How the New Permanent Estate Tax Law
May Affect You
Thursday, September 26, 2013
5:30 - 6:00 pm
Acuity Financial Center
7881 W. Charleston Blvd.
RSVP to Debbie @ 579-7000
Drafting Effective Wills & Trusts
Monday, October 7, 2013
9:00am - 4:30pm
4000 W Flamingo Rd.
Register at www.nbi-sems.com
ASDO Caregiver Conference
Wednesday, October 23, 2013
8:30 am - 4:00 pm
2716 N. Tenaya Way
Call (702) 363-7566 to register
Rules of Trust Administration
Thursday, December 12, 2013
8:00 am - 4:30 pm
Hilton Garden Inn
1340 West Warm Springs Road
Register at www.lorman.com/ID392006
Thursday, September 19, 2013
Wednesday, September 18, 2013
In this age of do-it-yourself frugality, many surviving spouses and family members are unfortunately experiencing the hidden cost of a loved one’s use of internet and other legal forms for estate planning. Oftentimes the Trust or Will form used by the decedent is improperly completed, does not meet the needs and desires of the person and family, and is contradictory and/or ambiguous. In the latter situation, a court must try and interpret what the decedent intended after the death of the loved one. This is expensive and time-consuming, and the Court may or may not be correct in its attempt to decipher the true intent of the decedent.
Everyone’s estate plan is unique to his or her specific desires and needs. Some of the many considerations for your Trust and Will are:
1) What are the federal estate tax ramifications of the terms of my Trust and Will;
2) What powers should I give to my trustee and executor;
3) How can I leave a child who receives governmental assistance an inheritance without disqualifying the child from such assistance, if at all;
4) In what situations can I delay distribution to a beneficiary, if any;
5) Can my Trust be the beneficiary of my qualified retirement plan;
6) What, if any, “no contest provisions” should be included;
7) What is the difference between “per stirpes” and “per capita”;
8) Will the spouses of my children inherit the child’s share if my child predeceases me;
9) What does “lapse” mean;
10) What is the difference between an “option to buy” and a “right of first refusal”;
11) What is the rule against perpetuities and how do I satisfy it, and
12) Should a HIPAA release be included in my Trust or Will.
One of the best analogies to this situation is a medical prescription pad: just because you have a valid medical prescription pad, that does not mean you should be writing prescriptions. The same is true in the legal profession: just because you have a standard, generic legal Trust or Will form, that does not mean you should complete it in an attempt to meet your individual estate planning needs.
Thursday, September 12, 2013
Wednesday, September 11, 2013
Friday, September 6, 2013
We always encourage our clients to properly fund their trust. Ideally a person’s trust should become the new owner on real estate, bank accounts, life insurance, non-qualified retirement investment accounts, and even cars.
Naturally, plenty of clients balk at our instruction to transfer title ownership of their cars to the trust. After all, in Nevada this can require making a change to your liability insurance policy so that the registration and insurance can be verified to match by the DMV. And why go to all the effort when you are just going to upgrade the car next year?
While transferring title of a vehicle to a revocable trust is the best advice for dealing with contingencies, we do often recommend the following alternative: the use of Nevada Department of Motor Vehicles Form VP239 – titled Transfer on Death Application. The form can be found here. This form allows current title holders to add one transfer-on-death beneficiary to the title. The vehicle cannot have a lienholder, but the form is useful for permitting a hassle-free transfer of ownership of a vehicle upon a person’s death. So, if the vehicle is paid for and if you are satisfied with the vehicle transferring directly to just one beneficiary, then this method is potentially much easier than transferring title to the trust.
For those interested in doing it the official way, the form for transferring title of a vehicle to a trust is Form VP188 and can be found here. Make sure to read the information on the DMV website here under “Family Trust” for instructions on how to properly accomplish the transfer.