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Planning a Nevada estate: Can spending by heirs be controlled?

On Behalf of | Apr 24, 2012 | Inheritances

When a person in Nevada plans an estate, they often consider what they want the person to do with the inheritance they are receiving. In some circumstances, an estate may leave large sums of money to beneficiaries who were not necessarily expecting it. This can be both a stress and a joy for a person inheriting the money, as they work to determine how to make the most of their opportunity.

Those who receive an inheritance from an estate would likely benefit by taking time to consider what they want to do with the money prior to making any decisions. Likewise, it may be best for many receiving an inheritance to consider paying off personal bills and investing before spending the money on other things. Understandably, planning can assist an heir in making the most of their inheritance.

Those engaged in estate planning often seek ways to better control the spending of their beneficiaries, and many decide that establishing a trust is appropriate. Trusts are estate planning tools that can offer beneficiaries income, or even a delayed payout, while controlling the amount to be given at any one time. This may be a preferred choice for those with younger children or a beneficiary with special needs.

For those who have inherited from an estate, a review of applicable tax laws may be in order so as to avoid decisions that may prove costly in the long run. Additionally, long term investment strategies may allow the beneficiary to maintain an income stream for several years or longer as a result of a large inheritance. Anyone who is considering planning an estate in Nevada may do well to consider both their own wishes for property distribution after death and the spending habits of their heirs as they create an estate plan that suits their purposes.

Source: USA Today, “How to get the most from an unexpected inheritance,” Sandra Block, April 9, 2012