Jun 15 2021

The Mistakes an Estate Planning Attorney in Las Vegas Recommends Avoiding

Estate Planning Attorney in Las Vegas: Avoid These Errors

One of the most common misconceptions regarding estate planning is that only the wealthy should create an estate plan. However, this process should also be practiced by anyone who has assets or a family. The reason for that is because anything that you do not place in writing will be decided by the government. That, of course, is not something you want your family to have to deal with after you pass. However, according to an estate planning attorney in Las Vegas, creating an estate plan can be both a daunting and complicated experience. Thus, the following includes some of the most common estate planning mistakes and how you can avoid making them.

Start Your Estate Planning With Assistance From an Estate Planning Attorney in Las Vegas

As stated above, starting an estate plan when you have had no prior knowledge of making one can be a very complicated experience. That is why the first estate planning mistake people make is not seeking the advice of an estate planning attorney in Las Vegas. Even if you’re looking to only add a few items to your estate plan, experienced estate planning attorneys in Las Vegas can provide you with critical advice on what you should and shouldn’t add to your documents.

Not Considering the Successors

The natural order of succession is the spouse or the oldest child in the family. This is the order of successors that people, and even the courts, often take when considering who obtains power over your estate. However, just because someone has that role does not mean that he or she is going to be the best person for the job. Not only does this person inherit your assets, but he or she will also likely be placed in charge of taking care of debts and paying other family members what you promised in your estate plan. If the person does not have the maturity to take on this very serious role, it may be better for you to look at other people in your family to appoint as the successor to your estate.

Confusing an Estate Plan With a Will

When it comes to an estate plan, it should never only include a will. Many individuals make the mistake of believing that a will is actually the estate plan. That, of course, is wrong. If you only have a will set up, this means that your family is highly likely to have to go through the probate process. Not only can this create various internal fighting, but it can take months until they see any of your promised assets. A proper estate plan will involve several other items within it that may address issues such as:

Power of attorney for finances
Power of attorney for health care
A revocable living trust

Not Communicating With Your Family

If you’re an owner of multiple properties, you may be planning to leave them to your children or spouse. However, going this route can be more of a burden than a benefit to your children, especially if they’re already adults. For example, if your adult child inherits a home, he or she is not likely to want to move into it but would still have to pay property taxes and other maintenance fees on it. This may not only place a financial burden on him or her, but it can also lead to your properties being neglected. That is why it is so important to communicate with your family about what you’re putting in your estate plan. Take the time to ask them about their wants, needs and concerns over what you are offering them. This can greatly improve your estate plan and potentially save your family from having to fight over property.

Not Updating the Estate Plan

So you’ve consulted with a firm containing estate planning lawyers in Las Vegas and have your document ready. This means that you can rest now, right? Well, the answer to that is yes and no. If you’re still young, completing your estate plan is not enough to protect your family and your assets in the future. An estate planning lawyer in Las Vegas would recommend that you continue to update your plan every few years. This is because things in your life are going to change. This can be anything from a divorce to the birth of a new child. Not updating your estate plan can often lead to confusion and various legal battles when you pass away. In other instances, someone who is no longer in your life or who has passed away is still included in your estate plan, granting him or her the legal standing to claim the assets promised to him or her.

May 25 2021

A Probate Lawyer Helps Avoid Family Stress When Selecting an Executor

Ask a Probate Lawyer: How to Avoid Family Stress When Choosing an Executor

Among the most important decisions to make when creating a will is to select someone who can act as executor for the will. Keep in mind that an executor may need to handle disputes with beneficiaries, which is why it’s essential that you put a lot of thought into this decision. While you may have someone in mind for the role of executor, you might want to make a decision that won’t cause undue amounts of family stress. The wrong choice can add to the friction between family members, which you should avoid if you want to make sure that your assets and possessions are distributed in a timely and efficient manner. A probate lawyer can help you choose a good executor.

