Estate planning mistakes Nevada residents should avoid
While many people aim to emulate celebrities, one thing that they may not want to copy are the estate planning errors of Prince and Whitney Houston. Both of them had large fortunes that may not have been distributed according to their wishes due to a failure to plan...
Explaining will plans to heirs
Many Nevada residents have several children, and determining how to divide assets among the heirs in a manner that will be perceived as fair is important. When adult children feel that their parents' estates were divided unfairly, they may feel resentment towards the...
Creating an estate plan without a spouse’s cooperation
Some Nevada residents may face the challenge of trying to create an estate plan with a reluctant spouse. While nagging rarely works, it may be possible to persuade the spouse to participate in estate planning, and in the meantime, there are steps people can take on...
Passing on a sense of values to heirs
People in Nevada might want to consider creating an ethical will as part of their estate planning. Although it is not a legally binding document, it acts as a sort of adjunct to the financial part of an estate plan. The purpose of an ethical will is for people to pass...
Why estate plans are important in blended families
Up-to-date estate planning may be particularly important for people in Nevada with blended families. The first step is to update beneficiary designations. These should be reviewed regularly because they override what is written in a will. Therefore, if a person's...
The importance of planning who will inherit property
Nevada landowners might try to take a shortcut in their estate planning because the process seems stressful and complicated. They might think that writing a will that leaves their property to be divided equally among their heirs is sufficient. However, a problem can...
Adding a special needs trust to an estate plan
Many people in Nevada who plan their estates create a plan that will benefit their children. If a person has a child with a mental or physical disability, it may be especially important to create an estate plan for the benefit of the special needs child. For that...
Prince’s estate valued at approximately $200 million
Many Nevada music fans in Nevada were saddened in April 2016 when it was reported that Prince had passed away at the age of 57. The prolific songwriter and performer was a leading music industry figure for more than three decades, and it was widely reported that he...
How to preserve wealth for future generations
Nevada residents may be interested to hear that baby boomers will pass down an estimated $30 trillion in wealth in the coming decades. However, these individuals will have to plan properly to ensure that rising long-term care costs don't take away everything inside of...
Death not the only factor when designing an estate plan
Sunny Nevada attracts retirees with estate planning needs. Too often the legal preparation of final plans gets delayed because people do not want to contemplate the end of their lives. A busy schedule can also create the excuse of not having time to make arrangements....