Becoming an estate administrator when there is no will
One function of a will is to appoint someone to be executor of the estate. If a person dies without a will, which is known as dying "intestate," someone still needs to be appointed to administer the estate. While Nevada may have specific laws about classes of people...
Pour-over wills and trusts
Trusts have become the gold standard for many people in Nevada when it comes to making plans for the future. They can be used not only to set up advantageous tax structures during the creator's lifetime but also to pass on key assets after death. Trusts have several...
Handling an estate after one spouse dies
One Forbes article from August shares advice from a tax lawyer about estate planning and what happens when a spouse passes away. Nevada residents might want more information about this topic.To cover basic expenses and funeral costs when a spouse passes away, it is a...
Reconsider using a safe deposit box to store your estate plans
Estate planning is a deeply personal experience. You and many other Nevada residents may have recently gone through the process in hopes of getting your final affairs in order well before the time comes to implement your plans. Taking this step is a considerable...
Balancing interests when managing trusts
Trusts can be an important part of estate planning for many people in Nevada. These instruments allow people to pass on important belongings and assets with a higher level of privacy. They also offer a greater amount of discretion and control. A revocable trust can be...
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...
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...
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...
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...
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...