While many prefer to make trusts revocable, meaning that they can be changed during the grantor’s lifespan, there are plenty of reasons to make a trust irrevocable. These kinds of trusts are well known as a means for the wealthy to ensure that their assets remain available to their benefactors after they die. However, irrevocable […]
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Even if it’s just to prepare for a certain eventuality, granting someone power of attorney is a decision that shouldn’t be taken lightly. Because of this, we thought it would be important to share a few things that you should think long and hard about when you’re granting someone power of attorney. Think About Yourself
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In October, same-sex marriage officially became legal across the state of Nevada. This will now change the way same-sex couples in Nevada conduct their estate planning. It is important that these married couples take the necessary steps to take advantage of their new legal rights and adjust their estate plans accordingly. The Supreme Court case
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As anyone with any experience in estate planning will tell you, probate proceedings are best avoided. The world isn’t perfect and sometimes they are unavoidable. When family members of a deceased individual dispute an estate, the whole estate has to endure probate court, dealing with the associated costs and maddening bureaucracy. Most individuals probably want
Is There an Easy Way to Avoid Probate in Nevada? Read More »
This past summer in Clark v. Rameker, the Supreme Court ruled unanimously that inherited IRAs are not retirement funds and thus are not protected during bankruptcy proceedings. This decision will have a clear impact on estate planning because IRAs passed onto heirs are no longer protected like they once were, and spouses who receive IRAs
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While most people understand the importance of having a will, they typically do not know what steps to take to write one. In some situations, having a professional write your will is best, especially for large estates. However, it is possible to write your own will. Writing a Will The first step in writing your
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Although it’s widely known that estate planning is important, most people prefer to put it off. Unfortunately, it’s one of those things that simply needs to get done or the repercussions could be severe for those most important to you. Vague notions don’t tend to motivate, so here are some of the reasons you should
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Among the most serious problems confronting our growing elderly population is the risk of elder financial abuse. Elder financial abuse is the use of unfair or deceptive practices that financially exploit and rob the elderly of the money that they spent their whole lives saving. It is already a widespread problem affecting people across the
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A very common misconception among people engaged in estate planning is the idea that only the extremely wealthy should establish a trust. This is actually not true. If you have more than $100,000 worth of assets, it is typically a good idea to set up a trust. There are other circumstances when a trust would
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In 1904, the New York Court of Appeals ruled that individuals could name a beneficiary to an upon-death bank account. The case was referred to as Matter of Totten, which is where this trust got its name. While a Totten trust does not meet the formal requirements to be considered a traditional trust, the courts
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