Frequently Asked Questions
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Hiring a Las Vegas bankruptcy lawyer provides numerous advantages, including guidance on the most common types of bankruptcy: Chapter 7 and Chapter 13. The appropriate choice between the two depends on many factors including home ownership, employment status, size of family and financial standing. We will thoroughly explain each type of bankruptcy and recommend the best option for your specific case.
As soon as you retain our firm for a bankruptcy, you can refer your creditors to our office.
Having a last will and testament is an important part of every estate plan, making it a great first step in getting your plan in place.
A Trust is a legal contract that allows you to set up your assets to be held and managed by a third party. This party is known as a Trustee, and the person or firm you appoint to this role will be responsible for ensuring that your estate is handled in the manner you’ve outlined.
An Estate Planning Trust serves multiple purposes, including ensuring that your assets are managed according to your wishes both during and after your lifetime. It can also help with tax planning and asset protection while potentially maintaining Medicaid eligibility for your beneficiaries.
A power of attorney allows you to choose someone to act on your behalf if you become incapacitated, while a guardianship involves the court selecting a guardian to make decisions for you in such a situation. Further, Power of Attorney can only be created while you are competent.
A guardianship over an adult lasts until the adult regains the ability to care for himself, or until the adult passes away. A guardianship over a child generally ends when the child turns 18.
Guardianship can be created over a person, a person’s assets, or both. A court proceeding is often required and the court will closely monitor the guardian’s actions to make sure the protected person’s assets and medical needs are being met.
In a summary probate proceeding, you can expect a minimum probate period of 120 to 180 days. This allows for publication of creditor notices and gives creditors time to file claims. It also allows for the collection and liquidation of estate assets. However, general administrations often take much longer if complications arise.
Probate is the administration of estate assets previously owned by a deceased person. When a property owner dies, their assets are commonly reviewed by a probate court for payment o the allowed claims of the deceased person's creditors and then to the nominated beneficiaries.
This court provides the final ruling on the division and distribution of assets.
In Nevada, if the deceased person's assets include real estate or other property with titles (like cars), probate (or administration) will be required to transfer title. Normally, there is no reason to delay starting the process.
A trustee is a person or entity responsible for managing and administering assets on behalf of someone else.
While not mandatory, it is advisable for both professional and family/friend trustees to seek the guidance of a trust attorney. This is especially beneficial if you lack experience in trust administration or are unfamiliar with specific trusts and their terms.
It is highly recommended to consult a trust attorney promptly upon appointment. This is particularly crucial if it's your first time serving as a trustee. A trust administration lawyer will help you understand the instructions outlined in the trust document, provide guidance on your legal obligations, and assist you throughout the trust administration process.
In Nevada, if the deceased person's assets exceed $20,000 or if real estate is involved, probate or administration is usually necessary. It is typically advisable to initiate the process without delay.
In Nevada, if you pass away without a will, your property will be distributed based on the state's intestacy laws. These laws prioritize your closest relatives, starting with your spouse and children. If you have no spouse or children, your grandchildren or parents will inherit your property. The distribution continues down the line to more distant relatives, including siblings, grandparents, aunts, uncles, cousins, nieces, and nephews. If no living relatives are found, the state will take ownership of your property.
An attorney will ensure that your will is current and complies with your state's regulations, guaranteeing its legal validity. Creating a will on your own can be complex and may result in complications during the probate process. It is advisable to seek professional assistance to avoid future issues.
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