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The Family Trust: Top 3 Reasons Probate Wasn’t Avoided While it is true that a properly funded and properly drafted revocable living trust will avoid the probate process, there are several reasons why probate isn’t always avoided. Here are some…
It is often reported that the majority of Americans do not have a Last Will and Testament, and I expect those in Nevada are no better. That leaves many with the question: What if I die without a Will? And…
Have you set up a trust and wonder how to hold title to your residence? Have you invested in your first rental property and wondered what would be the best way to hold title? Or have you been investing in…
Often people wonder whether you can set up a trust without a lawyer. I am not often asked this question I imagine because most people probably assume that my answer, as an attorney, will be “Absolutely not!” However, that is…
It is difficult to prepare for every contingency in life. This is also true for creating a trust. When it comes to money, not everyone will see eye-to-eye, and disputes can arise. Just like any other legal dispute, if a…
As you may know, the annual gift tax exclusion is currently $14,000 per person, per year. However, due to the estate tax lifetime exemption amount of $5,450,000 (for 2016), the gift and estate tax has become either irrelevant or arbitrary…
When dealing with living trusts, the focus is often on what happens when the settlor passes away. But what if one of the beneficiaries of the living trust that you have set up dies? Do you need to amend the…
Good communication between a trustee and the trust beneficiaries is crucial to the smooth administration of the trust. Thus, while trustees should stay in contact with beneficiaries, there are times when a Trustee either should or must provide notification to…
I recently published a series of blog posts on the importance of considering your digital assets in your estate planning. Well, if you are an executor or successor trustee and are trying to find a decedent’s assets or determine if…
Have you received your Welcome Letter from the Nevada Department of Taxation yet? The letter is to inform businesses about the requirement to file the new Commerce Tax return. Even though no tax is owed if your gross revenue is…
