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October 2019 Archives

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 prepare their wills.

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 to make sure that you handle each step of the probate process appropriately.

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 people to think about all of the complicated family relationships involved to help ensure the outcomes that they desire. If a person leaves their entire estate to their spouse, it becomes his or her property. This means that there is no guarantee that those assets will be later passed on to children or any other party.

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 the trustee. Ideally, the person who is chosen to fill the role will understand what the grantor wants to accomplish with this tool.

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 exemption. Today, the gift and estate tax exemptions are set at $11.4 million. While some may choose to wait to alter their plans until anything actually changes, that may not necessarily be the best strategy.

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 married couples own a substantial amount of property as joint owners, from bank accounts to investment funds to their family home. They may wonder if they also need to give each other power of attorney for financial matters in case of incapacity or if joint ownership is sufficient to handle the matter.

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 final affairs are managed appropriately.

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 increasingly in the minority. People in Nevada whose families do not fit the traditional model may need to keep additional considerations in mind when creating an estate plan.

How to protect an inheritance from a spouse

Nevada residents who are expecting to receive an inheritance after getting married have ways to protect that money. One option could be to put the cash into a trust. The language of the document could stipulate that the money is to be for the benefit of a child or grandchild. Another option could be to create a prenuptial or post-nuptial agreement with a spouse that allows the inheritance to remain separate property.

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