Practice Areas - Estate Planning
Trusts and Estate Planning
Trusts and estate planning consist of a variety of different tools including but not limited to wills, trusts, durable powers of attorney, directives to physicians, family limited partnerships, gifts, income and estate tax planning. These are tailored to the specific needs of each client. There are some financial benefits. Personal benefits include authorizing someone to assist in decision making on your behalf in the event of an accident or incapacity.
Wills, Living Trusts, Probate and Directives
A will is a document that sets forth a person's desire in naming a personal representative whose responsibility it will be to distribute the assets of his or her estate after death in accordance with a plan among the named beneficiaries.
The living trust is often marketed as a vehicle that allows you to "avoid probate" upon your death. Probate is the court-supervised process of transferring property at death pursuant to the terms of a will. Many types of property routinely pass outside of the probate process. These include:
life insurance or retirement plan proceeds which pass to a named beneficiary rather than to your estate
real estate or bank or brokerage accounts held in joint names with right of survivorship
A properly drafted will can eliminate some of the steps otherwise required in the probate proceedings. However, much of the delay and red tape customarily associated with probate is a result of the tax laws and tax filing requirements, which cannot be eliminated through a living trust and the avoidance of probate.
Our attorneys are familiar with the laws of the State of Nevada and will help you protect your assets and ensure your wishes.
If you have had wills, trusts, directives and other documents drawn up in a different state from where reside, you may not be protected. New HIPAA laws require you to have directives in accordance with your State's laws. If you are traveling be sure to carry your health care directives with you.
