Nevada estate plans can range from incredibly simple to quite complex. Testators can create a variety of different documents to address their support needs as they age and control what happens after they die. In some cases, testators decide to add trusts to their estate plans. People establish trusts for many different personal reasons. Perhaps they have a large family and worry about conflicts after they pass. Maybe they worry about qualifying for key benefits as they age or minimizing the tax obligations that fall to the estate. A trust can give someone more security later in life, protect t ..read more

Nevada has become increasingly popular as a location for establishing trusts due to its favorable legal and tax environment. Trusts offer a way to manage and protect assets, both during an individual’s lifetime and after their passing. In estate planning, trusts can ensure that assets are distributed according to a grantor’s wishes, potentially minimize estate taxes and provide privacy and protection from legal challenges. Understanding why Nevada is favorable may help those planning their estate. Progressive laws and tax benefits Nevada’s appeal for trusts is largely due to its progressive tr ..read more

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

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

The average person understandably doesn’t know very much about probate court or estate administration. Many people live multiple decades of their lives without any direct exposure to probate proceedings. It might only be when a parent or spouse dies that someone needs to learn about Nevada’s probate laws. Some people try to handle estate administration on their own, despite a lack of familiarity with this area of law. Others concerned about their rights after someone dies may try to educate themselves, often with mixed or even unfavorable results. Proper legal representation can make all the d ..read more

Wills are some of the most common documents used for estate planning purposes. Provided that they are legally valid, wills can achieve many important legacy goals. An individual’s will can name a guardian for their children, a personal representative to manage their estate and beneficiaries for their assets. Many testators thinking about their legacies in Nevada work with an attorney to draft documents that abide by state law and achieve their personal legacy goals. Yet, there are other types of wills beyond the professional, typed documents people would typically produce when cooperating with ..read more

When a loved one dies, managing their estate can be emotional and complex. This complexity only heightens when disagreements arise among siblings over probate matters. Probate disputes can fracture family relationships and make a challenging time more difficult. Probate disputes can arise due to various issues. These often include the interpretation of the will, the handling of the estate by the executor or the perceived fairness of asset distribution. It’s essential to approach these disagreements with empathy and respect, recognizing that high emotions often accompany the grief and loss of a ..read more

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

The process of drafting a will allows someone to protect their dependent family members and establish a meaningful legacy. However, some people make mistakes when drafting a will that inevitably affect the probate process. In some cases, they might create unnecessary conflict among their beneficiaries. Other times, they may leave their estate plan at risk of a challenge because of the terms they chose to include. These are a few things that people should generally not include when drafting a will. Assets with beneficiary designations Life insurance, financial accounts with transfer-on-death de ..read more

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