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.
Blended families are becoming more and more common, as many readers in Nevada know well. What they may not be aware of is that this has led to an increase in the number of contests of estate planning documents in probate courts across the land. However, there are ways to protect against such actions, says one recent report.
One of the goals of people who enter into the estate planning process is to avoid probate. Often this is the case due t the fact that probate can extend the time that it takes for heirs and beneficiaries to receive assets left to them in an estate plan. However, for some people, a recent report notes, probate may be the best choice.
People in Nevada often begin to consider how they want to have their assets distributed after they die as they begin to age. However, it is important to begin estate planning much earlier, says one recent report. This can help to ensure that a person is ready for any unexpected event, such as an early on-set illness.
Many readers in Las Vegas will recall that singer Michael Jackson's death in the summer of 2009 sparked much controversy. At the time of his death, the singer was being sued by several people and owed an estimated $500 million in debts. After his death, his estate has become the subject of probate and estate litigation. This litigation has included a suit by John Landis and others regarding the world-famous music video of the song, Thriller.
When a wealthy person dies in Nevada, sometimes a court battle is waged over the estate. The ligation most often happens in the probate court and can cover many issues. This was the case recently after the death of famous artist Thomas Kinkade.
When large amounts of assets are set to be divided after the death of a person, some families turn to litigation. This has occurred as a result of the deaths of the founder of the company that created Gore-Tex and his wife. Nevada readers may be interested to learn about the battle that has been waged over the estate and division of company shares.
For Nevada residents wondering if proper estate planning is a good idea or not, the following story may answer that question. In 2006, an American multimillionaire died and left the majority of his fortune to a new foundation that was intended and dedicated to feeding Panama's poor children. A 7,000 acre tract along Panama's Pacific Coast, called Hacienda Santa Monica, was dedicated as part of a plan to grow for poor kids from seeds. He separately provided for his politically connected Panamanian wife and her children.
Recently, a story published in the Nevada Appeal offered advice and tips for people who may be involved in estate planning as it pertains to IRA's, as well as highlighted some current probate litigation issues. Some of the most beneficial directives highlighted facts that are normally brought to light during a probate case.