Recent Blog Posts
Are There Advantages to Filing for an LLC in Nevada or California?
For California residents, going across the border to create a Nevada LLC doesn’t provide an advantage in most cases. In fact, it may end up being more expensive with no real benefit. Setting up a legal entity to own your business, instead of holding it as a sole proprietorship, is a good idea. It’s… Read More »
What Type of Trust Avoids Probate?
Through estate planning, you can prevent your assets from going through the probate process after you pass away. You may use one or more methods to accomplish this, and one is living trust, which allows you to control assets while you’re in good health. LKP focuses on how we can help our clients reach… Read More »
What Assets Are Subject to Nevada Probate?
Not all assets must go through probate in Nevada. The probate process has a bad reputation for delay and bureaucracy. You may fear the worst if a loved one recently passed, but it may not be as painful as you think. State law limits the property involved. If there is no such property, or… Read More »
What Happens to My Trust When I Die? The Trust Administration Process
If you create a Trust in Nevada, what happens after you die? Creating a Trust involves placing assets into the care of a third party, known as a trustee, upon your death. The assets are held and administered for someone else’s benefit, known as the beneficiary. When you pass, the person you appointed to… Read More »
What is an LLC, and Why Use an LLC to Hold Property?
An LLC is a type of business entity used to operate a business. Limited Liability Companies (LLCs) can be formed by individuals, partners, or groups. The owners of an LLC are called “members,” and one or more of the owners may also serve as the manager of the LLC – or you may have… Read More »
Placing Conditions on a Trust for Children
A will usually comes to mind when people think of estate planning; however, you may want to consider a trust if you plan for your children to inherit any of your assets. You can establish specific stipulations or certain conditions for your children through the implementation of a trust. What is trust and what… Read More »
Retirement Planning and Estate Planning: the concepts and differences explained
Nevada is a great place to plan for your retirement and for your estate. Nevada does not have a state income tax. So, while federal taxes will still apply to your income, retirement benefits and social security benefits, you will not pay any incremental state tax on such items to the state of Nevada…. Read More »
Guiding an Elderly Parent through Estate Planning
Although death is the one thing life guarantees, it doesn’t make speaking about it any easier. Many people avoid having this difficult conversation with their parents. They prefer to put it off into some unknown time in the future. However, suppose a parent passes without any legal plan in place. In that case, their… Read More »
The Benefits of a Living Trust in Nevada
When people think of estate planning, they usually think about wills. A will is an essential start part of estate planning because it directs how your property passes after your gone. However, with a will alone, there is a probate process, and courts are involved. But a will is only one tool in the… Read More »
How to Create an Estate Plan as a Single Parent in Nevada
Although single parents share some of the same hurdles as other parents, they often face those hurdles without someone else to step in and help when unexpected life events happen. Doing things alone bears its own unique set of challenges. In some situations, single parents may have the help of family, friends, or neighbors… Read More »
