Law Offices of P. Sterling Kerr, P.C. Henderson Real Estate Law Attorney | Las Vegas NV Business & Commercial Law Lawyer | North Las Vegas City Nevada Litigation Attorney 2021-12-14T01:08:55Z https://www.sterlingkerrlaw.com/feed/atom/ WordPress On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[What people should pursue an asset protection trust?]]> https://www.sterlingkerrlaw.com/?p=50407 2021-12-14T01:08:55Z 2021-12-14T01:08:55Z Protection from judgments, lawsuits and creditors An NAPT protects business assets and personal assets from being seized in cases such as judgments against you, lawsuits, bankruptcy and divorce. Such trusts are often created by wealthy individuals and people in high-risk jobs such as physicians, business owners, business executives and real estate developers. Many in this group face legal liabilities. Because of their wealth, they may consider themselves easy targets for creditors seeking to extract great amounts of money from them. Among the assets often held in an NAPT include:
  • Residences
  • Certain real estate
  • Businesses
  • Investments
  • Cash
  • Stocks
  • Bonds
A person with a significant amount of assets would be a solid candidate for an NAPT. This tool will protect assets.

Important tool for non-residents, too

Nevada has become an attractive state for people seeking to create asset protection trusts. Remember, you do not have to be a state resident to establish this key estate planning tool. A number of non-state residents, as well as foreign citizens, have created NAPTs. The key element, though, is that the trustee must be a Nevada resident.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Some reasons when you need to replace an executor]]> https://www.sterlingkerrlaw.com/?p=50405 2021-12-09T22:47:10Z 2021-12-09T22:47:10Z A divorce and falling out Here are some of the important reasons to name a new executor for your will:
  • Original executor dies or becomes too ill: The death of an executor necessitates naming a new one, so does if the person become gravely or mentally ill or disabled and cannot fulfill the duties.
  • Original choice no longer wants the job: Perhaps the originally executor decides to bow out, feeling too much pressure from the responsibilities.
  • A divorce: In many situations, a spouse is chosen as the executor. How comfortable would you feel if your former spouse serves in this critical role, knowing all your financial dealings while distributing assets? This may make for an uncomfortable experience for everyone involved.
  • A better candidate emerges: You find someone else better suited for this time-consuming role.
  • A falling out with the executor: People change. Maybe your relationship with the executor took a sour turn. You want to avoid any discomfort.
You have your reasons to make this change. The trust and comfort levels must be there, and so should the person’s availability as an executor.

Comfort level

The bottom line is that you want the right person in this important estate administration role. You are in charge, and you make the decision as to whether you want to replace an executor. You want everyone to feel comfortable and do not unnecessarily want to add stress.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Massive Mining Operations Stalled by the Smallest of Flowers]]> https://www.sterlingkerrlaw.com/?p=49639 2021-01-11T16:31:20Z 2021-11-26T16:21:02Z A Tiny Obstacle Causes Massive Delays However, their pursuit is hampered by one small thing: a tiny flower that only exists in Central Nevada and requires a small patch of land to survive. The rare blossom is known as Tiehm's buckwheat, and it is growing atop a deposit that could prevent a blossoming of mining activity in the area. Preparing for the work would require clearing out much of the area. Before moving forward, Ioneer looked into possibly moving the plants, recruiting researchers from the University of Nevada, Reno, to explore the possibility. In public comments, they vowed to protect and expand the buckwheat. Not swayed by the promises, opponents have lined up to stop the effort. The Center for Biological Diversity has already petitioned for the rare plant to be included in the Endangered Species Act. They admit that Tiehm's buckwheat is a very small plant. However, it is a substantial presence paramount to biodiversity, something that the detractors claim threaten the human race with "cascading results" on the global systems." For now, arguments, hyperbolic and otherwise, will continue between the warring factions. The Department of Fish and Wildlife will spend one year reviewing the plant apparently "facing imminent extinction" to see if Tiehm's buckwheat qualifies for inclusion as an endangered species.]]> On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Having that family discussion about estate planning]]> https://www.sterlingkerrlaw.com/?p=50403 2021-11-17T00:16:30Z 2021-11-17T00:16:30Z Your choices and documents What do you talk about? There are plenty of things that need immediate attention, and they may include:
  • The reasons for the choices you have made: Clearly explain why you decided to leave certain assets to a specific heir or even to a charity. You also should address the reasons you selected certain people as the executor, trustee, guardian of your children as well as durable and health care powers of attorney.
  • The locations of critical documents: This would include copies of your will, finance- and investment-related paperwork, life insurance policies as well as digital assets. Perhaps you store them in a cabinet, safe, safe deposit box or online.
  • Who receives the assets of sentimental value: These items may not have a lot of monetary value, but they sure mean a great deal to your family. Who gets the dresser that has been in the family for four generations? Who gets the photographs, clothing and antiques?
Do not procrastinate, but also choose the right time to have this discussion. It would not be a good idea to do so during a family crisis. Have that discussion during uplifting times in the lives of family members.

