Las Vegas Business And Real Estate Blog

Although there are plenty of Nevada residents who have estate plans, there are probably more who do not. In some ways, it is understandable why an individual might not have an estate plan, but people often just don't understand how important it is to have one. And, of course, there are plenty of estate planning "myths" out there, which might be playing a role as well. But, are people in Nevada fooling themselves when it comes to estate planning issues?

A recent news article addressed that very question and determined that people may have the wrong impressions about estate planning. For example, some people think that because they do not have much in assets or wealth, they do not need an estate plan. As the recent article pointed out, that is far from the case. A will - the basic building block of most estate plans - can address more than just financial concerns. Parents of minor children, for instance, can spell out who they would like to care for their children if the worst should occur.

In almost any real estate transaction, the primary document that is the focus of all parties involved is the purchase agreement. When this agreement is signed, many of the varying aspects of the transaction are locked into place. As a result, any disputes about purchase agreements can be conflicts that are heavily focused on the details of the document - the wording and phrasing that will, in all likelihood, ultimately resolve the dispute.

It seems that the purchase price listed in the purchase agreement is rarely the source of disputes - that number, after all, is fairly easy to determine. But, it can be the little things that bubble up into a dispute, such as what fixtures will transfer with the property, prior disclosures of issues that affect the property and even unknown liens against the property. Even though a purchase agreement may be in place and the parties may feel compelled to follow through with the transaction regardless of any disputes, it is important to be aware of potential legal options.

The vast majority of Americans have numerous electronic passwords that they use to access any number of applications or programs. Typically, the most we ever think about these passwords is when we need to create new ones, with being required to come up with a dizzying combination of letters, numbers and characters to pass the minimum security threshold. But, as much of an annoyance as electronic passwords can be on a daily basis, just imagine how annoying they can be for family members who are left behind to attempt to figure them out after you are gone.

As a recent article noted, electronic passwords can cause all sorts of headaches when it comes to estate planning and probate. After all, these days online banking is incredibly common. If you do not leave a way to access your financial accounts via password security, an executor of your estate may need to jump through various hoops just to get to your assets.

When it comes to running a business, there are two basic ways to earn a profit: selling products or providing a service. One of the key differences between these two approaches is that when a business is engaged mainly in selling products, it needs inventory space and it needs to focus specifically on the details of the products it sells. Knowing all about the products can help when it comes to closing a sale, but there are other reasons to be knowledgeable about the products as well.

Businesses in Nevada that primarily sell products should be aware of potential products liability claims they may face, even if they are not the company that designed or manufactured the product. However, if they are, there is an even greater concern that a products liability lawsuit may be an issue down the road, unless the company takes the proper precautions.