What Does an Executor Do?

When you assign someone to be an executor of your will, it’s important to understand that this individual will have numerous duties and responsibilities that they may need to fulfill. The exact responsibilities depend mainly on the complexity of your will, which you should discuss with estate planning attorneys in Las Vegas. The main requirement that an executor must adhere to is to act in good faith when carrying out a person’s will. While the executor isn’t entitled to obtain funds from the estate, they may be entitled to a sizable fee for the services they administer. Some of the many tasks that an executor can perform include:

Locating the deceased person’s assets and keeping them safe if necessary.
Filing the will with the correct probate court, which is required even if the will doesn’t need to go through probate in Las Vegas.
Contacting any beneficiaries who were directly named in the will.
Determining if the probate process is necessary, which may be required to validate the will.
Continuing payments from the estate’s bank account, which can include insurance, mortgage, and any other reoccurring payments.
Paying off creditors and debts that the deceased individual may have owed at the time of their death.
Making sure that property is distributed accordingly.
Paying income taxes for the final year the deceased individual was alive.

Because of the large number of tasks that the executor will be tasked with performing, it’s highly recommended that you choose someone you can trust.

How to Eliminate Family Stress When Making Your Choice

When you’re creating a will, it’s important to understand that family stress is practically impossible to avoid. While family members may deal with this stress in different ways, doing what you can to minimize any family stress may ensure that the will is carried out without any disputes or issues that could delay the proceedings.

At the time of creating a will, many people select an executor based on family connections and personal relationships. Even though it’s easier to choose someone you know and can trust, it’s also important that the executor of your choosing has the skills needed to carry out the will without adding to the stress that your family members are experiencing.

All executors must act in good faith when carrying out a will. It’s also important that they take measures to avoid potential conflicts of interest. The character traits that are most important in an executor include honesty, patience, and the ability to communicate well with others. An executor will oftentimes be tasked with managing disputes between beneficiaries, which is why it’s essential that your executor doesn’t add to the stress your family is going through.

Additional Tips on Selecting the Right Executor

When you’re taking steps to choose the right executor for your will, consider following some tips and guidelines that will minimize the possibility that you make the wrong decision. For instance, never choose someone who doesn’t get along with one or more of your family members. If you do, it’s much more likely that additional disagreements will occur when you’re gone, which only makes it more difficult for the will to be carried out in accordance with your wishes.

Make sure that the executor of your choosing understands that they can seek assistance from estate planning attorneys in Las Vegas if they are finding it difficult to settle your estate. Carrying out a will can be a lengthy process depending on the complexity of the document, which is why it’s better to obtain help from probate attorneys in Las Vegas instead of attempting to perform the required tasks without assistance.

Before you make your final decision, you’ll likely want to speak with the person you’re considering naming as executor. If the person doesn’t find out they’ve been named as executor until after you pass, they may be uninterested in performing the work that’s required of them. When you speak with this person, you’ll be able to determine if they are right for the role.

You may discover that the individual doesn’t want to be an executor or is too busy to visit probate court, sell properties, close accounts, and distribute assets on your behalf. Doing your due diligence before selecting an executor should make your more confident in your final decision.

Why You Should Obtain Help From a Probate Lawyer

When you’re setting out to create a will and choose an executor for the will, you might want to retain the services of a probate lawyer. They can help you look at candidates for the executor role and can give you advice on the qualities that are most important for this role. The probate lawyer you hire can also help guide you through the process of making a will. If you’d like to avoid the probate process altogether, a lawyer can assist you in protecting your assets and making sure that your beneficiaries receive your possessions and assets without delay.

May 11 2021

What Estate Planning Attorneys in Las Vegas Say About 401Ks After Death

Estate Planning Attorneys in Las Vegas Answer: What Happens to Your 401K After Death?

