Tips for avoiding common estate planning mistakes
One common error people in Nevada might make regarding an estate plan is having one that family members cannot access. People may encrypt an estate plan on a computer or place it in a safe deposit box. An attorney may be able to help a person plan how to best store...
Potential pitfalls of naming family members as trustees
Estate plans sometimes use Nevada trusts to achieve goals like privacy or reduction of estate taxes. Heirs could also benefit from trusts because these entities shield assets from creditors and divorces. A trust by its nature must have a trustee to manage assets and...
Why parents may want to consider a trust instead of a will
It's not unusual for parents in Nevada to instinctively think of a will when estate planning is discussed. Part of the reason for this is a lingering assumption that trusts are only for wealthy individuals, or that they are just too complicated. However, there are...
Estate planning lessons to be learned from Lee Radziwill
While some people in Nevada have a natural curiosity about what kind of salacious details might be found in celebrities' estate documents, there are sometimes important lessons to be learned when such individuals pass. This is the case with American socialite, public...
How to create a trust for a beneficiary with an addiction
Some estate owners in Nevada may need to create a trust for a beneficiary who is struggling with an addiction to alcohol or drugs. This trust should have special considerations to serve the heir. In order to set up an effective trust to help a beneficiary with an...
Cryonics and the use of a revival trust
Some people in Nevada have enough faith in the future of science to consider having themselves frozen when they pass away with the hope of someday coming back. For individuals seriously exploring this option, the thought of waking up with no available assets or funds...
How to create a do-over trust
In the 1980s, it wasn't uncommon for individuals to create irrevocable trusts for their children or grandchildren. While irrevocable essentially means unchangeable, Nevada law makes it possible to decant a trust. This means that assets are poured out of the trust and...
Using revocable trusts
There are multiple legal documents needed to have an efficient estate plan. In addition to having a power of attorney, will and medical directive, Nevada residents should also make sure that they include a trust, such as a revocable trust, in their estate plans.After...
Do you have the duty of administering a loved one’s trust?
Trusts are immensely useful estate planning documents. In many cases, individuals utilize this planning tool in an effort to better protect their assets or to ensure that surviving loved ones will use the assets in a specific way or at a specific age. Though trusts do...
Using a spendthrift trust to manage family members’ inheritances
Some parents in Nevada who are creating an estate plan might be concerned about whether their adult children will be able to handle a sudden influx of wealth. It is not uncommon to hear stories about lottery winners or other people who mismanage their money and end up...