Escobar & Associates
813.875.5100
Speak to an attorney 24 hours a day free consultations

New rules affect estate planning in Nevada

The recent fiscal cliff negotiations in our nation's capital made the headlines in Nevada and across the country. At the end of the ongoing process, Congress enacted the American Taxpayer Relief Act of 2012 (ATRA). This Act encompasses several laws that may be of interest to readers in our state seeking to begin estate planning.

One of the most important to estate plan development in Nevada is the federal estate tax exemption. Until recently, the amount of the estate tax fluctuated. However, now the amount of $5.25 for an individual is permanent. This may allow many in our state to feel better about the estate planning documents that they have produced in the past.

The new law also allows for portability of the exemption. When a spouse dies and the entire allotted amount for the estate tax exemption is not used, the remainder can be rolled over to the surviving spouse. This means that a surviving spouse could end up with an estate tax exemption as high as $10 million in some cases. There are additional requirements that may be considered when creating an estate plan.

For many in Nevada the estate planning process may seem complicated, particularly with the proliferation of new rules that resulted from the ATRA. When this is the case, it can benefit an individual to seek knowledge regarding all available options. Such information can ensure that the estate planning wishes of an individual can be honored, in addition to potentially saving money for those who are set to inherit from an estate.

Source: Forbes, "A Married Couple's Guide To Estate Planning," Deborah L. Jacobs, Jan. 9, 2013

No Comments

Leave a comment
Comment Information
  • Martindale-Hubbell | Top rated lawyer in Tampa | Richard Escobar | For Ethical Standards and Legal Ability | Martindale-Hubbell Top rated lawyer
  • Top Lawyers 2016 | Richard Escobar
  • Top Lawyers 2016 | Dino Michaels
  • Highest Possible Rating in Both Legal Ability & Ethical Standards | AV |AV Preeminent | Richard Escobar | 2016
  • Judicial Education | AV | AV Preeminent | Richard Escobar | 2016
  • CLIENT | DISTINCTION AWARD | Dino mike Michaels, Esq. | Recognized for Excellence | Quality of Service | Overall Value | Responsiveness | Communication Ability
  • 15 | YEAR | Anniversary | Proudly Serving | the Community | Since 2001 | Dino Mike Michaels

Office Location

Escobar & Associates
2917 W. Kennedy Boulevard
Suite 100
Tampa, FL 33609

Phone: 813-513-0274
Fax: 813.877.6590
Tampa Law Office Map