There’s no doubt about it; a person’s 401K plan is perhaps their most important asset. Years of work go into growing a 401K plan in order to ensure that a proper retirement is waiting for them. However, as many estate planning attorneys in Las Vegas know, life can bring upon many unexpected events. One of those events includes the sudden death of a person before they are able to utilize their 401K plan. Understandably, family members who are in the process of creating an estate plan want to know what happens if they pass away and they have not used their 401K plan just yet. Read on to learn more information about this issue and what you can do to protect your 401K plan.

Spouses and What Estate Planning Attorneys in Las Vegas Recommend

One of the hopes of those with a 401K plan is to have the funds transfer over to their spouse if they suddenly pass away. This concern is something that comes across the desk of many estate planning attorneys in Las Vegas. Probate lawyers in Las Vegas would say that in most cases, the spouse will inherit your 401K. However, it must be noted that your spouse must be legally married to you. If they are not, you should add them as a beneficiary first. But what happens if you have chosen another beneficiary? In this case, your spouse will have to sign a legal waiver of their right to the funds, thus allowing the transfer to your preferred person. Note that you must also make your employer aware of this change. Understandably, it can be rather difficult to discuss passing away with your spouse, but these are necessary conversations that you must have in order for everyone to be taken care of in the unfortunate event of your passing.

Is It Possible for Creditors to Obtain a 401K?

In most cases where a person suddenly passes away, they will have some type of debt to their name. Things such as a home, vehicle, or consumer debt are some of the most common. In this case, a wills Las Vegas attorney would recommend making sure that you have a beneficiary named during your estate planning process in order to protect your funds from creditors. Although very rare, if there is nothing written, your creditors may have an easier time collecting from your account. Thus, emphasizing the importance of having an asset protection lawyer in Las Vegas to ensure the proper financial protections are set up before it’s too late.

How Long Is the Transfer Process?

The sudden loss of income (especially if it’s only one) can be devastating to a spouse. The last thing people want is for their spouse to go through both the grieving process and the fight to keep the lights on and food on the table. That is why so many ask their estate planning attorney in Las Vegas about how long the transfer period is going to take. The answer to that is that it really depends on the situation. If your beneficiary is your spouse, they may have to wait until the end of the year of your death to receive the money. To have a more detailed answer, you may look into the type of IRA you have at the moment. This will allow you to understand your specific terms and conditions and take action before it’s too late.

Taxes and Your 401K

As the saying goes, there are only two guarantees in life, death, and taxes. That is why so many people worry about how much they are going to be taxed at the time of their death. According to tax laws, the moment a spouse receives funds such as a 401K, they become a part of the taxable estate. Fortunately, there are ways you can help lessen the burden of paying taxes. One of the most popular includes simply spreading out the payments made to your beneficiary. Because less money is being transferred at a time, the tax percentage also becomes smaller. Another method includes having the beneficiary transfer your IRA funds into their IRA account, thus preventing any taxation until they begin to use it themselves. This is an excellent option for younger individuals who are still able to work and have a long time before they officially retire.

What Happens With Retirement Savings?

Although your 401K plan is important, it should not be the only area of your financial life that you should be taking care of. Financial advisors recommend that people take the time to include a beneficiary as soon as possible. This is something that cannot be changed once you have passed away. In addition, you also want to protect any future earnings you may gain after your passing and who gets control of those earnings as well.

Apr 27 2021

Couples Who Are Unmarried Can Ask a Probate Lawyer for Advice

Unmarried Couples and Inheritance Laws in Nevada According to a Probate Lawyer

Couples choose to forego marriage for a number of reasons. If you are one of those couples, you may be wondering how to protect yourself and your partner. There are a few routes you can go. You can create a will and look into community property. A probate lawyer helps the executor of a will or beneficiary of an estate with the probate process. An asset protection lawyer can help you decide the options you have to protect yourself as a couple.

