It’s time to review your Estate Plan and here’s why:
The NV State Legislature has made a new law this year filling a gap regarding Guardianship.
These new Legislative changes cause us to consider whether or not our plans are up to date. Law changes like these create gaps and opportunities that should not go overlooked.
The new law states that if you have a proper Nomination of your Guardian for your person and estate, then that Nomination will provide the standing for your Nominated Guardian regardless of whether that person resides in or out of the State of Nevada.
How It May Affect You
Most of my clients have engaged in Trust-based revocable estate planning and all of the correlating ancillary documents, including Durable Powers of Attorney for Assets and for Healthcare. With a fully funded Revocable Trust and proper powers of attorney, the need for Guardianship over someone reduces significantly. However, specific needs may arise to have a Guardianship in place, such as Long Term Nursing Home Care.
If you made different choices with regards to who handles assets and who handles healthcare decisions, there could be a conflict if both sets of nominations in these 2 different documents stand up for the same job in Guardianship Court.
Medicaid Planning also presents potential conflicts. For example, Healthcare Agents could potentially conflict with Trustee/POA nomination for assets.
There is an even BIGGER issue though!
Are you prepared in the event you need to be in a long term care facility at the rate of $8,000 per month, which is our current average monthly cost in the State of Nevada?
For those clients who have not been in to see me since 2010, your Powers of Attorney for Assets and Healthcare are out of date due to prior legislative updates. Please contact my office at 702-384-3767 to schedule your review of your Estate Plan so we can address any concerns you have and update your plan.
My staff and I at Sundvick Legacy Center value our relationship and look forward to continuing to have the privilege of serving you and your family for your comprehensive Estate Planning needs.