Cassady Law Offices Blog » Estate Planning
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We aim to provide news and commentary on Estate Planning issues that affect Las Vegas, Nevada residents. Cassady Law Offices, P.C. welcomes you to join the discussion.
Cassady Law Offices Blog » Estate Planning
1M ago
Some estate plans are quite simple. Older adults may have limited assets and might want to leave their property to only one or two people. Other times, people may have inherited wealth from their loved ones or achieved professional success. They may have substantially more resources than the average individual. Those with more valuable estates often have to engage in…
The post Do people in Nevada need a plan to avoid estate taxes? first appeared on Cassady Law Offices, P.C ..read more
Cassady Law Offices Blog » Estate Planning
5M ago
Survivorship life insurance, or second-to-die insurance, is a policy that covers two individuals, typically a married couple. The death benefit is paid out only after both insured parties have passed away. Unlike individual life insurance policies, survivorship life insurance is designed to provide financial support for beneficiaries or to cover estate taxes and other liabilities that arise after the death of both policyholders. Because of this, it can be an important part of a comprehensive estate plan. Advantages of survivorship life insurance for estate planning Including survivorship life ..read more
Cassady Law Offices Blog » Estate Planning
10M ago
Talking about finances and health challenges can be very emotional. Many older adults grew up in households where such discussions were largely deemed inappropriate. They may pass those values on to their children, who may then struggle to talk about practical concerns as they watch their parents age. Those with aging parents who are at or past the age of retirement may worry about whether their parents have an estate plan and what the details of that plan might be. How can someone who worries about an awkward and uncomfortable conversation discuss estate planning with their parents? By starti ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
Creating an estate plan is not a legal necessity, but it is a practical obligation. Those with sizable personal resources need an estate plan in place to protect those assets and arrange for their distribution to others in the future. Those with dependent family members may need to make a very thorough plan if they hope to protect their children or other loved ones from foster placement and/or financial hardship if they die unexpectedly. It is an investment in one’s future interests to sit down with an estate planning attorney and talk about concerns, priorities and wishes. Of course, this inv ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
Those putting together an estate plan have to think carefully about the relationships that they’ve had with their family members and other loved ones. They typically need to very carefully evaluate their financial circumstances to see what resources they can offer and then familiarize themselves with the rules for estate administration and inheritance in Nevada. Technically, children do not have an automatic right to inherit property from an estate unless someone dies without a will or other documents on record. Parents may choose to leave as much or as little of their resources to their child ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
In many cases, estate planning occurs when someone’s children have reached the age of majority. They’re already 18 years old or older, so it’s just a process of transferring assets to the next generation. They are allowed to inherit property, so parents can opt to leave them property via a will or trust. However, many parents also begin engaging in estate planning when their children are still minors. It’s often wise to begin estate planning at this time so that there’s a plan in place for these children if it’s needed. But how would they actually receive their inheritance if they’re not yet 1 ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
A significant number of adults do not have an estate plan even though they have property in their names or dependent family members. One of the many reasons that people cite for putting off estate planning is that it can be expensive. A review of national costs indicates that many people pay between $150 and $200 just for a simple will. Some questionable online services that purport to offer low-cost wills charge $100 or more for documents that may have no witnesses and may not hold up in probate court. The Cassady Law Offices, P.C. offers fixed-price services Some people worry that working wi ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
Your retirement accounts may have a higher total value than the home where you live if you are already close to retirement age. After all, those savings will need to support your household for years after you officially and your career. Experts have long recommended aiming for a seven-figure savings account before retirement. Retirement savings help to provide financial stability and may allow you to pursue exciting opportunities, like traveling, during your retirement. Those funds will also help pay for your medical care. Given that your retirement accounts are likely among your most sizable ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
A surprising number of adults are attempting to create their own estate plans. Many are turning to how-to tutorials online which gives them a false sense of confidence about the end product that they’re seeking to craft. Unfortunately, the do-it-yourself (DIY) approach to estate planning employed by many independent adults ends up doing more harm than good in many cases. Why is a DIY estate plan so dangerous? People don’t understand the requirements for valid documents In movies, people scroll out a will with their dying breath alone in a room, signing their name as a candle blows out dramatic ..read more
Cassady Law Offices Blog » Estate Planning
1y ago
As a parent, your primary responsibility is to secure your child’s health and well-being. And most parents take this responsibility very seriously. However, there is one aspect that most parents overlook: appointing a legal guardian for their child. Basically, a legal guardian is a person you designate to assume your minor child’s parental responsibilities should something happen to you and the other parent. So how do you appoint a guardian for your minor child? Here are two helpful steps that can help you find the right guardian for your child. Exploring the guardianship criteria The individu ..read more