What is Probate?
We have all heard the word, but what does it mean? Probate is a civil department of the state district court. Nevada has 11 judicial districts, and each has a probate department. When someone dies, whether with or without a will, their estate must go through probate court. The reason for probate court is to […]
Am I Responsible For a Deceased Person’s House?
No. Even if you are the named Executor, a beneficiary or heir inheriting property from someone, if the deceased person is solely responsible for the mortgage and the sole title holder on to the property, you will have no personal liability for the mortgage. The mortgage company cannot make a derogatory remark on your credit […]
What are some options when forming an estate plan?
Nevada’s Support Statute For Spouses & Minor Children
The Nevada Legislature has enacted a very powerful statute designed to provide support to surviving spouses and minor children when the gross estate is less than $100,000 (after deducting encumbrances) and avoid paying most, if not all creditors. NRS 146.070 provides that if a person dies with a spouse and no children, leaving a gross […]
Black & LoBello’s Quarterly Newsletter: You Have Been Served! 2.4.2010
This edition of You Have Been Served! 2.4.2010 focuses on estate planning, probate, and asset protection services offered by Black & LoBello. We have acquired some of the finest legal minds in these areas. Schedule an appointment with us today to make sure your assets and your loved one’s are properly planned for and protected.
Changes Ahead to FIRPTA
Before convening on its August break, the House of Representatives passed the Real Estate Jobs and Investment Act of 2010. The bill advances the real estate industry’s goal of increasing foreign investment in Real Estate Investment Trusts (REIT). The Bill doubles foreign investors’ allowable ownership interest in a REIT to 10%. Anything over that percent […]
Reasons for Initiating Probate
The probate process begins after a family member dies and someone, either the executor of the will or a family member, initiates proceedings in probate court. There are certain reasons why an estate would need to be probated. First, property that is owned solely in an individual’s name must always be probated. This applies even […]