Estate plans should include pet care arrangements
When Nevada residents plan their estate, they often stipulate what will happen to their home, personal possessions and financial accounts. However, many people fail to make arrangements for the family pet.According to animal care advocates, responsible pet owners...
Managing IRAs in estate planning
Nevada residents may be interested in reading about different strategies for how to leave an IRA to beneficiaries. While many people designate beneficiaries as heirs of their IRA funds, the account can also be effectively arranged into a person's estate plan, such as...
Gift giving to reduce estate tax
Wealthy Nevada individuals may want to give money as a gift to family members both to benefit those people and to reduce the eventual value of their estate below the federal estate tax exemption, which is currently $5.45 million for individuals and $10.9 million for...
Top tip for future financial security: Get an estate plan
It may seem counterintuitive, but planning for death can help you make the most out of life. A recent piece in the Huffington Post discussed the importance of estate plans, noting that these legal tools are important for everyone, regardless of age. One of the reasons...
Social media and estate planning
Nevada residents may not think about social media as a part of their estate plan, but most of the major social media platforms have procedures in place to deal with a person's death. For example, a Facebook account can be deleted or memorialized. Facebook needs proof...
Federal laws prompt estate plan changes
Due to some changes in federal estate tax laws, Nevada residents and others across the nation have been left wondering whether they should change their estate plan. Determining whether or not to make a change to a trust, for example, depends on when the current trust...
Celebrities who did not leave estate plans
Nevada fans of singer Prince might have heard that he died without a valid estate plan, but if so, he is not the only celebrity to do so. Michael Jackson's family did not find his will until several years had passed. Among other complications, the IRS argues that his...
Beneficiary designations
Nevada residents who have assets such as insurance policies and retirement accounts likely filled out a beneficiary designation form when those assets were acquired. In many cases it will be the spouse who will be named, but other individuals can be beneficiaries as...
Learning the details of Prince’s estate
Prince's death on April 21 took many people in Nevada and elsewhere by surprise. In addition to the grief and mourning that followed, questions arose regarding who would inherit his estimated $300 million estate. It is unclear if the musician had an updated will,...
Leaving different estate shares to different children
It is not uncommon for Nevada parents to want to leave disproportionate shares of their estates to some of their children while leaving less to others. This may be because a parent has a closer relationship with one child and a strained relationship with another. It...