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Trusts Archives

Using multiple trusts

Nevada residents who have already established one trust may want to create a second one. Unlike with wills, which usually include provisions that stipulate that the most recent will revokes all earlier ones, the creation of a new trust does not cancel out prior ones.

How the estate tax exemption may affect estate planning

People in Nevada might want to take another look at their estate planning after the passage of the tax bill at the end of 2017. This bill raises the estate tax exemption for individuals to more than $11 million and for couples to more than $22 million. This means that some people who have created an estate plan that uses strategies to avoid estate tax may no longer need those strategies. In particular, married couples might simply leave the entire estate to a spouse. However, in some cases, there may still be good reasons to continue using bypass trusts and other tools.

Estate planning can be critical for business futures

Business owners in Nevada may be aware of the importance of estate planning for their personal belongings and properties. However, estate planning can be just as important to protect the longevity and well-being of a business. When the principal of a business passes away, it can be too easy for an active concern to slide into inactivity.

Why to choose a trust

There are multiple factors Nevada residents should consider when trying to determine if they need a trust. Despite popular belief, trusts are not intended only for the wealthy, and individuals with any amount of assets may find that establishing a trust can be useful.

Problems that arise in estate planning with blended families

Disputes over estate plans may be more likely to happen among blended families in Nevada than in families in which there are not stepchild and stepparent relationships. These disputes may be more common in families with stepmothers, in part because women are more likely to outlive men. One survey found that only about one in five adult children reported feeling close to their stepmothers. There are several common reasons that a dispute over an estate involving a stepmother might happen.

Overview of a trust

Nevada residents who are concerned about their privacy or want to minimize taxes may want to place assets into a trust. A trust can be controlled either by the person who creates it or on behalf of that person through a trustee. Trusts are generally considered to be revocable or irrevocable. As the names imply, revocable trusts may be altered while irrevocable trusts generally cannot.

Bitcoin and digital assets affect estate planning

The potential of bitcoins to store value has caught the attention of some investors in Nevada. As a digital asset with a private password, it requires special attention when someone wants to pass the asset to another party. Estate plans also need to formally address other forms of digital assets, like social media and PayPal accounts, to ensure their timely distribution or simply to let heirs know that they exist.

Legal considerations when creating spendthrift trusts

People in Nevada have the option of forming spendthrift trusts to transfer assets to beneficiaries. These legal instruments also go by the label of domestic asset protection trusts. Although they possess features that could protect assets, the grantor of the trust should take care not to appear intent on impeding legitimate claims from creditors or accessing the funds for later personal use.

The importance of passing on knowledge

Nevada residents may be able to learn a lesson from the play "The Summoning of Everyman." It is an allegory about humanity and how the only thing a person has left when he or she dies is that person's good deeds. When it comes to estate planning, the lesson from this play is that knowledge and good deeds form the basis of a person's legacy.