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January 2014 Archives

Estate planning for wealthy athletes and common mistakes

It is no secret to Nevada readers that professional football players occasionally make poor financial decisions, especially with estate planning. Young athletes often make hasty financial decisions, but many find it tempting when given access to large amounts of money after entering the National Football League. It is particularly important that anyone who suddenly receives a large amount of money carefully begins financial and estate planning.

Nevada estate planning includes the use of trusts and wills

A large number of people in Nevada and elsewhere have estates that are valued between $5 and $10 million. Though some may find this surprising, it is possible because of assets such as investments, real estate and retirement benefits. These people may think that laws relating to the effects of estate planning and the estate tax exemption do not apply to them, but a recent article disagrees.

Nevada residents may sympathize with probate nightmare

When Nevada residents enter the estate planning process, they trust that their wishes will be carried out in detail, with each asset and account properly passed on to the right party. Unfortunately, unforeseen events can quickly throw a solid estate plan into a probate nightmare, or worse. Such appears to be the case for one family who is still awaiting a resolution of an estate matter dating back more than six decades.

Estate heirs in Nevada can litigate when ownership is an issue

Readers in Nevada may be familiar with the works of famed artist, Alexander Calder. Calder worked as an abstract artist for decades and produced famed works such as 'Standing Constellation," among others. Now, the heirs of his estate and the heirs and beneficiaries of a gallery in another state have become embroiled in a lawsuit.

Estate administration requires collecting assets, paying debts

When someone dies, the need arises to determine whether an estate must be filed and administered. Where the decedent has left a will and there are significant assets that he owned at death, the estate must be filed. The same applies if there is no will but there are more than negligible assets. In either event, estate administration is required in Nevada and all other states.

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