By Patricia Trent | Published December 31, 2015 | | |
In the 1980s and 1990s, long-term-care (LTC) insurance seemed a perfect fit for a generation of aging baby boomers who’d begun to worry they might outlive their savings. Elder care attorneys were recommending LTC policies as an essential element of any estate plan. But, according to a recent article in the Wall Street Journal, the Read MoreRead More
We hear this question from our estate planning clients quite often. The scenario is usually something like this: A divorced man with two children from a previous marriage marries a divorced woman with one child from a previous marriage. They plan to have children of their own. Each wonders, if I predecease my spouse, what Read MoreRead More
If like many of our clients, you and your family have enjoyed countless days at a beloved vacation retreat, you may be wondering how to keep that property in the family for generations to come. How you plan to transfer your vacation home will make all the difference in whether your children are able to Read MoreRead More
Many older adults value their independence and autonomy and resist the notion that their adult children, or another concerned relative, should begin watching over them or managing their affairs. Would-be guardians should appreciate how emotional such a transition can be for a senior who must confront their own mortality and accept a reversal of the Read MoreRead More
At first glance, the term “holographic will” sounds like something out of Star Trek, but the concept is rather simple and has been around for a long time. It is a self-executed will in which the signature, date and material provisions are written by the hand of the testator. Such wills are valid in Nevada Read MoreRead More
If you’ve been named the executor of a relative’s estate, you may have to post a surety bond with the probate court. Some wills have language that waives the requirement, freeing the executor from that expense. Otherwise, you must purchase a surety bond and post it with the court, before the court will name you Read MoreRead More
According to a recent story in Bloomberg Business, Nevada is one of a handful of states to which wealthy Americans, heavily taxed in their home states, are moving significant assets. Delaware and Alaska are also targets for individuals who want to avoid high income taxes. That wealth is coming in from states like New York, Read MoreRead More
A testator often inserts a clause into a will stating that any beneficiary who contests the will is automatically disinherited. The no-contest clause is meant to discourage frivolous suits by disappointed heirs who feel they didn’t get their fair share. These clauses are valid in Nevada, but they do not create an absolute prohibition. The Read MoreRead More
Going through the process of drafting a will provides the courts with a roadmap of your wishes about the distribution of your assets. However, this roadmap does not necessarily make the probate process easy. Nevada probate law addresses more than just the distribution of assets. Since it deals with debt, taxes and other issues, an Read MoreRead More
The Nevada courts recognize that the person who writes a no-contest provision into a will intends beneficiaries to accept the terms as written. However, the courts also understand that some individuals contesting a will in Las Vegas, or anywhere in the state, may do so based on concerns about the validity of the will. The Read MoreRead More
Q: What is estate planning?
A: Estate planning involves agreements and documents defining arrangements for transferring ...