Proper planning by using a trust or an estate is the best way to eliminate probate court as well as other problems that can occur after an individual passes away or is unable to make decisions on their own. If one spouse passes and the other spouse is still alive, there are procedures that must be followed. When one spouse dies a trust is created without the need for a trust to be prepared. If there isn’t a surviving spouse, an estate may end up in probate court. Visiting a trust and estate planning lawyer in Las Vegas, NV can eliminate any immediate or future problems due to someone’s death.
A trust and estate planning lawyer in Las Vegas, NV will notify creditors immediately upon the death of an individual in order to eliminate any future filings for unpaid debts of a deceased spouse. Any important information such as someone’s social security number, date of birth or former employer should be removed from any accounts so there’s no chance of identity theft. If there are not enough assets that estate taxes are assessed, it’s important to file a proper tax return. Identity theft is very common if the proper legal steps are not taken.
In many cases, a deceased spouse leaves an IRA for the surviving spouse. If there is no surviving spouse, the IRA will be left to the children. There can be tax concerns if the proper elections are not made. Obtaining the proper legal information is very important to limit paying addition money for penalties or withdrawal. Protecting assets after someone has passed away is very important. A CPA and an attorney will offer sound advice for making the correct decision after the death of a loved one. If you’re concerned about being unable to make decisions on your behalf, it’s also important to have a living will.
Grant Morris Dodds has been representing clients for many years developing estates and trusts that work for their unique situation. They’re very knowledgeable and will help to ensure any tax penalties or unfavorable circumstances are limited. For more information, please feel free to visit this website.
