If you’re doing estate planning as a business owner, a major part of that plan may be business succession planning. You need to pass the company on to someone else. If you want it to stay in the family, this person may be a direct descendent, like one of your children...
Creating an estate plan is a major undertaking, but it’s vitally important that it’s done properly. One goal you likely have for your estate plan is to pass down assets to your beneficiaries. Deciding who you want to take control of your bank account when you pass...
The process of estate planning is a lifelong endeavor. Many people update their estate plans regularly. The typical amount of time between updates is about three to five years. Life is unexpected, and you may have a reason to make changes earlier. Here are a few...
There are many reasons why you might want to avoid probate for your estate. Probate can be time-consuming, often taking months or even years to complete. It can also be expensive, with fees and court costs eating into the value of your estate. Probate is also a public...
A power of attorney is an estate planning document that you can use to select an agent. You can then give this agent specific tasks. For example, you can use a financial power of attorney to authorize your agent to access bank accounts, pay your taxes, pay medical...
The prospect of family members fighting over estate resources is a stressful idea for many Nevada testators. They don't want the resources they earned to go to waste, and they don't want their final legacy to be a massive family dispute that pits siblings and cousins...
Gifting can be a strategic part of estate planning because it allows individuals to reduce the size of their taxable estate while providing financial support to their beneficiaries. While people are free to gift what they want to who they wish to, specific limits...
With everything you have to deal with after a loved one’s death, you’re probably not thinking about the possibility of identity theft. However, every year in the U.S. alone, approximately 2.5 million people become the victims of identity theft after they pass away. ...
An executor is a person named in someone's will who -- once confirmed by the court -- oversees the distribution of their estate. There’s a lot that an executor is expected to do. If you find yourself in this position, here's where to start: Locate the deceased's last...
You must make many critical decisions when creating your estate plan. One such decision is choosing someone to carry out the wishes expressed in your documents (distribute property, pay debts, etc.). But how do you choose an executor? Start by writing down a list of...