Articles
The Importance of Taking a Second Look at Your Will after Major Life Events| October 2024
In this article, Michael Desmond explains the importance of reviewing your will after significant life events, such as marriage, childbirth, or divorce. Nevada law provides protection for spouses and children who are unintentionally omitted, granting them a share of the estate even if they are not mentioned in the will. Divorce also automatically revokes provisions for a former spouse in a will. Regularly updating your estate plan can avoid legal disputes and ensure your intentions are clearly reflected, preventing costly litigation.
How Nevada Probate Law Protects a Surviving Spouse who is Unintentionally Omitted from a Will | October 2024
This article from Brian Eagan explains how Nevada probate law protects a surviving spouse who has been unintentionally left out of a will. Nevada has laws in place to prevent a spouse from being completely disinherited. If a surviving spouse is omitted due to oversight, they can still claim an inheritance under specific provisions of state law, ensuring they are not left without support. This protection is rooted in Nevada’s approach to fair distribution of assets, especially when it comes to providing for surviving spouses and other close family members.
Benefits of a Revocable Living Trust | August 2024
In his article, Ronald Goodwin outlines the benefits of a revocable living trust, emphasizing its role in avoiding probate, providing asset protection for heirs, and ensuring that assets are distributed according to the grantor’s wishes. Goodwin highlights how this type of trust can offer federal estate tax advantages and creditor protection while allowing for flexibility and control over the distribution of assets. His explanation is detailed, guiding readers through the advantages of a trust compared to a traditional will, especially in the context of Nevada law.
How to Save Your Estate Plan from Being Deemed Void | July 2024
In this article, Associate Chelsey Gonzalez discusses a Certificate of Independent Review and how it helps ensure an individual’s estate plan is honored, especially when naming beneficiaries other than a spouse or natural heirs. She explains how this certificate, prepared by an independent attorney, shifts the burden of proof in legal challenges, reducing the risk of the plan being deemed void due to claims of fraud, duress, or undue influence.
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Death and Taxes: The One True Certainty | June 2024
Marc Kustner discusses the history, exemptions, and strategies for minimizing tax exposure. Federal estate and gift taxes can impose significant liabilities on large estates and substantial gifts. The majority of Americans are exempt due to high exclusion amounts, but wealthy individuals may face up to a 40% tax on amounts over $1 million. Effective estate planning is essential to minimize these taxes, especially before 2026 when exemptions may decrease.
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Bolstering Trust with Beneficiaries: Trustee Transparency and the Importance of Annual Accountings | June 2024
Brian Eagan discusses the critical importance of trustees maintaining open communication and regular accountings. Trustees are legally and ethically obligated to provide beneficiaries with detailed reports on trust management, including financial activities and distributions. This transparency not only ensures legal compliance but also builds trust and minimizes litigation risks by addressing potential conflicts and demonstrating accountability.
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Income Taxation of Grantor Trusts | May 2024
Brian Steadman explains the income taxation of grantor trusts. He details how these trusts, including types like revocable trusts and various annuity trusts, are taxed directly to the grantor under specific IRS sections. Key taxation features involve the grantor’s powers over the trust, affecting how income is reported and taxed. He discussed four methods of reporting trust income, emphasizing the need for tailored tax management.
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Estate Planning: Building Your Team | May 2024
In this article, Binaey discusses the importance of assembling a team for effective estate planning, highlighting roles such as estate planning attorneys, financial advisors, personal representatives, guardians for minors, successor trustees, and healthcare and financial agents. She emphasizes choosing trustworthy, knowledgeable individuals and updating the estate plan every few years to reflect life changes.
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Understanding the Probate Process | April 2024
Roberto Campos outlines that probate is a court-supervised process ensuring orderly administration of a deceased person’s affairs. It addresses whether the decedent left a will (testate) or not (intestate), appoints an estate administrator, identifies heirs or devisees, evaluates the existence of trusts, inventories assets, and settles debts. Different estate sizes dictate the administration process, requiring legal expertise for smooth navigation through potential disputes and ensuring the decedent’s wishes are honored.
Succession Planning in Nevada: Passing the Baton | April 2024
Brian Steadman discusses the importance of succession planning in Nevada businesses, emphasizing smooth transitions for continued success. He highlights challenges faced by family-owned businesses and the need for strategic planning. Succession planning ensures sustainable growth and prepares for leadership changes, safeguarding the legacy and viability of companies.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.