Pour-over wills and trusts
Trusts have become the gold standard for many people in Nevada when it comes to making plans for the future. They can be used not only to set up advantageous tax structures during the creator's lifetime but also to pass on key assets after death. Trusts have several...
Balancing interests when managing trusts
Trusts can be an important part of estate planning for many people in Nevada. These instruments allow people to pass on important belongings and assets with a higher level of privacy. They also offer a greater amount of discretion and control. A revocable trust can be...
Providing for pets in an estate plan
When Nevada residents are planning their estate, they might first think about how they can provide for their children or a favored charity. However, for many people, pets are a beloved part of their lives, as close as a family member and with no ability to provide for...
Considerations when starting the estate planning process
For many Nevada residents, estate planning is not something that is considered to be a priority, especially when the person is healthy. However, it can suddenly become an issue if the person falls seriously ill. In other cases, the person may become involved in a...
Why and how to set up a spendthrift trust
A person in Nevada who is creating an estate plan and is concerned that an heir might be irresponsible with an inheritance may want to consider setting up a spendthrift trust. This allows the heir to receive distributions from assets in the trust, but a trustee...
Using trusts as IRA beneficiaries
A popular tool used to save for retirement is an individual retirement account. If a Nevada resident decides to use an IRA, they will have to determine where the funds should go when they pass away. One way to ensure that IRA funds are handled according to one's...
Why a trust may be a better choice than a will
Some people in Nevada may assume that a will is sufficient for an estate plan, but there are a number of reasons that a trust might be a better choice. The person who creates a trust is known as the settlor, and the settlor appoints a trustee who will manage the...
There are several kinds of irrevocable trusts
Trusts can be powerful instruments when they are included in Nevada estate plans. They can be tailored to fit the circumstances and wishes of the trustmaker, and they can effect the transfer of assets outside of probate. Broadly speaking, the two categories of trusts...
Mistakes with estate planning
Estate plans can be used to help surviving loved ones manage a deceased individual's estate. In fact, wills and trusts could help eliminate stress and make the grieving process a little easier. However, Nevada estate owners should take care to avoid making certain...
Digital assets and estate planning
Nevada residents should consider an estate plan as an essential component of a well-rounded financial strategy. The use of an estate plan can also give them a measure of relief and reassurance in knowing that they have done what is necessary to protect assets for...