Free Consultation
800-557-6423 702-706-1083

Probate and Estate Administration Archives

Trusts can be a better option for gifts to adult children

When people in Nevada start to think about future planning, estate planning is often part of the equation. When people marry, have children or pass other significant life milestones, these events can draw attention to the importance of dealing with one's assets after death. Estate planning documents like wills and trusts along with insurance policies and other non-probate transfers can help to ensure that one's assets are properly transferred and not wasted on court fees.

Tips for updating an estate plan

The tax law passed by Congress in December might be a good opportunity for Nevada residents to review their estate plans. The increase in the estate tax exemption may affect couples whose estates are worth up to $11.2 million. They might have designed their plan with estate tax in mind, but since the exemption has been raised, some of the measures they took no longer may be necessary.

Digital assets and estate planning

Nevada is one of the states that has adopted the Revised Uniform Fiduciary Access to Digital Assets Act. This is important in giving fiduciaries access to a person's digital accounts. However, many people might not think about digital assets in connection to setting up an estate account even though they can have both material and sentimental value.

Careful record keeping and patience benefit executor of will

When a family member passes in Nevada, grief occupies the relatives and friends, but the executor of the will must focus on administrative business as well. A will designates the person who will manage the estate. Known as an executor, this representative must perform certain tasks within days or weeks of the death, such as halt Social Security payments, obtain death certificates, track down the will, locate assets, notify the probate court and pay for burial expenses.

Executors may have unique tasks for wine collections

When an estate holder dies in Nevada, a number of different duties fall upon the estate executor. The executor must, for example, take all estate assets into possession, arrange for payment of taxes and debts and then oversee the distribution of property to heirs and beneficiaries. In a case where the deceased had a wine collection, the unique nature of the wine as an asset could make matters more complicated.

Selling a home after the death of a loved one

Nevada residents who are in charge of a sibling or parent's home after that person dies may wonder what they should do with the home. There could be options such as selling the home or renting it out although if the person is not an experienced landlord, it may be a good idea to get help with the latter option. The person might also wonder what to do if there is a reverse mortgage on the house. It is important to not be overwhelmed. Speaking to professionals, including a realtor, may be helpful. The difficulty of knowing how to proceed may be compounded by the grief and stress surrounding the loved one's death.

Estate planning crucial for family farms and ranches in Nevada

A family's agricultural business can be a great source of pride, but these entities face challenges when passed from one generation to the next. New leadership must be chosen carefully to ensure continued business success, and the threat of estate taxes after an owner's death needs to be addressed ahead of time.