The basics of an irrevocable life insurance trust (ILIT)
There are many different types of trusts, each of which offers unique benefits. Those who are thinking about their legacy after they die, the protection of dependent family members and their comfort in their golden years often create and fund trusts as part of a...
Are estate planning fees tax deductible?
Creating an estate plan is not a legal necessity, but it is a practical obligation. Those with sizable personal resources need an estate plan in place to protect those assets and arrange for their distribution to others in the future. Those with dependent family...
When should you hire a probate attorney?
The average person understandably doesn't know very much about probate court or estate administration. Many people live multiple decades of their lives without any direct exposure to probate proceedings. It might only be when a parent or spouse dies that someone needs...
What is a holographic will under Nevada law?
Wills are some of the most common documents used for estate planning purposes. Provided that they are legally valid, wills can achieve many important legacy goals. An individual's will can name a guardian for their children, a personal representative to manage their...
What percentage of people choose to have living trusts versus wills?
In estate planning, two essential testamentary documents often come into play: living trusts and wills. These legal instruments give individuals control over their assets and the distribution of their wealth after their death. How do people choose between these two...
Tips for resolving probate problems with siblings
When a loved one dies, managing their estate can be emotional and complex. This complexity only heightens when disagreements arise among siblings over probate matters. Probate disputes can fracture family relationships and make a challenging time more difficult....
Should children know what they’re going to inherit when you die?
Those putting together an estate plan have to think carefully about the relationships that they've had with their family members and other loved ones. They typically need to very carefully evaluate their financial circumstances to see what resources they can offer and...
How will a minor child receive their inheritance after your passing?
In many cases, estate planning occurs when someone’s children have reached the age of majority. They’re already 18 years old or older, so it’s just a process of transferring assets to the next generation. They are allowed to inherit property, so parents can opt to...
Is there anything you should avoid putting in a will?
The process of drafting a will allows someone to protect their dependent family members and establish a meaningful legacy. However, some people make mistakes when drafting a will that inevitably affect the probate process. In some cases, they might create unnecessary...
Understanding charitable remainder trusts in Nevada
When someone wants to leave money for a charitable cause after their death, careful planning is necessary. Factors ranging from late-in-life medical debts to unhappy family members could reduce what they are ultimately able to gift to the causes they care about. One...