Irrevocable trusts are a common estate planning tools. They play an important role in protecting assets, reducing taxes, and preserving legacies from one generation to the next. Irrevocable trusts come into existence in a number of ways. A trustor who…
In the simplest of terms, probate is the legal process for disposing of your property after you die. However, “simple” isn’t the first word one thinks of when you think about probate. While probate may not always be complex, it…
Many documents can determine how you are attended when you are sick. The most notable ones deal with those times when you are unable to express your own desires. These include being in a coma or going into cardiac or…
Nevada was one of the first states to allow domestic asset protection trusts. The State legislature amended the spendthrift statutes in 1999, allowing for their creation. The legislature wanted to make Nevada’s law one of the best in the country.…
Upon divorce, one thing that needs to be reviewed is one’s estate planning. Typically people want to replace spouses on their powers of attorney for healthcare decisions and financial powers of attorney. Removing them as a beneficiary from a last…
In December, 2014, Congress passed the ABLE Act, which allowed those with disabilities that qualify to save money in a special type of savings account which is exempt from the means-testing required for Medicaid or Supplemental Security Income benefits. So…
When establishing a Special Needs Trust (SNT), one thing trustees want to know up front is what kinds of things can be paid for by the SNT on the beneficiary’s behalf. Whenever the SNT is set up, an instructional letter…
I have been practicing estate planning for two and a half decades, and have not seen nor prepared an electronic last will and testament. However, the use of an electronic will, or e-will, in Nevada has been possible since 2001.…
What do you do when someone dies leaving just a car or small bank account in their individual name? Perhaps he had a revocable living trust, but didn’t get all of his assets into the trust before dying. What needs…
While my focus is on helping people plan their estates and protect their assets, I recently ran across this article about what to do now to plan for a better retirement. Proper estate planning is just a piece of…
