Every estate plan has to be crafted with the unique family in mind. For some Nevada families, this may simply mean evenly dividing assets between adult children. For others, however, complicated family relations may make the estate a complex one to divide without creating hurt feelings or further complicating those family relations.
The estate planning process differs for everyone as individuals have different needs. There may be basic documents that can benefit everyone as they move to protect their estate and their loved ones. However, one estate option for Nevada families that is worth getting to know more about is the creation of a trust.
When people decide to begin the estate planning process, they may assume it is as easy as writing down whom they want to receive what. However, just as every estate is different, the process for leaving behind assets to beneficiaries can be unique and require a lot of forethought. Every asset in Nevada can't be dealt with in the same manner.
It is not uncommon for the news to report on the life, times and death of the rich and famous. When Lou Reed died, the famous musician naturally made news in Nevada and across the country. Now, he is making news again; not for his music, but for how his estate plan was handled -- namely questions about why he didn't have a trust instead of a will.
Estate planning is complicated, and it may be hard to determine how to properly divide an estate. While not every Nevada family can afford to leave an inheritance for their children, this is an important priority for many families. It is estimated that only approximately 60 percent of people plan on leaving an inheritance as part of their estate planning.
It is no secret to Nevada readers that professional football players occasionally make poor financial decisions, especially with estate planning. Young athletes often make hasty financial decisions, but many find it tempting when given access to large amounts of money after entering the National Football League. It is particularly important that anyone who suddenly receives a large amount of money carefully begins financial and estate planning.
A large number of people in Nevada and elsewhere have estates that are valued between $5 and $10 million. Though some may find this surprising, it is possible because of assets such as investments, real estate and retirement benefits. These people may think that laws relating to the effects of estate planning and the estate tax exemption do not apply to them, but a recent article disagrees.
When Nevada residents enter the estate planning process, they trust that their wishes will be carried out in detail, with each asset and account properly passed on to the right party. Unfortunately, unforeseen events can quickly throw a solid estate plan into a probate nightmare, or worse. Such appears to be the case for one family who is still awaiting a resolution of an estate matter dating back more than six decades.
Readers in Nevada may be familiar with the works of famed artist, Alexander Calder. Calder worked as an abstract artist for decades and produced famed works such as 'Standing Constellation," among others. Now, the heirs of his estate and the heirs and beneficiaries of a gallery in another state have become embroiled in a lawsuit.
In Nevada, people sometimes make designations of beneficiaries on many different accounts. In fact, the number of places that such a designation is required in estate planning tools may be surprising to our readers. Retirement accounts, insurance plans, 529 college savings funds, bank accounts and mutual funds are just a few of the places that a designated beneficiary is named.