Are you worried about how one of the beneficiaries in your estate plan is going to use their inheritance? Maybe you consider them a bit “unreliable” or maybe they make questionable choices. You feel like they will just burn through money and make frivolous purchases, so leaving them a significant inheritance is risky because they could quickly waste all of the money that it took you decades to earn for them. In a situation like this, you may want to use a spendthrift trust. You don’t have to leave those financial assets to your beneficiary directly. Instead, you put them in the trust and decla ..read more

When someone dies, it is standard for most or all of their property to pass to their family members. If someone in Nevada dies without an estate plan, their closest family members are likely to have inheritance rights. The average estate plan also involves someone arranging for their loved ones to receive as much of their property as possible. Unfortunately, sometimes family members develop an inappropriate sense of entitlement. One child might think they deserve more of the estate than others or might expect to receive the same inheritance as their siblings despite being estranged from a pare ..read more

A lot of parents try their hardest to leave roughly equal bequests in their estates to all their adult children – but what if that’s not what you want to do?  There are plenty of perfectly valid reasons that people can and do leave unequal bequests to their heirs. Here are some of the most common: There are disparate needs When one child is struggling financially but the others are all thriving, parents sometimes decide that they want the bulk of their estate to go where it is needed the most. One child has special needs Sometimes parents know that one of their children will always requir ..read more

A legally valid will should reflect the owner’s true wishes and intentions of how to distribute their estate when they die. Therefore, you may challenge the validity of your loved one’s will in court if you believe they were unduly influenced when creating it. For context, undue influence refers to any conduct that deprives a person of their free will and coerces or manipulates them into making a will that does not reflect their real desires to benefit the perpetrator. Proving your loved one was a victim of undue influence can be difficult, but it is possible with the proper evidence and legal ..read more

If you have a beneficiary with special needs, it is important to consider them as you make your estate plan. One thing you may want to think about is setting up a special needs trust. This gives you the ability to set aside money for that beneficiary so that their needs can be met after you pass away. Of course, there are alternatives. You may be considering leaving a significant inheritance to that beneficiary, perhaps by putting it in your will. Why would it be better to put it into a trust, rather than leaving it to that person directly through your will? Replacing government benefits The p ..read more

Estate planning requires an intensive look at every area of your life. This helps to ensure that you have everything taken care of so it’s easy for your loved ones to follow the plan when you’re gone. Passing down your assets is one of the important things you must consider when creating an estate plan. Trusts are one of the options you have for accomplishing this goal, and these resources vary greatly. For example, a Totten trust is an option that some people might not think about initially, but that can ultimately be very beneficial for many. What does a Totten trust do? The Totten trust is ..read more

Nevada has a wonderful climate for retirees. As a result, many older adults who have finished their careers sell their property elsewhere and move to Nevada. Some people come for the dry heat. Others simply want to avoid inclement winter weather that affects driving safety and home maintenance in northern states. Older adults may have recently created estate plans and may not even think about adjusting them when they decide to move to a new state. Adults of all ages who move to Nevada may benefit from revising their estate planning documents to ensure that they properly comply with Nevada law ..read more

Dynasty trusts in Nevada are a unique estate planning tool that allow families to pass wealth down through multiple generations while minimizing exposure to taxes and creditors. With favorable trust laws, Nevada has become a leading jurisdiction for establishing such trusts.  Unlike many states, Nevada doesn’t impose a rule against perpetuities, which limits the duration of a trust. Currently, a dynasty trust in Nevada can continue to pass down assets to future generations for 365 years, which is considerably longer than the 90 to 120-year limit in many other jurisdictions that allow dyna ..read more

An executor, who is either appointed by the court or named in a will authored by the deceased during their lifetime, is authorized to oversee the estate administration process in order to better ensure that the deceased’s wishes are respected and that the rights of their heirs or beneficiaries are respected as well. However, there are instances where an executor may abuse their position for personal gain, potentially resulting in theft from the estate. Any family navigating estate administration should watch for signs that an executor may be stealing from the estate, so that they can better pr ..read more

Establishing a trust in Nevada offers a range of advantages for estate planning. This makes it an appealing option for residents looking to effectively manage and protect their assets.  Nevada’s legal framework provides unique benefits for trust formation, including enhanced asset protection, tax benefits and privacy. Understanding these benefits can help residents of Nevada make informed decisions when incorporating trusts into their estate plans. Asset protection  Individuals can safeguard their assets from future creditors under certain conditions by setting up a Nevada-based trus ..read more