Home equity caution

The media is full of ads trying to get homeowners to borrow on their home, at low interest, and to use the $ to pay off high-interest credit cards, etc.

Just remember: Over half a million dollars of home equity in Nevada is exempt from judgment creditors. To use exempt money to pay off debt, such a credit card debt, which is subject to being discharged in bankruptcy is at the top of the “poor money-management ideas” bucket and rightfully so.

June 5

I’ll likely figure out how to index these Blogs someday, but meanwhile, I will just title them with the date written. I spent most of this morning, doing what I often do: handling living trust problems. This fellow, now deceased, had set up a living trust back in the mid nineties. He had babied it for about 10 years and then forgot about it. So when he died the other day, his bank account and his safe deposit box were in his own name. They were not owned by the trust. I am in the process of deciding between the two available opportunities: Simply file a probate and, as he left a pour-over will, have the probate court distribute the bank account etc to the trustee of his trust or, in the alternative, file a Heggsted suit. Heggsted is available here as the decedent actually listed his bank account and account number on Schedule A to his trust. Probate is simpler, but takes six to eight months. And the executor can open and inventory the safe deposit box. Heggsted is faster but is no help with the safe-deposit box as it is not listed on Schedule A as being owned by the trust. So a petition for an order authorizing my client to open and inventory the safe deposit box would be necessary.

2019 Nevada Legislature is about done

For much, if not most of our history, we allowed ourselves to be governed by the common law (judge made law). We still do to a lesser extent, as it is the courts which interpret the law. Some think it best if our representatives just put their feet up on their desk and sip mint juleps for the 90 days or so that the legislature meets every two years. But that is an unreasonable wish. There is much that needs addressing which cannot be addressed by the Courts, particularly when it comes to allocating money to schools, highways and the like. Normally, some of the new laws go into effect immediately upon passage (and, if appropriate) signed by the Governor. Others have a a specific effective date and still others go into effect at the beginning of next year (2020). So be careful. If you are going to rely on a new law, first make sure it has become effective.

White Law Chartered

Post #1 Welcome

We here at WLC are diligently (after a fashion) getting our website back up and running. We are not sure why it went down but appreciate that one of our clients so informed us a few weeks ago.

So be a little careful with the site until we can make sure it is OK again.

John