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Lizette B. Sundvick, Esq.
Southern Nevada
Preserving Wealth and Values, Creating Family Legacies
Recent Activity
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“An executor has many duties, including paying off debt.” When a person passes away, the executor of the will is responsible for paying off the decedent’s debts. Paying off debt is one of the most important tasks of an executor, says nj.com in a recent article that asks, “What happens if executor doesn't pay off dead person's debt?” An executor is the individual who is appointed under a will, to administer the estate of a person who has died. Unless there is a valid objection, the judge will appoint the person named in the will to be the executor. He or she must insure that the decedent’s desires written in the will are carried out. Continue reading
Posted 4 days ago at Nevada Estate Planning
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“Don’t forget about your pets when making your estate plan.” Many folks forget about what would happen to their pets, if they were no longer there to provide a safe and happy home for them. The Milwaukee Community Journal’s recent article, “What Happens to Your Pet When You Die–How to Plan for Them Now,” explains that if you want to leave money for a beloved pet’s care, you can do that in your will. Continue reading
Posted Jul 10, 2018 at Nevada Estate Planning
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“Your legacy differs from your estate, in that it represents more than the things you own—it embodies your purpose. At the end of your life, your legacy will be the imprint you leave on this earth and the meaning your life leaves behind.” Forbes’ recent article, “Why You Should Consider Using a 'Purpose' Trust for Your Legacy Plan,” suggests using a “purpose” trust to protect, preserve, and continue to celebrate your legacy. A purpose trust is a trust that exists to carry out a purpose, rather than a trust that exists for the benefit of individual beneficiaries. Several states now have laws permitting purpose trusts. You must be sure that the trust exists for a “valid” purpose. Continue reading
Posted Jun 27, 2018 at Nevada Estate Planning
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“While most Americans haven’t saved enough for retirement—GOBankingRates reports that 42 percent of us have less than $10,000 saved and expect to retire “broke”—the future for freelancers looks especially bleak.” More than one in three workers today are doing on-demand work, like driving for Uber and Lyft, renting their homes out on Airbnb, doing handiwork on TaskRabbit, or traditional side jobs in sales, writing, website development and graphic design, according to Intuit and Emergent Research. These on-demand gig workers will total 92 million in the next four years, making up 43% of the workforce by 2021. Continue reading
Posted Jun 19, 2018 at Nevada Estate Planning
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Getting remarried gives people a fresh start, an opportunity to learn from the past and to move forward. Unfortunately, for most couples, the next trip down the aisle can also come with a host of new financial challenges.” Nasdaq’s recent article, “Getting Remarried? 5 Financial Steps to Take Before Tying the Knot (Again)” provides some financial steps to consider before getting remarried. Continue reading
Posted Jun 8, 2018 at Nevada Estate Planning
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“Have you wondered when is the right time to update your estate plan?” If any of the following five items have happened in your life, you need to reevaluate your estate planning documents: birth, death, marriage, divorce or a big change in your financial status. The FDL Reporter recently published an article, “Best reasons to update estate plans include marriage, divorce, move, birth.” It discusses these life events and how they can impact your estate planning. Continue reading
Posted Jun 3, 2018 at Nevada Estate Planning
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“Your error shall survive until you don’t–and then things can hit the fan.” A bonehead is someone who’s stubborn, thick-skulled, or stupid. You don’t need to be a bonehead, when it comes to estate planning. Work with a qualified estate planning attorney and don’t make these dumb errors. The Hockessin (DE) Community News reports in a recent article, “The dumbest estate planning moves,” that the misuse of joint ownership is extremely frequent. You probably know that settling an estate without a will, can be very time consuming and expensive. One way that people try to avoid probate is with property owned jointly with rights of survivorship. Continue reading
Posted Jun 3, 2018 at Nevada Estate Planning
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“After Glen Campbell passed in August 2017, news concerning his estate has been circulating.” Rumors have surfaced that Glen included only five of his eight children in his will and that his widow Kimberly has brought a claim for more than $500K from the estate to pay medical bills. Glen Campbell died in Nashville on August 8, 2017, at the age of 81. He suffered from Alzheimer's. Wide Open Country recently published an article, “Glen Campbell’s Estate Might Not Be Worth as Much as You’d Think,” that gives details about what Glen left behind for his family. Continue reading
Posted May 21, 2018 at Nevada Estate Planning
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“The truth may never be known, but nearly four decades after the fact, the biggest consequences left on the table revolve around the money she left behind.” As the surviving witnesses to Natalie Wood’s 1981 death come forward to change their stories, her 88-year-old husband Robert Wagner is once again “a person of interest.” Wealth Advisor’s recent article, “Natalie Wood Estate Back In Play: Did Her Killer Inherit Her Millions?” explains that he’s remarried and still works in television. Few believe he’ll ever go to trial at this point or even be formally charged. However, Wagner may be concerned about the impact of the investigation on his net worth. Complications could break the standard rules of inheritance. Continue reading
