Estate Planning

Estate Planning

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Estate Planning Lawyer — Las Vegas, NV — Escobar & Associates

Las Vegas, NV Estate Planning Lawyer

Estate planning encompasses a broad range of issues, from basic wills to complex tax considerations and legacy planning. Putting the right plan in place can offer you and your family peace of mind.

 

When you are looking for a dedicated, patient and understanding lawyers for estate planning assistance, Escobar & Associates Law Firm, Ltd., located in the Las Vegas and Summerlin area, can help. For more than 30 years, attorneys at Escobar & Associates has been evaluating clients’ assets before creating comprehensive estate plans that address their unique needs and wishes.

Three Pillars of Estate Planning — Las Vegas, NV — Escobar & Associates

Three Pillars of Estate Planning

When considering your options, keep in mind that your estate planning strategy should incorporate multiple objectives. The specifics may vary within these three categories, but they apply regardless of net worth, family situation, and background. The pillars of estate planning include:

 

Planning for Incapacity: If you are unable to make decisions because of an illness or injury, there is no one to manage your finances, assets, medical care, and well-being. With estate planning, you can address incapacity and have someone step in on your behalf.

Protecting Your Assets: You may have reasons to safeguard property from potential creditors, especially if you are a physician or other professional that sees high levels of litigation. There are ways to protect your assets from creditors, though it is unlawful to do so through fraudulent transactions. 

Continuing Your Legacy: Upon your passing, you want to maintain some control over how your assets are managed and the ability to express your intentions. Estate planning protects your legacy for future generations, giving you some authority over your real estate and personal property after death.

Overview of Wills

Your last will and testament is the cornerstone of estate planning to protect your legacy, and it becomes effective upon your death. One of the most important functions of your will is naming someone as executor to carry out the instructions you provide. Another is being able to distribute your assets to beneficiaries according to your wishes. However, there are many additional benefits to creating a will that you might not realize:

  • You reduce the potential for disputes among loved ones when there are multiple people who want to serve as the personal representative for probate.
  • There are fewer disagreements about who is entitled to a share of your estate or specific assets.
  • You can excuse your executor from the requirement to obtain a bond for probate, which can be expensive.
  • If you have intentions of donating to charity, you can make arrangements through your will.
Couple Reviewing Will with Attorney — Las Vegas, NV — Escobar & Associates

Basics About Trusts

Not all individuals looking into estate planning will benefit from a trust, but those who do can leverage significant advantages. A trust is a legal entity that is created by an agreement signed by you as a grantor. In the document, you appoint a trustee to manage real estate and personal items that you title in the name of the trust. You will also include provisions on how to make distributions of principal and income from the trust to beneficiaries.

 

It is possible to create a testamentary trust as part of your will, but the most common use in estate planning is a living revocable trust that takes effect during your lifetime. You would typically act as trustee and name yourself as beneficiary, so you have control over the trust assets. Upon your death or incapacity, a successor trustee takes over to continue on according to the instructions in the trust agreement.

 

An important benefit of creating a trust is that the entity owns property that you place into it, taking assets out of your ownership. The trust can be used for purposes of avoiding probate, as well as for privacy considerations.

Estate Planning Options for Incapacity

One of the most overlooked aspects of estate planning is what happens if you cannot manage your own affairs because of injury, illness, or other medical conditions. There are several documents that address incapacity, and our Nevada estate planning attorneys at Escobar & Associates will explain how these function:

  • With a Power of Attorney for Health Care, you name a person to act as your agent in dealing with medical treatment. Your agent can receive health care information, make decisions regarding procedures, and assist with finding assisted living.
  • A Power of Attorney for Property operates in a similar fashion, except that you will name an attorney-in-fact as an agent to manage your real estate and personal property. Your attorney-in-fact can collect income, pay bills, and handle other financial matters on your behalf.
  • A Living Will is completely separate from your last will and testament, and it aims to state your intentions about end-of-life care. If you are incapacitated due to a terminal illness, you can express your wishes about life-sustaining care, tube feeding, being on a ventilator, and other types of treatment.

Strategies for Avoiding Probate

When a person passes away, there are many financial and legal matters that remain. Probate, i.e., the estate administration process, is how surviving family members wrap up the deceased person’s final affairs. You streamline administration and maintain control over your estate by executing a will, but there may be ways you can avoid probate entirely. For instance:

  • If you have real estate that you hold with someone else as joint tenants with the right of survivorship, your interest passes to other tenants at your death. There is no need for probate when property is titled with survivorship rights, as the tenants take their share by operation of law. Typically, married spouses hold real estate as joint tenants. You can create survivorship rights for joint tenants as part of estate planning.
  • With many types of accounts, you can include a designated beneficiary to receive the proceeds upon your death. Checking, savings, retirement, and investment accounts may be structured as pay-on-death (POD) to a beneficiary. To access the funds, your beneficiary will only need a copy of a death certificate and an ID. Probate is unnecessary.
  • With different types of living trusts, you can avoid probate for everything that is titled in the trust’s name. You do not own the asset, so it will not be part of your estate. With additional estate planning, it may even be possible to avoid court entirely. A “pour over” will distributes everything you own individually to the trust at death, leaving you with no or fewer assets.

