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Many people in Nevada use a power of attorney as an important piece of their overall estate plans. A power of attorney may be used to allow another person to conduct business on behalf of the grantor's becoming incapacitated. Powers of attorney used to expire after a...
President Obama issued a proposal at the 2015 State of the Union Address that would have closed loopholes available to those with assets in a trust. Currently, if assets are passed on to heirs, the heirs get what is called a step-up in basis. In other words, their...
Individuals in Nevada who are planning for the ultimate distribution of their estates and whose only significant asset is real property may be able to avoid probate altogether by using some other methods of transferring property in place of a will. Probate can be...
Nevada residents considering planning their estate as tax season is in full swing may be interested to hear that the IRS somewhat recently formally announced the gift and estate tax exemptions for 2015. Taxpayers will not need to file any paperwork with the government...
Adults living in Nevada, regardless of their age, may benefit from having a living will. Also known as an advance directive, a living will gives instructions to doctors regarding end-of-life care and eases the burden on family members who may have to make a decision...
Many Nevada residents have older parents who will likely need help managing money and making health care decisions as they age. One way to ensure that this will be handled properly is to suggest that they grant a power of attorney to a child, close friend or other...
When people create trust accounts in Nevada, they normally do so with specific purposes in mind. There are certain common errors about which people should be aware so they do not make them, thereby subverting the purposes they had for starting the trust to begin with....
It is estimated that on a national level, baby boomers could inherit in excess of $30 trillion from parents in coming decades. Nevada residents who have children in this group may find that guidance is important for creating an estate plan. A sound strategy could be...
Estate planning is an important topic that newlyweds in Nevada should take the time to discuss even though it may be far from their minds. After getting married, spouses should update their estate plans so that they are prepared for the unexpected. Before updating...
When people in Nevada are planning how to handle their estates, it is important to make certain the documents drafted are written in such a way to make them unassailable in future will and trust contests. When an interested party to an estate mounts such a contest,...
