On behalf of Escobar & Associates Law Firm, Ltd posted in Heirs & Beneficiaries on Sunday, February 19, 2012
By now residents in Nevada have heard of the tragic passing of the legendary singer Whitney Houston. The star died in a Los Angeles hotel room at the age of 48. It is still unclear as to how Houston died, and it will take several weeks to identify the exact cause of death.
This weekend close family and friends attended Houston's funeral, including her mother and 18-year-old daughter. As people remembered her top-selling hits, such as "I Will Always Love You" and "Didn't We Almost Have It All," a lot of attention has also been brought to the late star's financial situation and her estate.
On behalf of Escobar & Associates Law Firm, Ltd posted in Heirs & Beneficiaries on Friday, February 17, 2012
When it comes to estate planning, it may be hard to get the ball rolling but is highly beneficial for your future in the long run. Residents in Nevada who take the time to plan for the future leave their heirs a stress-free plan of attack when it comes to your assets. It also helps you clearly outline your wishes in order to make them legally binding.
Although estate plans differ from person to person, there are some basic documents that most everyone should consider for their future. One of those important documents is a will. Setting up a will takes the stress off family members in terms of dividing your assets. People can write a will on their own, but it is always advised that the document be looked at by a professional. An estate planning professional can also help you detail exactly what you want done and how you wish to have things disseminated. Of course, the document needs to be witnessed in order to have legal standing.
On behalf of Escobar & Associates Law Firm, Ltd posted in Estate Administration on Monday, January 30, 2012
Marilyn Monroe has undoubtedly been one of the most enduring figures in American popular history, even several decades after her untimely death. Most recently, her estate settled a long-fought legal battle over the rights to photos of the pop icon. At the center of the legal debate are post-mortem publicity rights, which have been addressed by Nevada laws, unlike many other states. Monroe's estate administration has been contentious, due to legal contests such as this.
Sam Shaw was known for photographing many Hollywood legends, including Monroe. In order to make money after the photographer's death, Shaw's estate began to sell rights to use images of Monroe for merchandise, clothing and a documentary film.
On behalf of Escobar & Associates Law Firm, Ltd posted in Heirs & Beneficiaries on Wednesday, January 25, 2012
Last week folks in Nevada and across the country remembered Martin Luther King, Jr. for his efforts in American history. His legacy is also a great example of the great need for estate planning. Currently his family is in a battle with his former secretary over documents she claims Martin Luther King, Jr. gave her. Just like the King family, more than half of all families in America are without a will and may face a similar situation once the estate owner passes away.
There are many reasons that families don't end up with an estate plan, from those who never get around to it to those that overanalyze the situation and let the details paralyze them from moving forward with a decision. Thankfully, it doesn't have to be complicated and there are some thoughts to take into consideration in order to get the ball rolling.
On behalf of Escobar & Associates Law Firm, Ltd posted in Inheritances on Thursday, January 19, 2012
Many people think that estate planning is for individuals with lots of money and assets. The recent passing of Apple CEO Steve Job is a prime example. Valued at an estimated $2.5 billion, almost everyone would agree that, with this kind of money, it's important to allocate where it should go. However, having an estate plan in place isn't just for the super wealthy who have lots of money; everyone should have one. Here are a few reasons why:
No guardian for minor children: Individuals leaving behind kids should designate a guardian they wish to care for their child in the event of their death. If they don't, the court will decide. Since a court is unfamiliar with a person's family situation or dynamic, the designated person may not be the best option for a person's particular situation.
On behalf of Escobar & Associates Law Firm, Ltd posted in Inheritances on Thursday, January 12, 2012
This year marks the final year of the Bush-era estate tax exemptions-that is unless Congress acts. The Bush-era tax exemptions put forth at the early start of the millennium will end on Dec 31, 2012. So what will they look like in 2013 if they are left to expire?
In both 2001 and 2003, together with Congress, the Bush administration revised the tax code and increased both the estate tax exemption amount and estate tax rates.
On behalf of Escobar & Associates Law Firm, Ltd posted in Heirs & Beneficiaries on Saturday, January 7, 2012
Many residents in Nevada who are approaching retirement age are concerned about their estates. After a lifetime of work, they often wish to leave something to their children or grandchildren. Without proper estate planning, that task can become troublesome and expensive, often ending up in probate court. Now, seniors have to worry about losing money as new tax laws begin to go into effect.
Estate planning, when done properly and early, can help individuals and families keep more of their money by lowering their tax obligations. Some ways to accomplish this are to set up family-limited partnerships or certain types of trusts. To deal with estate taxes, individuals may want to consider what is known as a Stretch IRA. These are just a very few of the options that seniors have when it comes to planning for their children and grandchildren.
On behalf of Escobar & Associates Law Firm, Ltd posted in Inheritances on Tuesday, December 27, 2011
Many Nevada residents will work their entire lives with the hope of leaving something of value to their heirs. The unfortunate truth is that it sometimes does not happen as planned. Inheritances are not always guaranteed. This is especially true if the proper estate planning has not been performed. The annual Nevada Safe Deposit Box Auction is a strong indicator of that.
This event takes place each year and is organized by the state treasurer's office. It consists of abandoned safe deposit boxes held by banks and casinos. After three years of dormancy, this unclaimed property goes up for auction. Casinos and banks will try to locate owners but if they cannot, they will turn the property over to the state, which will do its own search for the owners. If that fails, the property goes up for sale.
On behalf of Escobar & Associates Law Firm, Ltd posted in Inheritances on Wednesday, December 21, 2011
As of right now, the estate tax exemption is $5 million, with a top marginal rate of 35 percent. That means for most residents in Las Vegas, the estate tax does not apply. But in 2013, the current law will expire, causing the exemption amount to drop to $1 million. The top marginal rate will rise to 55 percent. This large change could scoop up quite a few Las Vegas estate owners and force their heirs to pay estate taxes.
Right now a bill, called the Sensible Tax Act of 2011, is being discussed among politicians, though reportedly it isn't getting much support. If the bill is passed, it would let the top marginal tax rise to 55 percent, but would index the $1 million exemption for inflation starting in 2000. That means the exemption would drop from the current $5 million for individuals and $10 million for couples to a $1.31 million exemption for individuals and a $2.61 million exemption for couples. The bill was introduced by a Democrat representative from the state of Washington.
On behalf of Escobar & Associates Law Firm, Ltd posted in Inheritances on Thursday, December 15, 2011
More money -- more problems. At least that is the conclusion of a recent survey of wealthy Americans conducted by Barclays Wealth, although the survey results could certainly apply to even those of modest means in Nevada. Amongst its many findings was the revelation that nearly 25 percent of high-net-worth individuals do not trust their children to protect their inheritance.
The reasons to take the time to go through estate planning are many, but perhaps no reason ranks as high as to share one's values and legacy with loved ones. Unfortunately, distrust of relatives and interfamilial conflicts often provoke concerns that one's wealth will simply be frittered away on extravagant and unnecessary personal expenditures. Indeed, the survey found that 36 percent of wealthy Americans have experienced family disputes caused by wealth.
