Bowen Law OfficesLas Vegas Estate Planning Attorney | Divorce & Personal Injury2024-03-13T08:28:24Zhttps://www.lvlawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1602510/2021/06/cropped-bowenlaw-site-icon-32x32.pngOn Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475922024-03-13T08:28:24Z2024-03-13T08:28:24ZKey steps in estate planning for entrepreneurs
One of the most important aspects of estate planning is for you to craft a will. It's like a map that shows where you want your stuff to go. Without it, the laws of your state decide, and they might not pick the person you would have chosen. Next, think about a power of attorney. This person can make decisions for you if you cannot, including business decisions. Also, look into a trust. It can help skip the long and public process of a court deciding what happens to your assets. This is called probate. Trusts can also manage how your assets help your family or your business after you are gone. Entrepreneurs have unique needs, like what happens to their share of a business.
Starting your estate plan
Getting started might feel overwhelming, but it does not have to be. The first step is to list what you have: your business, investments, property and anything else that is important. Then think about who should get what and put all that information into writing.
Starting now means you are ready for whatever comes next. Your hard work keeps paying off for the people and causes you care about.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475902024-03-08T04:19:02Z2024-03-08T04:19:02ZConsider mediation
While it might seem easier said than done, working with your soon-to-be former spouse can make the divorce process less difficult for everyone involved. For instance, you might assume that divorces must be highly contested proceedings involving heated arguments. Thankfully, that doesn't have to be the case.
Certain divorcing couples take a lot of the stresses of divorcing out of the equation by seeking help from a mediator. A mediator is a third party there to help ensure that two adults complete divorce proceedings without anyone feeling wronged or cheated.
Avoid posting divorce-related information on social media
You might think that one or a few social media posts about your divorce are harmless, especially when you're not friends with or following your former spouse. However, most divorce experts will suggest you keep divorce-related updates and personal feelings off of social media. That's because your ex-spouse, marital friends you assume are your side, or your former spouse's legal team could collect your posts and use them against you.
Financially prepare for the future
A perk of marriage for two working adults is enjoying dual incomes. As most divorced people know, life gets more expensive when you depend on a single income to care for yourself. Before divorcing, note your monthly bills and other expenses. Having this information lets you know your post-divorce cost of living.
For most people, divorces will take time to recover from fully. However, this legal proceeding is sometimes the only way for formerly married adults to move on.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475882024-02-22T17:45:16Z2024-02-22T17:45:16ZChoosing the wrong executor
Estate planning includes choosing an executor who will handle your estate's affairs after you have passed away. This shouldn’t be just anyone; you might want to pick your spouse or child for the role, but it’s not always best. Anyone who is overly emotional or who has financial issues shouldn’t be chosen as executor.
Not naming a contingent beneficiary
A common estate planning mistake is to only name one beneficiary. If you only have one person in mind and they prematurely pass away, you have no one to inherit your assets. Instead, those things go back to your estate, and your survivors have to endure a lingering probate process. Naming a contingent beneficiary can prevent that from happening.
Not planning for disability
No one wants to think about possibly being disabled in the future. However, not planning for it can create headaches if you end up in this situation and can’t verbalize what you want. To avoid this mistake, it’s crucial to have a durable power of attorney drafted and choose someone you trust to serve as your agent. This person is responsible for ensuring your financial and healthcare matters are carried out according to your wishes.
Not updating your plan
Estate plans should be updated as circumstances change. If you fail to do this, your assets could end up in the wrong hands or someone no longer in your life may be legally authorized to handle your financial and healthcare matters.
Don’t make mistakes with your estate plan. Staying on top of things early on can benefit you and your family.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475862024-02-08T09:00:31Z2024-02-08T09:00:31ZNHTSA data
According to the NHTSA, cellphone use was only a factor in 377 of the car accidents that killed almost 43,000 road users in 2021. That was at the time the highest accident death toll in 16 years. A survey of American drivers conducted by the Insurance Institute for Highway Safety in 2022 tells a different story. One in five of the motorists polled by the road safety group admitted to routinely using their cellphones to watch videos, play games and read text messages.
