Piel Law Firm LLC, lawyers in Las Vegas, NV, Nevada

Supplemental Needs Trusts versus Fully Discretionary Trusts

The typical special needs trust (SNT) will directly or indirectly prohibit the trustee from making distributions to the beneficiary that are or may be used for "food, clothing, and shelter," because such distributions could disqualify the beneficiary for Supplemental Security Income (SSI) purposes or affect his benefits. In a fully discretionary trust, the trustee's duties and powers can range widely, dictated by the written terms of the trust. And distributions made from the trust to the beneficiaries can be mandatory or discretionary. In addition, the trustee's discretion can be guided by additional provisions of the trust.More...

Will Contests -- Lack of Testamentary Capacity, Improper Execution, Bogus Will

You cannot contest a will simply because you don't like the provisions, or because you received less than you felt you should have received, or because the provisions were, in your opinion, unfair. You must have legal grounds, which, if supported by the evidence, would cause the will to be rejected by the Probate Court. More...

Living Wills -- Formation

Doctors have a general duty to preserve life through whatever means are available. The only way for patients to override a doctor's general duty is to leave written instructions for their preferred medical care in case they become incapable of expressing those wishes. If you are worried about the types of medical treatment you may receive at the end of your life, you should compose a living will. A living will, also referred to as a healthcare directive, is not a part of the will that a person uses to pass property at death. It is a separate document that lets your loved ones know what type of care you do or do not want to receive should you become terminally ill or permanently unconscious/in a vegetative state. More...

Executors - Family Business Issues

The most difficult asset to administer in any estate is a family business. There are at least four major problems: (1) lack of liquidity - not enough cash to pay administration expenses, death taxes, and specific bequests; (2) lack of investment diversification - often all or most of a decedent's wealth is in one business; (3) non-marketability - it is hard, and sometimes impossible, to sell a minority interest in a family-owned business; and (4) the family's emotional involvement and company-employee relationships.More...

State Death Taxes - General Issues

Almost every state levies a tax at death. Many states impose an inheritance tax, which is imposed on the right to inherit property. This should be compared with an estate tax, which is a tax imposed on the right to transfer property. The distinction is important because an inheritance tax is levied on the share of each beneficiary individually and not estate as a whole. The importance of this distinction is that the closer the relationship to the decedent, the greater the exemption (if there is one) and the lower the rate of tax. For instance, some states don't tax transfers to surviving spouses while others provide a lower rate of tax for transfers to children, parents, or surviving spouses.More...