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...
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Estate Planning
Don’t forget to protect your vacation home in your estate plan
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...
Why has Nevada become the most popular state for family trusts?
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...
Do children inherit a parent’s debt?
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...
Does life insurance have a place in your Nevada estate plan?
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...
What happens after claims of a fraudulent transfer?
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...
2 ways to plan for medical decisions in your estate plan
Just because you are in fine health now does not mean you will always be. An illness or an accident could take your good health away in an instant and leave you fighting for your life. What would you want to do in a situation like that? Would you want to accept any...
When should you update your estate plan?
Life is fluid and full of changes. Your estate plan should reflect those changes. Creating an estate plan is not a one-time task; it requires periodic updates to remain effective and relevant. What life events should trigger a review of your estate plan? 1. Marriage...
2 benefits of a Payable on Death account
When creating an estate plan, you may use a transfer-on-death arrangement to transfer mutual funds, stocks and things of this nature. But it only applies to investments. If you want to do a similar thing with a bank account, then you have to use a Payable on Death...
2 factors to consider when choosing a guardian
Conversations around estate planning generally involve money and assets. While distributing assets upon a person’s death is central to estate planning, there is much more to it. One option that testators have is to name a guardian in their will. A guardian is someone...
