There are two groups of people who may need to set up a special needs trust. First, families who have a loved one suffering with a serious mental or physical disability may consider setting up a third-party special needs trust. This type of special needs trust would...
Protecting Your Wealth One Piece At A Time
Estate Planning
Choosing a trustee
If you are like many Nevada residents, your estate plan includes a trust. Along with determining which trust is the appropriate trust and setting up your trust documents, you will need to decide who will be your trustee. This is a huge position of trust that you...
Should guardians be used in my estate plan?
Nevada residents who plan their estates later in life may not think you need a guardian. Though, if you have a disabled adult child, then you will likely need an estate plan. For those earlier in life, you may need a guardian for both your kids and an elderly parent...
Should I be incapacity planning?
Estate planning and incapacity planning is uncomfortable. We are discussing our deaths and times when we may not be of sound mind (or even conscious). It is natural to put off such conversations. And, according to Caring.com, most (about 60%) are putting these talks...
What effect does divorce have on a life insurance policy?
Estate planning encompasses many different forms, from trusts and wills to powers of attorney and life insurance. These forms are affected by changes throughout your life, requiring you to update them to keep them current. One such event is a divorce and its impact...
Living revocable trusts can be beneficial to your estate plan
If you are beginning the estate planning process, you may be considering several estate planning tools to make sure your loved ones get their fair share of your estate. A living revocable trust may be an effective way to distribute your assets. What is a living...
What is the effect of a no-contest clause in a will?
When someone executes a will, their hope is that their assets will be distributed as they see fit. However, challenges to the will can frustrate that intent – so a testator may include a no-contest clause, in order to limit the chances of such a challenge. But do they...
Dos and don’ts of estate planning
It is never too early or too late to start the estate planning process, no matter your age or financial status. Experts have come up with some things to do and things to avoid as you embark on your estate planning journey. Here are some tips on how to handle the...
Unique wealth preservation challenges for entertainers
Las Vegas looks on with a mix of awe, reverence and perhaps a bit of envy at the talent, audacity and brilliance of those entertainers who have reached that precipice of fame and fortune that so few can attain. In the world of sports and entertainment, many of the...
Is my will revoked if I get married or divorced in Nevada?
People who have a will as part of their estate plan in Nevada generally name close family members as heirs. That will include a spouse. However, divorce is quite common and people might need to change their will to address the new circumstances. After the divorce,...
David A. Straus is the author or co-author of many publications.
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