Cort Arlint for Nevada Controller

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Partner in the law firm Cort Arlint is running for Nevada Controller in 2014.  Cort brings over 10 years public accounting experience as well as his work in the legal profession.  He took part auditing the State of Nevada during 2005-2007 while working for Kafoury and Amrstrong CPAs.  The unique combination of accounting and law is a perfect fit for the responsibilities of state controller because they are responsible for the state financials audits and paying the state’s bills.  For more information about Cort or to follow the campaign check out his political website at www.voteforcort.com

Is a Nevada Asset Protection Trust Right for You?

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Are you thinking about writing a Will or Trust? Just thinking about what happens after I die is a difficult subject for people to talk about. However, ensuring that loved ones are taken care of in the event in the event of your passing is  comforting for some. For others they are looking for something else, and in Nevada we can also protect your assets during your life.

October 1st, 1999 Nevada enacted legislation allowing a settlor to create a trust that is protected from the creditors of a settlor. This type of trust is referred to as a self-settled spendthrift trust or a Nevada Asset Protection Trust. There are several other states the currently have similar legislation, but Nevada has at least one advantage. Nevada has the shortest waiting period for protecting an asset.

Under NRS 166.170 A person may not bring an action with respect to a transfer of property to a spendthrift trust:

(a) If the person is a creditor when the transfer is made, unless the action is commenced within:

(1) Two years after the transfer is made; or

(2) Six months after the person discovers or reasonably should have discovered the transfer, whichever is later.

An example of this would be protecting your home. Once you have created the trust and have recorded a deed in the Trust’s name. The two year waiting period would commence. After two years from the date of the recording your home would be protected from creditor claims.

If you are interested in learning more about Nevada Asset Protection Trusts or have any questions feel free to give us a call schedule an appointment at (702) 216-1011.

 

**The information you obtain on this site is not intended as legal advice. You should consult an attorney for individual advice regarding your own specific information.

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When should a Probate be opened in Nevada?

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Information provided by the State Bar of Nevada  http://www.nvbar.org/sites/default/files/probate%20and%20administration.pdf

As soon as practical following the person’s death.  In Nevada, if the total amount of the deceased person’s assets exceeds $20,000, or if real estate is involved, probate (or administration) will be required and there is normally no reason to delay starting the process.  Nevada law requires a person in possession of the deceased person’s will must “deliver it to the clerk of the district court” within 30 days of the death. If a Probate or Administration of an estate is not required,
how do I inherit a deceased person’s assets?

If there are no real estate holdings and the value of the estate does not exceed $20,000, certain surviving family member(s) or a person entitled to inherit the property from the estate may initiate proceedings 40 days after the death.  Without any court proceeding, these parties may use a form called Affidavit of Entitlement permitting the release of the assets from any person or business holding those assets (such as a bank, stock brokerage company or pension plan  administrator).

 

What is probate

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Probate is a court-monitored process of proving the validity of a will, transferring property, and settling the affairs of the deceased’s estate.  If there is no will, a similar process known as Administration is used to settle the deceased’s affairs.

Information provided by the State Bar of Nevada

Do I Need a Will?

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I hear this question quite a bit. The answer is not always a yes or a no. However, after talking to your attorney you should have a better idea on whether a Will is something that you need. To start you should know some of the benefits of having a Will and also some of the reasons that not everyone needs a Will.

One of the biggest benefits to having a Will is being able to control what happens to your estate when you die. If you do not have a Will, then your estate will be subject to varying state laws. So, if you are married, do not count on everything being passed to your spouse. Some states have adopted laws that split your estate between your spouse and your children. With a Will you have the choice of who receives your estate and what percentage.

Another benefit is naming a guardian for minor children. If something were to happen to you and/or the other parent who do you want to care for your children? A Will provides a simple way to make sure that your children do not end up with someone that you feel is unprepared or unsuited to take care of your children.

Finally, a Will gives you the choice of appointing someone to take care of your final wishes. If you do not feel like your spouse or close family members have the ability to successfully carry out your wishes then a Will gives you the power to name someone that you feel more comfortably about.

There are some reasons that you may not need a will. For example, life insurance, pension accounts, joint accounts, and revocable trusts are all devices that an owner can name a beneficiary during life, and the asset will transfer to the named beneficiary at the time of the death of the owner without the need of probate or a will.

If you have questions or need advice you should contact an estate planning attorney to assist you. As with other areas of law, the estate planning rules change from time to time and vary state to state.