Guidance From a Probate Lawyer Regarding Inheritance Laws for Unmarried Individuals

Dying unmarried in Nevada means that community and separate property don’t need to be separated, but it can mean your next of kin may need a probate lawyer. If you have children, they will inherit your estate equally. If you don’t have children, but you have parents, they will inherit your estate. If your parents are dead, your siblings will inherit your estate.

Basically, your estate will go to your living relative that is closest to you. In the case that you don’t have living relatives, the state of Nevada will inherit your estate. These scenarios will only occur in the absence of a valid will. This is because the will always takes precedence over the succession laws of the state.

Probate vs. Non-Probate Inheritances

If the decedent has an estate that is less than $25,000, it may not be necessary to initiate probate proceedings in Probate Court. Instead, the person who has a right to the estate of the decedent, either by intestacy or a will, can fill out, sign, and have notarized a “Small Estate Affidavit”. For example, if the deceased is unmarried and has $10,000 in his bank account, his daughter can use this affidavit to claim the money in the bank account.

There are other assets that don’t need to go through probate. Life insurance policies and properties in living trusts don’t need to go through probate. Retirement accounts like IRAs and 401(k)s, and any accounts that are payable or transferable-upon-death also don’t need to. Any property that is jointly owned is also exempted from Probate Court.

Community Property and Unmarried Couples

In 1984, Nevada made it possible for unmarried couples, if they have mutually agreed, to apply community property law to the property they have acquired. This only can occur if the couple explicitly as well as implicitly agree to treat the property they hold together like a married couple. This can be done by a contract.

The purpose of community property was to prevent one person in the relationship from taking off with the acquisitions that belong to both people in the relationship after deciding to break up. Over time, community property has been used for couples who wish to buy property together before their marriage or after they have divorced. It can also be used by couples who have no intention of ever getting married.

The property doesn’t need to be equally owned. In the event that the relationship ends, the property belongs to the individuals involved correspondingly with the contribution each provided to acquire the property. Basically, they can own the property equally or they own a portion based on what they have contributed. This can occur regardless of the title being in both or one person’s name.

If both names of the couple are not on the title of the property, there has to evidence of clear intent to own the asset jointly. Proof of the couple putting together their resources to acquire property can be proof that the property is jointly owned. If that’s not the case, the monetary contributions of each individual can be considered in regards to who owns the property.

In cases where couples believed they were married but were not (possibly because of failing to dissolve a previous marriage), the property that these couples gained are divided as if they were married. However, it is not possible for the individuals to request alimony.

Inheritance for Unmarried Couples

Deciding not to get married means you opt-out of certain rights that a couple automatically receives once they get married. Most of these rights you can get through a well-drafted contract. These rights include visiting your partner in the hospital and making medical decisions for them. There is also the right to jointly own assets as community property. However, if you are not married, you do not have a right to inherit your partner’s property if there isn’t a will.

The Wrap Up

Inheritance laws for an unmarried couple are pretty straightforward. Basically, if you are unmarried, you cannot receive an inheritance from your partner after their death unless they have a will. You can protect yourself and your partner through community property and through wills. Talking to an attorney about preparing the proper contracts and documents is so important. They can make sure that in the event of one of you dying, you or your partner are protected.

Apr 13 2021

Guide to Estate Beneficiaries by Estate Planning Attorneys From Las Vegas

Estate Planning Attorneys in Las Vegas: Naming Estate Beneficiaries

Estate planning attorneys in Las Vegas field questions from every corner of the industry. Beneficiaries remain among the most common topics of discussion with our clients. Since it is such an important concept, understanding their mechanisms will be crucial. Otherwise, you’ll have limited knowledge regarding how your assets would be disbursed.

Estate Planning Attorneys in Las Vegas: What Is a Beneficiary?

So, if you have been planning for retirement wisely, you’ll have a few accounts full of assets. When planning for how those should be handled, you must consider who should receive them. Those people should be your beneficiaries. In other words, you should name them as the legal inheritors of such assets. That way, when the time comes, everything goes where it should.

