As part of their estate planning, people often hand down inheritances to beneficiaries by setting up trusts rather than designating that they receive a specific amount of money or other assets in a lump sum.  Often, trusts are established to help ensure that the assets last over a period of time. The trustee may be charged with managing the assets… The post What does it mean to put a 5 by 5 power clause in a trust? first appeared on Kerr Simpson ..read more

“Testamentary capacity” refers to a person’s mind being clear enough to make or change a valid will. This is one of the main requirements in creating a valid will in Nevada. If a person lacks this ability when they make or change their will, interested parties – such as heirs, beneficiaries or creditors – may have grounds to challenge the will in court. Key elements… The post What does “lack of testamentary capacity” mean? first appeared on Kerr Simpson ..read more

When planning your estate, your vacation home deserves as much attention as any other valuable asset. Vacation properties, especially in attractive locations like Nevada, often carry sentimental value and hold cherished memories for families.  However, simply including these properties in your estate plan isn’t enough to help ensure a seamless transfer. In fact, if not properly structured, it can lead… The post Don’t forget to protect your vacation home in your estate plan first appeared on Kerr Simpson ..read more

When a business reaches a certain size, it can be beneficial to form a partnership. Business partners can share financial responsibilities, legal obligations and daily efforts to run the company.  However, partnerships don’t always operate smoothly. The corporate world is notoriously challenging and this can take its toll on the partnership – and that can quickly lead to litigation. Here… The post 2 common causes of partnership disputes  first appeared on Kerr Simpson ..read more

Buying a home isn’t just the American dream. It is a source of financial stability and intergenerational wealth. People have housing that they can rely on and equity that they can leverage during times of financial stress. They often dream of leaving their homes to their children or grandchildren. Unfortunately, the owner may not be the only party hoping to… The post How Nevada homestead exemptions help to protect home equity first appeared on Kerr Simpson ..read more

Many people wouldn’t think of Nevada as the most popular state in the country (and known more globally) for family trusts. There’s been more focus on the advantages offered by Nevada recently when news got out of battles over the Murdoch Family Trust, which is here in Nevada. Rupert Murdoch is reportedly trying to modify the irrevocable trust that splits… The post Why has Nevada become the most popular state for family trusts? first appeared on Kerr Simpson ..read more

People buy real estate in neighborhoods governed by homeowners associations (HOAs) for many different reasons. In some areas, HOA properties may be the only ones currently available on the market. Other times, owners like the security that comes from having a board of local property owners overseeing the maintenance and use of residential homes near theirs. HOAs help establish certain… The post Can an HOA prevent a home owner from offering short-term rentals? first appeared on Kerr Simpson ..read more

Children often inherit a parent’s assets. This can be done in a variety of ways. If the parent dies intestate and the children are the closest living relatives, they will likely inherit. Assets can also be left to them via a will, a trust or other such estate planning tools. But most people who pass away don’t only have assets.… The post Do children inherit a parent’s debt?  first appeared on Kerr Simpson ..read more

When considering the components of a comprehensive estate plan, life insurance policies often go overlooked. Like others, you may not realize how beneficial it can be to manage life insurance policies through an estate plan. It can improve life for your loved ones while offering several strategic estate planning advantages. Here is a closer look at why life insurance might… The post Does life insurance have a place in your Nevada estate plan? first appeared on Kerr Simpson ..read more

Most people who own high-value assets are eager to retain control of those resources indefinitely. They could potentially achieve that goal through asset protection planning. Otherwise, outside parties including creditors and people who file lawsuits could place liens against those assets or force their liquidation in a bid to demand repayment of a debt. One of the strategies people use… The post What happens after claims of a fraudulent transfer? first appeared on Kerr Simpson ..read more