nevada estate planning for families with minor children

Estate Planningin Nevada for Families with Minors www.wealth-counselors.com 1

NEVADA ESTATE

PLANNING FOR FAMILIES WITH

MINOR CHILDREN “Most parents try their best to plan for the unexpected, at least for

the sake of their children. In estate planning, the same is true.”

BRADLEY B ANDERSON RENO NEVADA ESTATE PLANNING ATTORNEY

http://www.wealth-counselors.com/services/estate-planning-services/


Families with minors need to have at least a basic estate plan in place, should

anything unexpected happen to the parents.

The proper estate plan can answer the most important questions, not only for

your other relatives, but also for the court, if you are no longer there to take

care of your young children.


DECIDING WHO SHOULD RAISE YOUR CHILDREN

No doubt, the most critical question, in estate planning for families with minors,

is who will raise your children if

neither parent is able to.

This important decision has the

potential to substantially shape

the lives of your children, so it

is not a question to be taken

lightly. It is a one that must be

made after the parents have

discussed it with the potential

guardian(s), to make sure that

they are willing to take on this

critical role.

WHY PLANNING AHEAD

IS ESSENTIAL

Once you have made the

decision, the nomination of

your chosen guardian(s) must be incorporated into your overall estate plan.

Planning ahead is essential for at least two reasons. First, it puts your mind at

ease, because you know if anything unexpected happens, your children will be

provided for. The other reason is that, having your plan already in place,

prevents your family from fighting over who should have custody of your


children. There is no underestimating the natural affinity parents feel for their

own children. This natural instinct will likely cause a dispute between

grandparents and in-laws. Your children do not need to be embroiled in a

heated custody battle.

WHO SHOULD CONTROL AND MANAGE THE ASSETS AND

INSURANCE PROCEEDS?

Although your children will receive your assets, after you death, without an

estate plan, those assets will not be managed by a trustee that you would

choose. Instead, the assets left for your children will be administered through

the court. In order to receive any funds, your child’s guardian will be required to

file a petition with the court, on your child’s behalf. Further, the assets will then


be distributed outright to your children at the age of majority – 18 in most

states.

CREATE A TRUST

A trust names the trustee of your choice to manage your children’s money until

they are old enough to handle it themselves. The trust only goes into effect if

certain conditions are met, such as the death of both parents. You can set those

conditions any way you choose.


WHEN SHOULD YOUR CHILDREN HAVE ACCESS TO THE

ASSETS?

Again, without a trustee to manage your children’s money and other assets, the

court will oversee the estate. However, the court automatically loses the

authority to manage your children’s assets once they have reached the age of

majority in your state.In some states, including Nevada, that would be age 18.

You may not believe your children will be wise or mature enough to properly

manage their assets at that age. When you create a plan ahead of time, you can

determine when the funds should be released to your children.


PLANNING FOR SPECIAL NEEDS CHILDREN

If you have special needs children, you have more issues to be concerned with.

Many parents are not

prepared for the

long-term expense of

caring for special

needs children.

Couple that

responsibility with

trying to prepare for

their own long-term

care and retirement

needs, the

responsibility can

seem overwhelming.

Planning for special

needs children is

something that must

be done as soon as

possible. That

includes determining

who will continue to provide their care, after you are gone.


ESTABLISHING A SPECIAL NEEDS TRUST

A Special Needs Trust is the most important component of any special needs

plan for your minor children. This specific type of trust is designed to provide

security and care for your special needs child, without putting their eligibility for

needs-based benefits at risk. There are two types of special needs trusts you

can consider including. A Supplemental Care Special Needs Trust is the most

common type. It is meant to be a secondary source of benefits, to be used after

government benefits are exhausted. A General Support Special Needs Trust, on

the other hand, is meant to be the primary source of benefits for your child.

These are just a few issues families with minor children may face in the estate

planning process. Discuss these issues with your estate planning attorney.

If you have questions regarding minor children, or any other estate planning

needs, please contact Anderson, Dorn & Rader, Ltd., eitheronline or by calling us

at (775) 823-9455.

http://www.wealth-counselors.com/contact-us/


About the Author

BradleyB Anderson

Prior to founding his own firm in 1995, Mr. Anderson served as a

senior counsel for two major financial institutions and witnessed

the often devastating effects of ineffective estate planning with

many customers of those institutions. When he eventually decided

to venture out on his own, this experience led him to focus

exclusively on estate planning, providing his clients with a full

range of basic and advanced planning options.

Mr. Anderson began his professional life as a teacher of mentally-challenged, visually impaired

students. After four years as a special education teacher, Mr. Anderson returned to school to

obtain his law degree and begin a second career. Upon finishing law school, he went to work

for a civil litigation firm, spending five years handling litigation, probate and wills work. He

then moved on to Wells Fargo Credit Corporation where he served as senior counsel. In 1990

he accepted a position with the First Interstate Bank Legal Division, where he had

responsibility for several divisions, including the Trust Department. In 1995, he began his own

practice as Bradley B Anderson, Attorney at Law. The firm has continued to grow into the

premier estate planning law firm we see today.

Anderson, Dorn& Rader, Ltd. Legacy and Wealth Planning Attorneys 500 Damonte Ranch Parkway Suite 860

Reno, NV 89521 Phone: (775) 823-9455 Fax: (775) 823-9456



http://www.wealth-counselors.com/

http://www.wealth-counselors.com/