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Considering Guardianship? | February 2024

Guardianship is a legal process that appoints someone to make decisions for another person who is deemed unable to do so for themselves. This can be due to factors like age, disability, or mental illness.

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Five Things to Know About Trusts | January 2024

A trust is a contractual relationship. A trust is an agreement involving at least four elements: (1) the individual or entity that creates the trust and sets forth its terms; (2) the appointment of a trustee; (3) the identification of current and future beneficiaries; and (4) a right or interest that is transferred to or acquired by the trust. The most common type of trust is a “revocable living trust” and is used primarily to plan for incapacity and pass assets to heirs upon death.

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Understanding Mental Health and Guardianship: Navigating Complexities Associated With Schizophrenia | December 19th, 2023

Mental health is an integral part of one’s overall well-being, and when it deteriorates to a point where a person is no longer capable of making informed decisions or caring for themselves, the concept of guardianship comes into play.

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Succession Planning | October 16th, 2023

Succession planning is not only one of those business buzzwords that every business owner has heard in their lifetime, but thanks to the hit show Succession, also a concept that millions of people have been introduced to through the fictional Roy family, and specifically their patriarch, Logan Roy. But what exactly is “succession planning” in today’s real world? Well, as we like to say in my profession, it depends.

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Operating Agreements: Safeguarding Your Interest in an LLC | October 4th, 2023

An LLC’s operating agreement serves as a critical shield protecting the interests of its members. By focusing on the foregoing ten key strategies members can establish a solid foundation for a harmonious and prosperous LLC. Collaborating with the legal professionals at Solomon, Dwiggins, Freer & Steadman, Ltd. during the drafting or review of an operating agreement is advisable to ensure that your interest as a member is protected given your businesses unique circumstances.

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Legislative Update in re Probate and Trust – Bill # SB407 | September 2023

SB407, proposed by the Probate and Trust Law Section, aims to enhance trust and estate laws, aligning with leading jurisdictions in this field. The bill clarifies situs, jurisdiction, and venue determinations for trust and estate proceedings, providing a more streamlined probate and trust administration process. Notable provisions include amendments that elucidate the rights of interested individuals in estate proceedings and introduce new sections regarding trustee capacity and certification of incapacity. The bill also emphasizes confidentiality of certain trust-related information and specifies the information to be provided to beneficiaries and interested parties when a trustee issues a notice of irrevocability. Overall, SB407 prioritizes clarity, efficiency, and safeguarding against potential abuse in trust and estate matters.

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Intellectual Estate Planning for Intellectual Property | August 7th, 2023

When formulating an estate strategy, it holds significant importance, particularly for inventors and artists, to take into account their intellectual property. Similar to tangible assets like properties, bank accounts, or cherished possessions, intellectual property necessitates proper management to optimize its worth. Unlike items such as a grandmother’s wedding ring, intellectual property has the potential to generate income over extended periods. Without a well-structured plan, these rights could end up as part of the remaining estate, potentially depriving heirs of the rewards stemming from the extensive efforts of the inventor or artist across the years.

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Navigating the Trust Administration Process in Nevada: A 10-Step Guide | June 22nd, 2023

When a loved one passes away, the legal and administrative tasks involved in handling their estate and trust can be overwhelming. During these challenging times, it is crucial to have a trusted law firm like Solomon, Dwiggins, Freer, & Steadman, Ltd. (SDFS) by your side. With their niche focus on trust and estate law, the firm offers comprehensive guidance on all aspects of trust administration in Nevada. From handling large and complex trust administrations involving significant family-owned businesses to assisting individuals with more modest estates, the firm’s expertise spans across the spectrum of trust and estate matters.

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Nevada Supreme Court Issues Advance Opinion in Favor of Solomon Dwiggins Freer & Steadman, LTD. Client | February 8th, 2017 

Typically reticent on matters involving trusts and estates, the Nevada Supreme Court has issued its first reported opinion for 2017 in the trust and estate context.

On behalf of Solomon Dwiggins Freer & Steadman, LTD., attorneys Mark A. Solomon prevailed upon the court on two issues last month, determined by the Nevada Supreme Court as matters of first impression.

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Demystifying REITs: A look at benefits, costs of conversions | June 1st, 2015

Interest in real estate investment trusts, commonly known as REITs, has surged. REITs are not new, but they are arising in new contexts.

Created in 1960 under the Internal Revenue Code, a REIT is defined as a corporation, trust or other entity taxable as a corporation that meets a number of tests intended to ensure it is primarily a real estate investment vehicle.

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Planning For Decanting: A Tax Checklist For The Trustee | January 2015

Word is getting around that it is now possible – perhaps even easy – to change the terms of an irrevocable trust without going to court. The mechanism, commonly referred to as decanting, is the power of the trustee to make a distribution to a new trust. This once-obscure, common law doctrine has entered the mainstream, after having been codified in several states, including Nevada.

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Small Business Succession Opportunities | November 1st, 2014

Small businesses grow through the ingenuity of their owners. An owner’s pride in a flourishing business can make identifying and implementing a succession plan difficult, but addressing succession planning can prevent disastrous outcomes.

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College age children and estate plans: What you need to know.
The school year recently began across the country. No matter the age of the child, whether five or 18, parents take steps to help make sure their children are ready for the new school year. One important step that parents of college age children may not think of: estate planning.

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