Lack of evidence
Distraction is a thorny problem for accident investigators because it leaves no telltale clues. This means that police officers only cite distraction as the cause of an accident when motorists admit that they were not paying attention when they crashed. Police departments can obtain records from wireless service providers to determine whether or not cellphone use contributed to an accident, but this is rarely done unless a criminal case is being prepared.
Road deaths are worryingly high
Autonomous and semiautonomous technology has made modern cars extremely safe, but road deaths are still worryingly high. Distracted drivers crash because a vehicle traveling at 55 mph covers the length of a football field in just five seconds, and the accidents they cause often result in death or catastrophic injuries. To reduce distracted driving accidents and deaths, police officers dispatched to accident scenes should gather more information about cellphone use.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475842024-01-25T03:32:34Z2024-01-25T03:32:34ZMedical records and bills
Your medical records show that you sustained a significant injury as a result of the truck accident. They can provide detailed information about your injury and indicate whether you need continuous treatment and physical therapy. Along with your medical records, your medical bills are also important evidence for your case.
Accident report
In the aftermath of a truck accident, police must be called to the scene. This allows for an official truck accident report to be made. Obtaining a copy of that report can strengthen your case.
Black box data
All commercial trucks are equipped with what’s known as a black box. It stores data such as the truck driver’s length of time driving and whether they took rest breaks. Truckers are only required to work a set number of hours, but sometimes, their employers pressure them to go past their shift; this information can tell you whether they violated their hours of service at the time of the accident.
In-cab camera
The in-cab camera can show what the trucker was doing at the time of a truck accident. It can be one of the strongest pieces of evidence for your claim if it reveals they were distracted, intoxicated, drowsy or driving recklessly. The camera can show different evidence depending on its position and where it’s pointing.
Typically, truck accidents are complex. Having the right evidence can make all the difference in your case.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475822024-01-16T04:38:52Z2024-01-16T04:38:52Zestate plan isn't just relevant after your passing - It also can determine who has the right to make critical choices about your well-being if you're incapacitated. And if you care about the disposition of your assets, estate planning ensures your wishes are followed. But those who put off the task often cite a few common reasons.
Not having sufficient assets
One of the most common reasons that prevents people from estate planning is the belief that they don't have enough assets to make it worthwhile. Or, to put it another way, the belief that only rich people need estate plans.
But if you possess any notable assets at all and have a desire that they be passed along to heirs or charity, an estate plan is still crucial. It doesn't need to be a multi-million dollar fortune for those assets to be important to you, and it's natural to want to see them in the right hands after your passing.
Believing your children know your wishes
Another commonly cited reason to put off estate planning is the belief that your children already know how you want your estate disposed of. But there are a few issues with this line of thought.
First of all, this belief can sometimes be erroneous. Or, in some cases, one child may understand your wishes but another has a different impression.
Second, even if you children know your wishes, that knowledge isn't legally enforceable. When a person passes without creating an estate plan, their estate is processed by the court. This is a slow and public process, likely not something you'd like to subject your family to.
Planning your estate is important, but it's easy to rationalize putting off doing that work. By understanding some of the more common excuses and why they're not valid, this may nudge a reluctant person toward squaring away their estate.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475802024-01-08T23:15:26Z2024-01-08T23:15:26ZInvolve neutral parties
If you don't trust your spouse to manage joint assets responsibly during a divorce, consider appointing a trustee. In fact, the judge in your case may order a trustee to watch over bank, brokerage or other accounts until a divorce decree is issued. Whoever is appointed to this role may also help to ensure that real property is not sold or transferred without authorization to do so.
Take care of yourself
Your spouse may try to engage in mental abuse such as stalking you while you're at work or threatening to take the kids away. Your spouse may also try to gaslight you or take other steps to drain your physical and emotional energy during the divorce process. Therefore, it's important to engage in self-care to ensure that you don't settle for less than you're entitled to out of sheer exhaustion. Self-care may include trips to a spa or something simpler like reading your favorite book before bedtime.
Consider a protective order
If your spouse actively threatens your life or the lives of your children, a judge will likely grant a protective order. Such an order prohibits your spouse from taking certain actions such as calling you or coming too close to you while in public. It may also prohibit your spouse from contacting your children or taking other steps a judge might consider problematic.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475782024-01-03T16:34:16Z2024-01-03T16:34:16ZWhat is a trust?
