If a loved one has passed away, their estate will need to be managed. Generally, this is done through the courts in a legal process called probate. This process is influenced by whether the person had a will and who they listed as their beneficiaries. A beneficiary is a person that is entitled to some or all of the deceased assets. ...
Continue readingIf a loved one has passed away in Nevada, you may be wondering if you need to hire a probate lawyer to help you settle their estate. This can be even more challenging if you do not live in Nevada yourself. ...
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On November 22, 2019, the IRS announced in IR-2019-189 that final Treasury Regulations will allow individuals to take advantage of the increased gift and estate tax exemption amounts which are in effect now through 2025, even if a person dies after such amounts drop back to pre-2018 levels. ...
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The Nevada legislature created the Set Aside process to make sure that surviving spouses and minor children were taken care of after a loved one passed away....
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Decedent's Debts – Am I Responsible to Repay Them? With some limited exceptions, the answer is no. Read on to learn the details....
Continue readingWhen you are young, your parents took care of you. They fed you every day and treated you with love while you lived under their roof. Now that you are an adult, you venture out into the world and start caring for yourself. You establish your own home and have your own family. However, in the back of your mind, you don’t forget about your elderly parents, who you want to care for. How would you care for them from a long distance? Here are some of the tips to get started. ...
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Become an expert on the probate process & which administration applies to your situation. There are many ways to avoid the probate process, most of which would require preplanning. There are some options post mortem but as with any legal process, it is always in your best interest to seek competent counsel....
Continue readingNevada historically has been considered a favorable jurisdiction for forming and maintaining a trust. As one of the first states to pass legislation permitting the self-settled spendthrift trust, or domestic asset protection trust (“DAPT”) as it is sometimes identified, Nevada offers cutting edge laws in the areas of trust formation and administration. ...
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Most of us have been there, cruising along in life without responsibility. Maybe we are married, but, hey, she/he was fine without me before we were married, so who needs to plan. And maybe you are right. But that all changes when that first child comes along. ...
Continue readingDuring the 2011 Legislative Session the Nevada State Legislature passed Senate Bill 221. A major provision of SB 221 was the enactment of the Independent Administration of Estates Act, hereafter the “Act.” The Act became effective October 1, 2011, and is codified in Nevada Revised Statutes (NRS) 143.300 et al....
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