Sensitive discussions, family members at ease

Since this may be a delicate conversation, proceed with great care. Delicate matters must be handled with a great amount of sensitivity. However, ultimately, your family will gain peace of mind in knowing certain details of your estate plan.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Important signs that it is time to create an estate plan]]> https://www.sterlingkerrlaw.com/?p=50390 2021-11-02T18:07:51Z 2021-11-02T18:07:51Z creating an estate plan? It is a good idea to put together a plan as soon as you think you need one. Financial gains, dangerous jobs and parenthood Many signs exist that clearly let you know that is time to create a will or trust. They may include:
  • The accumulation of financial and other assets: This may include bank savings accounts, money market accounts as well as starting a small business.
  • Inheritance of significant assets: Say one of your parents or other relatives dies and leaves you a substantial amount of money. You want to make sure these assets get into the hands of your heirs or beneficiaries if you die.
  • Working in a dangerous job: Certain jobs place a person’s life at more risk than others. They may include positions in the following industries such as security, transportation, construction, law enforcement, health care and agriculture.
  • Purchase of a home: This represents a significant asset. Addressing this in your will should help you avoid probate.
  • Marriage: You have made a life together and combined assets with your spouse. Make sure to have regular discussions with your spouse if one of you dies or becomes incapacitated.
  • Becoming a parent: You likely want your children to inherit your assets. Also, it is important to name a legal guardian to ensure he or she cares for your children and that assets are set aside for that person.
All of these represent critical reasons to think about, research and create an estate plan.

Regularly review estate plan, too

Also, do not forget that your estate plan should get a regular review, especially when life events surface. A life event may be any of the above-mentioned matters as well as divorce, remarriage, the birth of a grandchild, moving to another state and the death of beneficiaries or the executor. Getting that estate plan in order provides you with significant peace of mind.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[4 initial steps to take when assembling an estate plan]]> https://www.sterlingkerrlaw.com/?p=50387 2021-10-26T22:18:26Z 2021-10-26T22:16:48Z Make an inventory and contact an attorney Having an estate plan is something that every adult should consider. Remember, if you do not have a will, the state decides what happens with your assets. When beginning the estate planning journey, here are some initial steps to take:
  • Create an asset inventory: This may include your home or condo, cabin, life insurance, mutual funds, savings accounts, retirement plans, vehicles, personal property such as clothing, furniture and antiques. Do not forget that debts are part of an estate, too.
  • Create and review your list of beneficiaries: By reviewing this list and your asset list, you may better determine the needs of your beneficiaries. Doing so may help you determine what assets and how much you would like to leave them.
  • Research attorney options and contact some: Preliminary discussions with estate planning attorneys may help you pare down the list of whom you want to work with. An attorney will provide guidance and insight, explain the options and help organize your estate plan.
  • Leave a letter: Since not everything belongs in a will, write a letter that includes additional instructions and leave it with a trusted person or in a safe deposit box. The letter may include instructions on funeral arrangements and directions on which specific items to leave certain beneficiaries.
These steps will help in your preparation for an estate plan. Gaining peace of mind represents an added benefit.

