Malek and Nelda Goetz live in Nevada. They are working with you to deal with several estate planning questions and concerns. Use your estate planning skills to answer the following questions:

Nelda read that it is a good idea to have a power of attorney in place to help deal with incapacitation issues. She is worried, however, that providing someone power over the family's financial situation now could lead to unnecessary problems and confusion. What type of POA can Malek and Nelda establish that will address her worries? What needs to occur to trigger this type of POA?

Malek and Nelda were married in Nevada. In fact, they have lived their entire life in Nevada. If Malek were to pass away, with the family home valued at $500,000 at Malek's death, what will be Nelda's new basis in the property? Assume the basis in the home is $100,000.

Avoiding probate is a primary concern for Malek. Which of the following assets will be subject to probate?

A personal residence owned JTWROS with a child. Life insurance proceeds paid to a non-insured beneficiary. Property titled as tenants in common. Brokerage account.

Malek would like to reduce the value of the family gross estate by transferring ownership of the family's second home to his daughter; however, he is worried that he and Nelda may need to live in the house in the event they sell their primary residence (the primary residence is under contract for sale). Malek and Nelda should consider establishing what type of trust to deal with this potentiality?

Nelda owns a small business with three other individuals. The business is growing and profitable. Nelda would like to establish a buy-sell agreement to ensure business continuity. What type of agreement should she establish, with her business partners, if she hope that each business owner will purchase life insurance on the life of each other business owner?

At what age can Malek's son elect to access assets held in a Section 2503(b) trust (the son is named as the beneficiary)?