Nevada residents may wish to know about a specific issue that many parents face when leaving assets to their children. When the parent has a disabled child, care needs to be taken in estate planning to avoid unforeseen consequences.
In Nevada, a revocable living trust is sometimes used as an estate planning alternative, particularly for probate issues that can't be solved with a will. Before deciding on using a revocable living trust, an individual should take certain factors into account.
While people may have heard of A-B trusts, they may not know what these trusts are or why they are used. These trusts are established by married couples in order to help avoid double-taxation after one spouse dies.
Las Vegas residents with an interest in estate planning issues may be interested in an article detailing one method for updating a trust after it has become irrevocable. This method may have tax consequences, good or bad, so professional guidance should be sought.
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.
Management of your trust is important as you plan not only for your future but also for the futures of those who will inherit your estate. However, deciding on the administration of your trust can be challenging as you select a trustee. Confidence is an important aspect of this decision, but it is also important to evaluate the management abilities of a fiduciary to ensure that decisions will be made objectively and beneficially.
A revocable living trust is an option to consider when doing estate planning. Creating such a trust can get your assets to beneficiaries much quicker than with a will, which has to go through probate court.
An individual should ask several questions when determining whether or not to have a trust. As they can cost thousands of dollars to create and execute, it may be less expensive to go through a simplified probate process if possible. However, trusts may be less expensive depending on the value of an individual's estate.
Nevada fans of Robin Williams may be interested in how the actor set out plans for the distribution of his estate. Williams died of an apparent suicide August 11, according to police. The 63-year-old Oscar-winning actor had battled substance abuse problems and depression for quite some time.
Nevada residents who are setting up a comprehensive estate plan may be interested in one way to minimize the tax burden on their beneficiaries. This type of trust is useful when a home is being passed on in the estate.