A trust is a legal agreement that transfers ownership of assets to a third-party trustee. This individual maintains the assets on behalf of the beneficiaries and is responsible for distributing them according to your wishes.
Most trusts fall into two categories: revocable and irrevocable. You can make changes to a revocable trust while you are alive. Irrevocable trusts are fixed once they are in effect.
Spelling out your expectations
You can include specific conditions for asset distribution when you draft the trust. For example, the trust might hold the dispersal of funds for a beneficiary until they reach a certain age.
A revocable trust also provides adaptability. This estate planning model allows you to adapt to new situations among your beneficiaries such as marriage, divorce, or death.
Tax benefits of a trust
An irrevocable trust may shelter some of your assets from estate taxes. Since the assets belong to the trust, it changes how the government calculates taxes on contributions and distributions.
Avoiding probate
A trust may streamline asset distribution after your death. Assets in a trust avoid the delays of probate because they have already been verified during the creation of the agreement.
Wills and much of the probate process are part of the public record. Establishing a trust can help maintain privacy around your assets.
Trust benefits during your lifetime
Revocable trusts can help you and your family if you cannot handle your assets while alive. The appointed trustee can manage your assets to ensure your bills and taxes are paid, preventing your loved ones from inheriting unexpected debt.
Estate planning is an important step in caring for your loved ones. Creating a trust can minimize complications after you are gone.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475732023-12-15T15:46:44Z2023-12-15T15:46:44ZIntelligent speed assistance
Intelligent speed assistance (ISA) is a technology that uses GPS, cameras and speed limit signs to alert drivers when they are going above the posted speed limit. It can also automatically adjust the car's speed to comply with speed limits. This feature not only helps drivers avoid speeding tickets, but it also reduces the risk of car accidents caused by excessive speed.
Europe has already made this feature a mandatory requirement for new cars rolling out from July 2024. Note that this technology assists the driver, not restricting their ability to act independently.
Automatic emergency braking
Automatic emergency braking (AEB) is another great technology that uses sensors, cameras and radars to detect potential collisions and apply the brakes automatically if the driver doesn't respond in time. There are two types of AEB: crash imminent braking and dynamic braking support. Crash imminent braking applies the brakes immediately when it detects a collision. In contrast, dynamic braking support assists the driver in applying maximum force to the brakes to avoid or minimize the impact of an impending collision.
Lane departure warning
Lane departure warning is a safety feature that uses cameras to detect lane markings and alerts the driver if they are drifting out of their lane without signaling. Some systems even take control of the steering wheel to guide the car back into its lane. This feature is especially helpful for tired or distracted drivers who may not realize they are drifting out of their lane.
As years go by, the number of road accidents in Nevada will significantly reduce as automakers continue to integrate more advanced safety technologies in their vehicles. Still, practicing defensive and safe driving habits is helpful as these technologies are meant to assist drivers, not replace them.]]>On Behalf of Bowen Law Officeshttps://www.lvlawfirm.com/?p=475712023-12-04T04:00:44Z2023-12-04T04:00:44ZContinuity of property maintenance
An individual's passing can disrupt normal maintenance activities. The executor for your estate plan or your heirs may not know who was in charge of taking care of yard and building maintenance. They might not have the funds immediately available to keep service providers paid in the interim before the property gets sold.
Falling behind on maintenance sabotages property value. Even minor cosmetic problems drag down listing prices. To avoid this problem, fund an account specifically for property maintenance. Add estate plan instructions that explain who you employ for these jobs. This money and information may allow your beneficiaries to obtain the best market price possible or avoid tenant complaints about maintenance issues.
Valuation of personal property
Over the course of your life, you may have assembled valuable items of personal property, like art, collectibles or furniture. Before selling real estate, your heirs will need to remove these items from the property and possibly sell some of them.
To this end, you could provide your beneficiaries with contact information for reliable appraisers. Your heirs will benefit from getting current estimates of value so that they can decide what to sell and what they might wish to keep.]]>