Garman Turner Gordon

A lot of people ask me if they really need a Will – likely in hopes that I will say “Nah” and give them a pass on this important task. However, the answer is YES – you certainly need a Will and depending on your family circumstances, and the types of assets in your estate, you may need more advanced planning. Here’s why…

Your Will provides valuation information for your loved ones upon your death. In your Will, you will address four key issues: nomination of an executor, nomination of a guardian in the event of your incapacity, nomination of a guardian for minor children, and the disposition of your property.

The executor’s job is to handle your final affairs and to probate any assets that need to go through probate. It is important to note that in Nevada a Will won’t help you avoid probate – depending on your circumstances you may need a revocable trust if avoiding probate is a high priority.…

Published: Nevada Lawyer May 2013

Family. Money. Power. Business. Death. Taxes. Drama. These could be the makings of a gripping soap opera … or a real life family feud.
During the next two decades, nearly 80 million baby boomers will retire and at the same time many will receive inheritances. It has been estimated that over $10 trillion will be transferred from the World War II generation to the boomers, which will be the largest intergenerational transfer of wealth in history. A large portion of this wealth is comprised of privately owned family businesses.

The numbers encompassing family businesses are remarkable. Family-owned businesses are the foundation of the American economy, and the greatest part of America’s wealth lies within them. Family businesses comprise 50% of U.S. gross domestic product, generate 60% of the country’s employment, and account for 78% of all new job creation.

According to the Family Business Institute, only 30% of family businesses survive beyond the founder’s generation.…

You’ve surpassed your client’s expectations – and possibly your own – by securing a considerable settlement award. While you may think your job is done, don’t drop the ball in the fourth quarter by overlooking the fact that your client may need a special needs trust. Be sure to keep these key issues and practice pointers in mind regarding special needs trusts.

Candidates for Special Needs Trusts

Which clients may need these trusts? Any client who would otherwise qualify for Medicaid and/or Social Security Disability (SSDI) benefits but for the settlement award is an excellent candidate for a special needs trust (SNT). Some people might say the individual should use their own funds to pay for their care. Personal opinions aside, public policy favors allowing the individual to use the settlement award to supplement their needs with their own assets via a qualifying trust in addition to receiving public benefits.

There are three variations of SNTs, the main difference between them is who is the person funding the trust.…

The last 25 years have produced some amazing and mind boggling inventions: spy drones, plasma TVs, hybrid cars, DVR, smart phones, e-books, GPS, text messaging, Wi-Fi, seedless watermelon and of course, Candy Crush. As these inventions continue to expand and evolve, as do the intellectual property rights associated with them. In 2012, the U.S. Commerce Department released a comprehensive report, which found that intellectual property intensive industries support at least 40 million jobs, and contribute more than $5 trillion dollars to the U.S. economy or 34.8 percent of gross domestic product. U.S. Commerce Dep’t, Intellectual Prop. and U.S. Econ.: Indus. in Focus., Mar. 2012, available at this link.

In today’s digital age, the traditional approach to estate planning for “brick and mortar” type assets is no longer sufficient. When crafting an estate plan for creative clients, such as a musicians, artists, inventors or entertainers, one must consider the planning implications of their intellectual property or digital assets in addition to the more traditional asset classes, i.e., real estate, financial accounts, and personal property.…