Vote Patsy Brown
The Legacy Preparation Program sponsored by Patsy Brown and the Armed Forces Chamber safeguards property from government seizure and probate court. The Program also provides estate planning paperwork, document preparation, notarization, and registration. All services are supervised by an attorney. The Legacy Preparation Program is available to everyone as a community service.
An advance directive allows an individual (“principal”) to create a healthcare treatment plan and choose an agent to make medical decisions on their behalf. The document can only be used if the principal is no longer able to make decisions for themselves due to impairment.
To register an advance directive for healthcare decisions with the Nevada Secretary of State, a completed and signed Agreement, along with a copy of the advance directive. Do not send the original document.
A power of attorney form allows an individual (principal) to appoint an agent (attorney-in-fact) to make decisions and handle affairs on their behalf. An agent can handle a wide range of matters, including financial, medical, guardianship, or tax-related duties (depending on the powers granted).
It grants the guardian the legal authority to enroll the child in school, consent to medical treatment, living situations (within the state), and make many other decisions.
An irrevocable trust is a type of legal arrangement that cannot be terminated and the terms of which cannot be changed unless the named beneficiary or beneficiaries agree.
A last will and testament or will allows a person (“testator”) to make a sworn statement about which person or people (“beneficiary”) will receive real estate and personal property after their death. Most states require two disinterested witnesses to sign in order for the will to be valid.
A medical power of attorney form (MPOA) allows a person (“principal”) to select an agent to make healthcare decisions on their behalf. The agent’s powers are effective after the principal becomes incapacitated or cannot make decisions on their own.
The revocable living trust is created by an individual (the Grantor) for the purpose of holding their assets and property and dictating how said assets and property will be distributed upon their death. The Grantor maintains ownership over their assets, and they can make alterations to the document or choose to revoke the Trust at any point in their lifetime. The Grantor may appoint themselves Trustee (manager of the Trust) but must also appoint a Successor Trustee in case they become incapacitated or in the event of their death. Once the Grantor dies, a revocable trust becomes irrevocable, and the Trustee (or Successor Trustee) will distribute assets within the Trust to the Beneficiaries as per the Grantor’s instructions. Both revocable and irrevocable trusts bypass the probate process, but a revocable trust does not protect from estate taxes.
Revocable vs Irrevocable – A revocable trust is able to be edited or terminated by the Grantor and the Grantor can choose to name themselves Trustee. An irrevocable cannot be altered once created and all assets are owned by the Trust instead of the Grantor. This separation can help protect the contents of the Trust from estate taxes and undesirable claimants or lawsuits.