For Nevada residents, trusts can be a major part of their estate planning regime. One particular type of trust may be useful in situations where there is a child who has special needs.
Nevada residents who are considering estate planning must remember to make provisions for digital assets as well as physical ones. Increasingly, people have more personal and financial information stored online and use the Internet to bank, pay bills and even invest. Passwords and usernames can make it impossible to access important information, and in some cases it may not even be clear what accounts a person owns. Just as physical property is addressed in wills, digital property should be as well.
Wills, probate, power of attorney, medical directives, trusts and the list goes on and on. The words are familiar; however, the exact definitions may not be. Many throughout Nevada do not recognize the importance of each of these items as individual pieces and then as part of an overall estate plan. In fact, quite a few individuals mistakenly believe that these estate planning items only apply to wealthy individuals and families.
Each year, Nevada residents generously support a variety of charitable organizations. These organizations provide a number of services and benefits to the community, including cancer research, scholarships for needy children and other worthwhile efforts. The majority of the benefits received from these organizations would not be possible without this generous support. As individuals look for ways to leave a lasting legacy, one option to consider is a charitable remainder trust.
As Nevada readers are well aware, estate planning can be a rather complicated process. Further complicating this process are new tax laws that have been changed, updated and reworded multiple times since 2001. After many of these changes were finalized in 2013, estate planning may now be more fluid and easier for those wishing to prepare for the future.
For Nevada parents thinking about estate planning, one of the main concerns is how a family will be cared for after the parents have passed on. Most Americans are concerned with saving for retirement and making sure that their children are secure, but how does this work for families that are considering a special needs trust? Setting up a special needs trust is extremely important for families who have disabled children, and it is vital to take all of the necessary legal steps.
Many people find it difficult to confront issues about what will happen after their death. To avoid the state of Nevada deciding how to divide their property, proper estate planning can provide peace of mind. By including a trust in their estate planning, they can determine how their estates will be distributed upon their death.
On any given day in Nevada, babies are born, couples get married and individuals take their final breath. While two of these events are often joyous occasions, many do not like to dwell on the certainty of death in the future. All three of these events typically involve some sort of planning and preparation, along with a number of questions to be answered. The estate planning process has its own particular set of questions and concerns that should be addressed prior to one's final departure.
An important part of estate planning that is often overlooked by Nevada residents is planning the division of their personal possessions as paintings, ornaments, crockery and other heirlooms. Conflict often arises between children after the death of a parent, and it often concerns assets other than money. This is a reminder for people to include the division of such items in their estate planning.
There are many reasons that Nevada families often look to trust planning as one way to protect their assets and provide privacy to their family. A living trust allows the individual to maintain control over the assets and alter the trust during his or her lifetime. However, it also allows the estate to avoid probate issues upon the death of the individual. Trust planning has become an essential tool in many individuals' estate plans.