Scenarios Without an Estate Plan

An effective way to stress the importance of estate planning is to show you what would happen if you do not prepare documents for asset protection, incapacity, and your legacy.

  • Without a health care power of attorney, you may not be receiving the treatment you need while incapacitated. Your loved ones have to go to court to get permission to make decisions, which can take weeks.
  • Your real estate and personal property could be subject to waste, damage, or destruction if you become incapacitated. There is no one to manage them, handle maintenance, conduct repairs, and help your assets maintain their value.
  • If you pass away without a will, the laws of Nevada take over. Your assets are distributed to your spouse, family, and distant relatives based upon the statute on intestate succession. The result may be contrary to your intentions.

Legal Help and Advice on Estate Planning

There are many online and self-help solutions, but it is a mistake to entrust a computer with something as impactful and personal as estate planning. You will be checking a box, entering information, and possibly even signing digitally. Though it may seem simpler, you will not receive the benefits of knowledgeable consultation and personalized estate planning.

 

At Escobar & Associates, our team is dedicated to guiding you through the process confidently and giving you peace of mind about your future. Our Las Vegas estate planning lawyers will handle all essential tasks, so count on us to:

  • Consult with you about your family situation, financial condition, background, and goals with estate planning;
  • Develop an estate plan that helps achieve your objectives;
  • Explain the function of all estate planning documents we prepare, reviewing each so that you fully comprehend;
  • Making arrangements for signing estate planning documents, as some require neutral witnesses and notarization; and,
  • Providing instructions for all follow-up, such as details on storage and who gets copies.

Other Probate Options in Nevada

The estate administration process described above applies to many estates, but there are alternatives that may be appropriate for certain situations. Other legal proceedings that fall under the concept of probate include:

  • Affidavit of Entitlement: When an estate is valued at less than $25,000 and does not own any real estate in Nevada, you can use an Affidavit of Entitlement to gain access to assets.
  • Set Aside without Administration: If the value of the estate is less than $100,000, you can employ this process for both real estate and personal property in Nevada. The laws require you to file a petition listing the decedent’s assets, heirs, and beneficiaries. The process enables you to distribute property without going through full estate administration.
  • Summary Administration: With this process, you eliminate all steps of probate except for certain notices and the requirement to file an inventory. However, summary administration only applies to estates valued at $300,000 or less.

In addition, an important task we will coordinate with you is funding your living revocable trust. This task refers to transferring title for assets into the trust.

Starting the Estate Planning Conversation

It can be difficult to broach the subject since many people find the topic of estate planning to be morbid or depressing. However, the description above of what happens without an estate plan is also discouraging. Some tips on how to start the discussion about estate planning may help:

  • Set a proper stage for the conversation. It may be something to discuss during a walk, over coffee, or at dinner. Make sure there will be sufficient time to have a meaningful talk and that your loved one is not distracted or moody.
  • Keep an attitude of positivity and sincerity. There are numerous benefits to estate planning, so be prepared to describe them.
  • You should also stress how making arrangements protects your loved ones. They will not need to go to court for guardianship proceedings to get the authority to manage your assets and health care.
  • In your conversation, make special mention of the implications of incapacity. Many people think of death when they discuss estate planning, not realizing the lifetime benefits. 

Debunking Myths About Estate Planning in Nevada

There are many misconceptions that might affect people’s view of estate planning, and they allow misinformation to get in the way of a very important process. In addition to the information above, there are some myths that need debunking.

  • Myth: You can create a verbal will. That is not true, as Nevada law requires a will to be in writing. It must be signed by the testator in the presence of witnesses, so making an oral will is not sufficient.
  • Myth: Your trust is funded when you sign the agreement. This is a very major misconception, as failing to transfer title of assets to your trust means it is empty. YOU still own assets as an individual.
  • Myth: A trust can help you avoid creditors. No, you cannot use a trust to make fraudulent transfers when creditors are pursuing you. Transferring title to prevent paying a debt is unlawful.
  • Myth: You cannot change your estate plan. On the contrary, you can revoke, change, update, and amend any of your estate planning documents. The exception is an irrevocable trust.

Discuss Your Options with a Las Vegas, NV Estate Planning Attorney

It is helpful to review background information about options for estate planning in Nevada, but you can see the benefits of getting help from knowledgeable legal counsel. Escobar & Associates will carefully review your family and circumstances and advise you on an arrangement that will help achieve your goals. Please call 702.789.1422 or go online to schedule a free consultation with an estate planning lawyer. We can provide personalized advice and assist you in planning for incapacity and protecting your legacy.

CONTACT US TO TAKE CARE OF YOUR ESTATE PLANNING NEEDS

If you are looking for attorneys who have your best interests in mind and who will take the time to understand you and your family, contact us. In your initial consultation, we will answer your questions and discuss costs. In certain situations, flat fees may be available.

 

CALL US AT 702-789-1422

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