Posted May 14, 2018 at Nevada Estate Planning
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“The last will and testament of Tom Benson excludes his daughter and her children by name from any role in running a reportedly multi-billion-dollar business empire that includes the Saints and Pelicans. However, it doesn't affect many million dollars' worth of property that they received before he died.” New Orleans’ professional sports team owner Tom Benson's last will specifically states who was in and who was out of his inner circle late in his life, say KPVI, in the recent article, “Though excluded from his will, Tom Benson's daughter and grandchildren received much from family patriarch.” Continue reading
Posted May 7, 2018 at Nevada Estate Planning
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"If you want your assets to go to certain people upon your demise, make sure the paperwork reflects your wishes." If you leave your IRA to your son and daughter equally - 50-50 - what happens when one of them dies? MarketWatch answered that question in its article, "Who gets your IRA when you die? It's not so simple." The answer to what happens to the IRA money, is dependent upon what the beneficiary designations say and when one of the children passes away. The beneficiary designations state how it will be distributed. However, that may not be what is written in your will. Continue reading
Posted Apr 30, 2018 at Nevada Estate Planning
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James Brown’s estate was to donate millions of dollars to underprivileged children in Georgia and South Carolina. But as The New York Times reports in the recent story, “Why Is James Brown’s Estate Still Unsettled? Ask the Lawyers,” the kids haven’t seen a nickel yet. That’s because more than a dozen lawsuits related to the estate have been filed since Brown died on Christmas Day in 2006, including one filed in January in federal court in California. In the latest suit, nine of Brown’s children and grandchildren are suing the estate’s administrator and his widow, Tommie Rae Hynie. They claim that she made “illegal back-room agreements” with the estate involving copyrights for songs that Brown wrote. There have been several other suits by people who contest the will. One came from a person who thought she should’ve been appointed as a trustee of the estate and one by people who were trustees of the estate but then were removed. In addition, James Brown II, 16, filed an action to assert his right to be viewed as a son and heir. Continue reading
Posted Apr 23, 2018 at Nevada Estate Planning
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“An heir to the Marriott hotel fortune claims his dad forced him out of the business and then cut him out of the family’s nearly $3 billion trust — just because he got a divorce.” John Marriott III said that his father, Bill Marriott, forced him out of the hotel empire and then cut him out of the family’s $3 billion trust, when he divorced his wife Angela in 2015 against his dad’s wishes. The New York Post reported in its recent article, “Marriott heir sues dad for booting him from family trust over divorce,” that Bill Marriott also disowned his son, setting him on the path to financial ruin, according to the lawsuit filed by John in a Washington, DC court. Continue reading
Posted Apr 16, 2018 at Nevada Estate Planning
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“A new generation of collectors is scouring the homes of deceased celebrities and business titans in search of relics from a bygone time.” A home with decades-old décor normally might struggle to find a buyer. However, The Wall Street Journal explains in its recent report, "Estate Sales Are Cool Again" that things are different for the Manhattan home of Greta Garbo—the screen star who retired from Hollywood and led an intensely private life. That choice only increases her fans’ fascination. Her apartment of nearly 40 years sold for $8.5 million recently, a 43% premium over its asking price. It’s called “The Garbo Effect.” When celebrities die, their homes and belongings are examined, researched and marketed to get the highest return. Continue reading
Posted Apr 10, 2018 at Nevada Estate Planning
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“The Minnesota Supreme Court rejected two people claiming to be heirs to Prince’s estate.” Minnesota Supreme Court Chief Justice Lorie Gildea recently issued an order denying the petitions of Darcell Gresham Johnston and Venita Jackson Leverette. Minneapolis Star-Tribune reported in its recent article, "Minnesota Supreme Court rejects two Prince heirs," that Chief Justice Gildea’s order didn’t give a reason for the denial. Johnston and Leverette are the first two claimants that have been rejected by the Supreme Court. Continue reading
Posted Apr 3, 2018 at Nevada Estate Planning
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Audrey Hepburn's will has been revealed for the first time in her son's battle against her children's charity over the Hollywood star's name and likeness. Sean Hepburn Ferrer sued the Audrey Hepburn Children's Fund last fall for infringing trademark and other rights belonging to him and Luca Dotti, his half-brother. Court documents show that Ferrer has responded to the charity's attempt to have the suit dismissed and has provided excerpts of his mother's will in which both sons were named as principal heirs to her estate and intellectual property after she died in 1993. Continue reading
Posted Mar 28, 2018 at Nevada Estate Planning
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“Make 2018 the year you take the steps to save money on insurance, reduce your taxes, boost your retirement savings and protect yourself from identity thieves.” Now is a great time to make some key financial moves that can help you throughout the year and make it easier to reach your goals. Here are some steps to save money, take advantage of new financial strategies and protect your identity and your accounts, as detailed in Kiplinger’s “12 Smart Financial Moves for the New Year.” Continue reading