By Naming a Beneficiary, You’ll Avoid a Lot of Potential Fees

Plus, on top of that peace of mind, you’ll also avoid a ton of fees. When you don’t name a beneficiary, assets pass through a number of 3rd parties before they disburse. As a result, your inheritors must pay a fee for each of those steps. By naming them ahead of time, you avoid most of those costs.

Primary vs. Contingent Beneficiary

Depending on the circumstances, you may want to name them contingent beneficiaries. Thus, only giving them access to your assets should certain circumstances be met. Otherwise, everything would remain under your control. In contrast, you are the primary beneficiary for most of your retirement accounts. Assuming you live to retirement, then those funds would belong to you. With a contingency, you avoid any unnecessary transfers. That way, these things only come into the picture when they are needed.

Benefits of Naming a Beneficiary to Your Retirement Estate

What would make someone name a beneficiary? If your assets go to your relatives either way, what are the benefits? Well, if you would like to minimize the fees and taxes, there’s nothing more effective. By naming beneficiaries, your inheritors save a ton. Since you eliminate a lot of legal processing, it’s much more affordable in the long run.

Guaranteed Funds for the Future

By setting up one of these, you provide a security net. In the future, when your inheritors receive their funds, they’ll appreciate the difference. Plus, by doing it this way, you ensure the funds don’t reach them too early. That way, they are old enough to appreciate such a large sum. Otherwise, wasting the funds would be a much larger risk.

A Few Potential Disadvantages

To complete this process, you’ll have to navigate some legalities. As a result, we recommend working with experienced estate planning attorneys in Las Vegas. When it comes to your retirement assets, you don’t want to leave things up to fate. If you can avoid it, you’ll appreciate such certainty. However, at the same time, this does place a few restrictions on you. Since these are legal contracts, once they are in place, overturning them can be a chore.

Comparing Types of Beneficiaries

In general, beneficiaries belong to one of two groups. On the one hand, they can be the primary beneficiaries. On the other hand, they can be the contingent beneficiaries. Each of these groups is important to understand. Unless you are familiar with them, it is worthwhile information.

Primary Beneficiary

Generally speaking, the primary beneficiary should be the account holder. For example, suppose you have an IRA. With one of those, once you reach retirement, the funds belong to you. As such, you would be the primary beneficiary. According to estate planning attorneys in Las Vegas, unless you transfer ownership of those assets, you’ll remain the primary beneficiary until the funds are gone.

Contingent Beneficiary

When planning for an inheritance, you can name a contingent beneficiary. These contracts specify which circumstances would grant individual access to the assets. Suppose you would like to set aside some money for one of your children. If that happens to be the case, you would name them as a contingent beneficiary to one of your retirement accounts. That way, if something transpired, they would receive them. At the same time, your assets continue to belong to you unless something happens. That way, your relatives have a sense of financial security. Plus, you’ll give it to them without giving anything away unnecessarily.

Naming Beneficiaries to a Trust

Naming a beneficiary to trust is similar. However, there a few key differences. Compared to an IRA, these would be much more involved. Unless you have a substantial sum of assets, the extra work may not be worthwhile. Nevertheless, under certain circumstances, these make more sense than anything else. Thus, if you’d like more information, we suggest pursuing it. By speaking with a professional, you’ll receive better guidance pertaining to your situation. That way, while you plan for the future, you’ll have all the needed knowledge.

Trusts vs. Other Forms of Inheritance

When you set up a trust, you are initiating a complex legal procedure. With other forms of inheritance, things are not as complicated. One consequence would be the higher costs that accompany trusts. Since they tend to be a bit more expensive, they are not suitable for all financial situations. In many instances, you’ll lose money in the run by using one of these. Fortunately, those same funds could be applied to an IRA. With one of those, you’ll prevent most of the fees. In this way, your retirement plans will be a bit more efficient. Plus, on top of that, you won’t have to worry about all the legalities of a trust.