Wills: the cornerstone of all estate plans

What's involved?

Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. Estate planning attorneys now often advise clients to also create a living will. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.

Some of the major estate planning tasks include:

- Creating a will
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to reduce the taxable estate
- Setting up durable power of attorney (POA) to direct other assets and investments

Estate Planning


Comprehensive Estate Planning Is Essential

 

If you own property or have minor children, you need an estate plan. If you have substantial assets and wish to ensure that they are put to good use for the next generation, you need an estate plan. If you are caring for an aging parent or a disabled family member and you want to ensure that care is available no matter what happens, you need an estate plan.

At the Nevada law firm of John Peter Lee, Ltd., we believe than anyone and everyone can benefit from intelligent and comprehensive estate planning. Our attorneys can assist you in the drafting of wills, trusts, powers of attorney, guardianships and conservatorships. We also help clients take the proactive steps necessary to minimize the chance that your estate will be subject to the potentially lengthy and expensive probate process.

To discuss your immediate concerns and long-term estate planning goals with an experienced lawyer at our Las Vegas offices, please contact us today to schedule a free consultation.


Estate Planning Does More Than Document Your Final Wishes

 

Most everyone is aware that estate planning is a method for ensuring that your assets and property are distributed according to your wishes. What few people realize is that estate planning is also an essential part of maintaining control over what happens to you and those you care about before the end of life.

Estate planning can allow you to dictate what kind of medical procedures doctors will be allowed to perform if you are severely injured or incapacitated. This is known as an advance medical directive or "living will." Estate planning can also enable you to ensure that your children are cared for properly in this event.

An estate planning vehicle such as a revocable trust can also be an effective way of protecting the rights of children from a previous marriage. In this way, a well crafted estate plan can serve the same general purpose as a prenuptial agreement.

Finally, estate planning can be an effective way to protect your assets from undue tax liability and prevent the unnecessary involvement of the courts in the disposition of your estate. If you have questions or need experienced legal advice in any aspect of estate planning, please contact the Las Vegas offices of John Peter Lee, Ltd., today.