It’s very important to have a reputable attorney for your probate needs. This article is an example of a possible worst-case scenario. Whether or not the allegations are true will remain to be seen. At Grant Morris Dodds, we believe in being beyond reproach. Thousands of clients have trusted us over the years with their probate court & probate needs. > > > Read the full article
A gold rush motivated multitudes to migrate through Nevada on their way to California in the mid-1800’s and inspired the state’s nickname—the Golden State. Today, a reverse relocation of sorts is happening as people trade in the Golden for the Silver State. While its crowded roadways and bulging urban areas may partially explain this inverse exodus, California’s increased tax rates1 are surely a major factor in some residents’ decisions to leave the temperate coastal climes for a new life in the desert. > > > Read the full article
Unitrust Conversion. A unitrust, or total return trust, is a trust that pays beneficiaries a fixed percentage of trust assets as opposed to paying them the income from the trust assets. Under Nevada law, the term “income” means an annual distribution from the trust equal to not less than 3 percent and not more than 5 percent of the net fair market value of the trust’s assets as determined at the end of the calendar year by averaging, over the preceding 3 years, both the income and principal assets of the trust (trustee or beneficiary can petition the court to select a distribution percentage from 3 to 5 percent or to average the value of the trust assets over a period other than 3 years). > > > Read the full article
Trustees are to administer a trust or estate in accordance with the terms of the trust or will in spite of the provisions of UPIA.[i] Otherwise, trustees are obligated to comply with the prudent investor rule.[ii] The prudent investor rule consists of the trustee considering the terms, purposes, requirements for distribution and other circumstances of the trust when investing and managing trust property. > > > Read the full article
The first duty of the Trustee is to honor and Carry out the intentions of the settlor or the trust as provided for the in the trust agreement. Almost all rules of the rules of trust law are default rules that the settlor can “alter or abrogate.”[i] Beneficiaries of a trust can also excuse the performance of a trust when all are “capable and not misinformed” under traditional trust law. > > > Read the full article
This article explains some of the powers that Trust Protectors, Trust Advisers, and Special Fiduciaries might be given.
Trust Protector: a trust protector is a third party who is given contractual powers to protect the terms of a trust. The position of trust protector has been common in offshore asset protection planning but is a newer concept in onshore asset protection planning. > > > Read the full article
Closing Procedures and Timeline. Following is an explanation of the recommended administrative and termination procedures.
Affidavit of Successor Trustee (“AST”) – The signing of an AST by the successor trustee formally installs them as the trustee of the Trust and is evidence of the same. If real property is owned by the Trust, the AST will add the Successor Trustee to the title of the property upon recording in the proper county recorder’s office. > > > Read the full article
Trust agreements can terminate for any number of reasons. Following are several explanations of why a trust might end, come to its conclusion, and be terminated…
Natural Trust Termination
Upon the settlor’s death. Upon the death of the settlor (or within a reasonable time after death) a standard liquidating trust may terminate. Upon a designated age or date. > > > Read the full article
Community Property. Community property is everything that a husband and wife own together. Nevada is a community property state. This means both the husband and wife equally own all money earned by either one of them from the beginning of the marriage until the date of separation. In addition, all property acquired during the marriage with “community” money is owned equally by both the wife and husband, regardless of who purchased it. > > > Read the full article
For most of us (at least up until the real estate crash of 2007-2008!) our major asset is our home and the “equity” we have in our home, which is the excess of the value of the home over the mortgage against it. While it is possible to file a “homestead” to protect our home equity, even if the homestead will, for now cover our home equity against possible creditors, there are certain risks that the homestead cannot protect against. > > > Read the full article