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....
Continue readingThe choice of marital deduction funding formula can affect the revocable trust in many ways. ...
Continue readingTrust agreements can terminate for any number of reasons. Following are several explanations of why a trust might end, come to its conclusion, and be terminated…...
Continue readingWe often receive calls from persons who have been informed of the death of a parent, and as is natural, the child of the deceased parent wonders if he or she has a right to any portion of his deceased parent’s estate. Our usual response is, “That depends.” ...
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