Controlling what happens to your assets

It is not easy to think about your mortality. But death and possible incapacitation is a part of life. In creating an estate plan, you understand that you maintain control as to what happens with your assets and who will get them. Go in that direction one step at a time.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Estate planning steps to take after the death of a spouse]]> https://www.sterlingkerrlaw.com/?p=50385 2021-10-12T00:23:51Z 2021-10-12T00:23:51Z Durable power of attorney, beneficiary designations After the death of a spouse, here are some crucial aspects in estate planning that will need prompt attention:
  • Medical power of attorney: In many cases, a spouse names his or her spouse for this role in which another person makes health care decisions if you are unable to do so. You likely named an alternate person for this role, also referred to as a health care proxy. However, with the decedent as your health care agent, you have some decisions to make. Is the alternate still the right choice?
  • Durable power of attorney: Once again, you likely named your deceased spouse as the person who will make all financial decisions for you in case you are incapacitated. The role includes signing legal documents, managing bank and investment accounts and paying bills. You need to find a trustworthy replacement. If you do not, then expect a potential court battle.
  • HIPAA authorization: The Health Insurance Portability and Accountability Act includes strict rules pertaining to the release of medical information. Your spouse likely was given the legal right to obtain your health care information and talk with physicians. Even though you still can make your own health care decisions, understand that providing HIPAA authorization remains useful.
  • Wills and trusts of you and your late spouse: Make a thorough review of the terms of these documents. On occasion, a spouse may include a clause allowing the surviving spouse a “second look” as to whether the estate plan continues to be an appropriate fit.
  • Beneficiary designations: Careful review and updates likely are necessary for retirement funds such as IRAs and 401(k)s, life insurance policies along with mutual funds and bank accounts.
It is not uncommon to feel overwhelmed and confused by the death of your spouse. Despite this turn of events, you still must muster the strength to carry on. There are many important tasks that need addressing, and your estate plan is among them.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[4 reasons that guardianship litigation arises]]> https://www.sterlingkerrlaw.com/?p=50383 2021-10-04T17:05:20Z 2021-10-04T17:05:20Z Questioning guardian choice Why does guardianship litigation surface? There are few reasons that stand out:
  • Does an authentic need exist?: You may object to others who seek to establish guardianship over you. You do not think that you need one, contending that your mental and physical capacities remain intact and that you can continue to care for yourself. Instead, you may suggest alternatives to guardianship such as power of attorney and creation of a revocable trust.
  • The guardian choice: Big disputes surface in these scenarios. A person may object to the proposed guardian, intervening and insisted that he or she would be more appropriate and suitable. Those coming forward to object may include family members, caring friends, neighbors and even co-workers. They just may think that the suggested person is ill-suited for the guardian role.
  • Concern that the guardian has abused his or her powers: Although a guardian’s role and actions remain under scrutiny and the oversight of the courts, legal actions still surface. Concerned relatives and friends may vehemently disagree with some of the choices made by the guardian.
  • Guardian seeking permission: A guardian must gain the court’s permission to fulfill certain actions. Some of them may include whether to place the person into a long-term care facility, selling the person's home and other assets or changing a will and beneficiaries. A party may legally contest any of these situations – primarily those related to finances.
In certain situations involving guardianships, disputes surface and litigation becomes likely. Emotional and financial tolls surface, too. However, if you -- as an advocate for an incapacitated loved one -- see the need for changes, then guardianship litigation represents an action to pursue.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Should your estate plan include secondary beneficiaries?]]> https://www.sterlingkerrlaw.com/?p=50375 2021-09-29T17:38:32Z 2021-09-29T17:38:32Z also called contingent beneficiaries, can be listed in various estate planning documents to account for numerous issues, including:
  • The primary beneficiary has died: As the testator ages, it is not uncommon for the primary beneficiaries listed in a will or trust to pass away. If the estate planning documents are not updated to account for the death of a loved one or primary heir, the distribution of assets could face an increased layer of complexity.
  • The primary beneficiary cannot be located: While the testator might include information regarding a last known address, it is not uncommon for people to grow apart. Cross-country moves, international addresses or simply the choice to live off-grid can make it challenging to locate the primary beneficiary.
  • The primary beneficiary refuses the inheritance: This can happen for several reasons. The reasons can be financial, including tax implications of the asset or future costs associated with ownership. The reasons might also be personal such as an objection to the asset in particular or the result of a difficult relationship with the decedent. In any case, the primary beneficiary might reject the inheritance.
It is wise to include contingent beneficiaries on all crucial estate planning documents. Wills, trusts, retirement plans and life insurance policies can all benefit from carefully crafted contingencies. It is important to take the time needed to develop a strong, effective estate plan that accounts for as many challenges as possible.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Estate planning moves any late-in-life parent should consider]]> https://www.sterlingkerrlaw.com/?p=50373 2021-09-22T17:03:44Z 2021-09-22T17:03:44Z Guardian, will, trust and 529 plan Ideally, you should have had an estate plan created already. If not, this is the time to get one. Having a will or a trust remain solid choices with an estate plan as you attempt to build a significant amount of assets for your child. Here are some of the financial options to consider for late-in-life parents:
  • Name a legal guardian for your child in your will. This is a crucial thing to do as you want a safety net in place in case you die before your child turns 18. That selected guardian may be the child’s other parent or trusted friends and relatives.
  • Set up a trust. Overseen by a trustee, the trust will ensure that your child does not inherit every asset before she turns 18. That trustee should be reliable. And it is a good idea to name someone who is not the guardian to serve as trustee.
  • When assembling a will, you also can create a trust within the will. Such a tool is known as a testamentary trust. The trustee provides the money to your child as she needs it. You can even decide at what age your child will inherit these assets. Such a move may prevent her from making financial mistakes as a young adult.
  • Ensure that your children are the beneficiaries of your life insurance policies and retirement plans. Understand that the beneficiary designations named for traditional and Roth IRAs, 401(k)s and life insurance policies override any decision made in a will.
  • Keep making investments in your retirement plans. Not only will you have a better financial foundation as you age, but your child will also thank you, too, because she likely will not have to provide you with financial support if you become disabled.
  • Ideally, soon after your child is born, set up a 529 plan, which provides funds for your child’s college costs. Make regular investments in it, too.
As a late-in-life parent, you may occasionally be mistaken as your child’s grandparent. Just smile, knowing that you enjoy your delayed parenthood and that you have the beginnings of a solid financial foundation for your family.]]>