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Las Vegas Estate Planning Law Blog

Rooney's will may lead to conflicts for his family

Modern Nevada families look a lot different than they did a generation ago. People have spouses, ex-spouses, children, step-children, step-parents, half-siblings, partners and more. The possibilities are endless as the definition of family continues to expand.

While people may have a broader view of family than ever before, in many areas the law has failed to keep up and doesn't always take all these relationships into account. Therefore, in this modern society, estate planning has become even more important. Nevada laws may not automatically recognize many people outside a traditional family as entitled to any part of a person's estate.

Reviewing a trust and trustee important for Nevada residents

People often want to pass on assets to their children and grandchildren. They want to ensure that these assets are going to be put to good use and that outside factors -- such as a lawsuit or a divorce -- will not affect the amount of money that is set aside for their children. Often times, the best way for Nevada residents to achieve these goals is to put the assets in a trust.

A trust is an estate planning tool which allows people to put assets -- money or property -- into the trust for the benefit of a third party or themselves. The trust is then overseen by a trustee who ensures that the trust is functioning properly and that the goals of the trust are being upheld.

Estate tax may be issue after NFL team owner's death

Death and taxes - according to the old saying, those are the only two certainties in life. Unfortunately for Nevada residents they often come together. Many people may not realize that the government can tax some people's estates after death. Therefore, even in death, people need to consider their tax liability and come up with an estate plan that deals with the taxes.

This time of year, taxes are often on many people's minds. Therefore, it is a good time to seek some custom-tailored tax advice to determine how to mitigate taxes in a person's estate plan. Without considering the effect taxes can have on an estate, people's families may be stuck with a large tax liability following their death.

Estate plans must include digital information

Most Nevada residents understand that this is a digital age. Everything can be done online now. People can order groceries, interact with friends and family, bank, shop and run a business all from their computer or smart phone. For many people, the convenience that an online presence has makes these attractive options. Therefore, many people have stopped more traditional activities -- like paying bills through the mail, for example -- in favor of an easier, quicker online means.

While for the most part this has been a positive change, this online identity can create a problem for a person's loved ones after they die. Without the right estate planning, a person's digital life can be a disaster when they pass. Family may have no idea that certain accounts exist, where a person banks, whether the person is owed money or even if bills are set to automatically be paid. These hurdles can cause extra stress and headaches for the executor of the estate and may slow down the distribution of assets.

Location of a trust can make an important difference

Often Nevada residents want to make the most of their income. Not only do they want to provide for their immediate needs, but people also want to make sure their loved ones are taken care of after their passing. In order to protect their family's future, people often engage in comprehensive estate planning in order to get the most out of their money. In some cases, the use of a trust is most beneficial for a family or an individual.

While there are many considerations that people must make when determining if a trust is right for them, one question that is often overlooked is where the trust should be located. People often assume that a trust should be local, however, experts warn that this could cost people money in the long run.

Power of attorney and living will in estate planning

Estate planning may be of interest to residents of Nevada who consider proper distribution of assets after they are gone. The traditional will may not be the best choice as the diversity within the family structures often requires specific provisions and adjustments to assure correct allocation of wealth.

One of the most vital aspects of estate planning is an assignment of power of attorney should medical conditions deter an individual from making sound decisions due to the aging process, illness or other unforeseen circumstances. There are two distinctive types of powers of attorney, durable and springing. Durable power of attorney is implemented immediately, whereas, the springing version is only implemented during specific circumstances such as becoming incapacitated for a particular reason. Both types can be included respectively and adjusted as the state of affairs change over time.

Updated estate planning

Estate planning is a subject that may interest residents of Nevada who want to put their lifetime savings to good use. With patchwork families, or families in which at least one spouse has been married before and has children from that marriage or from a previous relationship, and many people spending much of their life unmarried, the traditional will alone is probably not the best plan. Single people may want to consider designating a power of attorney or creating a living trust for financial decisions in the event of incapacitation. They may also consider designating a medical power of attorney and drafting a directive that documents their medical wishes.

Long-term care insurance may be needed for the single person who doesn't have a partner. Under Medicaid, married couples may be able to keep more assets than single people when being cared for at an inpatient facility. Singles who own assets jointly with a partner may lose them in order to qualify for Medicaid benefits. The assets of singles who die without a will are distributed according to state law, and childless singles bequeath more often to charities and unrelated persons.

When it comes to asset protection, Nevada trust laws can help

The primary purpose of estate planning is to help individuals make sure that the assets they have worked so hard to accrue are protected and used for the purposes they intend after they die. One tool that many people find beneficial for estate planning is a well-designed trust.

One of the primary benefits of setting up a trust is the ability to avoid having the assets of an estate tied up in probate, a process that can take years to complete. In addition to avoiding probate, a well-structured trust can also help individuals to limit their tax liability. Trust laws in the state of Nevada are written in a way that makes them an attractive option for businesses and individuals across the country.

Paul Walker and estate planning

The recent death of actor Paul Walker at the age of 40 can teach people in Nevada about how to set up their estate. In his case, he left about $25 million in assets to his daughter, Meadow, in the form of a living trust.

First, Walker used a will to fund the trust. While some people place all their property in a trust directly, others use a will to pour over its assets into the trust. Both methods can often reduce the time and expense of probate proceedings. Second, although it can be difficult to face, death can happen at any time. Walker drew up his trust when he was just 28, and apparently understood the importance of safeguarding the future. However, he failed to update his will before he died at the age of 40, too long to go without addressing changes.

Nevada ranks among best retirement states

When people are thinking about where to retire, common considerations are how close they will be to friends and family, climate and cost of living. However, experts are also urging individuals to factor a state's taxation rate into account when determining where they will live once they retire. Tax rates can have a huge impact on how much money retirees have and how long it will last them.

Before someone selects a state to retire in, they should find out what rate it taxes income, property, retirement benefits and inheritances at. To determine what their total tax burden will be, individuals should look at where most of their money will be coming from. For example, even if a state does not tax retirement funds or social security income, the state may still have a high property tax rate. It is important for people to look at the big picture to get the most out of their money.

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