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February 2020 Archives

The duty to account in a power of attorney designation

A person in Nevada who is creating an estate plan may want to include a power of attorney that gives someone the ability to take over financial transactions and decision-making if the person becomes incapacitated. Most people who have power of attorney understand that they are obligated to act in the best interests of the person that they represent, but they may not fully understand the extent of the record-keeping they are required to do.

Trust planning for educational expenses

Some Nevada residents may be interested in creating a trust as part of their estate planning process, especially because of the greater level of flexibility, privacy and control that it offers. Each trust has beneficiaries but also a trustee who makes decisions about how the trust is managed and its funds distributed. Some trusts may dictate the trustee's actions strictly while others may provide for broader trustee discretion.

How to show love through an estate plan

Individuals in Nevada and throughout the country can show how much they love their families by creating estate plans. A will can be an effective tool to transfer assets directly to a spouse, child or other relatives after an individual passes. It can also be possible to gift assets while still alive, which can help to reduce estate taxes. Depending on how a trust is structured, property can be protected from creditor claims while still allowing a beneficiary to use it.

The potential pitfalls of a template estate plan

Nevada residents and others who are creating an estate plan are encouraged to do so with the help of an estate planning professional. Using template forms when making a will can lead to a variety of unintended consequences. For instance, a template might not contain a residuary clause that would allow all of a person's assets to be distributed according to the document's instructions. Without such a clause, it is likely that only assets listed on the will are transferred to a beneficiary.

Can your estate plan benefit from an advance medical directive?

Getting older means different things for different people. You may be considering where you want your career to go, whether it is time to start a family or even what you will do during retirement, depending on your age. No matter your age, however, it is important for you and other Nevada residents to have an estate plan.

Estate planning changes after divorce later in life

In Nevada and across the country, a growing number of Americans are deciding to divorce later in life. While overall divorce rates have gone down, the divorce rate for people aged 50 and up actually doubled between 1990 and 2010, a trend that shows no sign of stopping. Financial advisors have noted some of the changes and concerns that can accompany divorce later in life, including making changes to each spouse's estate plan and retooling their retirement savings to fund separate lifestyles.

How families can protect their wealth

A trust protector may allow parents in Nevada and other states to guard against their children losing some or all of their inheritances. This legal tool can also be used to protect anyone else who may be a beneficiary or trustee. In an example, a parent has placed an inheritance in a trust that the child is both the beneficiary and the trustee of. This can be effective because it protects it from being considered marital property in the event of a divorce.

Tips for revising an estate plan throughout a person's life

Some people in Nevada may think they do not need an estate plan because they are too young or have few assets, but adults of every age could benefit from having one. Over the years, needs vary, and people may need to revise the documents.

Is adding a living trust to your estate plan right for you?

Wanting to have your affairs in order to lessen stress on family members is an admirable desire. You know that, one day, you will no longer be around to address your loved ones' concerns or to help them handle your remaining estate, so you want to leave instructions in your estate plan now.

How celebrity deaths show the importance of estate planning

People often procrastinate about estate planning. It can be difficult to think about death although it may become more prominent in people's minds after the death of a celebrity. For example, Nevada fans of basketball star Kobe Bryant might have thought about what would happen to their own families if they were killed in a sudden accident as Bryant was.

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