Points to keep in mind when preparing a will
No one likes thinking about dying, but it is a part of life. If a person, especially a parent, fails to prepare a will, they can put their loved ones in a bind. Here are a few things that Nevada residents should keep in mind as they go about estate planning and...
Creating a trust to benefit adult children
Parents of adult children in Nevada who have significant assets might wonder what they should do with their assets in an estate plan to protect them for their children. An example might be a couple who has about $1.5 million in assets and no debt, including no...
Using an estate account during probate
The executor of an estate holds a great deal of responsibility. If you hold this position, you will likely have to field questions from beneficiaries and other individuals associated with the estate who want information about how probate is going. You will also need...
Estate planning for blended families
Couples in Nevada that marry later in life with children from prior relationships may need to pay special attention to estate planning. When people create a will, they are making decisions about how they want their assets to be distributed. It can be important for...
Tips for choosing a trustee
Nevada residents may benefit from using a trust as part of their estate plans. However, determining what type of trust to have is just one issue that they will need to contend with. It is also important to spend time thinking about who would be the best fit to act as...
How politics can influence estate planning
The 2020 presidential election could have implications for Nevada residents and others who currently have estate plans. For instance, if Elizabeth Warren or Bernie Sanders become president, there could be a reduction in the gift tax exemption or the estate tax...
Powers of attorney important in an estate plan
Many people in Las Vegas want to make sure that their affairs are in order in case of a sudden emergency or unexpected incapacity. However, it may not always be clear what types of safeguards are necessary in order for people to achieve their goals. For example, many...
Being in charge of settling a parent’s final affairs
Most people would love for their parents to live forever. The loss of a parent can be immensely difficult on any Nevada resident, and often, it is a surviving adult child who bears the responsibility of completing the probate process and ensuring that the parent's...
Estate planning in nontraditional families
Nontraditional family structures, such as blended families, are on the rise, and these families need estate planning just like everyone else does. However, estate planning advice is often written for more traditional families, even though these types of families are...
The importance of beneficiary designations
People living in Nevada may inadvertently create problems for their heirs through poor estate planning. While estate planning mistakes can take many forms, one of the most common involves beneficiary designations. Designating beneficiaries of life insurance policies,...