Posted Mar 5, 2018 at Nevada Estate Planning
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“In all different cases — will contests, trust contests, life-estate challenges, probate objections, elder financial abuse, deed revocations or joint-tenancy quarrels — the interests and paths of stepmothers and stepchildren often collide.” It’s not uncommon for conflicts to arise in estate matters between stepmothers and stepchildren, as tensions in blended families can carry over into disputes over an inheritance, beneficiary rights to a trust, or estate property. Continue reading
Posted Mar 5, 2018 at Nevada Estate Planning
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“The day you open for business is not a minute too soon to think about your long-term exit strategy–a written plan, including provisions for increasing the value of your business at least five to 10 years ahead of your exit date.” As a by-product of succession planning, you get a template for running a better business. It’s beneficial to start these preparations right away. Springfield (MO) Business Journal’s recent article, "Starting a business? Plan your exit now," advises that you begin with creating a culture of success with your employees, especially the key people. That means fostering an ownership mentality, so they see their critical role in the company’s long-term success and their role in helping that to continue in the future, long and short term. Continue reading
Posted Feb 1, 2018 at Nevada Estate Planning
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“No matter your age or socioeconomic status, estate planning is something you need to consider.” Estate planning isn’t just about leaving assets to heirs. A recent twincities.com article, titled "Your Money: Medical power of attorney: the missing piece of too many estate plans," asks the reader to consider what would happen, if they were in an accident or suddenly became extremely sick. This means determining the person who will look out for your best interests, if you are unable to speak. In short, it involves naming someone you trust as your medical power of attorney. Continue reading
Posted Feb 1, 2018 at Nevada Estate Planning
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“The phrase 'legacy planning' is becoming increasingly used in place of, or to supplement, estate planning.” Unfortunately, legal terms and financial terms can be confusing. The term “legacy” has a specific technical definition—a gift or bequest made under a last will and testament. This creates the belief by some that “legacy planning” is the same as estate planning and just refers to what happens to your assets after you die. However, in its recent article, “Three Common Misconceptions About Legacy Planning,” Forbes writes that a proactive approach would be viewing “legacy planning” as the means by which you define and achieve the legacy you ultimately want to leave behind. Continue reading
Posted Jan 2, 2018 at Nevada Estate Planning
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A single man in his mid-40s with no real family may not understand why it’s important for him to do some estate planning. Hometown Life, in its recent article, “Estate planning not just important in death,” noted that he might be making an assumption that estate planning only deals with death. That’s not true. Estate planning now means not just what happens with your assets when you pass away, but it also concerns issues when you’re alive. Continue reading
Posted Jan 2, 2018 at Nevada Estate Planning
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“What taxes will be owed if you gift money to family?” Questions often come up when gifting to children. What are the consequences to the giver and to the recipient? An article from nj.com, “Gift tax consequences for you and your heirs,” begins with the big picture, then looks at the annual gifting amounts and what it means for your taxes and for those of your children. The IRS considers a gift to be any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) isn’t received in return. However, there are exceptions to this rule. Continue reading
Posted Dec 8, 2017 at Nevada Estate Planning
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“There are more aspects to estate planning than just signing a will.” The (Beckley WV) Register-Herald’s recent article, “Important Medical and Financial Choices,” notes that along with a will, there are medical, financial, and other important decisions that come into play in estate planning. There’s often confusion between the similar sounding Living Will and Living Trust. The first is for medical purposes, and the second is for financial needs. A Living Will provides a trusted friend or relative with the authority to make decisions regarding certain last medical measures, when you’re in a terminal condition. This has nothing to do with transferring assets or property after death. Continue reading
Posted Nov 22, 2017 at Nevada Estate Planning
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“If your senior parents don't want to talk about money, here are some tips to start the conversation.” If your mother is a widow and she lives alone, you may notice that she's beginning to have difficulty getting around and refuses to have help in the house. nj.com’s recent article, “When your older parent refuses help,” says that as parents live longer, a tension can develop between the kids who want to be sure that mom and dad are safe, and the parents who want their independence. For many, the only thing they want help with is remaining independent as long as possible. You can start your conversation there. Maybe there's a relative, neighbor, or friend who’s living alone but can't go home after surgery, because there’s no one to nurse him back to health or someone you know has an injury after a fall. You want to make sure this doesn't happen to you. Continue reading
Posted Nov 21, 2017 at Nevada Estate Planning