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August 2019 Archives

Providing for pets in an estate plan

When Nevada residents are planning their estate, they might first think about how they can provide for their children or a favored charity. However, for many people, pets are a beloved part of their lives, as close as a family member and with no ability to provide for themselves. Many pets can live long lives, and their owners want to make sure that the pets will continue to enjoy a good life even after they are no longer personally able to provide it. People can include their pets in their estate plan in order to help protect their animal companions' future.

Changing the terms of a will in Nevada

Nevada residents who are legally competent and 18 or older may draft a last will and testament. They may then amend or revoke a will when their situations change. They can also make changes as often as they wish. However, making frequent amendments could raise questions about the testator's state of mind and lead to speculation that changes were being made under duress.

New law could impact how estate plans are structured

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 likely changes the tax treatment of inherited IRA accounts. The legislation was approved in the House and will likely be approved in the Senate as well. Previously, Nevada residents could transfer an IRA to beneficiaries who weren't spouses. Those beneficiaries could then stretch distributions throughout their expected life spans.

Bring up estate planning after a loved one's dementia diagnosis

When a loved one learns that he or she has a progressive condition like Alzheimer's disease, it can seem as if life has been turned on its head. You and other family members may worry about what this will mean for your family, and depending on the stage of the disease, you may need to make many changes quickly.

Considerations when starting the estate planning process

For many Nevada residents, estate planning is not something that is considered to be a priority, especially when the person is healthy. However, it can suddenly become an issue if the person falls seriously ill. In other cases, the person may become involved in a serious accident and not survive. If this happens, the person's remaining family are left to deal with the person's estate.

Why and how to set up a spendthrift trust

A person in Nevada who is creating an estate plan and is concerned that an heir might be irresponsible with an inheritance may want to consider setting up a spendthrift trust. This allows the heir to receive distributions from assets in the trust, but a trustee controls when those distributions are made.

What to consider when writing a will

Those who live or own property in Nevada may be able to write their own will. However, it may not be the best idea to do so. This is because there are many issues that people may not account for on their own. For instance, an individual may not realize that minors can't own property outright. Furthermore, someone who writes his or her own will may not realize that it can be used to designate a guardian for a child.

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