Many Nevada residents may prefer the "Band-Aid" approach to estate planning: get it done fast, get it over with, and move on -- like pulling off a Band-Aid. For this reason, many residents will be dismayed to learn that keeping up with a will and the details of estate planning are a lifelong process. This approach is easy to recognize when one considers all the changes that take place within the course of a person's lifetime; people get married, they have children, their family dynamics change and they accumulate assets. The majority of people go about life without considering the need to update their will. Unfortunately, this oversight can end up causing trouble for family members in the long run.
The ABC's of estate planning
For many Nevada residents, estate planning can be an intimidating process. There are so many questions, and so many details to address, the sheer magnitude of it all can be overwhelming. How will estate planning benefit my children? Or, what's the most effective way to transfer my wealth to my family members?
How trust administration can ease the national debt
Our state is often associated with a specific type of money-related activity -- gambling. However, if one retired teacher from our state has her way; Nevada may soon be associated with a very different money-related activity -- charity. More specifically, donations made to the Bureau of the Public Debt, which could be described as a charity that provides for the whole nation.
Beneficiary designations important in estate planning
We recently said estate planning in Nevada involves more than just making a will. One area that is often overlooked is a periodic review of beneficiary designations on various insurance policies and other potential assets. Recent court cases that have culminated in decisions from the U.S. Supreme Court emphasize the importance of reviewing these designations and changing them as circumstances require. It is a necessary part of proper estate planning.
