Nevada’s Living Will Lockbox

During the Surratt Law Practice radio show hosted by Kim Surratt with guest Melissa Exline, the attorneys recently talked about the Living Will Lockbox provided as a free service to Nevadans.  You can easily access the information available on the “Living Will Lockbox” by visiting Nevada’s Secretary of State online.  This service provides an accessible location for doctors to obtain documentation on your stated desires in the case of incapacity.  The “living will” also known as an advance directive/declaration to physicians, explains what you want to do for life prolonging measures (feeding tubes/hydration).

In light of the recent tragedies that have forced people from their homes, threats of flood locally, and our not to distant memory of fires that swept through Northern Nevada, it is always a good idea to store your important where to buy proscar forum papers in a safe place.  The “lockbox” is a resource that is easy to use.  Also, please make sure you get a fire rated and water resistant document holder and/or scan and store your most important documents in the “cloud” or in some sort of offsite but accessible location.  Not only that, you need to have the right documents created in the first place!  For those of you out there interested in talking about your estate plan, options, and the other documents besides a Will or Trust that are part of the estate plan which we talked about in depth in the radio program, please call our office, mention the “disaster planning”, and we will give you a free half-hour consultation.  Don’t wait any longer – get your estate plan completed!

Estate Tax and Me Where Do You Fit?

My estate planning clients often ask me about the estate tax, coming from the perspective that they want to avoid this if they can.  In most cases, my “normal” income clients are nowhere near at risk of having their estate subject to any estate tax.  What it does show me is that there is a lot of talk about the “death tax” but a lot less actual information being conveyed about what that tax really is, who is at risk of paying, etc.

I just read: Estate Planning in the Age of Obama: Where Is Tax Law Headed?, a blog article by Robert Denham, Esq. on  Most of this information only applies to people whose overall estate is at risk of being at or above $1 million per person.  I feel like this is a very low number for people.  What makes you say that, you ask?  Well, it could improperly impact people that have lived in a home for their entire lives, have a home worth something like $750,000, with a “modest” or “normal” amount of saved retirement or other assets that puts them over the $1 million mark, but, they are cash poor.  The estate may be forced to sell a family home buy proscar online europe simply to cover the taxes.  I feel like lawmakers will understand this, and don’t want to have any cases where the media grabs onto this and shows the horrible story about how the family home or farm was forced to be sold to cover a “death tax”.

Thus, I agree with this blog post that puts the estimate of the estate tax exemption at or near the $5 million mark.  We will only know more when law makers actually start working on this, but, the bottom line is this – if your total estate is less than $1 million (per person), this tax law change is not likely to impact you.  If you’re at or above $5 million, there is a chance it could impact your estate, but, the exemption is probably still going to be substantial enough to cover a full five million before a tax kicks in.  Therefore, not only will the well off be okay (i.e. not taxed), but the very well off will also be okay, leaving an anticipated future tax hike to impacting only the extremely well off and dipping into the pockets of the super duper filthy rich.  Hold on for the ride and let’s see what happens!

Estate Planning During and After Going Through a Divorce

So, you are in the middle of a divorce.  The Decree of Divorce is near, after months of dealing with the nuances and details.  Perhaps you were unfortunate enough to have to go through a Trial to accomplish your divorce.  After all that, you may not be up to it, but now is the time to get your estate plan re-evaluated.  If your spouse was named as the designated beneficiary on most, if not all, of your important documents (IRA and life insurance beneficiaries, to name just a couple), while you are familiar with your estate, you should get your will and/or revocable living trust established and name the actual beneficiaries you want to take in the event of your death.  Now is one of the best times to get this done.  In fact, while your divorce is pending, beneficiary designations on life insurance policies, and certain types of IRAs can sometimes be changed without your spouses consent.  It may be as simple as contacting your bank and filling out the necessary forms.

If you do not have any existing estate planning documents, there is no better time to deal with this, since you have spent so much time combing through all of your assets.  Even during the divorce process, you can take action to be sure your desires are accurately stated.  What would happen if you were to die or become incapacitated while the divorce action was pending?  More than likely, your spouse is going to take over control and receive the bulk of your where to buy proscar in singapore estate.  In Nevada, a party’s marital interest in an asset or debt will remain in effect until the divorce is final.  Some divorce actions can take many months, if not years.  Therefore, even if your case is in pending litigation, if you die while that legal action is pending, your estranged spouse would continue to have a marital interest in your assets, and would, under the law, be the natural beneficiary of your possessions, with some limitations.

Under Nevada’s intestacy statutes (the rules that govern if you do not have a will or trust), the spouse of a divorcing party with no children would be entitled to receive 100% of the deceased spouses assets.  You may not have lived together or shared anything for years, but that will not have any bearing on the applicability of this rule. This is but one reason to get your will revised or drafted while you are in litigation awaiting your divorce.  After the divorce is final, you have some statutory protection that would apply to bar an ex-spouse from receiving from your estate.  However, it is best to take control and put your desires in place.

Don’t make the mistake that so many people make – they move on after a divorce with stale and outdated documents.  We know you are emotionally spent after a divorce, but taking this time now to establish a your own will and trust will truly give you the fresh start you are seeking!

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