Recent Blog Posts
What Happens to a Joint Bank Account When One Owner Dies Without a Will in Nevada?
Joint bank accounts may be useful for spouses, family members, and business partners who share expenses or help each other with their finances. However, multiple owners can create some issues, including who takes ownership if one account owner passes away without a will. Contact our estate planning lawyers to help you navigate the next… Read More »
What is Estate Tax Portability, and How Can It Help Me?
Federal estate taxes only apply to wealthier individuals, and portability is a way to reduce the burden on a married couple. This practice allows an unused tax exemption to be used by the surviving spouse as long as the right IRS form is used. It’s a small price to pay if it helps your… Read More »
Does a Surviving Spouse Inherit Everything in Nevada?
As with just about every legal question, the answer to this is: it depends. Generally, if a married person passes away owning only community property, or if a married person passes away owning separate property, but has no surviving children, no surviving parents, no surviving siblings, and dies without a will or other type… Read More »
Reducing the Taxable Estate in Nevada
When an individual’s “estate” (i.e., the total value of all assets owned by that individual at the time of death) reaches a certain value, the individual will have to pay estate tax at the time of death. This means that the individual’s heirs will forfeit a portion of their inheritance to the estate tax…. Read More »
Nine Financial To-Dos to Help You Stay on Track in 2024
It may be hard to believe, but it’s 2024. You probably have a lot going on, so time passes quickly. You spend much more time earning money than thinking about how to make the most of it. Financial planning and making the right money decisions are an ongoing task. If you don’t take time… Read More »
Which Documents Must You File With the State to Start a Company?
If you’re starting a company, the documents you are required to file with the Secretary of State depend on which type of entity you choose. There are many benefits to operating as a formal business entity, but this will typically require forms to be completed and filed with the Secretary of State. If the… Read More »
The Five By Five Rule and What It Means for Trusts and Beneficiaries
The five-by-five rule pertains to certain withdrawal rights a beneficiary may have under the terms of a trust. It is an optional provision that may be added to a trust if the person creating the trust (the settlor) desires those benefitting from the trust (the beneficiaries) to have the ability to withdraw certain amounts… Read More »
Essential Considerations for Estate Planning
Effective estate planning requires valid and properly executed legal documents and an overall strategy to accomplish your goals. You need to determine your priorities and decide how you want your assets to be managed and distributed on your behalf during periods of incapacity and after your death. LKP is a Las Vegas, Nevada, estate… Read More »
Can I Create My Own Trust?
Trusts are legal arrangements that can be simple or very complex. In order to ensure your objectives are achieved and that you are not creating any problems down the road, you will want to be sure your trust is properly drafted and created. While you may save money in attempting to draft your own… Read More »
Thy Will Be Done: What Makes a Nevada Will Legal?
Aretha Franklin knew how to perform music, but she may not have known much about probate law. If she did, she may have formalized her estate plans instead of writing them on a piece of paper that ended up under a sofa cushion. Without a will, your property passes to your heirs (i.e., your… Read More »
