diligence with comprehensive estate planning might make mistakes. If the person died intestate or had several documents that could be considered part of an estate plan, it is harder to untangle. For the wealthy and famous, this frequently plays out publicly.

Using trusts as IRA beneficiaries

A popular tool used to save for retirement is an individual retirement account. If a Nevada resident decides to use an IRA, they will have to determine where the funds should go when they pass away. One way to ensure that IRA funds are handled according to one's wishes after death is to designate a trust as the IRA beneficiary.

Reports say Anderson Cooper set to inherit $1.5 million

Nevada fans of CNN anchor Anderson Cooper may be interested to learn that he is set to inherit less than $1.5 million following the death of his mother, Gloria Vanderbilt. According to report, it was speculated that Cooper could have received a sizable estate based on online reports that estimated her net worth.

The potential pitfalls of a simple will when children come along

It's common for millennials in Nevada and elsewhere in the nation to have a desire to keep things simple, even when it comes to estate planning. They often prefer assets that suit their portable lifestyles. Younger adults also tend to gravitate towards simple documents like wills.

Creating an estate plan when a person has a chronic illness

Those living in Nevada and anywhere else in the country who have a chronic illness should create an estate plan. The same is true for those who have loved ones who are dealing with cancer, Alzheimer's disease or similar conditions. By 2020, it is expected that 157 million Americans will be dealing with an issue that causes ongoing and long-term health issues.

Could you receive a copy of your loved one's will?

When it comes to knowing what a loved one put in his or her will, some people may wait anxiously. Understandably, many individuals want to know whether they were specifically named in a person's will and whether they may receive a desirable bequest. Of course, if the loved one did not disclose that information before his or her passing, the surviving loved ones may have to wait until they receive a copy of the document.

Why a trust may be a better choice than a will

Some people in Nevada may assume that a will is sufficient for an estate plan, but there are a number of reasons that a trust might be a better choice. The person who creates a trust is known as the settlor, and the settlor appoints a trustee who will manage the trust. A trustee has what is known as a fiduciary duty. This means that the person is required to manage the assets in the trust competently. Trustees must follow the terms of the trust and be objective in dealing with beneficiaries. They must also provide information to the beneficiaries as required by the trust.

How to cut someone out of an estate plan

Those who live in Nevada or anywhere else may no longer have a close relationship with a child or other family member. In some cases, an individual may want to exclude that family member from an estate plan. If it becomes necessary to fully or partially disinherit someone, it is generally better to do so with a living trust. This is because a trust is harder to challenge than a will.

There are several kinds of irrevocable trusts

Trusts can be powerful instruments when they are included in Nevada estate plans. They can be tailored to fit the circumstances and wishes of the trustmaker, and they can effect the transfer of assets outside of probate. Broadly speaking, the two categories of trusts are revocable trusts and irrevocable trusts. An irrevocable trust cannot be altered once it is made, while revocable trusts can be changed by the trustmaker after they are established.

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