In the state of Nevada the revenue brought in through estate taxes is enormous. The one on thing that people can do to help avoid costing their heirs large amounts of money is to utilize estate planning. When done properly estate planning in Nevada will help your heirs avoid heavy tax penalties when they inherit your legacy.
Martial Status affects Difficulty Level
The difficulty involved in estate planning often depends on the martial status of the individual and their financial situation. An individual who is living in Nevada, unmarried, with no children will have much less to worry about than a family. Married couples with children have a lot more details to go over making the process more difficult to complete.
Estate Planning When Single
In Nevada a single person that does not leave a will has their assets distributed by the court. The court will automatically award all assets to the nearest living relatives starting with children and working up to children. This possibility does not bother most single people encouraging them to procrastinate on estate planning, what these people forget is that estate planning also includes planning for incapacitation.
If a single person is suddenly unable to care for themselves but has created no power of attorney and appointed no agent then trouble often follows. It is hard for distant relatives to guess how assets should be utilized or money should be spent. Any single person that wants a say in how their assets are managed when they are unable to manage them should concentrate on creating a power of attorney and finding a trustworthy individual to manage things for them.
Estate Planning when Married
Planning how to dispose of an estate when married and with children can be a time consuming process. It is important that all details are clear and easy to understand to avoid misunderstandings. Spouses must understand that any accounts held jointly with parents or children will become the property of the survivor after death and not the surviving spouse.
Children must also be taken into consideration. Couples should start trusts for minor children and appoint trustworthy trustees and guardians. A trustee will be responsible for managing the inherited wealth until the child comes of age while the guardian will be responsible for the child's physical well being. Also, remember to make similar arrangements for any relatives that are dependent about you or your spouse for financial or physical care.
The first step in the estate planning process is to consult with an attorney.
