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Las Vegas Nevada Estate Planning Law Blog

Accounting for the holidays in a parenting plan

When divorce becomes a reality, parents are often required to plan for future contingencies while working through a complex process. They are dividing assets, dividing debt responsibility and calculating support payments while determining who gets to spend Thanksgiving with the children three years from now. It is not uncommon for plans to change and emotional needs to evolve as children get older. Parents must be willing to carefully examine a parenting time schedule and revise where needed.

What should you tell your kids about your estate plan?

For many people, it is uncomfortable or taboo to talk about money or death. It may be these reasons that prompt many people to keep the details of their estate plans secret.

However, there can be consequences when someone doesn’t talk about their wishes. For example, unexpected details in an estate plan could cause divide in the family or even litigation that could result in certain estate planning documents being invalidated.

What are the essential parts of a comprehensive estate plan?

Most Americans don’t like to think about death, especially their own. It’s one reason why so many put off estate planning, some well into their retirement years. However, estate planning is the best way to ensure you pass your assets on to your children, family members or your favorite charitable cause.

When you decide to get an estate plan in place, though, what exactly should you complete? What are the essential parts of a comprehensive estate plan?

What kind of debt doesn’t die with you?

More and more people are dying with debt. While you may make concentrated efforts to pay off all of your debt before you die, sometimes that is not an option.

As you create your estate plan, it is essential to have a clear understanding of your debts and how they could impact your estate’s beneficiaries. In some cases, creditors can take a sizable portion of your estate, leaving significantly less for your heirs.

Divorcing couples must divide assets – and debt

Dividing marital property in a divorce is often a complex – and contentious – issue. It is common for spouses to dispute over who will keep the house, the car and even the dining room table.

However, there is one thing that spouses often overlook during the property division process: their debt.

Talking about your estate plan with your kids is important

Many people put off estate planning for as long as possible. They may see it as overwhelming, or they might feel uncomfortable thinking about a future where they are gone. These same feelings can also lead individuals to avoid discussing their estate plan with their children, even after they have made a plan for the future.

Even though creating an effective and comprehensive estate plan is important to protect your family’s future, discussing your wishes with the family is just as important.

You’re a new parent: why should you think about estate planning?

When you welcome a new child into the world, end-of-life planning is probably the last thing on your mind. But in reality, it’s one of the most important things you can attend to, especially after becoming a new parent.

Life can be beautiful, precious and most of all unpredictable. When you start to seriously consider estate planning after becoming a first-time parent, you can ensure that your child will be taken care of, even if you aren’t there to do so yourself.

What is the difference between physical and legal custody?

Many parents think of custody as a single award of parenting rights that will be granted entirely to one parent or entirely to another. However, child custody is more complicated than that.

One of the most important child custody details for parents to understand is that there are different kinds of custody. A custody order includes provisions regarding both physical and legal custody. Either physical or legal custody can be sole or joint.