The idea of estate planning might be one of the scariest things you have to confront as an adult. After all, nobody wants to think about their death. Or incapacity. But estate planning does not have to make chills run down your spine. On the contrary! Estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you … [Read more...] about Estate Planning Isn’t Spooky! But not planning can be downright terrifying.
Trust Administration and Probate
A trust is meant to work as a part of your estate plan as a means to avoid probate, minimize estate tax liability, and protect the inheritance for your beneficiaries. To put it in simple terms, a trust is basically a fiduciary agreement between the Trustor (the person or persons that create the trust) and a Trustee. The nature of a trust agreement is to authorize the Trustee to hold and manage the trust assets on behalf of the named beneficiaries. The trust's terms will provide the necessary … [Read more...] about Three Essential Steps in Creating a Trust
Do You Know Your Trusts? from Brad Anderson The basic purpose of a trust, in estate planning, is to minimize estate taxes and avoid probate. There are many different types of trusts, each with their own specific purposes or goals. Learn more about trusts in Nevada in this presentation. … [Read more...] about Do You Know Your Trusts?
Performing the duties of a trustee after the death of a loved one is an important duty. The good news is, you aren’t expected to start working immediately, because the tasks required of you are not of an emergency nature. However, within a month or so, you will need to start performing some of the preliminary tasks. This article will provide some basic information so you can survive your first six months as a trustee. How long will it take to distribute the property? Depending on the … [Read more...] about Your First Six Months as a Trustee
The basic purpose of a trust in estate planning is to minimize estate taxes and avoid probate. What is a trust, exactly? It is a fiduciary agreement (one based on confidence and trust) between a trustee and the grantor (maker) of the trust. The agreement authorizes the trustee to hold and manage the trust assets on behalf of the beneficiaries, and provides specific instructions on how to manage and distribute those assets. There are many different types of trusts, each with their own specific … [Read more...] about Free Report: Do You Know Your Trusts?
If you have recently been notified that you were named as a beneficiary in someone’s will, you may be curious about the probate process that will take place. Probate is a court process that can be lengthy, depending on the size and nature of the decedent’s estate. The court must first appoint a personal representative for the estate, and many other steps must be taken before the estate’s assets can be distributed to you and the other beneficiaries. Once all assets have been liquidated, how long … [Read more...] about Nevada Probate Process
In Nevada, if the deceased person's assets exceed $20,000, or if there is real estate involved, probate is normally required. Topics covered in this whitepaper include: When Does a Probate Need to be Opened? Summary Administration vs. General Administration How Do I Start Probate or Administration Proceedings? When is Probate Not Required in Nevada? How Long Does Probate or Administration Take? Can Probae Be Avoided? Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Probate Process in Nevada
Possibly one of the most important decisions you make concerning your trust is who will serve as your trustee. The trustee has a duty to comply with the terms of your trust. These duties include distributions of income and principal, making prudent investment decisions, managing real property and exercising discretionary authority. While it is common for parents to name a child or trusted friend, there are other choices, such corporate trustees. The benefits of a corporate trustee should not … [Read more...] about Benefits of a Corporate Trustee