A Dedicated Law Firm Prepared To Handle Your Estate Planning Needs

One of the reasons some people delay their estate planning is the complications involved. People have multiple and varied properties, investments, retirement accounts and real estate holdings, possibly in multiple jurisdictions. Although these complications can present challenges, they make it all the more important to handle your estate planning as soon as possible. Without an adequate estate plan, there’s no telling how a judge might dispose of your property in probate.

The attorneys of south Nevada’s Kerr Simpson Attorneys at Law help clients create comprehensive estate plans. The firm’s lawyers have decades of combined experience and a wealth of knowledge handling everything from simple wills to the most complex portfolios involving diversified holdings. Clients in south Nevada and California trust in the firm’s knowledge and experience in complex estate planning and estate litigation.

What Is Estate Planning?

Estate planning is the process of organizing how a person’s assets, property and responsibilities will be managed or distributed after death or incapacitation. In Nevada and California, estate planning laws share common goals but have unique legal differences that affect how wills, trusts and probate are handled. 

In California, estate planning often involves living trusts because of the state’s lengthy and costly probate process. Trusts enable families to transfer assets smoothly without the need for court supervision. 

Nevada offers flexible trust options, including asset protection trusts, which can shield property from creditors.

Estate Planning For Everyone

The attorneys of Kerr Simpson Attorneys at Law understand that everyone comes from different backgrounds and has different goals for estate planning. The firm is uniquely equipped to represent people from all backgrounds and walks of life.

Attorney Preston Sterling Kerr speaks Cantonese Chinese; Taylor L. Simpson speaks Mandarin Chinese; and Austin J. Kalmes speaks Spanish.

The firm works with people from all backgrounds and tax brackets to create comprehensive estate plans that transfer:

• Real property, including local, out-of-state and international
• High-value property, including collectors’ items, memorabilia, jewelry and art
• Retirement plans
• Investments

The firm handles cases in Nevada and California. Do not trust the transfer of your wealth to an inexperienced attorney and do not try to handle your estate plan on your own.

What Are The Main Practice Areas Within Estate Planning?

Estate planning includes several related areas, each addressing a specific aspect of future planning and asset protection. These areas work together to form a complete plan that safeguards both family and finances. They include: 

• Wills and trusts: Wills outline how assets should be distributed after death, while trusts allow property to be managed and transferred outside probate. They are key tools for efficiently honoring wishes.
• Powers of attorney: These legal documents authorize someone to handle financial or medical matters on behalf of the individual if they become unable to do so themselves. They are crucial for maintaining control over personal affairs.
• Advance health care directives: These documents outline medical treatment preferences and designate a person to make health care decisions when necessary. It helps ensure care aligns with personal values.
• Guardianships: Used to protect minors or incapacitated adults by legally assigning someone to manage their care and property.
• Probate administration: This process manages the distribution of assets under court supervision when no trust exists or when a will must be validated.

These areas carry specific legal requirements that differ between Nevada and California. Consulting an estate planning attorney helps ensure compliance with local laws and provides peace of mind for individuals and their families.  

Estate Planning FAQs

Understanding the components, such as wills, trusts and intestate succession, can help ensure your assets are appropriately managed. Below, there are answers to some frequently asked questions.

Do I really need to create an estate plan if I am not wealthy?

Yes. Estate planning is not just for the wealthy. Estate planning is about distributing your property, personal belongings and other assets according to your wishes.

Without an estate plan, the state of Nevada will decide who gets your assets, which may not align with your preferences.

What is the difference between a will and a trust?

A will outlines how your assets should be distributed after you pass away and can name guardians for minor children. However, it goes through probate, a court-supervised process that can take time and incur costs. The estate may go through commercial probate if it includes business interests or complex assets. Typically, a probate lawyer is needed.

On the other hand, a trust allows you to transfer assets while you are alive and manage them for beneficiaries after your death. It also avoids probate and can save on your estate taxes, offering privacy and quicker distribution of assets.

What does intestate mean?

When someone dies without a valid will, they are said to have died intestate. In Nevada, if you pass away intestate, your assets will be distributed according to state laws, which may not align with your wishes.

This process involves the court determining how your assets are divided among your closest relatives.

What are some common examples of trusts?

Common types of trusts include:

• Revocable living trusts: They allow you to control your assets during your lifetime and make changes as needed.
• Irrevocable trusts: They remove assets from your estate to protect them from taxes or creditors.
• Special needs trusts: These are often created to provide for loved ones with disabilities.
• Charitable trusts: These can direct assets to charitable organizations.
• Spendthrift trusts: They protect beneficiaries from squandering their inheritance by limiting their access to the trust’s assets.

Each of these trusts serves specific purposes, making it vital to choose the right one based on your financial and personal situation.

Contact The Firm

Passing on your wealth, planning for your late-life health care and creating a lasting legacy require the help of an experienced, trusted legal team. Call Kerr Simpson Attorneys at Law at 702-608-0835. You can also contact the firm online.